Author: Niu Ltd

Hollywood actress Angelina Jolie has been awarded Cambodian citizenship in recognition of her environmental and conservation work in the country.

King Norodom Sihamoni signed a royal decree approving the citizenship on 31 July, officials said on Friday.

Jolie, who adopted a Cambodian boy in 2002, was offered citizenship during her last visit to Cambodia in 2004.

The Tomb Raider star, who has since adopted a second child, said at the time she would be “thrilled” to accept.

“This is what we have dreamed for her for a long time,” said Mounh Sarath, director of the Cambodian Vision in Development group.

‘Good heart’

Jolie, 30, has pledged $5m (£3.2m) to set up a wildlife sanctuary in the north-western province of Battambang, where she has bought a home.

But Mr Sarath said the actress deserved citizenship “not because of the money she has given but [for] her good heart and love” for the Cambodian people.

Toun Siphan, director of the government’s international relations department, said her adoption of a Cambodian orphan – Maddox, now four – had also played a part in the decision.

The legal document signed by the king gives Cambodian nationality to Jolie, “an American born on 4 June 1975 in Los Angeles, USA”.

 

 

Source: news.bbc.co.uk

 

The U.S. may lose its luster as an immigration destination for Asia’s wealthy thanks to Donald Trump’s anti-China rhetoric and scenes of valid green card holders being held at airports across the country after the U.S. president’s hastily drawn travel ban in late January.

Soon there may be another reason to avoid the U.S.: the price for getting an immigrant investment visa may go up. Way up. The U.S. Department of Homeland Security (DHS) is proposing to hike the minimum investment amount required to apply for the popular, if controversial, EB-5 investment visa to $1.35 million from $500,000.

Today, the EB-5 program offers a path to U.S. citizenship if you invest in project in a rural community or a high-unemployment area that creates at least 10 jobs. Individuals can also gain residency by investing at least $1 million in an economically strong area, rising to $1.8 million under DHS’s proposal.

But it’s the shift in the minimum investment that’s likely to change the complexion of a program that has attracted thousands of applicants from China and led to the building of everything from luxury skyscrapers to pizzerias across the U.S. A Donald Trump-branded hotel property in Texas is even tapping the program to raise funds. “Changing the minimum threshold in such manner will totally change the profile of EB-5 future investors,” says Bastien Trelcat, managing partner, Harvey Law Group.

The proposal also would put DHS in charge of deciding which tracts of land are worthy of low-cost investment dollars, a move designed to ensure EB-5 funds help disadvantaged communities as intended. The current state-government led system leads to inconsistency at best, and at worst, allows developers to piece together thinly related tracts of land to meet the high-unemployment criteria required to attract the minimum investment dollars needed to get a U.S. green card.

Immigration lawyers support the proposed changes, the first to EB-5 since the early 1990s. “It’s ripe for change, it needs to be changed,” says Scott Bettridge, a partner at Cozen O’Connor. The way targeted employment areas are designated now “has led to individuals filing applications which were not the intent of the program,” he says.

The required investment amounts should rise too, Bettridge says, although he believes the DHS went too far with its proposed hikes and suspects the thresholds will come down after the public comment period ends April 11. But Reaz Jafri, partner at Withers Bergman, says EB-5 has for too long provided an inexpensive route to the U.S., “the most attractive destination on the planet,” when many smaller nations require far heftier investments. Consider the tiny Mediterranean island of Cyprus, which provides citizenship for investing about EUR2 million ($2.1 million) in real estate.

“It appears to be an insane increase,” Jafri agrees, but if you take inflation over 25 years into account, “it seems to me to be quite reasonable.”

By proposing rule changes instead of going through Congress, DHS may have effectively devised a way to introduce reforms that have eluded EB-5 for years. Most observers expect the changes will go through, although with adjustments to the investment thresholds. Congress could, however, step in before the comment period ends with their own proposals, which could even include the program’s elimination.

EB-5 has been wildly popular among investors in China as an easy way to immigrate to the U.S. Rosen Consulting Group estimates Chinese investors have generated at least $9.5 billion in investment capital and created at least 200,000 jobs since flocking to EB-5 beginning in 2010. In 2015, the government had to impose a quota system so others could get one of the 10,000 EB-5 visas issued each year to investor applicants and their family members. In fiscal year 2015, 8,156 EB-5 visas were issued to mainland Chinese, about 84% of a total 9,764 visas, U.S. Department of State statistics show.

The backlog of Chinese applicants extends as long as five years by some estimates. Those who had their initial petitions accepted still can invest only $500,000 and can keep their place in line for permanent residency. Yet the leap in the required investment, combined with China tightening restrictions on capital outflows and Trump’s anti-China rhetoric, will likely make many Chinese think twice about moving to America, says Harvey Law’s Trelcat.

“I do not see Chinese nationals rushing to migrate to the U.S.,” says Trelcat. “There will be less business opportunities for them and advantages to get a green card.” Besides, Trelcat says, Chinese can apply for 10-year U.S. visas now.

Asians from outside China don’t seem in a rush to fill their place, Trelcat adds. Instead, his firm is fielding more inquiries for visas in Canada and Australia. “The application processing is simply faster and simpler,” he says.

 

Source: barrons.com

Two United States senators have introduced legislation to end a controversial visa program popular with Chinese investors that gives out green cards in exchange for investments in American businesses that create jobs.

Sens. Dianne Feinstein (D-CA) and Chuck Grassley (R-IA) made their pitch to Congress last week to terminate the EB-5 program, which allows foreign investors to pump between $500,000 and $1 million into projects that spur at least 10 jobs.

“The EB-5 program is inherently flawed,” Feinstein said in a joint statement with Grassley on Friday. “It says that U.S. citizenship is for sale. It is wrong to have a special pathway to citizenship for the wealthy while millions wait in line for visas.”

Roughly 10,000 EB-5 visas are awarded each year, with more than 85 percent going to Chinese investors in 2014, according to a study by Savills Studley, a real estate services firm. The program, begun in 1990 to stimulate the economy, has turned into a convenient way for wealthy Chinese citizens to become permanent U.S. residents and later bring over their family members.

Investors often put their funds into government-authorized EB-5 regional centers, which act as businesses that pool foreign investment money for development projects. This method accounts for roughly 95 percent of EB-5 investments.

But Feinstein and Grassley say there is no reliable or verifiable way to measure how many jobs are created. They also maintain that many of the wealthiest parts of the country have been incorrectly labeled as “high unemployment,” allowing investors to get green cards for $500,000 instead of $1 million, according to the statement.

Their bill calls for redistributing the annual 10,000 EB-5 visas among other immigrant visa programs, the statement said.

Grassley, who has previously introduced legislation with Sen. Patrick Leahy (D-VT) to overhaul the program, said Friday it’s time to wind it down.

“Unfortunately, despite its many flaws, EB-5 proponents are apparently content with the status quo, and that’s unacceptable,” he said in a statement. “I was hoping that it would not come to this point, but absent serious efforts to bring about reforms, we need to take the necessary steps to wind down the program and completely mitigate fraud, abuse and threats to our security.”

But Daniel Lundy, partner at Klasko Immigration Law Partners, told NBC News that while the EB-5 program can be improved, he believes Feinstein and Grassley’s bill has little likelihood of making it out of Congress.

“There are people out there who are going to put something out, knowing it has no chance of passing, just to express an opinion,” he said. “Unfortunately, the rest of the world doesn’t necessarily understand our political process. So it’s potentially damaging to the industry and irresponsible of people to do stuff like that. It undermines the credibility of the program.”

The bill comes as President Donald Trump and Congress have begun taking up looming immigration questions facing the country. During his two weeks in office, Trump has issued executive orders on building a wall between Mexico and the U.S., and temporarily halting visas for refugees and citizens of seven Muslim-majority nations.

Federal lawmakers have introduced bills to reform another controversial visa program known as the H-1B, which allows foreign specialized workers to temporarily come to the U.S. for employment. That program has been blamed for taking away jobs from Americans and giving them to workers from other countries for lower wages.

Congress had extended the EB-5 program after it was set to expire, but never passed any bills to overhaul it. While the program has helped finance major projects like the Hudson Yards in New York and the Hunters Point Shipyard in San Francisco, it has also generated a number of scandals.

Most recently, a 43-year-old former monk turned real-estate developer in Seattle, Washington, pleaded guilty on Jan. 4 to defrauding investors, lenders, and the EB-5 program of nearly $240 million. Lobsang Dargey, a Tibetan immigrant, faces up to 10 years in prison when he is sentenced on April 6.

Since 2008, $16.9 billion in direct foreign investment has gone into the U.S. economy through the EB-5 program, according to Invest In The USA, a non-profit industry trade association. EB-5 proponents say the program creates thousands of American jobs at no taxpayer expense.

Last month, the Department of Homeland Security proposed a rule change to increase the EB-5 minimum investment in high unemployment or rural areas to $1.35 million. For low-to-average unemployment zones, the recommendation was $1.8 million.

The EB-5 program is set to expire again on April 28.

 

Source: nbcnews.com

Italy is joining the growing investment migration movement. The Government of Italy amends its immigration and tax laws, paving the way for the development of a residence-by-investment program in one of the largest countries in Europe.

The new provisions, already contained in the draft 2017 Budget Law, were discussed and approved by the Italian Parliament on 7 December 2016 and made effective as of 1 January 2017. However, these measures will only be fully applicable after the implementing decrees have been issued detailing their application. These are currently expected to be issued by the end of March 2017 but it could well take longer before the new measures are fully implemented.

In recent years the need to develop a diverse residence and citizenship portfolio alongside the traditional investment portfolio is being seen as an increasingly important part of the growth and sustainability strategies of wealthy families and individuals. This has posed interesting new challenges and opportunities for governments, with the concepts of immigration, citizenship and statehood being debated and contested. Countries are finding themselves not only competing for international talent, but also for investors, entrepreneurs and high net worth individuals and families, and having to find new ways of generating growth based on this new and global trend of investment migration.

Dr. Christian H. Kälin, Chairman of Henley & Partners, says, “The number of investment migration programs available has steadily increased over the last five years and is expected to continue to do so. More and more governments are seeing these programs as an innovative way of driving economic growth, securing much-needed foreign investment as well as enriching their own nation by attracting people to their shores who have proven business success, many talents and valuable networks. For the world’s elite, they provide something that is less tangible and more desirable than any material object – ensuring personal mobility and security.”

In the European Union alone, more than half of the member states including countries such as Portugal, the UK, Germany and Belgium, now have dedicated residence-by-investment programs. At the same time, the increase in popularity of citizenship-by-investment programs has generated a broader and growing range of available destinations. In Europe, Austria, Cyprus and Malta offer direct access to EU citizenship for substantial investors, and more countries are expected to introduce such programs.

Henley & Partners has helped establish many of the world’s most successful investment migration programs. The international advisory firm that pioneered the concept of citizenship and residence planning more than 20 years ago, assists governments with the design and implementation of programs, and has raised more than USD 6 billion in foreign direct investment for states.

Dr. Kälin explains that the growing investment migration trend is expected to continue in the coming years. “It is a mutually beneficial relationship. By offering greater choice and freedom to wealthy and talented individuals and their families who want to operate transnationally, the Government of Italy will be able to secure much needed investment that contributes to the welfare and economic development of its country,” he explains.

“For people of talent and means, making an active choice with regard to their citizenship or residence gives them more control, personal freedom, privacy and security. International residence and citizenship planning has become an important focus for mobile entrepreneurs, wealthy individuals and their families who are interested in a more global lifestyle,” Dr. Kälin concludes.

In summary, the changes are as follows:

-The general immigration rules have been amended to facilitate the immigration process for non-European nationals, particularly business people and entrepreneurs, who would invest:

-A minimum of EUR 2 million in Italian government bonds

-A minimum of EUR 2 million in Italian corporation bonds or shares (reduced to EUR 500,000 for investment in innovation start-ups)

-A minimum of EUR 1 million in ‘projects of public interest’ (culture, education, immigration management, research and development, arts and heritage)

The investment needs to be held for a minimum of two years. An ‘investor visa’ is granted for two years and renewable for a further three-year period provided the investment is maintained. A ‘family visa’ is also granted to other members of the investor’s family.

-New rules have been introduced to the current income tax legislation to facilitate the return to Italy of researchers and qualified workers currently living outside of the country

-A substitutive tax regime has been introduced for income produced outside of the country for those persons who have not been Italian tax payers during nine of the previous 10 years and are transferring their fiscal residence to Italy. Under the new regime:

-Tax payers are liable to progressive tax rates on income produced in Italy

-An annual lump sum tax payment of EUR 100,000 is due on income from foreign investment, foreign financial assets and any other foreign-source income (extended to family members for an additional EUR 25,000 per person annually.

-The option is granted for a maximum of 15 years

-Inheritance tax is only to be levied on assets within Italy

 

 

Source: ftnnews.com

The Dominica Public Service Union (DPSU) says it views as “reasonable” a call for a Commission of Inquiry into the controversial Citizenship by Investment Programme (CBI) even as it condemned the violence and vandalism that led to the destruction of several buildings in the capital earlier this week.

Dominica is one of several Caribbean countries where the CBI has been implemented. It allows for foreign investors to get citizenship of the island in return for making a significant investment in the socio-economic development of the country.

In a statement, the DPSU said that the arrest of the Iranian fugitive and an admission by the Roosevelt Skerrit government that the Iranian had been appointed a diplomat between March of 2015 and January of 2016 “is of serious national concern.

“This is compounded by similar admissions of other such persons who became Dominican citizens either through the Citizenship by Investment Programme or other means and were found to be embroiled in deeply objectionable scandals which have tainted our good name.”

The DPSU said that it views these as occurrences with implications for all citizens.

“We believe that the right to the citizenship of any country is sacred and is one of those possessions that one cannot put a price tag on. It is this level of significance which requires our Government to tread with utmost restraint with any programme through which unknown foreign nationals with a history can smoke screen a due diligence process and then be found wanting a few months later.

“These recent happenings have sparked local, regional and international outrage and the union views a call for a Commission of Inquiry as reasonable especially in light of the recent public outrage, and is requesting the Government to accede to that call.”

On Tuesday, protest erupted after supporters of the main opposition United Workers Party (UWP) and the Dominica Freedom Party (DFP), who had been supporting their parties’ call for Skerrit and his cabinet to resign, too to the streets setting fire to buildings and looting several businesses.

The DPSU said that while it believes in the respect for the constitutional right of every citizen in Dominica to demand and receive answers from a democratically elected government, it does “not condone or support acts of violence, arson and vandalism which put lives and property at risk.

“The union supports reasonable, constitutional civil disobedience which brings attention to matters of national concern without causing aggravated harm to any of our citizens or official authorities. The police, likewise, must uphold the rule of law and treat with all criminal actions swiftly and justly, regardless of the perpetrators.”

The DPSU said that the actions by a group of dissenting individuals must be condemned, adding “the  attack on public facilities and destruction of private property is not a dignified or legal means of obtaining answers and only serves as an inane distraction”.

But it warned that “attributing blame for what has occurred to certain individuals without any evidence can only contribute towards greater anger, and division among our citizens.

“A proper investigation and enquiry into what happened should be pursued. The union therefore calls for a proper and independent investigation or enquiry to determine where the blame falls.

“We call on leaders on both political divide to find resolutions that address all the recent issues that has compromised and sullied the good name of our country. We call on the Church and Civil Society leaders to condemn all the aforementioned worrying occurrences that have compromised the good name of Dominica.”

In a radio and television address following the protest, Prime Minister Skerrit blamed the leadership of the two opposition parties which he said had planned to overthrow his legally elected government by means other than by the ballot.

“The police had information that the intent of the leadership was to stall the truck in front the Financial Centre (housing the Office of the Prime Minister) and storm the barriers with the intent of entering the building.

“This was the intent of the leadership of the United Workers Party and the Dominica Freedom Party. This is how they intended to seize the seat of power in the country. They would have stormed the Financial Centre Building and seek to occupy the building until their demands were met,” Skerrit said in his broadcast.

 

Source: jamaicaobserver.com

Despite Thursday’s declaration by the Minister of Economic Investment, Asot Michael, that the Citizenship by Investment Unit (CIU) had been “authorised” to carry out a probe into the issuing of passports to 17 Iranians and two Yemenis, no official request had been made up to Friday afternoon.

“It’s probably on its way. It has not been received by the unit, but we are prepared to conduct the exercise when asked so to do,” the Deputy Chief Executive Officer (CEO) of the CIU, Thomas Anthony said, indicating that the request would have to come from the minister responsible for the Citizenship by investment Programme (CIP), Prime Minister Gaston Browne.

Anthony said once the unit carries out the Cabinet’s directive to re-conduct due diligence on the 19 already approved applications for citizenship, he is confident that “the results will be the same”.

“I am confident that when the exercise is conducted, the results would be the same – that these individuals would be considered fit and proper persons to receive Antigua & Barbuda citizenship,” Anthony said.

Anthony placed his confidence in what he said was the “robust level of due diligence” that the unit carried out around 2014 when the  the Iranians and Yemenis applications were granted.

The minister of economic investment actually said, “We have no evidence that there were any nefarious activities or that any of these applicants were involved in any terrorist or money laundering activities.”

 

Source: antiguaobserver.com

Sudan has been added to the list of states whose nationals are not allowed to apply for citizenship under Antigua & Barbuda’s Citizenship by Investment Programme (CIP).

The ban was communicated as a Cabinet decision which was made public on Saturday.

According to the weekly Cabinet notes, circulated by the government’s Chief of Staff, Lionel “Max” Hurst, recent reports show that Sudan has become a more dangerous place since the civil war with South Sudan.

Clashes between the government and opposition forces there have forced people to evacuate despite the attempts by the United Nations to stop the violence.

The United Nations News Centre said despite the August 2015 peace agreement that formally ended the war, conflict and instability have spread to previously unaffected areas in the Greater Equatoria and Greater Bahr-El-Ghazal regions of the country.

The CIP ban on Sudan brings the number of country restrictions to six.

 

Source: winnfm.com

Although there has been no official word, either from foreign banks in Dominica or the Roosevelt Skerrit administration, that government citizenship by investment (CBI) accounts have been closed, there is, however, speculation in Roseau and elsewhere that the banks are becoming wary that some of the CBI funds held in government bank accounts could be tainted.

Regional broadcaster Jerry George is among those addressing that matter.

He said the diplomatic passports issue and the CBI funds concerns can lead to further trouble for Caribbean banks losing their corresponding banks status with international banks intent on implementing de-risking policies.

“I said last week that we are playing with our corresponding banking relations, I said it. I made the point that all of this is happening with Dominica and the CBI programme, could well accelerate or bring back to the fore this whole question of our corresponding banking relations. Well, Dominica is beginning to feel it, because I have been reliably informed that the three foreign banks in Dominica have closed the government’s investment accounts. Any account that is bringing monies in from these citizenship by investment programmes, have been closed. The foreign banks are protecting their corresponding banking relations,” George said.

However as indicated, there has been no official confirmation that the foreign banks in Dominica have acted against CBI accounts.

Reliable sources indicated, though, that the concern appears to have been raised among CBI agents who met this week, pointing to a possible trend that the accounts that deal with CBI funds are being scrutinized with suspicion.

WINN FM understands that in at least one case an agent has been informed that the financial institution concerned is not happy with CBI funds being lodged in that individual’s account with the bank.

WINN FM understands too that, in relation to another foreign bank in Roseau, funds sent to the government CBI account there have been returned to the applicant without any notice to the agents serving that applicant.

Those concerns appear to be growing in Dominica following the arrest by Interpol of Iranian Alireza Monfared.

The Iranian, who had a Dominica diplomatic passport until a year ago, is accused of helping to embezzle billions of dollars while Iran evaded international oil sanctions.

Monfared’s sanction busting activity, while allegedly holding a Dominica diplomat passport, is reported to have led US authorities to initiate an investigation of Dominica’s prime minister, Roosevelt Skerrit.

Skerrit has brushed aside the talk of such a probe while denying claims that his government sells diplomatic passports to foreigners of ill repute or shady characters.

Meanwhile, financial crime analyst Kenneth Rijock in his latest blog, quotes from what he says is advice directed at agents of the citizenship by investment programme in Dominica.

It says in part: “Please take notice of persistent rumors, involving the actions, by both local and international banks located in the Commonwealth of Dominica, that are reportedly notifying customers, who have funds on deposit that were profits from the tainted diplomatic passport program, that those funds will no longer be welcome, means that substantial amounts of dollars will probably soon be in transit, looking for a safe haven elsewhere. Your risk-based compliance program requires that you decline such deposits.”

It says further, “Should your bank, or non-bank financial institution, accept these funds, which may be later designated as the proceeds of crime, you run the risk of involvement in a money laundering prosecution, for willful blindness, given the recent disclosures about the likely criminal source of funds of a number of individuals who obtained diplomatic passports, outside the citizenship by investment (CBI) program operated by Dominica, and who allegedly paid clearly excessive fees to obtain them”.

 

Source: caribbeannewsnow.com

The Ministry of Foreign Affairs has sought to clarify the status of Iranian national Ali Reza Halat Monfared who has been arrested on allegations of being involved in Iran’s biggest ever corruption scandal.

By way of the Citizenship by Investment Programme (CIP) Monfared,who was arrested in the Dominican Republic became a citizen of Dominica and was also granted diplomatic status.

In a statement late Wednesday the Ministry of Foreign Affairs said they conducted a comprehensive due diligence investigation before granting him citizenship.

“In 2014 Ali Reza Ziba Halat Monfared, an Iranian businessman resident in Malaysia, became a citizen of Dominica under the Citizenship by Investment Programme .Prior to becoming a citizen a comprehensive due diligence investigation was conducted in 2014 in respect of him by an internationally recognised US due diligence firm as required by the relevant regulations. Mr. Monfared’s due diligence report showed no areas of concern in any jurisdiction or country including Iran, and he passed all other security checks. Additionally, the report found no pending legal or other matters against him anywhere.”

The statement also noted that Monfared, at the time,” was found to be a respected businessman with substantial business ties in Malaysia and Southeast Asia and demonstrated a great desire to be of assistance in promoting Dominica and sourcing business and investment opportunities on behalf of Dominica in that part of the world.”

“To facilitate his engagement, Mr Monfared was appointed with Ambassadorial rank. A diplomatic passport was issued to him on March 13th, 2015. Mr Monfared’s diplomatic passport was recalled and cancelled and all official ties with him were severed effective January 20, 2016, upon receiving information that he may be a person of interest to authorities. While we were somewhat concerned about this development, the Ministry of Foreign Affairs remains convinced that all procedures were duly followed and proper due diligence conducted before he was granted citizenship, and clearance given for his appointment.”

The statement added that the government has over the years, as part of its Foreign Policy “extended its program to include partnerships with both nationals and non-nationals who are willing and able to assist, support and serve Dominica in a number of areas.”

It said the Ministry continues to pursue the 2015 directive of the Prime Minister Roosevelt Skerrit and the Cabinet of Dominica, in completing a comprehensive and independent review of the procedures of appointment of diplomatic and consular post and the terms and conditions of such appointment.

“A Consultant has since been engaged to review and advise on best practices and an appropriate policy for adoption by Cabinet,” the statement noted. “The Ministry of Foreign Affairs expects to receive the consultancy report by June 2017 at the end of the exercise. The Government of Dominica will continue its vigilance in these matters and takes this opportunity to express gratitude to all who have and continue to serve Dominica in its development objective.”

 

Source: jamaicaobserver.com