Category: News

The Executive Committee, Managing Partners and staff at Henley & Partners wish to express solidarity and deepest sympathy with those suffering on the Caribbean island of Dominica in the wake of the devastation caused by Hurricane Maria.

We have witnessed with shock and dismay the destructive and distressing effect of these natural disasters on the Caribbean region over the past few weeks, and now in Dominica, and pledge our continued and heartfelt support to those who have lost their homes, their livelihoods and their loved ones. We are actively working with our colleagues and partners in the region to direct funds and support to those who most need it, and to raise capital for reconstruction.

Henley & Partners has a long-standing and deep commitment to the people of the Eastern Caribbean and engages actively to provide opportunities for the development and empowerment of young people. Together with the Halo Foundation in Antigua, we recently sent three deserving students from Antigua and Barbuda to take up undergraduate scholarships at Saint Mary’s University in Nova Scotia, Canada. The students were the recipients of the Henley & Partners Hero Scholarship, a program which we intend to expand further in the region.

We will continue to engage in such initiatives and seek innovative and meaningful ways to support the communities of the Eastern Caribbean, and to assist with disaster relief across those islands affected by the hurricanes.

 

About Henley & Partners
Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals, families and their advisors rely on its expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 25 offices worldwide.

The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom they proudly serve every day.

The firm also runs a leading government advisory practice which has raised more than USD 6 billion in foreign direct investment. The firm has been involved in strategic consulting and the design, set-up, and operation of the world’s most successful residence and citizenship programs.

 

Source: henleyglobal.com

 

 

 

A worldwide immigration firm is crossing Wall Street to resettle uptown.

Fragomen, Del Rey, Bernsen & Loewy has signed a 108,000-square-foot deal for the entire eighth through 10th floors at 1400 Broadway on the northeast corner of West 38th Street.

The asking rent for the 16-year deal was $59 per square foot.

The law firm has 40 offices around the globe, and its current New York City offices are in downtown’s 7 Hanover Square.

The tenant was represented by John Shaunfield, Seth Weinstein and Paul Ippolito of Newmark Knight Frank.

Another NKF team of Scott Klau, Erik Harris and Neil Rubin represented building owner Empire State Realty Trust along with Keith Cody in-house.

“The building’s infrastructure — fully modernized for the 21st century — attracted Fragomen, which was already drawn to the character, convenience and desirability of our Times Square South neighborhood,” said Thomas Durels, head of ESRT’s leasing and operations.

The building is being upgraded from showrooms to office tenants and has already attracted Interpublic Group, Kohl’s, and OnDeck Capital.

 

Source: nypost.com

Saint Lucia has improved its rank from a Medium Quality to a High Quality nationality on the second edition of the Henley & Partners – Kochenov Quality of Nationality Index (QNI), which was unveiled at a major international event in London today.

The QNI is the first index of its kind to objectively rank the value of every nationality of the world in terms of legal status in which to develop your talents and business.

According to Henley & Partners, the shifts in the High Quality category of the index are most significant and are due mainly to the recent Schengen visa liberalization.

Henley & Partners have invested heavily in the index because of its belief in the countries, as well as its desire to continue to present a positive program across the globe.

“What that does for Saint Lucia, is that it improves Saint Lucia’s overall position to potential clients and investors, who are looking to invest outside their home countries, and looking for the power that the passport provides, freedom of movement, quality of life, and opportunities available in Saint Lucia,” says Henley & Partners Member Partner for Saint Lucia, Attorney-at-Law, Mark D. Maragh.

The report also states that as many as 17 nationalities which previously belonged to the Medium Quality tier have improved in value and are now classified as High Quality; St. Lucia being one of those nationalities, rising 22 ranks from 86th to 64th place. This is especially important, as St. Lucia is one of the few islands to host a citizenship-by-investment program (CIP). Head of the CIP in St. Lucia, Nestor Alfred, is referencing this latest global report and St. Lucia’s phenomenal performance as a clear indication of the future success of the country’s CIP programme.

“ Saint Lucia being part of the Citizenship by Investment Programme, sees this report as being very crucial with regard to the next step of the CIP. Saint Lucia being ranked in the High Quality category says a lot, with regard to the QNI’s critical Pillars-Peace and Stability, Economic Strength and Human Development,” explains CEO of the CIP, Nestor Alfred.

Among the other nationalities that have risen to the High Quality tier are Grenada, St. Vincent and the Grenadines, the Commonwealth of Dominica, and Trinidad and Tobago.

The QNI is relevant and of interest to all individuals, and a vital resource for those who are financially independent and wish to enjoy the benefits of alternative citizenship, as it provides assistance in selecting the most valuable second or third nationality.

“For Saint Lucia, the QNI shows prospective investors that Saint Lucia does posses the desired requirements to be part of the our CIP programme. For that, I believe the QNI report is fundamental to our CIP programme,” expressed Alfred.

In light of our struggling economies and the search for alternative routes to direct foreign investment the CIP in St. Lucia, as in other Caribbean Countries has been widely accepted as an ideal pillar for future economic growth and wealth creation for generations to come.

 

Source: stlucianewsonline.com

Antigua and Barbuda’s Prime Minister Gaston Browne has personally donated US$37,000 toward the Barbuda hurricane recovery effort, while Tourism and Energy Minister Asot Michael made a donation in the amount of US$200,000.

Browne announced the news of his financial aid while addressing parliament, saying that he made his donation in the name of his family. Asot Michael made his donation in his mother’s name.

The assistance will be warmly received after Hurricane Irma pummeled the island amounting to roughly US$100 million in damages and an estimated US$200 million in reconstruction, and the death of a child.

Registered as a Category 5 hurricane with winds up to 185 mph and heavy rain, Irma destroyed over 90 percent of the island, according to Browne.

The prime minister has encouraged business owners and the international community to contribute to the rebuilding of Barbuda.

“We are dutiful citizens in our beloved land of Antigua and Barbuda, our homeland for well over a century,” Micheal said, explaining that his family arrived on the Caribbean island after being rejected from Ellis Island in the United States nearly 140 years ago.

Following suit, the Calvine Ayre Foundation has pledged to donate thousands to the Barbuda relief effort in addition to Calvine Ayre’s own personal contribution, according to Carribean News Now.

Around 1,800 Barbudans were evacuated from Barbuda after Hurricane Irma devastated the island.

Browne said they have already activated funding from the Caribbean Catastrophic Insurance fund and are expected to receive US$7 million from it.

He has asked that they advance US$3 million from the fund immediately. Browne said Monday he wants to raise US$10 million in seven days to charter a ship to bring the equipment needed to begin repairs to Barbuda’s electrical grid as soon as possible.

 

Source: telesurtv.net

In his State of the Union speech, European Commission President Juncker has praised the bloc for “bouncing back” after 10 years of crises. He has outlined bold proposals on EU trade, investment migration.

– European Commission Jean-Claude Juncker has endorsed the creation of a Eurozone finance minister and a European monetary fund.

– The Commission chief has ruled out Turkish EU membership “in the foreseeable future.”

– Juncker has called on European states to help improve the “scandalous” conditions in Libyan migrant centers to prevent people fleeing Africa to Italy over the Mediterranean.

 

‘Wind back in Europe’s sails

Last year, European Commission President Jean Claude Juncker had little to cheer about in his flagship address before the European Parliament. If anything, it was a call to stop the collapse EU.

Now, a year on from Brexit and with the economy on the upswing, Wednesday’s speech struck a far more optimistic note, as Juncker praised the bloc’s achievements over the last 12 months and laid out his vision for the bloc’s future.

“After 10 years of crises, economies are on the rise and the European Union is bouncing back” he said. “The wind is back in Europe’s sails, it now has a window of opportunity.”

On strengthening Europe’s trade program, Juncker said that, “Europe has always been an attractive partner to trade with, and now countries from all over the world are knocking on our door. Juncker cited last year’s trade agreement with Canada, CETA, and called on the bloc to conclude talks with Japan and Mexico by 2019. Juncker also said talks should also begin with Australia and New Zealand.

Protecting European businesses

The former Luxembourg prime minister also proposed regulatory reforms aimed at protecting European businesses from undesired foreign takeovers and investment. Under Juncker’s so-called investment screening proposal, any proposed takeover of “strategic EU assets” will be subject to strict criteria that must meet the values of the member state in question. That includes crucial state infrastructure – such as ports or airports – or firms dealing with security technology.

Stemming migration

On migration, Juncker called for increased border security on Europe’s borders. Countries such as Greece and Italy should not bear the burden of protecting their borders, he said, before praising Italy’s perserverence and generosity in its handling of the Meditteranean crisis. “Italy’s saves Europe’s honor,” said Juncker.

However, to stem the flow of migrants Europe must collectively work to improve the “scandalous” conditions for migrants in Libya.

The European Commission would also outline a new migrant deportation policy by the end of the month, and called on states to step up sending back migrants who do not meet refugee protection status.

Eurozone reforms

Key to that vision were proposed reforms Europe’s economic and monetary union, namely the creation of a eurozone finance minister, a eurozone budget and a European monetary fund.

Juncker’s proposal could be music to the ears of French President Emmanuel Macron, who has been pushing for such eurozone reforms aimed at strengthening the currency. However, the proposal will likely be met with tepid reactions in Berlin, which has largely dismissed reform calls for the common currency.

Juncker also said it was the EU’s aim to see all member states, except for those which have already voted against it, adopt the euro currency once they meet the criteria.

A warning Poland and Hungary, a cold shoulder to Turkey

Juncker also addressed Brussels’ recent tensions with Poland and Hungary.

The governments of both countries have taken an illiberal turn in recent years. The Polish government’s decision to push through judicial reform allowing the government to elect Supreme Court judges has led the Commission to threaten invoking “Article 7” of the European Treaty, which would suspend Poland’s EU voting rights and even cut off EU funding.

“Those states who are not capable of democracy, are not worthy of Europe,” Juncker said.

That attack was also aimed at Turkey, which he accused of “creating ground for membership talks to fail” and “moving away from the European Union in leaps and bounds.”

Ankara’s attitude “rules out EU membership for Turkey in the foreseeable future,” the European Commission President said.

 

Source: dw.com

Russia will simplify the procedure for granting the citizenship to foreigners who invested over $10 mln in the economy of Russia’s Far East, Russian President Vladimir Putin said at a plenary session of the Eastern Economic Forum.

“It is planned to ease citizenship rules for foreign investors who will invest ten or more million dollars in Russia’s Far East,” Putin said.

Profits tax benefit to be extended to 19 years

Benefit on profits tax for investment projects larger than 100 bln rubles ($1.74 bln) will be extended from 10 to 19 years, Putin said.

“For large investment projects over 100 bln rubles ($1.74 bln) benefit on profits tax will be extended from 10 to 19 years. We take into account the fact that these are the projects of a long cycle, and those who invest resources should understand how the economy of these projects will be built,” Putin said.

Putin added that investors-residents of the Free Port of Vladivostok priority development area will have a 10-year premium exemption period on insurance payments until 2025.

“For example, any investor who has become a resident of the Free Port of Vladivostok priority development area will have a 10-year grace period for paying insurance premiums until 2025,” Putin said.

This measure, introduced within the framework of actions of the Russian authorities to increase investment attractiveness of the Far East and its competitiveness, offers more favorable conditions for foreign investors who become residents of the Free Port of Vladivostok priority development area, the president noted.

 

Source: tass.com

Former senior private banking executive, Dominique N. Bolli, has been appointed as Head of Henley & Partners’ Government Advisory Practice, which provides assistance and expertise to countries around the world on economic development strategy and the implementation of residence- and citizenship-by-investment programs.

Over the last 20 years, Henley & Partners’ Government Advisory Practice has assisted countries in North America, the Caribbean, Asia, and Europe on the design, implementation and operation of the world’s leading investment migration programs. To date, it has raised more than USD 6 billion in foreign direct investment. These programs are designed to provide a mutually beneficial solution, helping meet the economic development needs of a country as well as the growing movement of global citizens. By offering greater choice, opportunity, freedom and security to wealthy and talented individuals, governments secure much-needed foreign investment which helps drive economic growth, and enrich their own nation by attracting people with proven business success and valuable networks. The programs also assist in improving the visibility and relevance of smaller nations, especially in regions such as the Caribbean, by attracting big international developers and creating other global business opportunities.

Dr. Juerg Steffen, COO of Henley & Partners, says people are more interdependent and mobile than ever before, and the concepts of borders and belonging are changing. “Today, it is progressively more common to be educated abroad and to have roots, footings, connections, residences and even citizenship in more than one country. Governments need to adapt to this changing landscape to remain competitive and attract investment and talent. Wealthy individuals and their families now see alternative residence and citizenship as a valuable and strategic asset allowing them to operate globally, reduce their exposure to external threats, increase their international flexibility and open up new opportunities for growth.”

Dr. Steffen continues, “We have never had so many governments contacting us and asking for advice regarding the design and implementation of investment migration programs. These governments acknowledge that they do not necessarily have the required knowledge, expertise and experience to develop and manage these complex programs, and maximize the positive impact they can have on their county — and that’s where Henley & Partners’ Government Advisory Practice comes in. The practice provides governments with access to the world’s most experienced policy advisors, foreign direct investment specialists and legal experts. We are confident that our appointment of Private Banking industry veteran Dominque Bolli to this very important strategic position will ensure that governments and their citizens are able to fully realize the significant benefits of investment migration programs.”

Mr. Bolli says he considers himself a global citizen, having lived and worked in major cities such as New York, Geneva, and Zurich, and looks forward to assisting others realize the many opportunities and benefits of global mobility. “I am honored to join such a reputable professional industry pioneer and leader. Henley & Partners has a long and impressive track record of designing and implementing the best citizenship and residence programs in the world. They are continuously setting new industry standards when it comes to due diligence and remain at the forefront of innovation and best practice.”

Prior to joining Henley & Partners, Mr. Bolli was a senior private banking executive with over 20 years’ Wealth Management experience at leading global financial institutions such as Coutts & Co. Ltd., UBS, and J.P. Morgan. He holds a Bachelor’s degree from Georgetown University, Washington, D.C., a Certificate of Political Studies from Science Po, Lyon II and completed his studies in Quantitative Portfolio Management at the University of Geneva.

 

About Dominique N. Bolli

Prior to joining Henley & Partners, Dominque N. Bolli was a senior private banking executive with over 20 years’ Wealth Management experience at leading global financial institutions such as Coutts & Co. Ltd., UBS, and J.P. Morgan. He holds a Bachelor’s degree from Georgetown University, Washington, D.C., a Certificate of Political Studies from Science Po, Lyon II and completed his studies in Quantitative Portfolio Management at the University of Geneva.

 

About Henley & Partners

Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals, families and their advisors rely on its expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 25 offices worldwide.

The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom they proudly serve every day.

The firm also runs a leading government advisory practice which has raised more than USD 6 billion in foreign direct investment. The firm has been involved in strategic consulting and the design, set-up and operation of the world’s most successful residence and citizenship programs. henleyglobal.com

 

About the Government Advisory Practice

The Government Advisory Practice provides assistance and expertise to countries around the world on economic development strategy and the implementation of residence- and citizenship-by-investment programs.

Over the years, Henley & Partners has advised many governments on projects ranging from strategic consulting to the design, implementation and operation of investment-related residence and citizenship programs. The firm has been responsible for over USD 6 billion in foreign direct investment.

Notable examples of programs developed in cooperation with Henley & Partners include:

• Switzerland: Mandated in 1997 to design, implement and promote the Swiss Residence Program
• Kitts and Nevis: Mandated in 2006 to revise the St. Kitts and Nevis Citizenship-by-Investment Program and design the new contribution option
• Canada: Involved in the consultations and reform of Canada’s Federal Investor Immigration Program in 2009 and 2010
• Latvia: Involved in the review and design of the country’s investment migration program, which was launched in 2010 and is widely recognized as one of the most advanced and successful residence programs in Europe
• Antigua and Barbuda: Mandated in 2013 to advise on the design, implementation, and administration of the Antigua and Barbuda Citizenship-by-Investment Program
• Malta: Mandated in 2014 to design, implement and promote the Malta Individual Investor Program (MIIP), widely acknowledged as one of the most advanced and successful citizenship programs in the world
• Grenada: Mandated in 2016 to revitalize and enhance the Grenada Citizenship-by-Investment Program
• Thailand: Appointed by the Government of the Kingdom of Thailand in 2017 as global concessionaire of the Thailand residence-by-investment program. The firm also designed and implemented the online government application portal for the program

For more information about the countries, governments and programs that Henley & Partners has been, or continues to be involved with, please visit:
henleyglobal.com/government-advisory-practice/

Following a series of unsubstantiated claims of the sale of diplomatic passports, Grenada’s Minister of International Business, Nickolas Steele, has announced that a public list of diplomatic passport-holders is forthcoming.

During a press briefing yesterday, Steele categorically stated that there is no selling of diplomatic passports in Grenada and that the government was committed to transparency.

“We intend, very shortly, to produce publicly a list of all holders of diplomatic passports, the reason for [their being diplomats] and the title that they hold […] as has been asked by the Houses of Parliament. We intend to fulfill that request, to make it as transparent as possible to the Grenadian people, and the world at large”

Grenada would be the second CIP-country to name its diplomats after Antigua & Barbuda, who published a comprehensive record in July this year, a list that included a number of surprises and raised eyebrows in some quarters.

Update:

A previous version of this article indicated that the names of CIP-citizens would be made available to the general public, based on Minister Steele’s statement saying that, in addition to the list of diplomats, they would be “producing a list of all individuals who have to date received a passport or a citizenship through our Citizenship by Investment Programme”. The government has since clarified and emphasized that this list will only be made available to Parliament. It is Investment Migration Insider’s understanding that the list of diplomatic passport-holders, however, will be available to the general public.

 

Source: imidaily.com

Organisation of Eastern Caribbean States (OECS) members that offer Citizenship by Investment Programmes are examining the possibility of developing standardised legislation regarding the initiative, according to regional media reports.

Dominica’s Prime Minister Roosevelt Skerrit has been quoted by CMC as saying that countries that have already established programmes in the sub region are holding discussions on the initiative.

Saint Lucia is among countries that have implemented  a Citizenship by Investment Programme, under which   foreign investors are granted citizenship in return for making an investment in the socio-economic development of the country.

Dominica, Antigua and Barbuda, Grenada, and St Kitts-Nevis have also instituted programmes of their own.

Just recently, the newly appointed  head of Saint Lucia’s Citizenship by Investment Unit, Nestor Alfred,  expressed the view that a lot of issues surrounding the  controversial Citizenship by Investment Programme may be related to persons not ‘fully’ understanding the programme itself and what it can contribute to Saint Lucia and its development.

 

Source: stluciatimes.com

Finance minister Harris Georgiades said that while the government plans to keep its citizenship by investment scheme in place, it may consider a cap on the number of beneficiaries, already exceeding 1,000 since 2013, Kathimerini reported in its Sunday edition.

“The government has already gone ahead with a substantial revision of the scheme and will not hesitate to go ahead with new adjustment and modification in order to ensure that the scheme will continue, will serve our economy’s needs, will not lead to excesses and will preserve the good reputation of our country,” Georgiades was quoted as saying.

The government may consider regulating more strictly how the private sector advertises the scheme with the introduction of an annual cap on naturalisations of beneficiaries, Kathimerini reported citing Georgiades.

He added that aspects of the scheme were causing concern and that its effectiveness should be monitored.
The latest version of the scheme allows foreign citizens investing at least €2m in Cyprus to apply for a Cypriot passport, reducing the requirement of previous versions which stood at €2.5m, €5m and €12.5m.

 

Source: cyprusbusinessmail.com