Investment Migration Council

Category: News

  • New Visa Policy will be a Big Boost for CIP, says Hurst

    A boost to the Citizenship by Investment Programme (CIP) was the main reason given for the government’s decision to grant visa-free entry to diplomats, investors and tourists form the United Arab Emirates (UAE).

    Cabinet announced this week the implementation of a policy under which certain categories of UAE passport holders will get visa free entry into Antigua and Barbuda without any further delay or waiting period.

    The Prime Minister’s Chief of Staff, Lionel “Max” Hurst, was the one who revealed the government’s principal intent for this initiative.

    “A part of the challenge we faced was to increase the number of people making applications for the CIP. The larger the number of countries that don’t require visas to enter into Antigua and Barbuda, the more attractive the CIP becomes,” he told OBSERVER media yesterday.

    “The UAE is a very special place. Most of the people who live in the UAE come from other places and the UAE citizens are very few in number. As a consequence, we believe that by granting the visa-free access to those citizens in the UAE we are making Antigua and Barbuda more of a CIP [destination]; that’s the primary objective.”

    The CIP has received some negative publicity in recent times when it came to light that some alleged international criminals are holders of Antiguan passports.

    Mehul Choksi – who currently resides in Antigua and Barbuda – is one such questionable character. The Indian-born businessman is accused of committing a multi-billion dollar fraud on the Punjab National Bank in his native land, and is currently fighting an extradition request made by Indian authorities for him to answer to the charges.

    Government, however, believes that through this new policy the benefits will begin to manifest almost immediately, according to Hurst.

    “I say immediate because you have a lot of countries that are competing for the same high net worth individuals and once they learn that the possession of Antiguan and Barbudan citizenship will allow them to travel with fewer hassles…we will find that immediately we will get some results.

    “It’s the world in which we live that information is immediately shared and any decision that is made today, especially information such as this, will reverberate around the world and most definitely in the UAE which is where we are aiming for,” Hurst said.

    The policy is by no means new, but is instead based on a Cabinet decision dating back five years to July 2014, when the new government of Prime Minister Gaston Browne, within its first month in office, agreed to provide visa exemptions to diplomats and investors from the UAE.

     

    Source: antiguaobserver.com
    Published: 20 July 2019

  • UK Undercover Reporters Show Shortcomings in Home Office Tier 1 Vetting That Industry Has Repeatedly Warned of in the Past

    In a series of articles and videos, the Times and Channel 4 used hidden cameras to film UK Tier 1 providers appearing to trivialize the Home Office’s vetting practices. They omit to mention that service providers themselves have repeatedly urged the Home Office to enhance their procedures.

    In a series of articles termed a “revelation” and a “Home Office cash-for-passports scandal“, the Times and Channel 4 recount its undercover reporters’ experiences visiting six different Tier 1 Investor Visa service providers. Posing as a Hong Kong businessman with relatives in Russia and mainland China who had dubious backgrounds, the undercover reporter spent three months to obtain footage for the series.

    The Home Office has created an incentive system prone to moral hazard

    The discovery in focus was an apparent tendency among practitioners to downplay the rigors of Home Office vetting.

    Unlike in all citizenship by investment programs, and most residence by investment programs, the UK government does not conduct its own enhanced due diligence on applicants, engaging instead in a cursory review and leaving the task of deep background checks of clients to regulated financial institutions, who are bound by law to follow strict AML/KYC procedures before onboarding clients.

    Trouble arises when those same financial institutions benefit from the deposits of the client they are checking. Current rules give these institutions a GBP 2 million incentive to respect the letter, rather than the spirit, of the law by ticking all the boxes and legally onboarding clients that may be the type of person the rules were intended to exclude.

    The industry has itself warned against the highlighted shortcomings

    The weaknesses and moral hazard the Home Office’s insufficient procedures give rise to are well known to Tier 1 service providers who have, on several occasions and on its own initiative, encouraged a change in the rules.

    In a survey among nearly 200 service providers, issued ahead of the most recent round of Tier 1 program reforms earlier this year, three-quarters of respondents indicated an independent, regulated audit of applicants’ financial and business interests should be instated, and more than half that the program was susceptible to abuse.

    The survey’s authors shared their findings with the Home Office.

    Note that the UK Tier 1 program has nothing to do with British passports, as it is a residence by investment program, not a CIP. That the report’s authors chose to indicate in their headlines that there was a direct connection to passports is a sensationalist approach that misleads a general audience.

    IMC: Dramatic license “straight out of a Bond script”

    Commenting on the matter, a spokesperson from the IMC said that while “seemingly no illegal activity was reported, the youthful enthusiasm of sales persons needs to be kept in check, many of the scenarios put to the agents are too complex for a young, inexperienced, and possibly unqualified individual to handle at an initial meeting”.

    The spokesperson pointed to the events as a good example of why employers should “take staff training very seriously and ensure their associates, particularly their client-facing ones, are fully trained in the key areas that impact the industry”.

    Stressing that while the organization was a long-time proponent of the imposition of the highest ethical standards and held an adamant stance with respect to excluding “less than professional agents”, the spokesperson added that the case covered by the reporters should be seen in perspective.

    “The reality is that the sort of “client” that the journalists were dramatically introducing is a minuscule percentage of the reality of the industry’s day to day business. Whilst we understand the media’s objective to entertain, there was also a certain amount of dramatic licence involved, the sort straight out of a Bond script,” wrote the IMC.

    While objecting to the methods employed in the investigation, the spokesperson indicated the IMC had found the discoveries disconcerting.

    ‘However, this [the dramatic license] does not negate the seriousness of the situation. The IMC is committed to improving standards in the industry and defending its right to operate. In view of this the IMC would like to offer each one of the persons that featured in the Dispatches program aired on Monday the 22nd of July, 2019 a complimentary enrolment to the IMC Certification in Investment Migration, including the journalists. Those interested should contact the IMC directly with reference Dispatches 22/07″.

     

    Source: imidaily.com
    Published: 23 July 2019

  • A New Home for Those Who Fear Hong Kong’s Fate?

    Lam, a data expert working for a top Hong Kong-based company, was born and bred in Kowloon Bay. But the city she once knew has vanished among mainland Chinese tourists’ shopping bags, crowded pavements and – most worryingly, she says – diminishing freedoms.

    The 28-year-old first thought of obtaining Portuguese nationality about five years ago. But she got busy and the plan was placed on hold until the recent political turmoil over Hong Kong’s extradition bill.

    “It made me revisit this idea. I don’t think I want to raise my [future] kids here,” says Lam, who asked to be addressed only by her surname. “The No 1 reason is the government and the tightening grip of Beijing over Hong Kong, regardless of how society here feels.”

    As protests continue to unfold in several districts, frustrations and anxiety over the city’s fate have led to an increase in number of residents seeking options for a life elsewhere.

    While Hongkongers have been known to move to places such as Taiwan and Canada, an increasing number of people have in recent weeks started considering less traditional locations – like Portugal.

    Some are trying to obtain Portuguese nationality through their family ties in Macau, while others are considering getting citizenship by making investments, perceiving the country as a gateway to Europe.

    SECOND HOME

    Cheung, a recent retiree, first thought of buying property in Portugal last year, after a family trip there. But her intentions have grown stronger of late, and she even started to consider living there.

    “We really liked the place, so previously I thought about it as a sort of ‘flex’ holiday home. Many British people go there just for the weekend,” the 57-year-old woman says. “But given the current situation in Hong Kong, this has become more of a priority and I am considering whether we should move there.”

    Cheung’s two children live in England and she now views Portugal as an affordable place where her family could eventually be reunited.

    Her friend Lai, a 56-year-old secondary-school teacher, also began thinking of moving out of Hong Kong as the political and social crisis deepened.

    “Given that the environment in Hong Kong is not very promising … we want to have another choice if things go very bad here,” says Lai, who also only gave her surname.

    She joined some of the recent protests and is worried that her hometown will not remain a beacon of freedom of expression for much longer.

    According to unofficial estimates, more than 20 demonstrations were held in the past three months, and over 4 million people marched against the extradition bill, which would allow criminal suspects to be sent to jurisdictions the city does not have any extradition agreement with, including mainland China.

    Such actions have morphed into wider demands for democracy in Hong Kong – a Chinese-ruled territory that enjoys a high degree of autonomy, but with no universal suffrage in the election of its leader.

    Meanwhile, violence from the police – who have used tear gas, rubber bullets and pepper spray on protesters – as well as the government’s unwillingness to formally withdraw  the controversial legislation have frustrated many Hongkongers.

    “I am really thinking of moving to Portugal, mostly because of my children [aged 17 and 24]. If they have another citizenship, they can get a job more easily in Europe,” Lai says. “To be honest, it’s a safety issue.”

    THE PROMISE OF PORTUGAL

    Lai and Cheung were among about 50 people who attended an information session this month about moving to Portugal through making investments, organised by the John Hu Migration Consulting agency in Hong Kong.

    In a packed room, many of those present raised queries on the difficulty of learning Portuguese – because it is necessary to pass an exam to become a national – and the length of time applicants needed to spend in the country before being permitted to apply for a passport.

    The sun-drenched European nation of 10.3 million people, once in the economic doldrums, is experiencing a tourism boom, with travellers drawn by its cultural appeal and pristine beaches. In recent years, thousands of foreigners have also made investments and moved there.

    Some have been lured by the Golden Visa  programme, which offers those who make investments resident permits that may lead to citizenship after five years – opening the door to a total of 28 European nations.

    Yung, a 37-year-old businesswoman, and her husband are among those looking into such options. “We know that Hong Kong is part of China, but we were told we could keep our rights for 50 years under the ‘one country, two systems’ principle. Unfortunately, it does not look like that will happen,” she says. “We are thinking of moving to a country with democracy, so our children can enjoy real freedom.”

    Hong Kong is a former British colony that was handed over to China in 1997 with the promise that the city would retain freedoms not enjoyed in the mainland until at least 2047 – such as an independent legal system, press freedom and the right to protest.

    Yung, whose children are aged three and five, says the family is not planning to move immediately. “But we want to prepare for the future.”

    If they decide to make Portugal their home, the whole family will tag along, including her parents and her husband’s relatives, she says.

    Yung, who has also considered opportunities in Greece, says the appeal of going to Portugal lies in its “attractive investment programme” and the “emotional connection” her husband has with the country.

    His father was born in neighbouring Macau – a former Portuguese colony – and he has permanent residency there.

    Yung says they are trying to obtain nationality through this family connection, but if they can’t they will likely follow the investment path.

    Lam, the data expert, is in a similar situation. The 28-year-old, whose father was born in Macau and held a passport, started making queries last week on the legal requirements to obtain Portuguese citizenship.

    Lam says her intention to leave comes from multiple political concerns.

    “It’s been just 20 years after the handover, and they have already started doing things that make people feel insecure,” she says.

    Events like the disappearance of five Hong Kong booksellers
    in 2015, the disqualification of two pro-independence and four pro-democracy lawmakers, as well as the jailing of those who led the Occupy pro-democracy demonstrations in 2014, have rattled Hong Kong society in recent years.

    Some people also view with suspicion infrastructure projects that serve to boost regional integration, such as the Hong Kong-Zhuhai-Macau Bridge and the high-speed railway, which now connects the city to the mainland.

    “I am concerned that more [mainland] Chinese will come to Hong Kong. Their presence may benefit the retail sector, but it’s impacting our lives,” Lam says.

    She also fears that initiatives pioneered in the mainland, such as the “social credit system” – aimed at assessing the social and economic reputation of citizens – could be introduced in Hong Kong in the near future, despite recent denials by the government.

    Lam, who married less than a year ago and is considering having children, says that apart from rights concerns, Hong Kong’s high property prices, decreasing quality of life and education system are factors contributing to her decision.

    “Our education here is too focused on academic achievements … Many officials send their children abroad,” she says. “If they had confidence in our system, they wouldn’t do it, right?”

    Lam believes that by being Portuguese citizens, her future children would receive a more progressive and affordable education at a European school.

    Europe would also be a “good retirement plan” for her and her husband, she says.

    Lam, who is from a working-class background, says migration has become a common topic of conversation among her friends.

    “Many people I know, who are relatively well educated, not very wealthy but with some money, will migrate. Some have talked about Taiwan and Thailand,” she says. “We are all shaken by this uncertainty and instability.”

    The lack of confidence expressed by such Hongkongers will not go away any time soon, according to political commentator Sonny Lo Shiu-hing, who last month wrote that “the political wounds left by this saga cannot be easily healed”.

    In a response to This Week in Asia, a spokesman for the Portuguese Consulate General in Macau and Hong Kong said it received an average of about 120 nationality requests a month, but did not have a breakdown of how many of those were from Hong Kong residents. The spokesman declined to say how many of those requests had been granted in the past five years.

    A Macau-based lawyer who has assisted Hong Kong residents seeking a new life in Portugal says it is no surprise people are “trying to come up with a backup plan”.

    “I don’t think it’s because of the extradition bill alone. They fear what the future may hold,” says the lawyer, who declined to be named.

    ‘LIKE BUYING INSURANCE’

    For agencies such as John Hu Migration Consulting, business is booming.

    “Portugal is becoming popular,” says founder John Hu. “Over the past few years, the requirements for mainstream countries, such as Australia, Canada and Britain, have become harder and harder, so other European countries have become more attractive for Hong Kong residents.”

    Several EU nations, such as Malta and Bulgaria, run similar residence-by-investment schemes.

    Hu says his agency has received double the number of queries in the past month.

    “In the past, people would make some enquiries and take months before making a decision, but now because of … the political situation in Hong Kong, people have become more determined,” he says. “For many, it’s like buying insurance – in case something happens in Hong Kong, they have somewhere to go and live permanently.”

    William Tonnard, a French businessman who worked as a banker in Hong Kong before moving to Portugal five years ago to set up a real estate firm, visited the city last week to cater to the fresh demand.

    There has been “a clear increase in the interest from Hong Kong investors mainly in the [Portuguese] real estate sector” in the wake of the recent political upheaval, says the president and chief operating officer at OptylonKrea.

    Tonnard names tax incentives and the high quality of living as the top reasons for Portugal’s appeal, which has led many foreign nationals to move there to set up businesses, live and retire.

    RENEWED CONFIDENCE

    After a series of financial crises, Portugal in 2015 began to experience an upswing as the government dropped austerity measures.

    The move, which occurred alongside an overall strong recovery in the region, brought about renewed business and consumer confidence, and tourists also started pouring into the nation.

    Lisbon, the capital, has been especially energised. Dozens of hotels, shops and restaurants have opened their doors as some 4.5 million visitors pass through the city annually. The tourism boom has helped to dramatically reduce unemployment, while other industries have also grown in recent years.

    Lisbon has been labelled as a “rising tech hub”, with dozens of foreign-owned start-ups emerging. Top international companies such as Google, Bosch, Volkswagen and Mercedes-Benz have also recently opened offices and digital research centres in the city and surrounding areas.

    Investment in Portugal’s export-oriented industrial, services and technology sectors hit a record high in 2017, when the economy grew 2.7 per cent, its fastest rate in 17 years.

    Although growth is now slowing and local residents have blamed foreign investment for increasingly high housing rents, especially in Lisbon, Tonnard says the outlook is still positive.

    “The country is safe, people are friendly, they speak English perfectly, and salaries are still attractive compared to the rest of the European Union, so it’s easy to start a business,” Tonnard says. “Hong Kong ventures have a great potential to be expanded into Portugal.”

    The Golden Visa programme, introduced in 2012, has also played a significant role in luring new investors. By June, Portugal had issued 7,583 such permits – accounting for a total of €4.62 billion (US$5.19 billion) in incoming investments for the country – most of which were approved based on property purchases worth a minimum of €500,000. On top of that, 12,874 residence permits were given to family members.

    While Hongkongers have been known to move to places such as Taiwan and Canada, an increasing number have started considering less traditional locations, like Portugal. Illustration: Kaliz Lee Lam, a data expert working for a top Hong Kong-based company, was born and bred in Kowloon Bay. But the city she once knew has vanished among mainland Chinese tourists’ shopping bags, crowded pavements and – most worryingly, she says – diminishing freedoms.

    The 28-year-old first thought of obtaining Portuguese nationality about five years ago. But she got busy and the plan was placed on hold until the recent political turmoil over Hong Kong’s extradition bill.

    “It made me revisit this idea. I don’t think I want to raise my [future] kids here,” says Lam, who asked to be addressed only by her surname. “The No 1 reason is the government and the tightening grip of Beijing over Hong Kong, regardless of how society here feels.”

    As protests continue to unfold in several districts, frustrations and anxiety over the city’s fate have led to an increase in number of residents seeking options for a life elsewhere.

    While Hongkongers have been known to move to places such as Taiwan and Canada, an increasing number of people have in recent weeks started considering less traditional locations – like Portugal.

    Some are trying to obtain Portuguese nationality through their family ties in Macau, while others are considering getting citizenship by making investments, perceiving the country as a gateway to Europe.

    SECOND HOME

    Cheung, a recent retiree, first thought of buying property in Portugal last year, after a family trip there. But her intentions have grown stronger of late, and she even started to consider living there.

    “We really liked the place, so previously I thought about it as a sort of ‘flex’ holiday home. Many British people go there just for the weekend,” the 57-year-old woman says. “But given the current situation in Hong Kong, this has become more of a priority and I am considering whether we should move there.”

    Cheung’s two children live in England and she now views Portugal as an affordable place where her family could eventually be reunited.

    “Given that the environment in Hong Kong is not very promising … we want to have another choice if things go very bad here,” says Lai, who also only gave her surname.

    She joined some of the recent protests and is worried that her hometown will not remain a beacon of freedom of expression for much longer.

    Has Carrie Lam lost Hong Kong in her bid to push through extradition bill?

    According to unofficial estimates, more than 20 demonstrations were held in the past three months, and over 4 million people marched against the extradition bill, which would allow criminal suspects to be sent to jurisdictions the city does not have any extradition agreement with, including mainland China.

    Such actions have morphed into wider demands for democracy in Hong Kong – a Chinese-ruled territory that enjoys a high degree of autonomy, but with no universal suffrage in the election of its leader.

    “I am really thinking of moving to Portugal, mostly because of my children [aged 17 and 24]. If they have another citizenship, they can get a job more easily in Europe,” Lai says. “To be honest, it’s a safety issue.”

    THE PROMISE OF PORTUGAL

    Lai and Cheung were among about 50 people who attended an information session this month about moving to Portugal through making investments, organised by the John Hu Migration Consulting agency in Hong Kong.

    In a packed room, many of those present raised queries on the difficulty of learning Portuguese – because it is necessary to pass an exam to become a national – and the length of time applicants needed to spend in the country before being permitted to apply for a passport.

    The sun-drenched European nation of 10.3 million people, once in the economic doldrums, is experiencing a tourism boom, with travellers drawn by its cultural appeal and pristine beaches. In recent years, thousands of foreigners have also made investments and moved there.

    Some have been lured by the Golden Visa  programme, which offers those who make investments resident permits that may lead to citizenship after five years – opening the door to a total of 28 European nations.

    Yung, a 37-year-old businesswoman, and her husband are among those looking into such options. “We know that Hong Kong is part of China, but we were told we could keep our rights for 50 years under the ‘one country, two systems’ principle. Unfortunately, it does not look like that will happen,” she says. “We are thinking of moving to a country with democracy, so our children can enjoy real freedom.”

    Yung, whose children are aged three and five, says the family is not planning to move immediately. “But we want to prepare for the future.”

    If they decide to make Portugal their home, the whole family will tag along, including her parents and her husband’s relatives, she says.

    The view from Singapore: Hong Kong is a city tearing itself apart

    Yung, who has also considered opportunities in Greece, says the appeal of going to Portugal lies in its “attractive investment programme” and the “emotional connection” her husband has with the country.

    His father was born in neighbouring Macau – a former Portuguese colony – and he has permanent residency there.

    Yung says they are trying to obtain nationality through this family connection, but if they can’t they will likely follow the investment path.

    Events like the disappearance of five Hong Kong booksellers in 2015, the disqualification of two pro-independence and four pro-democracy lawmakers, as well as the jailing of those who led the Occupy  pro-democracy demonstrations in 2014, have rattled Hong Kong society in recent years.

    Hong Kong is heading for a breakdown in law and order

    Some people also view with suspicion infrastructure projects that serve to boost regional integration, such as the Hong Kong-Zhuhai-Macau Bridge and the high-speed railway, which now connects the city to the mainland.

    “I am concerned that more [mainland] Chinese will come to Hong Kong. Their presence may benefit the retail sector, but it’s impacting our lives,” Lam says.

    She also fears that initiatives pioneered in the mainland, such as the “social credit system” – aimed at assessing the social and economic reputation of citizens – could be introduced in Hong Kong in the near future, despite recent denials by the government.

    Lam, who married less than a year ago and is considering having children, says that apart from rights concerns, Hong Kong’s high property prices, decreasing quality of life and education system are factors contributing to her decision. “Our education here is too focused on academic achievements … Many officials send their children abroad,” she says. “If they had confidence in our system, they wouldn’t do it, right?” Lam believes that by being Portuguese citizens, her future children would receive a more progressive and affordable education at a European school.

    Europe would also be a “good retirement plan” for her and her husband, she says.

    “Many people I know, who are relatively well educated, not very wealthy but with some money, will migrate. Some have talked about Taiwan and Thailand,” she says. “We are all shaken by this uncertainty and instability.”

    The lack of confidence expressed by such Hongkongers will not go away any time soon, according to political commentator Sonny Lo Shiu-hing, who last month wrote that “the political wounds left by this saga cannot be easily healed”.

    In a response to This Week in Asia, a spokesman for the Portuguese Consulate General in Macau and Hong Kong said it received an average of about 120 nationality requests a month, but did not have a breakdown of how many of those were from Hong Kong residents. The spokesman declined to say how many of those requests had been granted in the past five years.

    A Macau-based lawyer who has assisted Hong Kong residents seeking a new life in Portugal says it is no surprise people are “trying to come up with a backup plan”.

    “I don’t think it’s because of the extradition bill alone. They fear what the future may hold,” says the lawyer, who declined to be named.

    ‘LIKE BUYING INSURANCE’

    For agencies such as John Hu Migration Consulting, business is booming.

    “Portugal is becoming popular,” says founder John Hu. “Over the past few years, the requirements for mainstream countries, such as Australia, Canada and Britain, have become harder and harder, so other European countries have become more attractive for Hong Kong residents.”

    Several EU nations, such as Malta and Bulgaria, run similar residence-by-investment schemes.

    Hu says his agency has received double the number of queries in the past month.

    “In the past, people would make some enquiries and take months before making a decision, but now because of … the political situation in Hong Kong, people have become more determined,” he says. “For many, it’s like buying insurance – in case something happens in Hong Kong, they have somewhere to go and live permanently.”

    Why protests won’t burst Hong Kong’s property bubble

    William Tonnard, a French businessman who worked as a banker in Hong Kong before moving to Portugal five years ago to set up a real estate firm, visited the city last week to cater to the fresh demand.

    There has been “a clear increase in the interest from Hong Kong investors mainly in the [Portuguese] real estate sector” in the wake of the recent political upheaval, says the president and chief operating officer at OptylonKrea.

    Tonnard names tax incentives and the high quality of living as the top reasons for Portugal’s appeal, which has led many foreign nationals to move there to set up businesses, live and retire.

    After a series of financial crises, Portugal in 2015 began to experience an upswing as the government dropped austerity measures.

    The move, which occurred alongside an overall strong recovery in the region, brought about renewed business and consumer confidence, and tourists also started pouring into the nation.

    Lisbon, the capital, has been especially energised. Dozens of hotels, shops and restaurants have opened their doors as some 4.5 million visitors pass through the city annually. The tourism boom has helped to dramatically reduce unemployment, while other industries have also grown in recent years.

    Investment in Portugal’s export-oriented industrial, services and technology sectors hit a record high in 2017, when the economy grew 2.7 per cent, its fastest rate in 17 years.

    Although growth is now slowing and local residents have blamed foreign investment for increasingly high housing rents, especially in Lisbon, Tonnard says the outlook is still positive.

    Harsh truths for Hong Kong: protests will not achieve anything

    “The country is safe, people are friendly, they speak English perfectly, and salaries are still attractive compared to the rest of the European Union, so it’s easy to start a business,” Tonnard says. “Hong Kong ventures have a great potential to be expanded into Portugal.”

    The Golden Visa programme, introduced in 2012, has also played a significant role in luring new investors. By June, Portugal had issued 7,583 such permits – accounting for a total of €4.62 billion (US$5.19 billion) in incoming investments for the country – most of which were approved based on property purchases worth a minimum of €500,000. On top of that, 12,874 residence permits were given to family members.

    “We know that among these investors, some come from Hong Kong,” says Luis Lima, head of the Portuguese Real Estate Agents Association. “Many look for the safety and stability an investment in real estate in Portugal offers. They are usually interested in a safe place that works well as a business platform with Europe.”

    While acquiring residency elsewhere or migrating is a pragmatic decision for many, Lam says hers stems from anguish.

    “I am heartbroken because it’s sad to see what is happening in Hong Kong … And the main problem is that our government officials claim they are open, but they have shown no sincerity,” she says.

    “Who knows when the Chinese government will apply the same rules [as in the mainland] here?

    “I don’t even dare to imagine.”

    Source: scmp.com
    Published: 21 July 2019

  • Minister of Economy’s Statements on Moldova CIP Give Rise to Cautious Optimism

    The fate of Moldova’s Citizenship by Investment Program has been uncertain since the resolution of the country’s constitutional crisis some two weeks ago. The incoming government coalition had said it was “committed” to ending the program and, during the first reading in Parliament, elected officials voted in favor of amending legislation to that effect.

    But the young democracy has a system of checks and balances, which means any such change will need to go through several stages of approval before coming into effect (see: Moldova Update: Too Soon to Call CIP’s Future; Next Week Will Be Critical). Yesterday’s statements from Moldova’s Minister of Economy – who could play a decisive role in the matter – is nourishing hopes that the program may yet survive.

    “We should not take any decisions in a rush,” said Minister Vadim Brînzan during a press briefing in Romanianyesterday. “The program could be paused for a couple of months, while all the stages and processes are verified,” he added, indicating a review is more likely than altogether scrapping the program.

    “At the moment there are 34 applicants, and their cases should not be stopped. They could give the country 4,6 million euro. We should study who are the final beneficiaries of the program. Maybe an additional filter to the due diligence process should be introduced. We should explain to our European partners that there are no risks for the EU’s security,” he continued, adding also that any contract annulation would cost Moldova several million euro and be harmful to the state’s reputation.

    The Minister’s statements effectively amount to his official recommendations on the matter, which were required before any second reading in Parliament and possible adoption of the legal amendments could take place. The path is now – procedurally speaking – clear for that second reading, but whether Parliament will vote on the amendment once more – or, if it does vote, whether it will heed Minister Brînzan’s recommendations – remains to be seen.

     

    Source: imidaily.com
    Published: 28 June 2019

  • Canada Hoping Others will Support its Ban on Russian Passports Issued to Ukraine Citizens

    Canada is courting international support for its plan to reject Russian passports given to Ukrainian citizens in the parts of Ukraine occupied by Kremlin-backed separatists.

    Foreign Affairs Minister Chrystia Freeland says Canada has presented technical details of a plan to allies attending this week’s Ukraine reform conference in Toronto so they can follow suit.

    “We very much encourage our partners who share our support for Ukraine’s sovereignty and territorial integrity to join us in taking this step,” she said Wednesday.

    Canada won’t allow anyone travelling from Ukraine’s occupied eastern Donbass and Luhansk regions to use a Russian passport to enter the country, Freeland said.

    “People who are citizens of Ukraine, which is the case for people living in occupied Donbass and Luhansk, are very welcome to apply for a visa to come visit Canada using their Ukrainian passport,” she said.

    “Canada, however, considers the issuance of Russian passports to these people to be a further act of aggression against Ukraine.”

    Freeland didn’t have details on whether anyone from eastern Ukraine has tried to travel to Canada on a Russian passport. It is also not clear how Ukrainian citizens living under Russian occupation might leave the region to travel abroad.

    Freeland says Canada has a duty to denounce the Kremlin’s passport scheme because it represents one more attack on Ukrainian sovereignty.

    In 2014, Russia annexed Ukraine’s Crimean Peninsula in the worst breach of Europe’s borders since the Second World War. Canada and its western allies view that annexation as illegal. Russia has also fomented a pro-Kremlin insurgency in the country’s east that has left more than 13,000 dead.

    Unlike Crimea, Russia doesn’t currently claim Donbass and Luhansk as Russian territory. But many Ukrainian citizens there are ethnically and culturally Russian; if Russia gives them passports and treats them as its own people, it might use that to assert a right to the land they live on. For years, Russia’s President Vladimir Putin has said Russia has a duty to protect Russians regardless of where they live.

    The situation deteriorated further this past November when Russia detained 24 Ukrainian sailors and seized three ships in the Kerch Strait, which connects the Sea of Azov and the Black Sea off the Crimean coast.

    Last month, a United Nations maritime tribunal said Russia must free the sailors and their ships. Russia says the tribunal has no jurisdiction over it.

    Freeland has been hosting the international conference that is trying to help Ukraine build its battered economy in the face of its five-year-old conflict with Russia. Participants include political representatives from more than three dozen countries as well as representatives from the world’s leading financial institutions, including the International Monetary Fund.

    The meeting marked the North American debut of Ukraine’s President Volodymyr Zelenskiy, a popular actor and comedian with no previous political experience, who easily won this spring’s presidential election, unseating Petro Poroshenko. Zelenskiy met Prime Minister Justin Trudeau and the two leaders affirmed the shared bonds between the two countries.

    Zelenskiy was also trying to allay fears that he was not up to the task of governing given his lack of political experience.

    In a meeting with Trudeau, Ukraine’s president spoke about the “about the need for strategic advice on governance,” Freeland said.

    “This is a true area of Canadian expertise and we are pleased to be starting right away,” she said.

    Canada also contributed another $45 million to its Ukraine-reform efforts, topping up the $785 million in military, legal, financial, development and political assistance it has given since 2014.

    Zelenskiy campaigned on the need to bring more reforms to Ukraine, to rid his country of corruption and make it more democratic. He has also worked a breakneck pace, dissolving Ukraine’s parliament and pushing ahead with new elections on July 21, months ahead of schedule.

    The Kremlin offensive into Ukraine in 2014 came at a time when it was poised for deeper integration with the European Union and Putin wanted to keep Ukraine in Russia’s sphere of control.

    Kurt Volker, the U.S. Special Representative for Ukraine Negotiations and a former NATO ambassador, said Ukraine could eventually resist the pull of the Kremlin if it stays the course and pursues its Western ambitions with the help of its allies.

    “Ukraine should be a stable, secure, growing, prosperous democracy that is connected to Europe. And the more that’s true, the more Russia is losing at its principal goal: it wants to make Ukraine a subservient part of a Russian sphere of influence again,” Volker told a small group of journalists on the margins of the summit.

    “That’s not going happen. The more Ukraine is successful, the more it is apparent to Russia it is failing in that objective,” he said. “And then the idea of continuing this war is pointless.”

     

    Source: nationalpost.com
    Published: 3 July 2019

  • OMB Completes Regulatory Review of EB-5 Immigrant Investor Program Modernization Rules: Final Reform Measures may be Published Imminently

    The Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs (OIRA) completed its review of United State Citizenship and Immigration Services’ (USCIS) proposed regulations to update the Immigrant Investor Program known as EB-5. USCIS first published its proposed rules, titled EB-5 Immigrant Investor Program Modernization or RIN 1615-AC07 (EB-5 Modernization Regulation), in the Federal Register in January 2017. On February 22, 2019, after waiting more than two years for Congress to enact updates to the EB-5 Program, USCIS submitted its own EB-5 Modernization Regulation to OMB for review.

    OMB review is typically the final stage of the rulemaking process prior to publication of the final rule in the Federal Register. The OMB can approve the proposed final rule immediately,  initiate a review for up to 120 days, or negotiate revisions to the text of the drafts it receives. In connection with the EB-5 Modernization Regulation, on June 27, 2019, OMB returned the rule to USCIS “consistent with change.”1  In effect, OIRA generally agreed with the intent of the USCIS’ draft regulation but made substantive changes.

    What happens next? Regarding the next steps, USCIS is expected to publish the EB-5 Modernization Regulation in the Federal Register very soon. Procedural mandates require that the final rule is published in the Federal Register at least 30 days before the rule’s specified effective date. More significant regulations require at least 60 days. Ostensibly, the EB-5 Modernization Regulation that affects investors’ lives makes it a significant regulation but this is not certain. Until publication, the EB-5 program will continue to follow existing rules.

    Effect on the EB-5 Program. As previously reported by Polsinelli, if finalized substantially as proposed by USCIS, the EB-5 Modernization Regulation would (in pertinent part):

    • Increase the minimum investment amounts significantly from $1 million to $1.8 million (or $1.35 million for investments in Targeted Employment Areas (TEA) an increase from $500,000);
    • Transfer TEA designation authority from state economic development agencies to the Department of Homeland Security (DHS);
    • Create priority date retention for EB-5 investors to use the priority date of a previously approved I-526 Petition for any subsequently filed I-526 Petition under certain circumstances;
    • Establish more oversight over regional centers, etc.

    Stakeholders (investors, developers, regional center owners, etc.) of the EB-5 program have watched the progress of EB-5 Modernization Regulation carefully. The first two bullets above have generated the most concern among EB-5 program stakeholders; the increased investment amount could create extra procedural burdens associated with demonstrating lawful sourcing of funds and increased difficulty and expenses associated with currency exchanges and wire transfers from resident countries. Regarding future viability of the EB-5 program, the increased investment amount may cause foreign investors to look to the immigrant investor programs in other countries with a lower investment amount than the United States (i.e., Antigua, Australia, Austria, Bulgaria, Canada, Cyprus, Hong Kong, Latvia, Malta, Monaco, Portugal, Saint Lucia, Singapore, Spain, United Kingdom, Ukraine, etc.)2.

    With regards to developers and regional centers that are presently fundraising around the globe, their offering documents (i.e., business plan, private placement memorandum, subscription agreement, partnership agreement, etc.) may require amendment to address applicable changes once publication in the Federal Register occurs, unless of course (i) the offering can be concluded within the 30- or 60-day period from publication, or (ii) the final EB-5 Modernization Regulation grants a phase-in for active projects allowing such offerings to be completed before the effective date of the new provisions. Regarding regional centers and developers with projects in the pipeline, it may be wise to await the publication to assess the changes and the continued viability of the EB-5 program and TEA applicability to the underlying project, before proceeding. With regards to investors who are considering participating in the EB-5 Program, they would do well to invest and file their I-526 Petition as soon as possible to be grandfathered under the current rules.

    What will the final EB-5 Modernization Regulation look like? What changes OIRA made to the EB-5 Modernization Regulations are yet unknown. The OMB meeting site reveals that OIRA held four meetings in 2019 (three in March and one in May) to hear testimony from persons opposed to the EB-5 regulation.3  Accordingly, EB-5 program stakeholders have reason to hope that the EB-5 Modernization Regulation implements a more moderate approach to reform with smaller minimum investment amounts initially (or that are phased in over time) and reasonable processes for TEA determination for example.

     

    Source: natlawreview.com
    Published: 1 July 2019

  • PM Willing to Create Team to Sensitise Correspondent Banks About CIP

    In an effort to sensitise correspondent banks on the integrity and security of the Citizenship by Investment Programme’s (CIP’s) application and approval process, Prime Minister Gaston Browne, in his capacity as OECS Chair, said that he is willing to assemble a team of government officials, CIP executives, Anti-Money Laundering and Countering Financing of Terrorism experts and banks to hold joint meetings.

    “The CIP programmes are too important to our economies and to the welfare of all, including the banking sector, for us not to run the extra mile that might be necessary to disabuse misconceptions and to build-up confidence in them,” Browne said.

    His comments were made in an address at the annual general meeting of the Caribbean Association of Audit Committee Members (CAACM), in light of Caribbean economies continuing to grapple with losing correspondent banking relationships.

    He said that collating a team would help to sensitise them on the integrity and security of the CIP application and approval process.

    Browne said that the CIPs “which have quite literally saved our economies from decline in the face of poor terms of trade, repeated natural disasters, diminished aid and high costs of imports”, are facing pressure from external forces, and he noted that CIPs involve greater and stronger due diligence on their transactions than other programmes of similar nature.

    “The CIP is not unique to the Caribbean. It competes with similar programmes in Europe and North America. Perhaps, that is a reason why, like financial services, it is under assault by external forces…but CIPs involve greater and stronger due diligence on their transactions than apply to others.

    “In this regard, I urge Caribbean banks involved in this service to demonstrate to their correspondent banks the extreme care and due diligence used in managing the CIP product. By clear policies and procedures, they should demonstrate why CIPs do not pose a risk to the integrity of correspondent banking relationships,” Browne, who is also the Finance Minister, continued.

    He said that despite the safeguards, some correspondent banks have shied away from transactions related to CIPs and is therefore urging Caribbean banks involved in this service to demonstrate to their correspondent banks the extreme care and due diligence used in managing the CIP product.

    According to him, showing their clear policies and procedures would demonstrate why CIPs do not pose a risk to the integrity of correspondent banking relationships.

    Chairmanship of the OECS Assembly was handed over to Browne on June 16at the opening ceremony of the 67th Meeting of the Organisation of Eastern Caribbean States (OECS) Authority and the Fourth Sitting of the OECS Assembly

     

    Source: antiguaobserver.com
    Published: 29 June 2019

  • UAE Extends Long-Term Visas to High Earning Executives

    Long-term residency programme in the United Arab Emirates will now include executive directors who earn a monthly salary of 30,000 dirhams ($8,167) or more, Gulf News has reported, citing Mohammed Al Marri, head of the General Directorate of Residency and Foreigners Affairs.

    Applicants will also need a bachelor’s degree and no less than five years of work experience to apply for a 10-year residency visa, according to a presentation by the Federal Authority for Identity and Citizenship seen by Bloomberg.

    The move indicates further opening in a country where 80% of the population is made up of foreign expatriates, some of whom have lived in the UAE for decades with no long-term residency guarantee. A recently introduced residency law was criticized for mostly offering rights to millionaires.

    On Tuesday, Al Marri said 400 people have so far been granted the gold card residency visas.

    The UAE’s new permanent visa is intended to generate foreign investment and attract top engineers, scientists, and star students.

    The gold card visa is issued is renewed automatically every 10 years, so long as they satisfy the GDFRA’s terms and conditions and are still in the employed in the same activity.

    The gold card is offered to a number of categories, including CEOs and real estate investors (property of more than AED5 million), inventors, entrepreneurs  and specialized doctors and teachers in rare fields.

     

    Source: internationalinvestment.net
    Published: 28 June 2019

     

  • Who is Eligible and How to Apply for the UAE’s 10-year Golden Residency Visa?

    The golden card is a long-term residency scheme, announced by Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, last month. Since its launch, more than 400 investors and businessmen, including some of their families, have been granted the visa with dozens more receiving it each day.

    Sheikh Mohammed said 6,800 investors and residents, worth an estimated Dh100 billion, and from 70 countries, were chosen to receive the visa. Between 30 and 40 of these residents have received their golden cards each day since the launch of the scheme.

    Why was the scheme implemented?

    The idea is to create an attractive investment environment in the UAE, which further encourages business development and draws in new talent.

    Long-term residents who have contributed to the country’s development are also being rewarded for their loyalty and encouraged to continue investing in the UAE.

    The golden card was initially billed as a permanent residence system but the General Directorate of Residency and Foreigners Affairs has since clarified that it is in fact a long-term 10-year visa that renews.

    Is there such a thing as a permanent residency visa in the UAE?

    Typically, the UAE does not grant permanent residency visas to expatriates but the golden card is a renewable 10-year visa so the end result is the same: permanent residency in the UAE.

    On Tuesday, Maj Gen Mohammad Al Marri, director general of the General Directorate of Residency and Foreigners Affairs, said the visas would be renewed in 10-year increments.

    “After 10 years [the visas] are continuous for another 10-year period every 10 years. There are medical insurance and other procedures that need to be done in between but it comes without any extra conditions,” he said.

    He said the visa would be renewed as long as residents continue to satisfy the terms and conditions in which they were granted the visa.

    But if investors decreased in worth or their business failed within those 10 years, “things would be looked at on a case-to-case basis,” Maj Gen Al Marri said.

    Golden card holders can travel freely as there is no minimum requirement for staying in the UAE. For example, if the golden card carrier leaves the UAE for longer than six months, their visa would still be valid.

    Who is eligible for the golden card?

    Last month, the UAE Cabinet approved 10-year residency visas for five categories of expatriates: investors, entrepreneurs, chief executives, scientists and outstanding students.

    Maj Gen Al Marri said there was no age restriction on applicants.

    “Here in the UAE we never look at age, colour, nationality or any other social circumstances, we are dealing with people as humans and not nationalities, we are all equal with no differentiation,” he said.

    On Tuesday, it was announced that executives with a salary of Dh30,000 or more can apply for the visa too. The applicant should have at least a bachelor’s degree or its equivalent and five years of work experience. They must also have a valid employment contract.

    What requirements must foreign investors meet?

    At least one of the conditions below must be fulfilled:

    • A deposit of up to Dh10million in an investment fund in the UAE.
    • Owner of a company with Dh10m in capital or a partner in a company with a share of up to Dh10m.
    • In addition, all of the below conditions below must be met:
    • The investment fund must be fully owned rather than it being funded through a loan. Proof must be provided.
    • The investment should be held for at least three years.
    • The investor must provide a comprehensive insurance document for themselves and their family.

    What are the requirements for entrepreneurs?

    Must own a successful project valued at Dh500,000 or more in a certified field in the UAE.

    Must have the approval as a certified business incubator who founded the project

    Must provide a comprehensive health insurance document for themselves and their family.

    Which specialists in their field are eligible?

    Professors from any one of the top 500 international universities, approved by the Ministry of Education, can apply.

    Those who have obtained an award or certificate of appreciation in their current speciality are also eligible.

    Scientists who have contributed to major studies or research.

    Those with PhDs and 20 years’ practical experience in their field.

    Individuals who specialise in fields considered important to the UAE.

    Under what circumstances are chief executives eligible?

    Individuals must have completed a bachelor’s degree or equivalent.

    Must have five years of experience or more.

    Earn a salary of Dh30,000 or more with a valid contract in the UAE.

    Have health insurance for themselves and their family.

    Does the scheme include art and culture specialists?

    It does, but the Ministry of Culture and Knowledge Development must approve individual applicants.

    What is the criteria for inventors?

    Applicants must possess a patent that is considered valuable to the UAE economy and obtain the patent approval from the Ministry of Economy.

    More information on the application process can be found here: Information about the documents and fees is available  here.

     

    Source: thenational.ae
    Published: 26 June 2019

     

  • Mehul Choksi’s Citizenship to be Revoked, Extradited After he ‘Exhausts Legal Options’: Antigua PM

    Antiguan Prime Minister Gaston Browne said his government will revoke the citizenship of fugitive businessman Mehul Choksi after he has exhausted all his legal options, according to a report by Antigua Observer Newspaper. This will pave way for his extradition.

    “His citizenship was processed. He got through, but the reality is his citizenship will be revoked and he will be repatriated to India. So, there is recourse. It’s not a case that we are trying to provide any safe harbour for criminals, for those who are involved in financial crimes,” the Antiguan Prime Minister said.

    “We have to allow for due process. He has a matter before the court and as we said to the Indian Government, criminals have fundamental rights too, and Choksi has a right to go to court and defend his position. But I can assure you, after he has exhausted all of his legal options, he will be extradited,” the Antiguan PM added.

    The report cites Browne as saying that Antigua and Barbuda wants to ensure that individuals, who will benefit from its Citizenship by Investment Programme (CIP), undergo intense scrutiny.

    Choksi, one of the alleged masterminds of the $2 billion scam in state-run Punjab National Bank (PNB) and uncle of fugitive diamantaire Nirav Modi, had fled India in early January 2018 and took oath of allegiance in Antigua on January 15, in the same year.

     

    Source: moneycontrol.com
    Published: 25 June 2019

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