Category: News

To access the data sheet on the Portugal’s Golden Residence Programme (GRP) results as of the 28^th February 2018, please click here

Beijing has announced new visa, residency, and foreign investment incentives in a bid to attract top overseas talent to its high-tech Zhongguancun Science Park.

Those who qualify for the incentives will benefit from longer visa terms and permanent residence status – also known as China’s green card. Those holding permanent residency will be allowed to act as the legal representatives of new research institutes in Zhongguancun and lead national-level innovation projects there.

The visa incentives also give foreign talents and their families freer cross-border travel, the option to enroll their children in local schools, and the ability to employ foreign domestic workers. Last year, Shanghai became the first city in mainland China to grant residency to foreign domestic workers.

Additionally, it will be easier for foreign experts and academics temporarily visiting Zhongguancun to acquire five-year multiple-entry visas for themselves and their families.

Besides entry-exit incentives, Beijing has relaxed rules for foreign investment in recruitment agencies located in Zhongguancun. Previously, foreign investors had to have three years of experience running a recruitment agency prior to investment. This rule has been scrapped for recruitment agencies located in Zhongguancun, though foreign investment in the industry is still capped at 70 percent.

The entry-exit incentives are part of Beijing’s efforts to strengthen its high-tech and research and development sectors. Many leading tech companies have a presence in Zhongguancun, including China’s Lenovo and Sohu, as well as global companies such as Google, Intel, and Microsoft.

However, Beijing faces competition from not only Silicon Valley for attracting talent, but also from other Chinese cities such as Shenzhen, Shanghai, and Hangzhou. Shanghai released a similar package of visa incentives earlier this year to bolster its own attractiveness to foreign experts.

 

Source: china-briefing.com

The Office for National Statistics data series points to a fall in net migration from the EU27 to the UK over the past year, although there are still more such persons coming to the UK than leaving on a net basis. Also, the overall net migration to the UK from all parts of the globe remains similar to that seen in 2014 – at about 244,000 in the year to the end September 2017 – following sharp rises in net migration in 2015 and 2016.

However, the ONS clearly notes the significant trend in reducing numbers of people coming from elsewhere in the EU to the UK to find work.

“The number of EU citizens coming to the UK for work-related reasons has fallen over the last year, in particular, those coming to the UK “looking for work”,” the ONS states.

In contrast, there has been an increase in non-EU migration to the UK over the past year.

The ONS data comes as the UK government has once again reiterated its stance that existing residents in the UK from other EU member states will be allowed to stay after Brexit.

In a bid to shut down a loophole in the common reporting standard, the OECD has opened a consultation on the abuse of residence by investment schemes, a move that has been met with scepticism from legal experts.

Officials from the Organisation for Economic Cooperation and Development (OECD) are concerned that residence by investment (RBI) schemes are being used to avoid the common reporting standard (CRS) and it is looking for ideas to clamp down on abuses.

While the organisation accepts there are legitimate reasons for individuals to be interested in RBI and citizenship by investment (CBI) schemes, it warned that they can “offer a backdoor to money-launderers and tax evaders”.

In its consultation document, the organisation stated it wants to build upon the deterrence of mandatory disclosure of CRS avoidance arrangements and structures.

Additional measures may include “both tax compliance and policy related measures and will take into account the possible role of all stakeholders involved, including the jurisdictions offering these schemes, the tax administrations of jurisdictions participating in the CRS, financial institutions subject to CRS reporting, the intermediaries promoting the schemes and taxpayers”.

Expert scepticism

Industry experts reacted with scepticism to the proposals, which focus on tax evasion involving lying on forms.

“It is madness to target countries who have legitimate residence schemes to support their economies, just because some will lie on a form about their residence.”

Robert Macro, private client partner at law firm Druces, said there could be unintended consequences of the measures: “Misrepresentation, of course, is wrong; but the OECD should not prevent the ability of nation states to compete on taxation where otherwise smaller economies can be decimated.

“If the will of the global economy is to prevent tax competition, then I am guessing there will be an acceptance for more international aid to those countries damaged by such controls.”

Louise Stoten, senior partner at private client law firm New Quadrant Partners, said: “It is madness to target countries who have legitimate residence schemes to support their economies, just because some will lie on a form about their residence.

“Surely this is a risk with any dual resident national who may not want to disclose to both.”

Responses to the OECD are sought before 19 March.

Investment Migration Council

Industry association the Investment Migration Council which represents practitioners, due diligence firms, real estate companies, and governments in this field, is formulating a position paper to be submitted to the OECD for consultation.

“It is in our direct interest to make sure that the opinion of the key players of the industry — our members — is heard and taken fully into account,” said chief executive Bruno L’ecuyer.

Submissions via the IMC are invited before 10 March by email to corporate@investmentmigration.org in Word format.

 

Source: international-adviser.com

CONGRATULATIONS ARE in order for the parents of first lady Melania Trump, who, The Post reports, will soon be sworn in as citizens of the United States. Like tens of millions of immigrants before them, the first lady’s parents, Viktor and Amalija Knavs, left their homeland (in their case, Slovenia) and made a fresh start in America despite the obstacles of an unfamiliar culture, customs and language.

As it happens, the Knavs are probably the beneficiaries of a policy their son-in-law, President Trump, has disparaged as “chain migration,” otherwise known as family reunification. A bedrock of the legal immigration system in this country for more than half a century, family reunification has accounted for tens of millions of immigrants, and nearly three-quarters of all legal immigrants who have entered the United States since the mid-1960s.

With scant evidence, the president has scorned the policy as a threat to national security and the economy, and made scrapping it a pillar of his immigration plan. Drawn up into legislation, that plan failed in the Senate last week on a vote of 39 to 60. It is not yet known whether Mr. Trump will attend his in-laws’ swearing-in ceremony, which will probably feature many other so-called chain migrants waving flags, pledging allegiance to the United States, and hearing a talk on their rights and obligations as citizens.

The point here is not only the evident hypocrisy of the president, who, as a businessman in New York, employed illegal immigrants to work at the Trump Tower site on Fifth Avenue. It’s also to ask whether Americans want to live in a country where immigrant citizens such as Ms. Trump would be forbidden from sponsoring their parents, their adult children and other relatives for legal residency in the United States. That would be the effect of the president’s policy.

The White House says its blueprint would tilt the balance away from family-based migration and toward a system that relies more on merit. You could make an argument for such a policy change. In fact, though, the administration proposal would leave the numbers of merit-based immigrants untouched while slashing the level of legal visas granted to relatives, with the exception of spouses and children under 18. Although Mr. Trump did not make reducing the level of overall legal immigration a centerpiece of his campaign, that has become a major thrust of his policy in office.

It’s fair to debate the composition of the immigrant pool. Other prosperous countries, such as Canada and Australia, admit a larger share of migrants as a percentage of their populations than the United States does, while tilting the balance of allotted visas toward younger, more highly educated and skilled workers. In a competitive global economy, such a policy might enhance U.S. competitiveness.

That’s not the policy favored by the president, who simply wants a drastic reduction in overall legal immigration — a stance that makes little sense given the United States’ aging population and low rate of unemployment. By framing family reunification as a security threat, Mr. Trump twists the facts.

 

Source: washingtonpost.com

Finland’s employment ministry has launched a ‘social impact bond project’ promoting immigrant employment. The training targets residence permit-holding immigrants of working age that are registered as jobless.

 

The Finnish Ministry of Economic Affairs and Employment is supporting immigrant job seeking with a new Integration SIB project funded by so-called ‘impact investment’. At the unveiling of the experiment last summer, the ministry said that unemployment among Finland’s immigrants is a recognized problem.

“Immigrants’ unemployment has for years been 2 to 5 times higher than that of the native population, and it takes much more time for them to enter the labour market. In the experiment the employment of immigrants is facilitated by bringing training to workplaces and customising it according to what is needed to do the job,” the June 2017 press release reads.

Clara Gaspar moved to Finland from Portugal years ago, after her husband started work here. Although she is a highly educated biologist, finding a job proved very challenging.

“I was so dejected. I looked for work for five years and it was very difficult because I didn’t speak Finnish well. It was always the first thing I was asked, “Do you speak Finnish?” she says.

Gaspar says she thinks that in general immigrant employment is slowed by more than just a lack of Finnish skills, as the lack of social contacts is equally important. She says it is hard to network in a new country if you don’t know anyone.

 

Jobs for 2,500 immigrants

Thao Nguyen from Vietnam is also a participant in the ministry’s Integration SIB project. She hopes to eventually find work in the retail sector. In order to qualify, she had to prove she was of working age, holds a valid residence permit, and was registered as jobless at her local employment office.

She and her fellow participants represent a wide range of educational and vocational backgrounds, with an equally broad range of Finnish language skills.

“Of course [the language] is difficult. I learn by reading the Finnish newspapers and watching TV programmes and movies in Finnish. I listen to Finnish music and talk with people,” she explains.

The three-year national programme seeks to provide participants with basic Finnish language instruction and training to help them better prepare for work and quickly find a job. The training and rehabilitation company OrtonPro is one of the service providers that the ministry has contracted to help execute the programme.

“The training is funded entirely with private investment that we have collected from private equity markets. The project does not make use of any of the money earmarked for integration by the Finnish State. […] If the results are good and the trainees find employment, the investors then receive a return on their investment,” says the employment ministry’s migration director Sonja Hämäläinen.

 

EIF supplying 10 million euros

Integration SIB has 14 million euros at its disposal for the three-year experiment. The lion’s share of the new ‘Juncker Plan’ idea of private funding comes from the European Investment Fund, with the remaining 4 million sourced from private investors in Finland, Hämäläinen says.

Ex-Finnish PM and current European Commission Vice-President Jyrki Katainen said back in June that supporting the integration of migrants to the labour markets is a good fit for the EU’s new privately-funded investment fund, as it is meant to promote social initiatives.

“I wish everyone who is set to benefit from the education and training opportunities to be offered under this scheme, the first social impact bond scheme in Europe, every success in the future. We will monitor the success of this initiative closely and hope it can serve as an example for others to follow”, he says.

Although the goal is to eventually help 2,500 unemployed immigrants in Finland to find work, only 550 people have joined the project since it started last autumn. One-third of the participants in Integration SIB training have found work since then, mostly in the fields of industrial work, public transportation, construction, the retail trade and property management.

“Immigrants have a clear desire to move beyond so-called entry-level professions. They also want to make real contacts and network in Finnish working life,” says the ministry’s Hämäläinen.

 

Happy ending for Clara

Clara Gaspar finished the Integration SIB project’s work training and found work as a designer for Avaava, a Helsinki company providing accessible environment and communication services and signage design.

“I design signs, create 3D modelling and plan room layouts, among other things,” Gaspar explains in Finnish.

Avaava’s CEO Terhi Tamminen can’t say enough about her new employee.

“I have been super-positively surprised. We have a new highly-educated member of our team, who shows tremendous competence. She enriches our work environment and brings added value to our business operations,” says Tamminen.

Gaspar is thrilled about her new line of work and her work community. Her Finnish skills are improving quickly as she interacts with her new colleagues.

“I really like my work very much. I thank Terhi for opening her doors to me and having faith in my capabilities,” she says.

 

 

Source: yle.fi

The Organisation for Economic Co-operation and Development (OECD) has issued a consultation document entitled: ‘PREVENTING ABUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD (CRS)’

The OECD is looking into the CBI/RBI industry as part of its CRS loophole strategy and the IMC needs your feedback to formally respond.

The consultation document:
(1) Assesses how these schemes can be exploited in an attempt to circumvent the CRS;
(2) Identifies the types of schemes that present a high risk of abuse;
(3) Reminds stakeholders of the importance of correctly applying relevant CRS due diligence procedures in order to help prevent such abuse; and
(4) Explains the next steps the OECD will undertake to further address the issue, assisted by public input.

The OECD is considering a range of additional approaches to prevent the abuse of CBI/RBI schemes.

This may include both tax compliance and policy related measures and will take into account the possible role of all stakeholders involved, including the jurisdictions offering these schemes, the tax administrations of jurisdictions participating in the CRS, financial institutions subject to CRS reporting, the intermediaries promoting the schemes and taxpayers.

Public input is sought both to obtain further evidence on the misuse of CBI/RBI schemes and on effective ways for preventing such abuse. Such input will be taken into account in determining the next steps that will be taken.

Interested parties are invited to send their comments on this consultation draft by 10 March 2018 by email to corporate@investmentmigration.org in Word format.
 

Further reading:
Moreover, on 11 December 2017, the OECD released a consultation document seeking stakeholder input on model mandatory disclosure rules requiring disclosure of CRS avoidance arrangements and offshore structures. This consultation document can be found here.
The implementation handbook for CRS can be obtained from this link.

The Organisation for Economic Co-operation and Development (OECD) has issued a consultation document entitled :
‘PREVENTING ABUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD (CRS)’

The OECD is looking into the CBI/RBI industry as part of its CRS loophole strategy and the IMC needs your feedback to formally respond.

The consultation document :

1. Assesses how these schemes can be exploited in an attempt to circumvent the CRS;
2. Identifies the types of schemes that present a high risk of abuse;
3. Reminds stakeholders of the importance of correctly applying relevant CRS due diligence procedures in order to help prevent such abuse; and
4. Explains the next steps the OECD will undertake to further address the issue, assisted by public input.

 

The OECD is considering a range of additional approaches to prevent the abuse of CBI/RBI schemes. This may include both tax compliance and policy related measures and will take into account the possible role of all stakeholders involved, including the jurisdictions offering these schemes, the tax administrations of jurisdictions participating in the CRS, financial institutions subject to CRS reporting, the intermediaries promoting the schemes and taxpayers.

Public input is sought both to obtain further evidence on the misuse of CBI/RBI schemes and on effective ways for preventing such abuse. Such input will be taken into account in determining the next steps that will be taken.

Interested parties are invited to send their comments on this consultation draft by 10 March 2018 by email to corporate@investmentmigration.org in Word format. The IMC will then forward a formal response to the OECD on behalf of its members.

Further reading:
Moreover, on 11 December 2017, the OECD released a consultation document seeking stakeholder input on model mandatory disclosure rules requiring disclosure of CRS avoidance arrangements and offshore structures. This consultation document can be found here
The implementation handbook for CRS maybe obtained from this link

The “forward-thinking” government of St. Kitts and Nevis says its officials listened to the concerns of real estate developers in the federation and has responded positively to their request for adjustments to government fees under the real estate option of the Citizenship by Investment (CBI) Programme.

In making the announcement during the Feb. 13 sitting of the National Assembly, Prime Minister – and minister of finance –  the Honourable Dr. Timothy Harris said the decision to adjust the government fees downward to $75,000 for a family of four was made in response to the competing demands in the CBI programme and in an overall effort to support real estate developers in the citizenship programme.

The decision came following several rounds of discussions between Cabinet officials and a group of real estate developers, who represent a wide cross section of participants in the real estate market on the islands of St. Kitts and Nevis. Among the developers who met with the ministers were Deon Daniel, Arthur Sharpe, Kevin Huggins and Scott Caines.

Prime Minister Harris said “they made a case to the Cabinet. Cabinet received that case and determined that we could assist in further giving a boost to our real estate programme by making an adjustment in the fees. And so we have decided that the government fees will be adjusted to $75,000 for a family of four. This makes us more competitive, although we are still above the threshold in other CBI jurisdictions.”

The prime minister continued by saying that in doing this, his government has maintained a higher price level “as we are determined to maintain the platinum brand that we have become known for, while still assuring our competitive edge.”

Harris said the Cabinet is satisfied that it has responded to the persuasive case made by the developers, who have the best interest of the country at heart. He added “we are assured that each and every one of the developers who were there, as well as their representatives, are committed to St. Kitts and Nevis and St. Kitts and Nevis alone.”

The Citizenship by Investment Programme has been one of the largest contributors to the construction growth in the country, particularly in the tourism related sector. Evidence of this was when Park Hyatt St. Kitts Christophe Harbour employed more than 800 workers on its property at the peak of the construction phase.

St. Kitts and Nevis’ CBI programme remains the leading option for obtaining citizenship in the Caribbean. The programme recently achieved the No. 1 ranking in the OECS by a quality of passport index survey conducted by Henley & Partners in January 2018. The federation was also recognized for offering the “World’s Most Innovative Investment Immigration Programme” at the 2017 Russian Global Citizen Awards Ceremony.

“We believe that these accolades auger well for the continuing strong and positive response to our platinum brand,” Harris said.

 

Source: thestkittsnevisobserver.com

For years, he dedicated most of his free time to sport, but was never able to accompany his team to tournaments outside the country. “When you are a stateless person, it seems your life is put on hold,” says Jirair. “It really hurt to be left behind, when everyone from my team left to participate in the championships and I was as good as they were. It was unfair.”

Now, after finally receiving citizenship, he can once again pursue his dreams.

Jirair was born to Armenian parents in Georgia in 1993, a few years after the dissolution of the Soviet Union. Soon after his birth, the family left for Russia in search of better opportunities but found they were unable to obtain citizenship with their old Soviet passports. Years later, when Jirair returned to Georgia to take care of his grandparents, he realised with horror that he was legally stateless.

In 1993, Georgia adopted a citizenship law, recognizing those living there as citizens of Georgia. However, with no record of his birth, Jirair could not prove his presence. Many others also fell through the cracks.

Jirair’s life was transformed in 2015 after he applied to be recognized as stateless. That year, he received his first identity card and travel document.

He also attend the ceremony in New york marking the first anniversary of the #IBelong Campaign launched by UNHCR, the UN Refugee Agency, where he spoke about what it meant to be stateless.

In 2016, changes to the law enabled Jirair to prove his presence in Georgia in 1993. The amended citizenship law allowed local authorities to prove the physical presence of a person based on the testimonies of relatives, friends and other witnesses, enabling Jirair to prove close ties with Georgia.

Finally, in June 2017, Jirair proudly received his Georgian citizenship.

“It finally happened, what I wanted, what I dreamed of,” he says. “My life has finally been taken off the ‘pause’ button. Since I became a citizen, I got my medical insurance and finally feel secure. I also opened a bank account and, when the bank officer asked for my identity document, I confidently handed it to him.”

At last, Jirair can be legally employed, travel the world and become a wrestling coach.

“When my coach and my local wrestling team first learnt that I got citizenship, they told me: ‘You are one of us and that is where you always belonged’.”

Jirair can also marry the love of his life. “I have been in love for four years and now, after I got citizenship, we can finally create our own family,” he says. “I have waited for this for so long.”

Together with local non-governmental organizations and the Georgian government, UNHCR works to improve the statelessness determination procedure in Georgia and address the concerns of stateless people like Jirair. Since Georgia’s statelessness determination procedure was introduced, 398 people have been recognized as stateless and 186 have received Georgian citizenship.

“I want to say to all those young stateless people out there, statelessness can be resolved and I am the evidence of that,” says Jirair. “I want all stateless persons to experience the happiness I feel now, the happiness of being a citizen and being able to say ‘I belong’.”

 

Source: unhcr.org