Category: News

The coronavirus Covid-19 presents the global economy with its greatest danger since the financial crisis, according to the OECD’s latest Interim Economic Outlook.

Covid-19 is spreading from China to other regions causing human suffering and economic disruption. It is raising health concerns and the risk of wider restrictions on the movement of people, goods and services, falls in business and consumer confidence and slowing production.

The Interim Outlook presents both a best-case scenario in which the extent of the coronavirus is broadly contained and a “domino” prospect of contagion that is more widespread.

In both cases, the OECD calls on governments to act immediately to limit the spread of the coronavirus, protect people and businesses from its effects and shore up demand in the economy.

READ: OECD Interim Economic Assessment – Coronavirus: The World Economy at Risk Report

Source: oecd.org
Published: 3 March 2020

Brussels Airlines, together with the other airline companies in the Lufthansa Group, is introducing more flexible rebooking options for clients whose travel plans have changed because of the coronavirus (Covid-19).

Brussels Airlines, together with Austrian, SWISS, Air Dolomiti and Lufthansa, wants to meet “the wishes of many customers under the exceptional circumstances caused by the spread of the coronavirus,” the company announced in a press release on Friday.

For future bookings until 31 March 2020, Brussels Airlines will waive the rebooking fees for all newly booked flights worldwide, and offer a one-time rebooking, regardless of the conditions of the original fare. Passengers will be allowed to move their flight to a new travel date until 31 December 2020, without rebooking fees.

The same applies for existing bookings purchased before 5 March and with a travel date up to 30 April 2020.

In both cases, the departure and destination airports must be identical, and the price difference must be paid, if the original fare is no longer available.

Rebookings must be made before the original travel date.

Source: brusselstimes.com
Published: 6 March 2010

The Investment Migration Council (IMC) organises the 1^st  Cyprus Workshop entitled “Looking Ahead – the Future of the Cyprus Investment Programme” that will take place on the 5^th of March at Amathus Beach Hotel, Limassol.

The IMC is the worldwide association for investor migration and citizenship-by-investment, representing leading stakeholders in the field. Based in Geneva, with representation in New York, London, the Caribbean and Hong Kong, the IMC, a non-profit organisation, helps to enhance public understanding in this area, promotes education and sets high professional and ethical standards among its members.

Bruno L’ecuyer, Chief Executive of the IMC, keynote speaker at the workshop, commented: “The IMC sets the standards on a global level and interacts with other professional associations, governments and international organisations in relation to investment migration. Through this workshop, we wish to explore more and in accordance educate the migration sector professionals and the wider public about Investment Migration, key updates, current status and trends in the industry.”

This half-day workshop brings together key industry stakeholders and covers a variety of highly topical subject matters which are of interest to the relevant academic, professional and government community. The workshop will present a roster of keynote speakers, individuals that are highly distinguished in their line of work, both in Cyprus and abroad. Topics such as the Cyprus Investment Programme and its impact on the economy, due diligence, the professionalism of the Investment Migration industry and many more, will presented at the workshop.

“Cyprus”, continued L’ecuyer, “has a very attractive Investment Programme for investors who are looking for a regional hub that links them with Europe, Asia and Africa, and it is highly competitive. We encourage all local professionals, directly or indirectly involved with the programme, to join us in this excellent opportunity to learn and network, exploring and setting the grounds for the future of the programme in Cyprus.”

Source: cyprus-mail.com
Published: 3 March 2020

A South Texas woman was taken into custody Monday, following an indictment alleging she made a false statement to authorities in a bribery investigation involving alien detainee roster lists.

This announced was made by U.S. Attorney Ryan K. Patrick, Southern District of Texas. This investigation was conducted by U.S. Immigration and Customs Enforcement’s (ICE) Office of Professional Responsibility (OPR), ICE Homeland Security Investigations (HSI) and the Office of Inspector General (OIG).

On Feb. 18, 2020, a federal grand jury returned an indictment on Cynthia Alanis, 27, from Weslaco, Texas. She as arrested Feb. 24, 2020, without incident.

The charge stems from a bribery investigation involving Benito Barrientes, 42, from Lyford; Exy Adelaida Gomez, 42, from Los Fresnos; and Damian Ortiz, 30, and her brother and McAllen attorney Roel Alanis, 39, both from Weslaco. They were charged with conspiracy to commit bribery and bribery in relation to obtaining alien detainee roster lists.

According to court documents, the indictment against Alanis alleges she falsely stated she did not receive nor know of any alien detainee roster lists given to the Alanis law firm. However, the charges allege she had previously received detainee roster lists and knew of such lists given to the law firm.

Barrientes and Ortiz were employed at the Willacy County Regional Detention Center as a classification clerk and a senior program director, respectively. Gomez was a corrections officer at the El Valle Detention Center. Both facilities are in Raymondville, Texas.

The indictment also alleges Barrientes, Ortiz and Gomez obtained alien detainee roster lists from the El Valle Detention Center and the Port Isabel Detention Center in Los Fresnos while employed in their respective capacities.

The lists were then allegedly provided to Roel Alanis, an attorney with a practice in in the Rio Grande Valley. Roel Alanis then allegedly paid money to the employees in return for receiving the lists which contained names, dates of birth, country of origin and A-numbers of alien detainees. The charges allege Roel Alanis would visit the illegal aliens for the purpose of hiring his law firm as their attorney in immigration proceedings. Alternatively, he would instruct his sister or others to do so, according to the charges.

If convicted, Alanis faces up to five years in federal prison and a possible $250,000 maximum fine.

Barrientes and Ortiz have pleaded guilty and are set for sentencing April 29, 2020.

Assistant U.S. Attorney Oscar Ponce, Southern District of Texas, prosecuted this case. An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

Source: ice.gov
Last Reviewed/Updated: 03/02/2020

The number of people who received the U.K.’s exclusive ‘golden visa’ more than doubled last year, compared to 2018, creating almost $1 billion in foreign direct investment. However, many in the industry believe this money should be better spent.

A total of 360 people payed £2 million ($2.6 million) to receive the U.K.’s Tier 1 Investor Visa in 2019, over double the number that applied in 2018. An increase in both applicants and a doubling in price has meant the visa raised its highest ever investment in 2019: £720 million ($941 million).

However, most people applying to the visa put their £2 million ($2.6 million) into “safe” areas of the U.K. economy. Since the funds need to be invested to qualify for the visa, most opt for corporate or investment-grade bonds.

Last year, the U.K. Home Office excluded government bonds from the program in the hope of sending money to parts of the economy where it was more needed.

But this has not worked as expected says Farzin Yazdi, head of Investor Visa at Shard Capital. “There have not been a shift into high risk, small, or illiquid investments. This is mainly due to the fact that most applicants do not fit the suitability criteria, and the main objective is their visa.”

This is a waste, believes says Chris Kaelin, chairman of Henley & Partners, one of the world’s largest citizenship advisory firms. “This Tier 1 program here doesn’t really make much sense. It could do a lot more for the country.”

Source: forbes.com
Published: 28 February 2020

There has been an increase in the number of Indian nationals applying for Turkish citizenship as a route to US E2 visas, according to reports. Under current US immigration laws, Indians are unable to access US E2 visas because India does not have a treaty trade agreement with America.

Increasingly, Indians and nationals of other countries are obtaining third-country nationality status with countries that have a treaty trade agreement with the US, and becoming eligible to apply for E2 visas on that basis.

Many Indians have recently obtained citizenship in Grenada through the Caribbean island’s citizenship by investment program, introduced in 2014. Grenada has a treaty agreement with the US and its citizenship by investment program is widely used to fast-track E2 visa applications as an alternative to applying for a US EB5 green card.

Indians who have applied for an EB5 visa face waiting more than 10 years to obtain one, resulting in many seeking alternative options to gain entry to the US.

Increase in Indians applying for Turkish citizenship

While many Indians opt for Grenadian citizenship as a route to US E2 visas, because of its proximity to America, Turkey has recently seen a spike in citizenship applications from Indian nationals.

Turkey is ideally placed between India and the United States, which appeals to Indian nationals. The Turkish citizenship by investment program offers Indian investors two paths to citizenship:

1. A $250,000 investment in real estate.
2. A maintained balance of $500,000 in a Turkish bank account for a minimum of three years.

The Turkish citizenship by investment program has no limit on the number of people that can apply.

Increase in E2 visas issued worldwide

According to United States Citizenship and Immigration Services (USCIS) data, more than 43,000 E2 visas were issued worldwide in 2019, representing a 5 per cent increase when compared with figures from 2018.

To access US E2 visas, Indian nationals must become a citizen of a country that has a treaty agreement with the United States. There are more than 75 countries on the USA’s treaty list, but Grenada, Montenegro and Turkey reportedly offer the fastest and most cost-effective route to citizenship by investment.

The Turkish and Grenadian programs require similar levels of investment. However, Montenegro is understood to be marginally more expensive, requiring a €100,000 donation to the government and a €250,000 investment in a development project.

In contrast to the US EB5 green card visa, the E2 visa has no cap or country quotas. The EB5 visa is only available to 700 applicants per country, per year, hence the reason that Indian nationals, among others, face more than a decade on the waiting list.

Source: workpermit.com
Published: 21 February 2020

Accompanying the dip is a well-reported surge into traditional safe-haven assets such as gold. As global investors remain concerned that the virus could become far more globally significant, inflows into gold exchange traded funds are 30% higher than last year. Other low-risk investments have reported similar inflows of capital, Henley & Partners reports in a press release.

Dr. Juerg Steffen, CEO, Henley & Partners, has noted that there is also growing interest in residence- and citizenship-by-investment programs among wealth managers and high-net-worth (HNW) individuals as a result.

“Investment migration programs enable countries to grant residence or citizenship rights to individuals in exchange for a substantial investment. Savvy investors are embracing investment migration – the newest option in the safe-haven asset class – as it unlocks novel risk management and optimization options for the HNW portfolio. The current market turbulence and increased political risks – not least also connected to the Coronavirus outbreak – is accelerating the momentum for wealthy individuals to include alternative residence and citizenship as a necessary component of their portfolios – one that can expand their footprints and market reach, offer them greater mobility and additional opportunities, and protect them from the dangers of volatile markets and political instability,” said Steffen.

Over 100 countries have some form of investment migration legislation in place, and there are over 60 different programs active around the world. In terms of the industry’s size, citizenship-by-investment contributes about USD3 billion a year to the global economy, while the residence-by-investment sector contributes about USD15 billion a year, putting the industry as a whole at around USD18 billion. Increasing demand indicates that the industry will soon reach USD20 billion annually.

Dr. Christian H. Kaelin, Chairman, Henley & Partners, said “Visa rules can and do change, as do governments, but citizenship, when legitimately acquired through an established program, is for life and can normally be passed down to future generations.” Kaelin also notes that additional citizenship in a favourable jurisdiction provides robust downside protection against various risks and potential geopolitical instability.

“Investment migration programs are fundamentally designed to balance risk and opportunity. On the one hand, holding additional residence or citizenship provides security, reliably diversifying risk through greater protection from volatile markets and political instability. On the other hand, investment migration programs permit access to a significantly expanded suite of opportunities for travel, investment, and access, creating substantial value. In either case, the benefits that accrue from multiple citizenships and residencies generate unique value for the investor that goes beyond simply providing political risk insurance,” concluded Kaelin.

For an investment of between EUR1 million and EUR2 million, Malta and Cyprus offer the most sought-after citizenship-by-investment programs in the EU, and along with most other EU member states, the two countries also offer residence-by-investment, at lower price points. The minimum real estate investment requirement for the Malta Residence and Visa Program is EUR270,000, while the most affordable qualifying investment for the Cyprus Permanent Residence Program is purchase of real estate with a total market value of at least EUR300,000 plus VAT. The minimum real estate investment requirement for the popular Portugal Golden Residence Permit Program is EUR350,000, and the permit enables one to apply for full citizenship after five years.

Dr. Kaelin points out that another benefit of holding more than one citizenship is that it prevents individuals from being dependent on a single country: “Acquiring alternative citizenship of an EU country, for example, guarantees the right to travel, trade, and settle anywhere in the EU without restriction, as well as granting access to all the benefits enjoyed by other citizens of the state in question. For business owners this can also support business expansion and facilitate overseeing international operations. This, in turn, benefits the countries where those investors and entrepreneurs are active, and overall contributes to a more interconnected world.”

“This has a major impact on wealth planning and financial services providers. Advisors who don’t recognize the power of investment migration as a key risk diversification tool for their clients will ultimately lose market share to those who do. Given the unequivocal value that wealthy individuals see in residence and citizenship planning, it’s a prudent move to include this important planning tool alongside more traditional instruments in any asset allocation,” adds Steffen.

Source: hubbis.com
Published: 21 February 2020

Emiratis will be able to travel to the Commonwealth of Dominica without a visa.

The new agreement between the two countries comes following the opening of the Embassy of Dominica in Abu Dhabi last month.

Under the arrangement, holders of Dominican diplomatic passports will be granted UAE visas upon arrival.

Ordinary Dominican residents will be able to obtain e-visas for entry to the UAE via official websites.

The Commonwealth of Dominica, which lies in the Caribbean Sea, is known for its longstanding Citizenship by Investment (CBI) Programme.

Under the scheme, foreign applicants can obtain citizenship to the country by investing in, for example, pre-approved real estate.

Source: thenational.ae
Published: 23 February 2020

Regional Citizenship by Investment (CIP) countries are welcoming positive statements made by the International Monetary Fund (IMF) on the impact of the CIP to the socio-economic structure of participating countries.

The IMF is remaining consistent in recognizing the programme as a significant contributor of revenues and it lauds the programme for assisting in reducing national debts, as well as it’s contribution to the country’s gross domestic product.

Commenting on the statements from the IMF, the CEO of the Investment Migration Councils, Bruno L’ecuyer says that he is delighted that the IMF has recognized CIP programmes as a major socio-economic contributor to developing states.

“The liquidity injection to Caribbean economies creates significant societal and sovereign value. It helps to diversify the economies of those regions; it creates sustainable employment and eases the fiscal and monetary challenges that are faced by sovereign governments the world over.”

From inception, the CIP has been the center of many discussions as developed countries debate concerns of the validity of such programs. ]

These negative global influences can deter potential investors and cause missed economic opportunities for participating countries. When positive counteractions are made by organisations which are as prestigious as the IMF, it gives encouragement to CIP participating countries.

CIP Head for St. Lucia and Chairman of The Citizenship by Investment Programme Association (CIPA), Nestor Alfred, supports the IMF’s statements and seeks routes for the programme’s sustainability to create a positive assurance to developed countries.

“The truth is, this is the time where we all need to come together, collaborate and make clear statements. Those statements do not necessarily have to be in words; they have to be in actions.

The issues of collaborations, ensuring that there is proper due diligence, transparency and accountability are important pillars for the sustainability and continued existence of CIP programmes”

Alfred cites OECS’s founding CIP countries St. Kitts and Nevis and Dominica as examples of economies which would have been disastrously impacted had the CIP been terminated. The two countries have been involved in CIP programmes for 35 and 25 years respectively and CIP programmes have contributed in excess of 50% of the countries’ GDP.

“Again, the translation of the actual benefits of these programmes can be felt and seen in a lot of CIP participating islands. For example, Dominica where the housing developments have been taken for the middle class and low-income people. It is amazing and an IMF endorsement created a comfort level that CIP programmes are useful.”

Still, on the subject of collaboration, the Governor of the Eastern Central Banks (ECCB), Timothy Antoine is calling for unity of CIP countries as an attempt to strengthen the region’s CIP product. Currently, there are five CIP countries- Antigua & Barbuda, Commonwealth of Dominica, St. Kitts & Nevis, St. Lucia and Grenada. However, each of these countries host programmes unique to its territory.

“So, our view is that we have to come together. We believe that coming together will help all of our CBI programmes. Set the same standards, ensure that if you get denied in country A, you cannot get accepted in country B, because it’s a single space. Set the price reasonable, but not too low. We don’t want to sell ourselves short.”

Antoine continued that the ECCB’s view is that the region is seen as one CIP brand despite what individual countries do.

Speaking on the ECCB’s call for collaboration, Nestor Alfred comments that the ECCB would be the most qualified institution to speak on the impact of CIP programmes on the economic development of the OECS islands.

 “Like anything else the ECCB has to ensure that those islands first understand how these programmes are and that it be done in a very sustainable way. Therefore, the ECCB made the call for that level of harmonization as it relates to due diligence and applications all with a defined definition.”

Leading CIP experts, Henley and Partners supports the IMF’s statements and agrees with the ECCB’s calls for collaboration. Managing Partner for Henley and Partners St. Lucia, Mark Maraj states that we should be encouraged by the IMF and ECCB to continue the steps that we are taking to harmonise the region’s CIP programmes.

“ It is indeed encouraging that a body as auspicious as the IMF, in it’s 2019 concluding mission statement of its staff report, would recognize the importance of these programmes to the economies of these small islands, where apart from tourism, is playing an important role in foreign direct investment inflows”

“That encouragement comes with a bit of advice that we continue to work on improving the transparency and governance of these programmes given their importance in these economies. In that regard, the role of the ECCB on signalling its intent to be more involved in these programmes, has good stead for the future”

Source: thestkittsnevisobserver.com
Published: 21 February 2020

Associate citizenship would let Britons retain rights on working and living in Europe and move freely between the UK and different EU states. It could mean that Britons who paid to apply for associated citizenship received a new passport or a stamp in their existing document.

Khan told reporters that he believed the idea had merit. “There’s an opportunity for us to move forward with this and I’ve been pleased with the response and it gives hope to London, as well as across our country”, he said, following meetings with EU officials.

London’s mayor travelled to the Belgian capital to meet the EU’s chief Brexit negotiator Michel Barnier and European Parliament president David Sassoli.

With the backing of the former prime minister of Belgium Guy Verhofstadt, Khan called for the idea to be at the “the heart” of the negotiations over the future relationship.

Khan said that rejoining the EU was not foreseeable in the “short to medium term” but that associate citizenship of the bloc could be one way to “make the best of Brexit”.

The plans are unlikely to become reality though as it would require treaty change from the EU and the UK government has repeatedly said that freedom of movement will stop at the end of the year.

The idea had been first raised in late 2016 by Verhofstadt, who was then the European parliament’s Brexit coordinator.

The mayor wants it to be included in negotiations on the terms of the UK’s departure. However, that is likely to conflict with EU law and has already been rejected in court cases brought by Britons in EU states.

More than one million Europeans live in London and EU citizens are able to vote in the forthcoming mayoral elections.

Source: internationalinvestment.net
Published: 21 February 2020