Author: Niu Ltd

There is growing concern among international investors in Grenada’s citizenship-by-investment program about the attempt by the government to seize a foreign-owned resort. A court in Grenada has temporarily blocked the government’s plan to forcibly end a 99-year lease and expropriate the Grenadian by Rex Resorts, a 172-room hotel located on the island’s southern tip.

“It would be disastrous if this happened,” said a regional lawyer and CBI agent who did not wish to be named. “Expropriations by governments really do affect investment decisions of developers, while the perception will affect the decisions of CBI agents and, in turn, CBI applicants. It would leave a bad smell for 20 years. Why bother with Grenada when you can have a safe ride in one of our sister islands?”

Government officials said property managers haven’t fully complied with the lease agreement and argue the resort has become run down. The government also said it is intent on collecting taxes and feels the property is not being operated in the people’s best interest.

UK developer Rex Resorts rejects those claims, saying the hotel is running at nearly 90 percent capacity and that it has invested more than $4 million in the last five years to renovate the property. It also said it is up to date on all lease payments, taxes and fees owed to the government.

“Whatever the rights or wrongs of this individual case, the government is acting like a strongman,” said an investor. “People will be holding off making investments in the country until they see how this dispute turns out.”

Rex Resorts signed the lease agreement with the government in 1991 and has operated the Grenadian for 25 years. It is understood that calls have been made to Whitehall, the British government headquarters, to come to the defence of the beleaguered British company. There are even calls to reconsider the continuation of the country’s visa free treaty with the United Kingdom.

According to a Grenadian government website, applicants seeking to obtain citizenship by investment in Grenada must invest at least US$350,000. They need keep the real estate for at least three years following the grant of citizenship. There is a list of 13 developments that qualify for the scheme, including the Grenada Resort Complex, Kawana Bay Resort and Mount Cinnamon.

“The government has not said what it plans to do with the Grenadian by Rex Resorts, though we suspect that they want to sell it on, and a judge has sealed files in the case,” said a source. “The court will hold another hearing in May but, until then, many investments will be put on hold. If the government can do this to a company that has been there for 25 years, how will it treat an individual who just wants to buy a piece of real estate and a second citizenship?”

People in the Caribbean with long memories recall the shadow cast over development in Antigua when the government acquired the Half Moon Bay hotel. In June 2007, after 12 years of broken promises and legal arguments, the London-based Privy Council delivered a decision allowing the powers of eminent domain to be used by the government of Antigua under the Antiguan Land Acquisition Act to expropriate the Half Moon Bay Resort.

The only action initiated by the attorney general was to take physical possession of the property in the name of the people of Antigua. With neither maintenance nor security, it took very little time for the property to fall into disrepair. Ten years after expropriation, the case continues in the courts, while the beach is now a garbage dump.

This grim story does not seem to deter the Grenadian government. Oliver Joseph, Grenada’s minister of economic development, said that private investors have expressed interest in the Rex property. This reportedly includes Jamaican hotel magnate Gordon “Butch” Stewart.

However, according to local sources, a private Canadian company, Sunwing Travel Group, the largest integrated travel company in North America, which is partially owned by a publically traded German company (TUI Group) is working with the government of Grenada to seize the fully operating hotel.

In the meantime, the resort will keep operating as usual, unless and until a judge issues a contrary decision following the new hearing set for May.

Source: caribbeannewsnow.com

International citizenship and residence advisory firm, Henley & Partners is opening a new office in St. Lucia, its fourth office in the Caribbean region. The firm will work closely with the Government of St. Lucia to promote its relatively new and very competitive citizenship-by-investment program.

The St. Lucia office is led by Managing Partner Mark D. Maragh, an experienced local attorney-at-law with an extensive track record both in the law and international financial services. Maragh says the firm is keen to promote and position the program to attract only the best applications from around the world. “The program is the newest investment migration program in the region, having launched just over a year ago. St. Lucia has great value to offer, especially to single applicants as they can benefit from the most competitive investment threshold in the region.”

Henley & Partners supports recent improvements to the St. Lucia Citizenship-by-Investment Program. St. Lucia is ranked 37th globally on the Henley & Partners Visa Restrictions Index, a highly-regarded index which the firm has published annually with the International Air Transport Association (IATA) for more than a decade. The island nation offers its citizens visa-free access to 127 countries, including the EU’s Schengen area, the UK, Singapore and Hong Kong. On the Henley & Partners – Kochenov Quality of Nationality Index, St. Lucia is ranked 86th, performing well in terms of its Human Development and Diversity of Travel Freedom scores.

There are currently four routes to citizenship through the program; a contribution of USD 100,000 (for single applicants) to the National Economic Fund (NEF), a real estate purchase of USD 300,000 with a five-year holding period, an investment of USD 3.5 million into an approved enterprise project, or an investment of USD 500,000 into government bonds.

The requirements of the St. Lucia Citizenship-by-Investment Program are strict but reasonable and the procedures are efficient. The application process takes no longer than four months from the submission of the application to the issuance of the passport, assuming there are no areas of concern with the application.

Program Requirements

The St. Lucia Citizenship-by-Investment Program requires a person to make a significant economic contribution to the country. In exchange, and subject to a stringent application process and due diligence checks, the applicants and qualifying dependents are granted full citizenship. The main applicant must be at least 18 years old to qualify, meet the application requirements, and select one of the following investment options:

1. An investment in an approved real estate development with a minimum value of USD 300,000, which must be held for a minimum period of five years – additional costs may also be incurred depending on the real estate developer
2. An investment in an approved Enterprise Project (as set out in the regulations) with a minimum investment of USD 3.5 million plus the creation of no less than three permanent jobs; or a joint investment of USD 6 million (each applicant contributing a minimum of USD 1 million) plus the creation of no less than six permanent jobs
   For the above two options, the following government administration fees will also apply:
   • Main applicant – USD 50,000
   • Spouse – USD 35,000
   • Dependent under 18 years – USD 25,000
   • Dependent 18 years and older – USD 35,000
3. A non-refundable contribution to the National Economic Fund (NEF) of USD 100,000 (for a single applicant). An applicant may make the contribution under one of the four following categories:
   • Main applicant – USD 100,000
   • Main applicant and spouse – USD 165,000
   • Main applicant, spouse and up to two other qualifying dependents – USD 190,000
   • Each additional qualifying dependent of any age – USD 25,000
4. Investment in non-interest bearing government bonds, which must be held for five years (this option is valid until 31 March 2017). An applicant may invest under one of the four following categories:
   • Main applicant – USD 500,000
   • Main applicant and spouse – USD 535,000
   • Main applicant, spouse and up to two other qualifying dependents – USD 550,000
   • Each additional qualifying dependent of any age – USD 25,000

Procedures and time frame

• Application requirements are reasonable and relatively straightforward
• Generally speaking, the application process should take no longer than four months from submission of the application to issuance of the passport
• Under the real estate option, the time frame may vary depending on the development chosen

Key advantages

• A St. Lucian passport provides visa-free travel to 127 countries, including Europe’s Schengen area, the UK, Hong Kong and Singapore
• There are no residence or visitation requirements
• St. Lucia recognizes dual citizenship
• Citizenship can be passed on to future generations by descent
• A range of investment options are available
• The investment and processing costs are reasonable

Source: ftnnews.com

The Citizenship by Investment Unit (CIU) has officially begun reviewing applications of 17 Iranians and two Yemenis who received passports through the Citizenship by Investment Programme (CIP).

Deputy Chief Executive Officer of the CIU, Thomas Anthony said the unit has received permission from the Cabinet’s to proceed with reviewing the 19 passports.

Anthony, who was in China when OBSERVER media inquired about the process under which the applicants will be scrutinised, said: “We will send the biographical information on these citizens to the Joint Regional Communication Centre [JRCC], and we’ll make decisions based on their feedback.”

The application files are to be vetted through the JRCC, one of Caricom’s intelligence agencies. That information will be passed on to the state’s CIU, which will then turn any questionable information over to the Royal Police Force of Antigua & Barbuda for investigation.

Source: stluciatimes.com

The Australian passport has been deemed 16th most valuable in the world, according to a listing from global consulting firm Nomad Capitalist. The listing takes into consideration 199 countries on the basis of their “value of citizenship.”

Australia finds itself tied with the United Kingdom. Australia achieved top points in factors including perception, dual citizenship and freedom. Australian citizens maintain an impressive international reputation, can hold other citizenships in most instances, and are among the most free.

The considerations that Nomad Capitalist uses to create the rankings are visa-free travel, taxation, perception, dual citizenship and overall freedom. Australians are given visa-free access to 169 countries. Visa-free access accounts for 50 percent of a country’s ranking, making it the most desired factor. Germany has scored the highest points in this regard, providing visa-free access to 177 countries.

Taxation is the second heaviest factor, accounting for 20 percent of a country’s ranking. Perception, dual citizenship and overall freedom round up the list – with 10 percent each. New Zealand, on the other hand, ranks higher tan Australia – at the 11th spot.

The Australian passport received the second lowest score in terms of its taxation arrangement for expats. Nomad Capitalist notes that while those holding an Australian citizenship are able to avoid taxation by moving overseas, it happens with difficulty.

Sweden was crowned the world’s most valuable passport, according to the listing. The country scored impressively in terms of visa-free access. Swedish citizens can travel to 176 countries without a visa. In addition, they maintain an “excellent reputation” abroad, are provided a provision to hold dual or multiple citizenships and have high levels of personal freedom. The citizens can also avoid Swedish taxation by moving abroad.

The top 10 countries are all from Europe. After Sweden, they are Belgium, Spain, Italy, Ireland, Finland, Germany, Denmark, Switzerland and Luxembourg.

The United States passport ranked 35th on the listing. It was tied with Slovenia.

The US scored more points with regards to being able to travel easily to more countries. It allows a visa-free access to 174 countries. However, US citizens are subject to taxation on their worldwide income irrespective of where they live. They do not hold a respected international reputation and have less freedom than citizens of some of the other nations.

The bottommost position is held by Afghanistan. Citizens from the country can travel easily to only 25 countries, are not allowed to have dual or multiple citizenships and are subject to taxation on their international income.

Source: ibtimes.com.au

To access the data sheet on the Portugal’s Golden Residence Programme (GRP) results as of the 28^th February 2017, please click here

Developer Breaks Ground on $200 Million Dollar Project

“Together, public and private agencies have ensured that transparency, correct procedure, respect for the law and honest communication have prevailed.  It is because of their steadfastness that we are able to turn the soil signalling the start of work on the first phase of the project leading to a luxurious five-star property never before seen in this twin island state.”  These were the words of Dawood Shah, Senior Vice President of Business Development for Al Caribi Development Antigua Ltd at the milestone event marking the start of work on Callaloo Cay.

The event, held against a backdrop of the village of Old Road, celebratory in nature, and characterised by blue skies and wild gusts of wind, served as the picturesque starting point.

In opening remarks, Mr. Shah declared the day a “Celebration”.  Among the reasons highlighted were the significant contributions, support, guidance and overall vision of the government of Antigua and Barbuda and its public-sector departments, the service of private entities involved from the start, and the work and support of community members.

Among the well-wishers and supporters who turned out to witness this milestone were a number of government representatives. They included Prime Minister of Antigua and Barbuda – Gaston Browne, Minister of Foreign Affairs – Charles “Max” Fernandez, Minister of Tourism – Asot Michael, Minister of Social Transformation – Samantha Marshall, Senator Michael Freeland, Senator Colin James, Ambassador to the United Arab Emirates – Casroy James, and Ambassador to the African Union – Yohann Hesse.  Representatives of various government departments, including the Citizenship by Investment Unit (CIU), contractors and community members also turned out in their numbers for the event.

In his remarks, Prime Minister Browne spoke favourably of the partnership.  He said the government of Antigua and Barbuda “is seeking to develop a sustainable economic model.  This is a true partnership where the government is partnering with a developer to assist with further developing the country with the Government of Antigua having 20% equity in the project. “He added “the tourism sector is one in which we have significant competence, in which we are very competitive globally, and a sector which will continue to be the driving force of our economy for a long time.”

Asot Michael, Minister of Tourism heaped praise on the developers and their plans while underscoring the benefit of the development to the tourism industry.  “I would like to thank and congratulate Sheik Tariq and his representative Mr. Dawood Shah for the confidence that they have shown in Antigua and Barbuda and the ABLP Government led by the Hon Gaston Browne, and for this significant investment in our tourism product and the future of our country.”  He added “Callaloo Cay will lead to increasing the room availability, and broadening our twin-island nation’s portfolio of distinguished properties. This new tourism project takes us another step closer to realizing our vision of becoming the economic powerhouse of the Region.”

Minister of Foreign Affairs – Charles Fernandez spoke about the positive social impact and the creation of opportunity for people in that community as well as ancillary economic turnover.  He added however that more importantly “it is and has been the precursor of other significant investment opportunities coming from the United Arab Emirates and GCC countries.”

During construction, the development will represent over 180 jobs and hundreds more once the property is open.  Amongst the international team of experts are global leaders in architectural design, OBMI along with leading tax, audit and financial advisory professionals KPMG.  Spearheaded by first class specialists, designers and operator, the development assures a sound investment.

Source: CIU

The global residence and citizenship advisory firm, Henley & Partners, says the vote by the European Parliament to end visa-free travel for Americans to EU countries will have a major impact on global mobility, especially the travel freedom currently enjoyed by US and possibly even EU citizens, if US President Donald Trump retaliates in kind. The firm is due to publish its annual Visa Restrictions Index within the next 10 days, but the EU backlash against President Trump’s failure to meet the deadline to lift visa restrictions on five EU countries – namely Bulgaria, Croatia, Cyprus, Poland, and Romania – may see America fall out of the top ten on the prestigious travel freedom ranking for the first time since it was first published in 2003.

The Henley & Partners Visa Restrictions Index is produced in partnership with the International Air Transport Association (IATA), which maintains the world’s largest and most authoritative database of travel information. For the past few years, Germany has retained its position at the top of the ranking with visa-free access to 176 countries in total. Sweden has stayed in second place with 175 countries, and the US joined Denmark, Finland, Italy and Spain in third place, with their nationals enjoying access to 174 countries without a visa.

Christopher Willis, Managing Partner of Henley & Partners Caribbean, says the size and make-up of the ‘Top 10’ countries on the Visa Restrictions Index has remained largely the same for the past decade but it looks likely that the rapidly changing geopolitical climate will have a dramatic effect on the rankings over the next 12 months. “We have witnessed major world events that are impacting on global mobility – including Brexit and the election of President Trump. This has led to steps towards restricting movement and creating barriers to entry. This recent trend of suspending visa waiver programs and curbing the travel freedoms of certain nationals is already apparent in the shift in rankings on this year’s Visa Restrictions Index,” explains Willis.

Following yesterday’s vote, the EU Commission now has two months to reintroduce visas for Americans wishing to travel to Europe, after MEPs agreed the EU is now “legally obliged” to suspend the Visa Waiver Programme (VWP) with the US for a year after the US administration failed to meet a deadline to respond to their visa reciprocity arrangement.

“There is still huge disparity in the levels of travel freedom between countries, despite the world becoming seemingly more mobile and interdependent. Generally, visa requirements are a reflection of a country’s relationship with others, and take into account diplomatic relationships between countries, reciprocal visa arrangements, security risks, and the dangers of visa and immigration regulation violations. The recent unsettling world climate has prompted an increased emphasis on physical safety and security, motivating high net worth individuals to explore investment migration programs as a means of reducing risk and opening up new opportunities in a rapidly changing and uncertain world,” explains Willis.

In contrast to 12 years ago, when the Henley & Partners Visa Restrictions Index was first published, there are now many more residence- and citizenship-by-investment programs available for those who wish to increase their travel freedom. More and more governments are embracing these programs as a means of stimulating economic development and growth, and there is an increasing number of wealthy and talented individuals looking to diversify their citizenship portfolios to give themselves and their families greater international opportunity, stability, freedom and security.

Wealthy Americans who want to be protected from disputes such as the so-called ‘visa war’, now have the world to choose from when it comes to acquiring an alternative residence or citizenship. Caribbean citizenship-by-investment programs, such as the recently revitalized Grenada Citizenship-by-Investment Program, can protect your travel freedom to the world’s largest markets including China, the UK, and Europe’s Schengen area.

“For individuals who hold passports of countries with fewer visa waiver agreements, a second or even third citizenship can open up travel opportunities to countries previously restricted by time-consuming visa application requirements and processes. The latest Henley & Partners Visa Restrictions Index to be published in ten days is relevant to both individuals interested in improving their mobility and the quality of their nationality, as well as governments focused on improving the local, regional and global opportunities inherent in their passports,” concludes Willis.

Source: scoop.co.nz

Demand for construction workers in London looks set to grow due to the completion of Crossrail and the extension of the Northern Line alongside other infrastructure projects. But a new analysis reveals the Capital is struggling to attract and train the workforce needed; with London and the South East having a shortfall of 60,000 people in the construction industry. This is according to a first of its kind analysis of the role of migration on London’s economy by London First and PwC. ‘Facing Facts: the impact of migrants on London, its workforce and economy’ argues that London’s growing workforce is significantly contributing to economic growth and helping to create more jobs in the capital. The report, which draws on a comprehensive range of information, including detailed ONS Labour Force Survey data shows how London’s total workforce has grown from 4.3 million people in 2005 to just under 5.2 million, made up of people from around the UK, the EU and the rest of the world.

The analysis calculates that the economic value generated by London’s 1.8m migrant workers is £83bn per year, roughly 22 percent of the capital’s Gross Value Added (GVA). On average, a migrant worker in a full-time job in London contributes an additional £46,000 net in GVA each year to the economy. The additional GVA generated by 10 migrant worker jobs will support an additional four jobs in the wider economy,

Jasmine Whitbread, chief executive of London First, said: “As the government debates what the UK’s post-Brexit immigration policy should be, it’s critical we’re informed by the facts. Global migration is an important part of London’s ongoing success many parts of our economy would struggle without it. Today’s report is a significant step forwards in setting out the facts and providing the clearest picture to date of the people living and working in London.”

The calculation of new jobs created by migration is underpinned by an overall increase in the number of people working in London (85,400 more people on average each year, equivalent to an average annual increase of 2.3 percent).

London tends to attract skilled workers, defined as someone with specific proficiency, training, knowledge and ability in their profession. Nearly 60 percent of people from the EU-15 countries are in managerial and professional roles in London.

There is a marked difference when compared to workers from countries that joined the EU after 20043, with one in five (22 percent) workers based in London in managerial and professional roles, one in seven (15 percent) in supervisory and intermediate roles, but most are either self-employed or working for a small business (32 percent) or are in semi-routine or routine work (31 percent). One reason for this is the high proportion of EU born people working in the construction industry.

Builders, developers, contractors and engineers employ nearly 300,000 people in London, around half of whom were born in the UK, 30 percent were born in the EU and 20 percent were born in the rest of the world.

Julia Onslow-Cole, global head of immigration at PwC and a member of the Mayor of London’s Brexit expert advisory panel, said: “This research provides businesses with new information to help them assess their future resourcing requirements ahead of the UK’s exit from the EU. Employers have much to consider from an immigration and skills perspective. They need to analyse the impact of immigration changes on their business and, if they are reliant on EU workers, consider the medium to long term implications.

“This research provides food for thought for policy makers and it’s imperative that businesses take the opportunity to respond to the Industrial Strategy consultation and collaborate with the Government on education and skills training, in order to upskill future generations of workers.”

The research also shows that the number of UK-born Londoners of working age who are not in work – either unemployed, studying, looking after dependents or unable to work – is falling, from just over 608,000 people in 2005 to 537,400 by 2015.

Source: workplaceinsight.net

The people managing the Citizenship-by-Investment Programme (CIP) have launched an aggressive initiative aimed at improving the image of the programme. Citizenship by Investment Unit (CIU) invited members of the media to a press luncheon on Tuesday where the underlying theme was that the CIP is more than the selling of passport, a view held by many nationals and residents. Chief Executive Officer of the CIU, Chisanga Chekwe made the point emphatically when he stated that the Citizenship-by-Investment Programme is not about selling passports. “The idea is not to go out in the market and find as many people as possible to acquire citizenship for a competitive fee. Not everyone can be deserving of Antiguan and Barbudan citizenship. Not everyone is eligible for the privilege of Antiguan and Barbudan citizenship,” he explained.

The CIU CEO noted that under the legislation eligibility for citizenship is not determined by wealth; for while there is a minimum requirement in the three areas recognized by the law, an applicant’s net worth is not a factor when the application is being reviewed. “Thus, an investor of outstanding character with a net worth of $1,000,000 may be successful under the law while an investor with a doubtful reputation and a net worth $10,000,000, may not,” he further explained.

Chekwe also listed five areas for which a person may be ineligible to attain citizenship; these include submitting false information and if the applicant has a criminal record for committing certain crimes.

The CIU official noted that the CIP programme brings in much needed revenues for the country and due to the growing competition from similar programmes in the region and internationally, there have been suggestions that Antigua and Barbuda should lower its investment threshold as well as loosen its robust due diligence protocols.

However, according to Chekwe adopting there suggestions would be a mistake. “We absolutely refuse to cheapen our superior product (if I can call it that) by competing on price. We equally reject the notion that our robust due diligence process is anything to be ashamed of.

On the contrary, this is a comparative advantage that we should trumpet at every opportunity. We should be clear that our programme seeks the very best of investors and citizens,” he advised.

Deputy CEO, Thomas Anthony joined in distancing the programme from merely as the selling of passports and revenues for the country noting that the CIP has significant values far beyond the investment into Antigua and Barbuda. “Citizenship-by-Investment programs ought not to be viewed solely from a country revenue perspective. These programs affect real people, real families lives in profound ways. We in Antigua and Barbuda take our mobility for granted. Decisions to travel to more 130 countries can be made on the spur of the moment. “For millions of families around the globe, for the single reason of the accident of their country of birth, their ability to explore planet earth is severely hampered,” he stated.

Anthony noted that the CIP due diligence protocol is quite extensive and that this has earned Antigua and Barbuda top three ranking internationally, and number one in the region. He noted that the ban placed on some countries has less to do with nationalities and more to do with the inability to conduct proper checks on individuals from those countries. He said each application goes through a rigorous due diligence check and that only when this is completed and an applicant is deemed to be worthy is a recommendation made for approval.

On the issue of due diligence, head of the ONDCP, Lt Col. Edward Croft said he considers this activity as the most important process in the programme. “Due diligence measures in consideration of a candidate for citizenship covers practically everything,” he revealed.

Source: Caribbean Times