Author: Niu Ltd

A team from the International Monetary Fund (IMF) commended the St Kitts and Nevis government on Wednesday on its efforts to strengthen the citizenship-by-investment (CBI) programme, the oldest of its kind in the world.

“I would like to commend the government for strengthening the processes, particularly the due diligence processes,” Inci Otker, the IMF mission chief on the 2017 consultation to St Kitts and Nevis, told the prime minister and minister of finance, Dr Timothy Harris, and members of the Federal Cabinet.

Officials from the Eastern Caribbean Central Bank (ECCB) and the Caribbean Development Bank (CDB) were also present during the meeting.

Otker characterized the strengthening of the due diligence processes as a “very welcome” step and noted that the reforms have helped to “reduce integrity/security risks, preserve the programme’s credibility and reputation, and avoid a race to the bottom”.

The IMF official added that the Cabinet’s consideration of CBI options beyond real estate was also “very welcome.” The Cabinet considers CBI options such as alternative energy, entertainment, entrepreneurship, heritage, and infrastructure, as well as investment in a growth and resilience fund.

 

 

Source: caribbeannewsnow.com

The Government of the Commonwealth of Dominica, on Monday, held a national consultation with stakeholders to discuss the performance of the island’s economy and to map a way forward.

The national consultation, hosted at the state house conference centre, was held under the theme, ’Development Prospects for Dominica Within The Context Of The Citizenship By Investment Programme, As A Platform For Raising The Funds Necessary To Finance Development Activities.’

“This event here this morning is about us meeting as national stakeholders and availing ourselves of the opportunity to draw on the knowledge and expertise of those among us who can be relied upon to bring and provide objective input and analysis on the health and workings of the Dominican economy,” Hon Skerrit said.

Hon Skerrit also noted that all Dominicans have a crucial role in shaping the island’s economy for future generations. He reiterated that any attack on the Citizenship by Investment Programme “will eventually adversely impact its performance and bring about its demise.”

“The reality is that inflows of foreign direct investment into the Caribbean are declining.  We need therefore as a nation to sit and analyse what is possible and what is practical within the constraints of our small population base and very limited resources.”
The nation’s leader hopes that after the consultation Dominicans would have gained a better understanding of the economic situation and envision a path towards the social and economic well-being of all.

 

Source: news.gov.dm

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Investment achieved through the Portugal’s Golden Visa scheme, which offers residency permits to investors, reached €3bn in March, according to figures published on Friday by the Immigration and Borders authority, SEF.

By the end of March, investment resulting from the Residency Authorisation for Investment Activity (ARI) programme, also known as the Golden Visa scheme, totalled €3,000,434,107.62.

Of this total, most – €2,702,076,908.60 – was investment in acquiring property, while capital transfer totalled €298,357,199.02, according to SEF.

Since the Golden Visa scheme was launched on 8 October 2012, it has granted 4,881 residency permits to foreigners from outside the European Union.

So far this year 679 Golden Visas have been granted.

 

Source: theportugalnews.com

The Citizenship by Investment Unit (CBIU) in Saint Lucia has attempted to counter a pledge by the opposition St Lucia Labour Party (SLP) to review every citizenship granted by the current government under the country’s citizenship by investment programme (CIP).

The SLP statement followed a walk out last week by all opposition parliamentarians after a motion to reverse changes to CIP was removed from the order paper for last Tuesday’s sitting of the House of Assembly.

“Without any hesitation, when the Labour Party resumes office, we will reinstate the net worth requirement and will undertake another due diligence assessment on each and every application granted under the UWP, with our promise to revoke any passports of applicants, who do not meet the $3 million net worth requirement or do not meet the strict due diligence requirements which Saint Lucians expect. Applicants applying for citizenship in St Lucia should be warned that when the SLP is returned to office, we will also demand that all citizens who did not donate the full contribution amount of US$200,000, will be compelled to top up the contribution that they made at the time of becoming citizens,” the SLP said last week.

On Monday, the CBIU issued a release outlining the conditions under which citizenship by investment decisions may be revoked.

Citizenship by investment, once granted, may be revoked subject only to the provisions of section 38 (1) of the Citizenship by Investment Act No.14 of 2015, on the following grounds:

1. Such registration as a citizen was obtained by false representation or fraud or willful concealment of material facts; or

2. the person has been convicted of an offence; or

3. the person has performed any other act which, within the opinion of the minister, has the potential to bring disrepute to Saint Lucia.

The minister with responsibility for citizenship by investment shall in writing specify the grounds for the revocation of citizenship by investment and the individual whose citizenship has been revoked has the right of appeal to the High Court.

Further, and with regard to the investment requirements, and as per section 38(7) of the Interpretation Act Cap 1.06, all citizenships granted pursuant to the provisions of the Statutory Instrument No. 1 of 2017, shall remain valid even if the Citizenship Amendment Regulations are revoked and or replaced by any other regulations.

“Agents, citizenship by investment applicants and other stakeholders can thus maintain confidence in the programme and be assured of its efficacy and certainty,” the release stated.

Responding to a request for clarification as to the possibility of the law itself being changed by a new government and not simply the regulations, Nicole McDonald, senior communications officer in the office of the prime minister, said that, even though the law is changed, the changes cannot be applied retroactively.

“I believe the law at the time of granting the citizenship would apply. If any government decides to pursue in the future changing our laws and applying it to persons who were granted citizenship under the current law, we run the risk of ruining our reputation in the investment world and, God forbid, persons who were granted citizenship seeking legal action against us. This is a programme the opposition party put in place, yet now they are trying to undermine it and scare away potential investors,” she said.

In a further release on Thursday in response to the statement issued by the CBIU, the SLP said it expected that the government or the office of the prime minister would have responded to the SLP’s earlier statement, which was critical of the changes made by the government and of the actions of the prime minister, rather than the citizenship unit.

The SLP called on Prime Minister Allen Chastanet to stop politicising the CBIU and avoid using the staff to pursue his political objectives. The SLP said it believes that the CBIU must remain professional and objective and political operatives must not be seen to be directing or interfering in its decisions.

The SLP also called on the staff of the CBIU and other government agencies involved in issuing citizenships and passports, to be vigilant and ensure that the correct procedures are followed and that they do not give in to threats from political operatives.

The SLP, however, supported the announcement of the CBIU in its press release that citizenship that has been granted to anyone on the basis of false representation or fraud or wilful concealment of material facts can be revoked.

“The SLP, therefore, wishes to repeat that when it assumes office it will conduct due diligence on every citizenship granted and any government official, board member, or political operative who knew or ought to have known or directed or approved any citizenship which is not in keeping with internationally accepted due diligence practice or the laws of Saint Lucia will be held criminally liable,” it said.

The SLP also called on the prime minister to review his approach and management of the CIP, as it said the actions of the government are severely undermining the image and reputation of Saint Lucia and posing a security risk to Saint Lucia.

“Based on information reaching it from agents and persons within the industry there is a crisis of confidence in the Saint Lucia CIP as there is a fear that friendly governments and enforcement agencies are now reluctant to be associated with the Saint Lucia CIP. Additionally, there is a now a higher fear of de-risking and loss of correspondent banks because of the loss of confidence in Saint Lucia,” the SLP added.

The SLP warned Chastanet that this will be catastrophic for the CIP in particular and Saint Lucia in general.

The SLP again called on the prime minister to revoke the changes made and to restore credibility to the Saint Lucia citizenship by investment programme and end all political interference in the operations of the CBIU.

 

Source: caribbeannewsnow.com

It seems that the Trump administration may bring in further restriction for the H1B specialty worker visa and L1 visa programs (includes the L1A intra-company transfer visa for executives and managers and L1B intra-company transfer visa for specialized knowledge workers).  There are also concerns that the EB5 Immigrant Investor Visa Program may become much more difficult in future or may even be cancelled.  Wealthy Indians are turning to the EB5 immigrant investor visa to secure a coveted US Green Card ahead of possible changes. The EB5 Immigrant Investor Visa Program enables high net-worth individuals (HNIs) to gain a Green Card and permanent residency for themselves and immediate family members.  Indian nationals unlike many other nationals are unable to come under the E2 Treaty Investor or E1 Treaty Trader visa category.

Investors are required to make a one-off investment of at least $500,000 into a US company that generates 10 or more US jobs. According to a report published by The Hindu Business Online, filings for EB5 visas have already hit record levels in 2017, with India ranking as the fourth largest beneficiary of the EB-5 immigrant program in the world.

Jose Latour, president and managing director of Miami-based investment firm, American Venture Solutions, said: “Heightened awareness of the EB-5 program, and the fact that there are not many other avenues available for Indian nationals to obtain their US Green Cards, have contributed to the increase of EB-5 filings this year.”

Sanwar Ali, Editor of Workpermit.com reviews Trump Visa Policy and US Business Visas

Indians cannot come under the E2 Treary Investor Scheme or E1 Treaty Trader visa schemes.   There is no quota for these US visa schemes.  Perhaps in an “unofficial” attempt to restrict entry of Indians on US work visas India is not on the list of Countries whose nationals can come under the E2 and E1 visa schemes.  The EB5 investor green card visa is expensive.  It still remains the case that Indian entrepreneurs can come under the L1A Executive or Manager visa or EB1C Employment based immigrant visa as an executive or manager.  There may be other options to consider as well as the EB5 Immigrant Investor option.

Possible H1B Visa salary hike will also affect Indians

Currently, the US government is considering plans to more than double the H1B salary requirement from $60,000 to $130,000 as part of the H1B Reform Bill, a move that would make the program virtually inaccessible for most Indian students graduating in

Rogelio Caceres, Co-Founder and CMO of US-based private investment firm LCR Capital Partners, which supports the EB-5 programme said: “As the new Trump administration considers new legislation that could restrict traditional US immigration options such as the H1B and L1 visa programs, Indian HNIs are increasingly getting attracted to the EB-5 program. Our clients are attracted to the reliability and timeliness of the EB-5 program as well as the broad bi-partisan support the program has amongst both political parties.”

It is possible that the US government will try to scrap the EB-5 program altogether by the end of April, 2017. Hopefully the Trump Administration will not take the extreme route of trying to cancel the EB5  Immigrant Investor Visa route. Perhaps it is more likely that the minimum investment requirement be increased from $500,000 to $1,300,000.

US investment companies say that the Trump administration will not scrap the EB-5 visa, but suggested that the program would face a number of key changes. Latour said: “EB-5 will continue, with whatever changes are invoked. New regulations may well be in place even before the current April termination of the pilot program extension.”

The EB-5 visa program has made news in recent years due to a series of scandals.   However, many would argue that this US visa is good for the US economy as it brings jobs and investments into the US.

The temporary extension that’s currently keeping the EB-5 program alive is set to expire on April 28, 2017. On January 13, the US Department of Homeland Security (DHS) and US Citizenship & Immigration Services (USCIS) did issue a notice of proposed new regulations for EB-5, with comments required by April 11.

The fate of the EB5 immigrant investor visa route now looks set to be decided in the coming weeks.

 

Source: workpermit.com

Minister for health and environment Dr Kenneth Darroux has stressed that any myths being spread about Dominica’s citizenship by investment (CBI) programme should be dispelled.

“I’ve said before and I’ll say it again, that we make no apologies for this program. We would have taken note of some of the concerns raised by our citizens and also outside people. We would have heard a number of international agencies, we would have heard the US ambassador recently while she raised areas where we think we can improve on it, but the idea that the CBI programme is this under table programme that ministers and other government officials going around selling passports in briefcases etc, all of this, we need to dispel that notion. It’s a bona fide programme that even the best and some of the more developed countries in the world are engaged in such programmes,” he said.

Darroux reiterated that the programme is a critical source of revenue that is being used to improve the lives of all Dominicans, especially those in the rural communities, and he urged Dominicans to support the citizenship by investment programme.

Speaking at the handing over ceremony of more than $1 million to various village councils in his constituency for infrastructure rehabilitation, Darroux stated that funding from the CBI programme is crucial, especially post-Tropical Storm Erika.

“While I think some people are trying to destroy the programme, we have to, especially those of us living in the rural areas where we see, for example, improvements in our community roads, where monies are helping people with their small businesses, and our washroom programme, we have to appreciate and pray that this programme continues to be as successful as it has been,” he said.

“Without this source of funding, as we speak, none of what we see happening now would be happening… All of this community enhancement is made possible through proceeds from the citizenship by investment programme,” he emphasised.

 

Source: antiguaobserver.com

Prime Minister Malcolm Turnbull has announced major changes to citizenship laws, making it tougher for foreign nationals to become Australian citizens.

Aspiring citizens will have to undergo tougher tests on their English language skills and ability to demonstrate “Australian values”, Turnbull said.

He unveiled the tighter requirements on Thursday. As part of the new measure, the waiting period has been extended for applicants before they are handed out citizenship, reported 9news.com.au.

The applicants will also be required to have lived in Australia as a permanent resident for at least four years (up from one year) and will only be allowed to fail the citizenship test three times.

At present, there is no limit to the number of times a person can fail the test.

Turnbull said the changes would ensure that migrants were better integrated into the community.

“It is important that they understand that they are making a commitment to our Australian values,” he said.

The current citizenship test — a multiple-choice questionnaire — tests an applicant’s knowledge about Australian laws, flags and national symbols.

Turnbull said this test was not not enough to assess whether an applicant has understanding of and commitment to “Australian values” and responsibilities.

In explaining what constituted “Australian values”, Turnbull said migrants must demonstrate support for religious freedom and gender equality.

The test the prospective citizens are required to pass will focus on respect for women and children. It will also reportedly include possible questions about child marriage, female genital mutilation and domestic violence, according to the report.

“If we believe that respect for women and children and saying no to violence… is an Australian value, and it is, then why should that not be made a key part… of our process to be an Australian citizen?” Turnbull asked.

The announcement comes two days after Turnbull outlined an overhaul of the 457 temporary foreign worker visa system.

The 457 foreign worker visa programme will be axed and replaced with a new “Australia first” visa programme.

Source: ianslive.in

As Brexit puts a question mark over the rights of EU nationals in Britain, Lithuania is rushing to let its citizens keep their Baltic passports if they opt to become British.

 
A bill tabled in the 141-seat parliament would allow dual citizenship for Lithuanians living in fellow EU and NATO countries at a time when the ex-Soviet state of three million people continues to see an exodus of workers.

“The bill will allow us to keep our compatriots who left from severing their last remaining link to their homeland,” Prime Minister Saulius Skvernelis told public radio on Tuesday.

Dual citizenship is currently an option only for those who left the country under the Soviet or Nazi occupations, with rare exceptions.

Under the current law, those who left after Lithuania regained independence in 1990 automatically lose their passport when they become citizens of another country.

President Dalia Grybauskaite said the law, tabled by 114 lawmakers on Friday, could breach the constitution and warned that she may use her veto — though seventy-one lawmakers would be enough to override it.

Around 370,000 Lithuanians have left the country since it joined the European Union in 2004, half of them relocating to the United Kingdom, where an uproar over Eastern European immigration was seen as a key factor in the Brexit vote to leave the bloc.

British Prime Minister Theresa May promised to impose greater control on immigration from the continent, and guarantees for EU nationals currently living there will be among the issues negotiators discuss amid the Brexit divorce process.

Dalia Asanaviciute, the leader of the UK’s Lithuanian community, welcomed the draft law and warned that otherwise a quarter of the roughly 200,000 Lithuanians living there could choose to swap out their citizenship in order to maintain their full rights in Britain.

“Lithuania does not have luxury to lose so many of its educated, tax-paying, English-speaking citizens,” she told AFP.

Source: pulse.com.gh

 

 

Known as a favourite tourist destination with its idyllic beaches and crystal-clear Mediterranean waters, Cyprus has also attracted attention for its citizenship-by-investment programme, which fits well with the property sector there.

In a nutshell, the Cypriot government in the past has established a number of investment incentives for foreigners, but the citizenship programme is especially designed for property investors. It grants citizenship to those who invest in real estate and who meet certain other requirements, and successful applicants gain the right to live, work, study and invest in all 28 EU member countries. Normally, €2.5 million (Dh9.9 million) had to be invested in property, but in September the minimum investment was reduced to €2 million and parents of the main applicant could be included provided that an additional €500,000 was invested in the purchase of a private residence in Cyprus. For those not wanting to part with as much money, an investment of €300,000 grants them Cypriot residency.

The programmes are accessible for any foreign passport holder, but particularly target Middle Eastern clients since Cyprus is perfectly situated halfway between Europe and the Gulf and is connected by a number of direct flights between the regions.

Developer incentives

“The Cyprus residency and citizenship by investment programmes have become increasingly popular in the Middle East and Northern Africa,” says Raheel Shaikh, Managing Director of Mahandru Associates, a Dubai law firm whose specialisation includes multinational immigration and residency law. The firm recently tied up with Cyprus-based Aristo Developers, one of the largest property developers in the country with more than 250 projects nationwide and 50 new projects in the market, including coastal villas, town houses, apartments and golf properties.

“We had discussions with multiple reputable law firms in Cyprus to ensure the smooth residency process of the upcoming real estate investment projects, and Aristo is doing a great job in making the procedures as simple and straightforward as possible,” Shaikh says.

Aristo is not the only developer offering the citizenship programme. Another notable project is the huge Ayia Napa Marina, a €220-million mixed-used residential and commercial development at the eastern tip of southern Cyprus. It comprises luxury residences, including marina and island villas, yachting facilities with private berths, retail boutiques, waterfront restaurants, recreation and nightlife and is the brainchild of Cypriot entrepreneur Gerasimos Caramondanis, who is backed by Egyptian investor Naguib Sawiris.

Yachting destination

The development is designed as a new premier yachting destination with a club character, and it is easily accessible from the island’s major highways and a short drive from Larnaca International Airport. “Apart from being a luxurious marina development, Ayia Napa Marina offers an opportunity for investors from the UAE and the GCC to gain European citizenship,” Sawiris says. “The citizenship incentive, along with the luxury residences, offers a compelling appeal for investors.”

Source: gulfnews.com