The Estonian parliament on 5 December passed an amendment to the country’s Commercial Code to allow businesses registered in Estonia to use bank accounts in any European Economic Area country when registering share capital.

 

The amendment removes the requirement that limited companies must use an Estonian bank account when registering share capital. From January 2019, they can instead use a “credit or payment institution in the European Economic Area” for this, the Estonian e-residency team said in a blog post.

“This change means that all limited Estonian companies can conduct all their business activity using any business account for their company from across the Europe Economic Area for the first time,” the e-residency team added.

According to Kaspar Korjus, the managing director at e-residency, there is never one banking solution that suits every company or is available to every company, whether it is run by a citizen, a resident or an e-resident.

The change takes effect in January 2019

“That’s why the most important way to improve business banking for Estonian companies is to provide greater freedom of choice. This amendment to the Commercial Code will help more people around the world benefit from e-residency and unlock greater investment into Estonia, while preserving the trusted nature of our business environment,” Korjus said.

The Estonian Commercial Code includes a requirement for limited companies to register a minimum share capital of €2,500, which can be deferred for up to ten years from the company’s founding. During this time, the company can use business banking either inside or outside of Estonia. However, when they are ready to register share capital though, the previous Commercial Code stated that only an Estonian credit institution could be used. This effectively compels Estonian companies to open an Estonian bank account at some point, regardless of whether they want it or ever use it for anything else.

The revised Commercial Code, which takes effect from January 2019, will instead state that share capital must be registered using “a credit or payment institution in the European Economic Area (EEA)”, which includes all EU countries plus Iceland, Liechtenstein and Norway.

This not only expands the countries where the banking providers can be based, but also the types of banking providers offering these business accounts. A “credit institution” is a bank, but a “payment institution” covers many financial technology companies too, the e-residency team explained.

Non-residents benefit the most

“The change to the Commercial Code will benefit all Estonian limited companies that want to take advantage of this greater freedom in business banking, whether they are run by citizens, residents or e-residents. However, non-residents (which includes e-residents) have the most difficulty obtaining an Estonian bank account for a combination of reasons. For a start, Estonian banks still choose to verify their clients in person so a visit to Estonia is required, which can mean quite a large investment of time and money depending on where they are in the world.

“In addition, banks have more complex risk considerations due to the nature of their business models and so, for understandable reasons, are not able to serve the broad spectrum of non-residents whose companies would make a positive contribution to our country.”

“This change will have a significant effect on improving the e-residency programme and helping more people around the world benefit from it, while unlocking foreign investment into Estonia,” the e-residency team added.

 

Source: estonianworld.com

The British government is preparing to suspend a special visa program that allows wealthy investors to fast-track their settlement in the country, part of a new drive to crack down on money laundering.

The Tier 1 visas will be suspended from midnight on Dec. 7 until the Home Office introduces tighter restrictions to tackle corruption and organized crime.

“We will not tolerate people who do not play by the rules and seek to abuse the system,” Immigration Minister Caroline Nokes said in a statement on Thursday.

 

What are Tier 1 visas?

They are not called “golden visas” for nothing. They provide a faster route for wealthy investors coming from outside the European Union and Switzerland to settle in Britain.

The program was introduced in 2008 to attract wealthy foreign nationals willing to invest large amounts of capital in Britain. Billions of pounds have poured into London over the past decade, following an influx of global elites who have benefited from the program.

It peaked in 2014, after 1,172 visas were granted.

The visa program has been especially popular among Russian oligarchs and wealthy people from China and the United Arab Emirates. More than 1,000 investment visas were granted in the 12-month period ending in September 2018.

 

Can you afford a golden visa?

To qualify, foreign nationals must put down a minimum of 2 million pounds (around $2.5 million) as an investment in Britain.

Such an investment in United Kingdom bonds, share capital or companies allows investors to apply for permanent residency within five years.

For a £5 million investment, they can apply for permanent residency after three years.

An investment of £10 million can open the door to permanent residency after two years.

After that, the nationals theoretically could apply for citizenship.

 

Is there a Russian link?

The visa program has always had its critics, with anticorruption campaigners railing against Britain’s openness to ill-gotten riches from overseas and the foreigners who invest them. But it reached a fever pitch after a former Russian spy, Sergei V. Skripal, was poisoned on British soil with a nerve agent in Salisbury, England.

Prime Minister Theresa May’s government signaled then that it would review the cases of 700 Russians who were granted visas to live in Britain under the Tier 1 visa scheme. Soon afterward, the visa renewal for the Russian billionaire owner of the Chelsea football team, Roman Abramovich, was mysteriously delayed.

Mr. Abramovich later surfaced in Israel, where he had apparently immigrated under the law of return, which guarantees citizenship to any Jew wanting to move there.

 

What are the problems?

Criticism of the program can be traced as far back as 2014, after visa applications soared. The government’s Migration Advisory Committee filed a report that said the scheme brought limited economic benefits because most of the investors had bought fixed-interest loan securities known as gilts, meaning that they were effectively loaning the government money instead of investing in the country.

“We do not need such investment to fund the deficit. We are selling around £300 million of gilts every day — therefore the capital market is working very efficiently,” the report said.

While investors and their families spend money in Britain and generate revenue, the favorable impacts are typically exaggerated, the committee found. As the benefits were being questioned, the authorities grew concerned over the origins of funds being invested into the country.

This year, the government introduced “unexplained wealth orders,” forcing those suspected of serious crimes to explain the provenance of their wealth and assets.

The National Crime Agency estimated that £100 billion in “dirty money” was being funneled into Britain each year, mainly from Russian, Nigeria, Pakistan and the Far East.

 

What restrictions are planned?

After the visa program is suspended on Friday, the Home Office will conduct an investigation before reintroducing it with stricter regulations.

Under the new rules, visa applicants will have to provide audits of all their financial and business interests using firms registered in the United Kingdom, and show that they have had control of their funds for at least two years, the Home Office said.

Changes will also be introduced to increase the benefits of the investment to British companies.

 

Source: nytimes.com

 

In a new historic achievement, the UAE passport has become the strongest passport and now ranked first globally.

The exceptional achievement on December 1, 2018, coincides with the ‘Year of Zayed’ and country’s 47th National Day, and is added to country’s numerous accomplishments in various domains.

The UAE, under the leadership of The President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has surpassed all expectations after accomplishing this achievement

This success was achieved by the Ministry of Foreign Affairs and International Cooperation under the leadership of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation.

In his remarks on the occasion, Sheikh Abdullah said, “This achievement is a true reflection of the legacy of Sheikh Zayed, the Founding Father of the UAE. It also underscores what can be achieved through positive diplomacy, reflecting the UAE as a confident and engaged force at the global stage.”

The UAE passport was ranked first by Passport Index, an interactive online tool that provides users with insights on passports with the ability to compare and rank the world’s passports. The ranking is based on freedom of movement and visa-free travel to passport holders.

The UAE passport holder can travel to 167 countries without the need for pre-visa requirements, which is 84 per cent of the number of countries listed in the index.

The UAE passport was on 27th position in December 2016, and now has attained first place globally in December 2018.

This achievement mirrors the county’s civilised face, respect and appreciation at the regional and international levels. It is supported by a wise policy and leadership that has been working hard to build the country’s bright image abroad to make it a hub for wisdom, moderation, coexistence and peace.

The Ministry of Foreign Affairs and International Cooperation launched the UAE Passport Force initiative to place the Emirati passport on the list of the five most powerful passports in the world by 2021, however, the country has achieved this goal three years before the dateline.

The strength of the passport does not only represent the identity of the citizen but also an important factor affecting its access to global opportunities, ease of movement and quality of life.

The Passport Index issued by the Arton Capital, ranks countries’ passports based on the number of countries a passport holder can enter without obtaining a visa or obtaining it at the time of entry. The Index is a global benchmark for classifying international passports and reflects the world’s view on the power and impact of passport.

Armand Arton, Founder and President of Arton Capital, said that Passport Index is the most prominent rating of passport strength through an interactive platform that continuously monitors changes and developments, adding that it has become the world’s premier reference for governments.

“We continuously compare the passports of 193 countries and 6 regions of the UN members and work to collect data directly and continuously, all through publicly available information, government sources and international bodies. We determine the strength of the passport based on the ability of the citizens of a country to travel to another country without the need for a visa in advance and obtaining visa access from the airport,” said Arton.

He added, that the Emirati passport has witnessed unprecedented progress globally in the past few years, reflecting the international stature of the country. “We congratulate the UAE on this great achievement, and are pleased to work with the Ministry of Foreign Affairs and International Cooperation since the launch of the UAE Passport Force initiative,” he went on to say.

Through this achievement, the freedom of movement to many countries of the world is added to the list of priorities that the UAE offers to its citizens.

The positive impacts for ease of travelling are not only making it possible for UAE nationals to travel freely for tourism, but also have economic, developmental and even humanitarian benefits by facilitating trade and economic investment for individuals and institutions.

In line with a comprehensive vision of the development of the country and society, the UAE has a future agenda that embraces innovation, empowering the community and encouraging international cooperation and participation. These principles have been an integral part of the UAE since its establishment in 1971.

 

Source: khaleejtimes.com

 

Europe needs a tougher approach on immigration in order to curb the growing threat of right-wing populists, Hillary Clinton said, calling on EU leaders to show their electorates that they can no longer “provide refuge and support.”

“I think Europe needs to get a handle on migration because that is what lit the flame,” Clinton said in an interview with the Guardian published Thursday.

The former U.S. Democratic presidential candidate suggested that immigration concerns in part contributed to Britain’s vote to leave the EU — which Clinton has previously described as the “greatest self-inflicted wound in modern history” — as well as her election loss to Donald Trump.

While Clinton said she admires German Chancellor Angela Merkel for her “compassionate” approach, she said it is “fair to say Europe has done its part, and must send a very clear message — ‘we are not going to be able to continue [to] provide refuge and support’ — because if we don’t deal with the migration issue, it will continue to roil the body politic.”

The Obama-era secretary of state also said Trump exploited the issue of migration during his 2016 election campaign and continues to do so in office.

“The use of immigrants as a political device and as a symbol of government gone wrong, of attacks on one’s heritage, one’s identity, one’s national unity has been very much exploited by the current administration here,” she said.

“There are solutions to migration that do not require clamping down on the press, on your political opponents and trying to suborn the judiciary, or seeking financial and political help from Russia to support your political parties and movements.”

 

Source: politico.eu

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German Chancellor Angela Merkel defended a United Nations agreement on migration in a passionate speech to parliament on Wednesday, accusing its opponents of “nationalism in its purest form.”

The UN pact, to regulate the treatment of migrants worldwide, was approved in July by all 193 member states except the United States and is to be signed in Morocco next month.

But Australia on Wednesday said it would not sign up to the pact, joining nations including Israel, Hungary and Austria who have said it would compromise immigration policy.

In an appeal to embrace a multilateral approach to the migrant issue, Merkel made a thinly veiled attack on U.S. President Donald Trump and her far-right opponents at home.

“There are people who say they can solve everything themselves and don’t have to think about anyone else, that is nationalism in its purest form,” she told the Bundestag lower house of parliament in an unusually passionate address.

Merkel, whose 13-year chancellorship has been marked by her open-door migrant policy, said the UN pact was in Germany’s interests and would not infringe on national sovereignty.

The Global Compact for Safe, Orderly and Regular Migration is a framework for co-operation and aims to reduce illegal migration, help integrate migrants and return them to their home countries. It asks backers to use detention only as a last resort. Impetus for the pact followed Europe’s biggest influx of refugees and migrants since World War Two.

Some of Merkel’s conservatives, notably Health Minister Jens Spahn who is standing to succeed her as head of the Christian Democrat party (CDU), have called for a broader debate before Germany signs up to the pact. Far-right Alternative for Germany (AfD) lawmakers oppose it.

“This pact for migration, like the refugee pact, is the right attempt to find solutions for global problems internationally, together,” Merkel said to heckles from the AfD.

She said in 2015 Germany realized that the problem of flight and migration had to be tackled at an international level, that “no one country can do it alone.”

“The debate about a global pact for migration, for orderly, legal migration in a world where there are 222 violent conflicts … 68.5 million refugees, 52 per cent of whom are children, this organization plays a central role,” she said.

Pact ‘would compromise Australia’s interest’

In Australia, newly installed prime minister Scott Morrison said the UN agreement would jeopardize national security.

“The global compact on migration would compromise Australia’s interest,” Morrison told 2GB Radio. “It doesn’t distinguish between those who illegally enter Australia and those who come the right way.”

Under Canberra’s tough immigration policy, which has bipartisan support, asylum seekers arriving by boat are told they will never be allowed to settle in Australia.

They are then detained in two detention centres on remote South Pacific islands until they are accepted by another nation or agree to return home. The camps have been widely criticized by the United Nations and human rights groups for their conditions.

“Australia is a textbook case of how not to treat boat arrivals, by sending them offshore to endure abysmal conditions for years and trying to shirk its international responsibilities onto less-developed countries,” said Elaine Pearson, Human Rights Watch’s Australia director.

Australia has an annual immigration cap of 190,000 places. Morrison said this week his government would likely reduce that threshold, a policy that is popular with voters.

Morrison’s government said in October it would restrict new immigrants from living in Australia’s largest cities — Sydney, Melbourne and Brisbane — for up to five years.

Although likely to win favour with many voters — Australia is due to hold an election in 2019 — critics argued such a policy could lead to labour shortages.

The Swiss government said Wednesday the country won’t attend the UN conference next month because it wants to wait for parliamentary debates at home before giving its final blessing.

Switzerland’s governing Federal Council said in October it planned to adopt the Global Compact for Safe, Orderly and Regular Migration, but would put it to parliament or consultation as required by law.

The Federal Council reiterated that it believes the pact is “consistent with Switzerland’s interests.”

The conference will be held in Marrakech, Morocco on Dec. 10-11.

 

Source: cbc.ca

The Morrison government has confirmed it will not sign up to the United Nation’s migration pact, claiming it will undermine Australia’s harsh policies to deter asylum seekers despite Australia’s role in helping to draft it.

The Refugee Council of Australia and advocates have strongly rejected the government’s claim, citing the fact the compact is non-binding and has a provision stating that countries retain sovereignty over their migration programs.

Labor offered a mixed reaction to the announcement, with defence spokesman Richard Marles suggesting Labor would “work with the global community” on migration, while opposition leader Bill Shorten said he was “not fussed” about the decision and would decide after taking advice in government.

In July the Coalition signalled it would refuse to sign the agreement, because the final draft of the compact said that migration detention should only be used “as a measure of last resort” and states should work towards alternatives.

After failing to secure changes addressing its concerns, the Morrison government confirmed on Wednesday that Australia will not sign, joining the United States, Israel and a group of Eastern European countries that have also refused.

The announcement comes after Scott Morrison signalled that Australia will reduce its migration cap from 190,000, all but confirming on Wednesday the 2019 budget will reduce the cap.

The global compact aims to address migration issues in a “safe, orderly and regular” way through a “collective commitment to improving cooperation on international migration”.

The final draft includes a commitment to review legislation and policies to ensure “migrants are not detained arbitrarily, that decisions to detain are based on law, are proportionate, have a legitimate purpose, and are taken on an individual basis, in full compliance with due process and procedural safeguards, and that immigration detention is not promoted as a deterrent or used as a form of cruel, inhumane or degrading treatment to migrants, in accordance with international human rights law”.

It states that refugees and migrants “are entitled to the same universal human rights and fundamental freedoms, which must be respected, protected and fulfilled at all times”.

The compact nevertheless “reaffirms the sovereign right of states to determine their national migration policy … in conformity with international law”.

Australia runs offshore detention facilities on Manus Island and Nauru designed to deter people from coming to Australia by boat to claim asylum and turns back boats at sea, a practice the UN has said is illegal under international law and “may intentionally put lives at risk”.

In a joint statement prime minister Scott Morrison, home affairs minister Peter Dutton and foreign affairs minister Marise Payne said the government believed the compact is “inconsistent with our well-established policies and not in Australia’s interest”.

The trio said Australia “already achieves” the goals of safe, orderly and regular migration and the compact would “directly conflict with important principles that have underpinned our successful approach”.

They warned the compact would “risk encouraging illegal entry to Australia and reverse Australia’s hard-won successes in combating the people-smuggling trade”.

“The compact fails to adequately distinguish between people who enter Australia illegally and those who come to Australia the right way, particularly with respect to the provision of welfare and other benefits.”

Refugee Council of Australia chief executive Paul Power said the compact recognised both the rights of migrants and the right of sovereign states to set their own policy.

He noted that the Australian government had “been very active, having considerable influence over the wording of the global compact”.

“In refusing to sign the compact, Australia will join a small group of governments which are each trying to appeal to or appease minority far-right political movements within their countries,” Power said.

“It is hard to see the Australian government’s decision as anything other than posturing for some political gain, as the facts do not align with the prime minister’s claims.”

Carolina Gottardo, the director of Jesuit Refugee Service Australia who participated in negotiations of the compact as a member of the Asia Pacific Refugee Rights Network, told Guardian Australia that Australia helped water down the compact.

Gottardo accused the Morrison government of “misinformation” and a “political game” for having argued for stronger protections of sovereignty, only to refuse to sign the non-binding compact on the grounds it harmed sovereignty.

“The final compact is a major achievement, it is measured and constructive.

“It’s a non-binding agreement of great normative importance that does not threaten border protection or efforts to stop people smuggling.”

Save the Children director of policy and international programs Mat Tinkler called on the government to “work toward global solutions” to the migration crisis.

Dutton told Sky News that the Coalition government had “stopped drownings at sea and boat arrivals”.

“And we’re not going to surrender that – we want our sovereignty to stay intact,” he said.

“We’re concerned about the way in which [the compact] might be interpreted by the courts here.

“We’re concerned about whether or not it starves us … of the ability to decide the way in which we can return people. Under the compact certain obligations could be imposed where we needed to support people once they’d been returned to a country of origin.”

Both Morrison and Dutton ruled out Australia withdrawing from a separate UN refugee compact.

Morrison told 2GB Radio the government had announced “a fair-dinkum process” to review Australia’s migration levels in consultation with the states and territories.

“The migration program is set a year in advance,” he said. “This year’s program is already set.

Source: theguardian.com

Ministers should introduce electronic identity cards stating the right to live, work, claim benefits and use public services in Britain to address the concerns of leave voters about immigration in the event of a second referendum, a study has suggested.

The report from the Global Future thinktank, backed by the remainer peer Andrew Adonis, claimed the cards could be a key plank of any future campaign to persuade anxious voters that the UK did not have to leave the EU.

Under the proposal, electronic ID cards would be compulsory for anyone staying in the UK for more than 90 days. They would be used to claim entitlements and access public services, but could restrict those without the right to do so.

The government could then use the data to target extra funding for areas experiencing increases in immigration, although the report acknowledged there may be some privacy concerns and said the information must be anonymised and protected from abuse.

The thinktank also suggested setting up a “strengthening communities fund” underpinned by a £2bn-a-year investment in services and infrastructure to address the impacts of immigration, including increasing language provision and integration.

It called for a fairer labour market with Swiss-style enforcement squads to target unscrupulous businesses, and new protections for British workers, including rules to ensure they had the first chance to apply for new jobs.

Lord Adonis, who has visited the 100 constituencies with the highest proportion of leave voters, said: “These policies are practical, actionable solutions to immigration that are already being deployed across Europe.

“I believe strongly that they will help to persuade voters that the best way to take back control is to stay in the EU and get serious about immigration and welfare enforcement – so let’s do that instead of trashing our economy on the basis of a false choice.”

Theresa May interpreted the result of the Brexit vote as a clear instruction to end free movement, making it one of her red lines. The Global Future report suggested the public was more concerned about keeping out criminals and those who did not play their part in British society than ending all immigration.

The public also wanted to ensure jobs were protected and public services did not suffer as a result of growth in numbers, according to the report. The UK is the only EU member state not to have some form of identity card system.

Peter Starkings, the managing director of Global Future, said: “Free movement has been good for Britain – it’s boosted our economy, created jobs and helped millions of Brits live, work and study across Europe. Throwing it all away is terrible mistake that will damage Britain and deepen the very burning injustices the prime minister has promised to address.

“This report sets out a better way – control free movement so that it works for Britain, addressing public concerns and allowing us to maintain the close trading relationship with Europe that people want.”

 

Source: theguardian.com

Authorities in Saudi Arabia have arrested or deported an unprecedented 2.1 million foreigners since November 2017, accused of residing in the country in violation of residency and labour regulations, according to the latest tranche of statistics from the Saudi government.

Almost 100,000 arrests have been reported in the past week alone. Officials confirmed that 541,087 people have been deported from the country since November 2017, according to official figures from the Directorate General of Passports (Jawazat) in Riyadh.

The government’s uncompromising campaign, which is run under the banner of the Nation Free of Illegal Expats, was launched last year and is overseen by the Interior Ministry and the Jawazat. The Saudi government, whose de facto leader is the crown prince, Mohammed bin Salman, is seeking to increase employment among Saudi nationals.

According to Saudi officials, more than 1.6 million illegal expatriates were arrested for violating their terms of residency, 323,435 for violating the labor regulations and 150,418 for breaching border security. A backlog of 301,018 are awaiting travel documents to leave the country.

The Jawazat’s latest statistics claim that 1,673 foreign residents were arrested attempting to leave the country illegally.

Jobless in Jeddah
Riyadh’s crackdown comes as conditions for expat workers worsen across the GCC. The new tranche of statistics was published a week after Saudi officials terminated 71% of expat contracts in government jobs.

Fellow GCC member Kuwait is planning to cull 1.5 million expats from payrolls over the next seven years, as reported this week by International Investment.

 

Source: internationalinvestment.net

In an attempt to further boost its booming real estate sector and attract foreign investment, Egypt will grant residency permits to foreigners who invest at least $100,000 in the country’s property market.

The growth rate of Egypt’s property market stands at 133 percent in 2018. This has been fueled by strong demand for housing, along with the sporadic launch of residential construction projects.
The minimum investment required to obtain a residency permit is $100,000. A three-year residency is on offer for those who invest $200,000, and five years for those who purchase property worth $400,000. The offer also applies to properties that are still under construction.

Khaled Abbas, the deputy minister of housing, said the procedures for the scheme are being set up in consultation with the Passport, Immigration and Nationality Administration.

To begin the process for obtaining Egyptian residency, a preliminary contract must be agreed between the property owner and the foreign investor, and then signed by an authorized body, such the Urban Communities Authority, the Tourism Development Authority or the governorate in which the property is located. Bank statements must also be provided confirming that the money has been transferred from overseas. The passport office will then approve the period of residence.

Members of the House of Representatives welcomed the announcement as a positive move for Egypt and an incentive for foreign investment, which it is hoped will create jobs and economic opportunities.

Whether the public will be so keen remains to be seen.
“This might be a bit problematic,” said Aly Salem, a resident of Cairo. “The housing demand in Egypt is already high, with the surging youth population and more and more people looking to get married each year. Where will they stay, if foreigners start swooping in and acquiring both residency and a huge housing unit with just $100,000?”

Offering further details, Gen. Kamel Amer, the head of the Parliament’s Defense and National Security Committee, said foreigners will not have any political rights for the first five years of residency and they will not be eligible to vote for 10 years. He also said spouses and children of investors will not be granted residency unless they live in Egypt.

Spain and Portugal have implemented similar programs in an attempt to boost their property markets. Previously, a foreigner had to live in Egypt for 10 consecutive years to be eligible for naturalization.

The new residency law is part of the efforts to repair the damage to Egypt’s economy caused by severe austerity measures imposed after the $12 billion loan package from the International Monetary Fund in 2016.

The cost and size of properties in Egypt, which are often large and lavish apartments, compare favorably to those in many other countries. Despite this, few Egyptians can afford to pay for a house upfront, but some private property developers are offering 10-year, interest-free installment plans.

 

Source: arabnews.com