Category: News

Klasko Immigration Law Partners announces that H. Ronald Klasko and William A. Stock have been selected for inclusion in The Most Powerful Employment Attorneys Guide for 2017. The 10th annual list — selected by Lawdragon and produced in partnership with Human Resource Executive — was recently published on Lawdragon.com and in HRE’s print magazine. Klasko and Stock were named as two of the 20 top practitioners in the area of immigration law. Selections were based on Lawdragon’s editorial research as well as by submissions from firms and other visitors to Lawdragon.com and HREonline.com.

H. Ronald Klasko is widely recognized by businesses, universities, hospitals, scholars, investors and other lawyers as one of the country’s leading immigration lawyers. A founding member of Klasko Immigration Law Partners, LLP and its Managing Partner, he has practiced immigration law exclusively over three decades. He is a graduate of Lehigh University, he received his law degree from the University of Pennsylvania Law School (1974).

William Stock, of Cherry Hill, has practiced immigration law exclusively for over 20 years and is president of the American Immigration Lawyers Association. He has been listed in Best Lawyers in America every year since 2004 and Chambers Global: The World’s Leading Lawyers for Business every year since 2006. Stock is a co-author of the “J Visa Guidebook” from Lexis Publishing along with numerous immigration law articles. A summa cum laude graduate of the University of St. Thomas in St. Paul, Minnesota, he received his law degree from the University of Minnesota (1993).

 

Source: nj.com

The multi-billion dollar investment migration industry, which sees governments offering visas and citizenship to people in return for investments in local businesses and property, is surfing the crest of a wave.

Having ridden a boom in demand from newly affluent citizens from China and Russia seeking new lives in the West, some in the industry are now warning that the wave could be about to break.

“We are as a group on extraordinarily thin ice, because one bad apple who obtains a second passport or citizenship, who commits a heinous crime despite the vetting that was done, will bring these programs to an absolute collapse,” Peter Vincent, an assistant director general at BORDERPOL, a global borders agency, said in a speech at the Investment Migration Forum in Geneva, Switzerland on Wednesday.

“In this particular environment there’s a great deal of scepticism and paranoia among global counter-terrorism experts, and a deep desire to shut things down before someone gets hurt,” he said.

A sudden crackdown on immigration loopholes in response to a criminal act is not unprecedented. The industry is concerned that it could happen again in the near future, at a stroke crippling the consultants, lawyers and accountants who earn their fees by assisting clients looking to gain a second citizenship.

Dmitry Kochenov, a professor of European law at the University of Gronigen and chairman of the industry’s Investment Migration Council pointed to the shift in passport policy that happened after Italian national Felice Orsini attempted to assassinate Napoleon III at a theatre in Paris in 1858.

Orsini had travelled to France on a UK-issued passport, with the resulting crackdown leading to the shift to the nationality-based passport system in the world today.

“The outcry was such that the whole passport system of the world was changed. This is something that can occur in a week or in a month. If an act of terror were to be committed by someone in one of these programs then all the programs would be ended,” Kochenov told the assembled conference of investment migration specialists.

Napoleon III said at the time that “passports are an embarrassment and an obstacle to the peaceable citizen but utterly powerless” to stop those that wish harm.

The investment migration industry is both large and unregulated. Figures on the size of it are hard to come by. But a source told Business Insider that the program of Cyprus, which requires a €2 million investment in the country in return for citizenship and access to the other 27 European Union countries, earns as much as €4 billion a year, or around 25% of its GDP.

The system works well on the most part. It connects countries that want to boost foreign direct investment with the jet-setting rich who want ease of travel through places like Europe and the USA, or access to better schooling and public services for their families.

When done right, it services a need that is mutually beneficial to both country and consumer.

But, while the IMC has had a Code of Ethics in place for two years, there are no global, binding rules on how the companies that assist clients through the immigration investment process should operate, leading to Vincent to call for companies to come together and make sure they “are doing enough to establish the identity of individuals and their motives.”

“There is a pernicious misconception that your clients operate in secrecy, in shadows, representing shady operations or shady governments,” he said.

As with banking, which has faced tougher anti-money laundering and compliance requirements since the financial crisis, now the investment immigration industry is starting to recognise the need to either self-regulate or accept rules imposed on it.

“I think the same thing is going to happen in this industry,” Kim Marsh, the global head of the immigration practice at Exiger Due Diligence, said in a speech. “Some day someone will dictate to you, perhaps it will be the Financial Action Task Force, and they will say ‘OK, you’re going to have to get a reporting agency.’

“It started with the banks, then came precious stones, real estate and they even threw in lawyers,” he said. “I think eventually it will come. Now have to focus on the regulatory part and get the consistency right through from beginning to end, from the agent who finds the client to the end process.”

The industry also faces a more subtle, but no less dangerous, existential threat. The wave of populist nationalism that carried Donald Trump to US election victory and will take the UK out of the European Union could cut immigration of all types and hamper public support for the programs.

“There is also a, frankly less dramatic worry, among governments and academics that these programs commodify nationality. Certain governments hold nationality extraordinarily close and the view that somehow those passports and that citizenship is somehow being watered down causes them great concern,” Vincent said.

Vincent’s warnings to the industry may be harsh but he is used to hostile environments.

“I spent two and half years in Colombia, where I was in charge of extradition of Colombian war lords, narco kingpins and FARC terrorists. People wanted to kill me,” he said.

 

Source: businessinsider.com

I. Introduction

 

During the last decades, Cyprus has developed as a well-respected international financial and investment centre due to its effective legal system, the low rates on company tax, the efficient administration system and highly skilled workforce.

On the basis of that, Cyprus has laid down rules in its citizenship laws to facilitate the granting of Cypriot citizenship to individuals who invest in Cyprus, which by consequence makes such investors citizens of the European Union and allows them to reside permanently in Cyprus, or even in any other EU member state of their choosing.

II. Alternative Criteria for Investors and Businessmen

As a general rule, citizenship is granted after the fulfilment of a number of criteria vis-à-vis the length of one’s stay in a country. Nevertheless, Article 111A of the Population Archive Law 141(I)/2002 specifically provides that in relation to foreign investors and businessmen, citizenship may be granted even if the mainstream criteria are not met, but rather on alternative criteria that may be set by the Council of Ministers of the Republic through a Regulatory Act.

The Council of Ministers of the Republic has issued such Regulatory Acts over the years, with the most recent being the Regulatory Act dated 13/09/2016 (hereinafter “the Regulatory Act“) which revises the “citizenship by investment” criteria and also includes members of the businessman’s or investor’s families in the scheme of citizenship granting. This Regulatory Act will come into force on the 31st of October, 2016.

Before applying for citizenship, any applicant must compulsorily fulfil the following criteria:

1. They must have a clear criminal record;
2. They must have a permanent private residence in Cyprus of a value of €500,000 plus VAT;
3. The applicant must hold a permit to stay in the Republic at the time of their application for citizenship.

III. The Criteria for Investors

An investor may obtain citizenship, upon an application submitted to the Ministry of Interior and if any one of these criteria is met:

1. First Criterion

The applicant must have made an investment of at least €2 million for the purchase or building of immovable property or the development of new projects in the residential, commercial, tourism or infrastructure sector.

2. Second Criterion

The applicant must have purchased, set up or invested in companies or businesses with their establishment in the Republic of Cyprus and that investment must be of at least €2 million. Such invested capital must be channelled for the funding of investment purposes of such companies/businesses solely in Cyprus, on the basis of an investment plan. Such businesses or companies must have a physical presence in Cyprus with substantial financial activity and an important circle of activities and must employ at least five Cypriot or EU citizens.

3. Third Criterion

They applicant may invest in Alternative Investment Funds (AIF) or financial assets of Cyprus businesses or entities that are licensed by the Cyprus Securities and Exchange Commission (hereinafter “CySec“).

In the case of AIFs the applicant must have bought units of a value of €2 million in AIFs regulated in Cyprus by the CySec and of which the investments are conducted exclusively in Cyprus. Such investments must be kept on for at least three years, the auditor of the AIFs that qualify this specific citizenshipgranting plan shall notify the Ministries of Interior and Finance on an annual basis.

Where the applicant buys assets in Cypriot businesses or entities such a purchase must be of over €2 million and it may include bonds that have been issued after the authorisation of the CySec, for companies with a substantial financial activity in Cyprus and which aim at the funding of investment purposes of those entities/businesses only in Cyprus, and on the basis of an investment plan.

4. Fourth Criterion

It is possible for the applicant to combine the investments in criteria 1-3 above under the condition that the total value of the investment is at least €2 million. Within this context of a combination of investments, the applicant may also buy Government Bonds up to €500,000 from the Department for the Management of Public Deficit of the Ministry of Finance on the condition that such bonds will be kept on for at least three years.

5. Time frame

In all four cases the applicant must have effectuated the relevant investments within the three years preceding the application and the investment must be kept for at least three years following the granting of citizenship.

IV. Criteria for Businessmen

According to paragraph (a) (i) and (ii) of the Regulatory Act, a Director of a company or companies may also apply for citizenship, under the condition that the company fulfils one of the criteria otherwise applied to individual investors. As an additional criterion for the Director, it is necessary that they have a salary for which the income tax exceeds the amount of €100,000 over a period of at least three years and that the relevant taxes have been paid or pre-paid to the Republic.

V. Criteria for Family Members

As per paragraph (b) of the Regulatory Act, it is possible for persons considered to be family members of the applicant investor/businessman who has been granted citizenship to apply for Cypriot citizenship as well.

For the purposes of the Regulatory Act, family members are the following:

1. Spouse;
2. Civil Partner;
3. Parents;
4. Children;
5. Children dependent on the applicant who are over 18 years of age (students and mentally disabled adults).

In the case of spouses and civil partners, the Regulatory Act provides that it is possible for them to apply simultaneously to the investor/businessman, while parents and dependent children over the age of 18 must apply once the investor/businessman has been granted citizenship.

The applicant’s parent must also fulfil a further requirement; he/she must be the owner of a permanent private residence in Cyprus of a market value of at least €500,000 plus VAT, and where both parents apply they must own a private permanent residence of a value of at least €1 million plus VAT.

VI. Application Process

The application is submitted at the Ministry of Interior using a form M127, and copies of all the required documents of proof of the requirements above must be enclosed therein. KPK Legal can effectively provide this service as well as consultation on these matters.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

 

Source: mondaq.com

The preamble reads an “Act to provide for a special deposit account for foreign nationals to remit foreign exchange in to Sri Lanka and for matters connected therewith or incidental thereto.” Once enacted, this statute will be termed ‘Special Deposit Account Act.’ The bill envisages a foreign national who opens and maintains a special deposit account in a commercial bank being eligible to obtain residency visa up to a period of 10 years from the date of opening the Special Deposit Account (SDA) subject to the criteria laid down in the bill. Subject to conditions the spouse and the minor children are also eligible for the residency visas. The Malaysian scheme also grants a 10-year residency visa but could be renewed at the end of the term. The SDA fails to address the issue of renewal on the expiry of the term.

A foreign national in order to obtain the benefit of the residency visa has to deposit a minimum of US$500,000 (approximately Rs. 75 million). Alternatively, an equivalent amount could be deposited in alternative foreign currencies specified in the schedule to the bill; i.e. Australian, Singapore, Canadian dollars, Euro, British pound, Japanese yen or Swiss franc. The Bill has reserved the right of the Minister of Finance by regulation to add any other convertible foreign currency to the above list.

The financial investment criteria in the Malaysian scheme is minimal compared to the requirements in the SDA Bill and is depended upon the age of the participant. While the minimum requirement in Sri Lanka is $800,000 for both main visa holder and spouse, the Malaysian scheme only requires approximately $200,000 and a monthly foreign income of $2500 for a person under 50 years and $75,000 and a monthly foreign pension of $2,500 for a person over 50 years. The spouse and the dependent children below 21 years could also obtain a visa under the Malaysian scheme without any additional investment.

A comparison of the quantum of deposit criteria in the Malaysian scheme reveals that whilst the SDA requires a minimum of $500,000 up front, under the Malaysian scheme an equivalent sum could be spread across 10 years i.e. initial deposit of $200,000 and monthly income of $2,500 during the period of the visa for persons below 50 years. In case of persons over 50 years the Malaysian scheme requires initial deposit of $75,000 and monthly pension income of $2,500 during the period of the visa.

Residency visa issued under this scheme does not permit the account holder to engage in any paid employment unless a working visa is secured under the normal laws similar to the Malaysian scheme.

Minimum investment in SDA

The failure to maintain the minimum amount of $500,000 in the SDA would result in a burden being imposed on the commercial bank to inform the Controller of Immigration and Emigration within seven days after the expiry of the grace period of one month of such account not meeting the minimum balance.

Permissible investments

A foreign national who makes such a deposit into a SDA is not barred from utilizing such amount for investment in Sri Lanka. However, such investments should be carried out within the parameters of the regulations to be issued by the Minister of Finance in future.

The bill is silent as to who should be the authority to monitor that such permitted investments are being carried out in the prescribed manner and to also whom such proof of investment be admitted. The bill stipulates the failure to adduce to the continuance of the investment in the permitted area should be reported to the Controller of Immigration and Emigration by the commercial bank. The practicality of imposing this burden on the commercial bank should be analyzed further in the context of the permissible investments to be regulated. Under the Malaysia scheme permissible investments include investment in stock market, unit trusts or local companies.

Other causes for
cancellation of visa

Death and bankruptcy of the account holder could also be causes for the cancellation of a visa. The bill also contains a subjective and ambiguous provision for cancellation of visa being “the account holder being suspected of treason.” It is significant to note that the cancellation is due to a mere ‘suspicion’ and not ‘conviction’ or ‘charge’. The bill is silent as to whether the suspicion of treason is in the eyes of the Government of Sri Lanka or a foreign government. The interpretation section of the bill does not contain a definition for the word ‘treason’. The word treason is defined in the Oxford dictionary as “the crime of betraying one’s country, especially by attempting to kill or overthrow the sovereign or Government”.

The account holder failing to route foreign exchange utilized for investment purposes through the account is also a reason for cancellation of the visa.

During the period of the visa the SDA should continue to be maintained and the closure of the account is a cause for cancellation of the visa.

Visa for spouse and children

As per the provisions of the bill a spouse of the deposit holder is also eligible for a Residency Visa if an additional $300,000 (Rs.45 million) is deposited in to the same SDA. For a deposit of $800,000 (about Rs.120 million) a deposit holder and spouse will both enjoy visas up to a maximum term of 10 years. However, the validity of the visa of the spouse is conditional upon validity of the visa of the main deposit holder.

As per the bill, upon the death of the main deposit holder, the spouse stands to lose the residency visa. However, one should appreciate that if the wife is the heir to the wealth of the husband upon his demise including the sum in the special deposit account, there is no logic for depriving the residency visa to the wife for the balance period. Perhaps this aspect warrants a revisit by the policy makers to add an additional condition for the wife to enjoy the residency visa for the balance period subject to conditions.

Minor children (below 18 years) of the foreign national unlike in the case of the spouse are entitled for residency visa without any additional deposit. However, such a minor child reaching the age of 18 stands to lose the residency visa. Similar to the case of the spouse, a minor child’s resident visa is also conditional upon the validity of the visa of the main participant.

Medical certificate and insurance

In addition to financial requirements, the Malaysian scheme requires participants/spouse and minor children to forward medical certificates and be covered with medical insurance during the stay subject to exceptions. It is recommended the SDA should also encompass a medical requirement for issuance of residency visa.

Tax benefit to the deposit holder

A salient feature of the bill is that a deposit holder is free from any tax or any other levies with regard to the foreign sourced income (derived from outside Sri Lanka). The bill also extends the tax free status on the “interest on income accrued or capital in the account.” The bill has reserved the right to the Central Bank to impose an administrative or operational levy on the deposit holder.

A significant point that requires the attention of the policy maker is that the income tax free status has been granted under the provision of the Inland Revenue Act No 10 of 2006 which is currently in operation. However, a brand new Inland Revenue Act (IRA) led by the International Monetary Fund (IMF) is in the pipeline and the draft of the proposed IRA prohibits granting of any income tax exemption from any other statute other than under the contemplated IRA. Hence if the aforesaid income tax release stipulated in the SDA is to be effective, it must be entrenched in the provisions of the proposed new IRA. On the other hand, this barrier could be overcome by the policymakers by enacting the SDA in Parliament prior to the commencement of the new income tax regime.

In addition to the foreign source income being free from income tax in the Malaysian law, a participant is allowed to import a personal motor vehicle sans any duty (under Malaysia scheme).

Dual citizens

A ‘foreign national’ has been defined to include a dual citizen as well. As such a dual citizen has the opportunity of remitting the stipulated sum of $500,000 and enjoy the tax benefit as specified in the SDA, if a similar benefit is not available for a ‘resident’ in the new IRA.

Existing Resident Guest
Scheme Visa

At present, Sri Lanka also has a ‘Resident Guest Scheme Visa’ in operation. This was introduced for prospective investors and professionals who would contribute to the economic and socio cultural development of Sri Lanka.

Under the investor category, any foreign national may obtain a residency visa but for a period of five years on investment of $250,000 which should be deposited in a special account in any commercial bank. A further sum of $35,000 should be deposited for each dependent accompanying the investor. Funds remitted should be invested in an approved project such as new ventures subject to BOI approval, existing or new companies subject to relevant authority approvals and listed shares.

A professional may obtain the residency visa on remitting $2,000 per month for him and $1,000 per month for each dependent, including spouse for living expenses.

One stop shop

‘Malaysia My Second Home’ scheme is set up under the Ministry of Tourism. However, as per the bill the Sri Lankan scheme is under the preview of the Minister of Finance. Perhaps it is more efficient for the scheme to be promoted by the ministry in charge of tourism rather than by the Ministry of Finance.

A ‘one stop shop centre’, affording much convenience to the applicants could be created if the visa issuance process under the scheme is also to be under the supervision of the Ministry of Tourism.

 

Source: sundaytimes.lk

In this article I propose to provide a visual summary of the difference between the E-2 work visa and the EB5 green card to explain why the E-2 visa may be a better choice for you as an investor immigrant. (For those unfamiliar with these immigration options, see my previous article here and requirements here  for the E-2 visa. See my previous article here and the requirements here for the EB-5 program.)

 

 

What if you are a citizen of a country that does not have an investment treaty with the United States to make you eligible to apply for a E-2 work visa? What if you live in countries like China, Nigeria, Lebanon, Saudi Arabia, Dubai, UAE, Iraq, Syria or Afghanistan? What can you do? You can consider applying for Citizenship by Investment in Grenada, a country in the Caribbean that could help you because it has an investment treaty with the U.S. You could qualify for an E-2 visa indirectly through that country.

 

Visual summary of benefit of Grenada Citizenship by Investment Option for Investors from non-treaty countries:

Let’s consider China as a typical example.

Fact one:

Chinese citizen -> Three years + more wait, for EB-5 -> USA permanent residence.

Fact two:

Chinese citizen -> EB-5 Status = Tax on worldwide income

Fact three:

Chinese citizen -> CANNOT get an E-2 visa -> USA (No treaty).

 

Andy J. Semotiuk ,  CONTRIBUTOR

Source: forbes.com

Real estate experts in the EB-5 visa field strongly believe new legislation governing the controversial immigration program that rewards foreign investors with permanent U.S. residency will pass by the end of September.

“Either Congress will pass a new EB-5 law, which will be the best news,” said H. Ronald Klasko. “Or the U.S. Citizenship and Immigration Service will pass regulation that will have a significant impact on the EB-5 program.”

Klasko, who heads Klasko Immigration Law Partners, moderated a panel on Friday during an Arnstein & Lehr EB-5 Seminar at the JW Marriott Miami that included Walter M. “Marty” Cummins Jr., president of Florida EB-5 Investments, LLC; Reid Thomas, a senior vice-president for NES Financial Services; Kamyar Amiri-Davani, co-founder of EB5 Investors Magazine; and Arnstein partner Ronald R. Fieldstone.

The panelists shared Klasko’s view that Congress will approve new rules and regulations for the EB-5 program after the current law governing it has been extended six times in the past three years. Lawmakers have struggled to agree on a multitude of measures meant to reform two EB-5 visas are issued.

Cummins said a bill proposed by Sen. John Cornyn, an EB-5 supporter, has the backing of the entire EB-5 industry, which had been having a difficult time coalescing behind one single piece of proposed legislation.

“We have been on the defense now for three years even though the EB-5 program has been great for the economy,” Cummins said. “The Cornyn bill is a good start.”

Currently, foreign investors can obtain green cards for themselves and immediate family members by providing $1 million in funding to U.S. development projects that produce 10 direct or indirect jobs. The investment threshold drops to $500,000 if investors put money into projects located in a targeted employment area, which are usually in rural locations or places with high unemployment.

Despite success stories revolving around EB-5 funded projects, the program has been dogged by incidents of fraud over the years and criticisms from some Republican lawmakers like Sen. Chuck Grassley, who has sponsored legislation that industry leaders claim would have a devastating effect on places like New York City and South Florida courting foreign investors.

In Miami, signature projects Jeff Berkowitz’s SkyRise Miami are Paramount Miami Worldcenter pursuing EB-5 investors. Dozens of smaller projects such as office buildings and hotels by Riviera Point Development Group have also counted on EB-5 investors for financing.

Klasko said Cornyn’s bill would increase the number of investors who qualify for EB-5 visas by excluding visas given to spouses and children from an annual cap of 10,000 visas U.S. Citizenship and Immigration Services can issue. The proposed legislation would also raise the minimum investment in a targeted employment area to $800,000, but lower the minimum for non-targeted employment areas to $925,000.

“The entire EB-5 industry has aligned with Sen. Cornyn,” Klasko said. “Everybody is aligned behind one bill.”

 

Source: therealdeal.com

A growing group of South Africans are increasingly eyeing obtaining the UK’s £200 000 Tier 1 Entrepreneur Visa as political and economic woes continue to pummel their homeland. This is according to Gary Kockott, Managing Director for SA at Sable International, who says he’s seen an uptick in local demand for the visa. The visa offers a way for entrepreneurs to invest their way to citizenship in the UK for themselves and their families. – Gareth van Zyl.

This podcast is brought to you by Sable International. I’m speaking to Gary Kockott, Sable International’s Managing Director.

Gary, SA is going through a turbulent time at the moment. Have you noticed an increase in clients coming to Sable International to enquire and seek UK business visas?

Absolutely. I think there’s a lot of individuals who are disillusioned at where we will be in the next few years. I think that with the rampant corruption, state capture, further downgrades, and our imminent recession, people are very disillusioned. So we’ve seen a big increase in client interest.

Can you tell me about the UK Tier 1 Entrepreneur Visa Investment Program that Sable International offers?

Yes. It’s a bespoke UK citizenship by investment program where, through a £200 000 investment into the UK, you can obtain UK residency for you and your family and ultimately citizenship – if all the requirements are met. In short, we match investor skills and experience with a range of pre-approved business investment opportunities whilst meeting the UK Tier 1 (Entrepreneur) visa qualifying criteria.

You said it costs about £200 000.

Yes. That’s the capital investment you have to make into either a new or an existing UK business.

How long is the visa valid for? You can basically qualify for UK citizenship afterwards, so can your whole family then also qualify for that?

Yes, absolutely. You can take your entire family, as long as they are dependents, with you. Your initial visa is granted for 3 years and 2 months, at which stage you would extend. If you meet those requirements, that extension is to 5 years. You then get indefinite leave to remain and once you’ve been a permanent resident for 5 years and you’ve held your indefinite leave to remain for 12 months, you’re able to apply for citizenship.

You said that Sable International matches up the applicants with businesses. Can you tell us a little bit more about how that process works?

We’ve partnered with a private equity firm and they specialise in obtaining foreign direct investment into the UK. They have a number of businesses – investee businesses – that are actively seeking foreign direct investment. What we then do (together with our partners) is we match an individual’s skills and their experience with those businesses’ needs, because you have to match your skills with the business in order to qualify for the visa.

How easy or difficult is it to get this visa compared to other, similar European visas, for example?

My recommendation would be to use a skilled immigration advisor. You do have to jump through some hoops in order to achieve it as it’s not straightforward. You have to apply a genuine test etc., but if you meet the capital amount and you’ve got a decent advisor, you’ll be able to get your visa.

What is the rationale from the UK side to dole out visas like this? What is their main motivation behind it?

They’re looking for foreign direct investment into the United Kingdom, so they have a number of different Tier 1 investor visas, of which the entrepreneur visa is one of them.

Is this one way in which the UK brings in a lot of foreign expertise, despite the advent of Brexit?

Absolutely, they’re bringing in the investment and they’re bringing in the skills.

What has the reception been like from South African citizens?

The interest has been big. This visa has been around for quite some time, since 2008, but in the last few months the last 8 or 9 months, given our political climate and our economic instability, there’s been a huge increase in interest across all our visa categories. Generally, people are looking to emigrate.

Can you maybe tell me about some of your other visa categories as well then?

Obviously within the Tier 1 category there’s the entrepreneur visa, there’s also the investment visa or the investor visa, that’s more of a passive opportunity where you invest £2m into the UK, that’s  into a UK bank account  which you then  invest into UK government bonds loan capital or share capital and you are able to go over. The visa is granted for 5 years and you are able to go, live and work in the UK with your family. Then, there are a whole bunch of other categories. e.g. Married partner visas, ancestry visas, and other types of immigration visas.

For our readers or listeners out there, who are interested in obtaining one of these visas, what kind of advice would you give them, just in terms of going about this process?

Well, all of these services you can do yourself but my recommendation is if you are serious about emigrating, you get the right advice. Whether it’s through us or through other emigration advisors.  getting the right advice of which category to go through and how to achieve it is the best way forward.

Once an applicant is through to the other side in the UK, do you at Sable International still keep in touch with them? How does that work?

Absolutely, so we assist throughout the process. When we do the entrepreneur visa for example, as far as we’re concerned we’re in the process with you for the 6 years, until you get your citizenship. So we’re able to advise you, do all your extensions for you, we’ll ensure that you meet the various requirements in obtaining those extensions so that you’ll eventually get your citizenship.

Gary, and just looking at this year so far, can you maybe give me numbers on how many people have approached you to date or how many you’re expecting to approach you regarding business visas for the UK?

Yes, I’m probably getting between 5 and 10 interested clients a week but it’s a long sale cycle, the individuals take a bit of time to make the decision. It’s a very big decision, emigrating, a lot of these guys are having to sell up their assets, if they’re emigrating permanently because of the fee of £200 000, which is about R3.5m in today’s money, so a lot of people are selling up in order to do that. the interest is massive and it’s also massive in terms of individuals looking to take their wealth offshore, and looking for second citizenships.

Talking about second citizenships, so once you’ve perhaps got one of these visas and you get UK citizenship ultimately, can you still hang onto your South African citizenship then? How does that process work?

Yes, as long as you do it in the right manner, so you have to notify the South African government that you’re applying for UK citizenship. We (South Africans) are allowed to hold dual citizenship, so you certainly are able to keep your South African citizenship and take on the UK citizenship, as long as you go through the right process beforehand, before you make the application.

Gary, and looking at visas like this. Is it a key strategy of Sable International’s? How does this fit into your broader business strategy?

Absolutely, we assist individuals who want to internationalise themselves, their wealth, or their businesses, so we’re constantly looking at ways in which we can assist individuals, who are looking to get second citizenships or emigrate or move, particularly to the United Kingdom or Australia. Putting together this program was just one of those bespoke options in being able to assist our clients better.

Gary, it’s been an absolute pleasure talking to you today. Thanks very much for giving us more information on this.

Not a problem. Thanks very much, Gareth, I appreciate your time.

Great thank you. This podcast was brought to you by Sable International.

 

Source: biznews.com

Saint Lucia will be well represented at the Investment Migration Forum in Geneva, Switzerland from June 5th to June 7th.

Prime Minister Honourable Allen Chastanet will attend the event, after spending a few days in London, along with members of the Citizenship by Investment Unit.

The event is the world’s premier independent forum on the subject of citizenship-by-investment and investor migration.

The Geneva event, organized by the Investment Migration Council (IMC), attracts renowned academics, government officials, representatives of international organisations, as well as the world’s leading professionals dealing with investor migration and citizenship.

The event is an opportunity for senior level representatives of the global migration industry, academics, migration agents, migration law firms, wealth managers, UHNWI’s, government representatives, international organisations to form partnerships and improve visibility.

In the Prime Minister’s absence Minister for Agriculture, Fisheries, Physical Planning, Natural Resources and Co-operatives Honourable Ezechiel Joseph will serve as Acting Prime Minister.

 

Source: stlucianewsonline.com

Great participation and intense interest by the audience followed the one day forum on the Greek Golden Visa Program co-organized by Enterprise Greece (www.enterprisegreece.gov.gr) and the Investment Migration Council (https://investmentmigration.org), on Monday, May 29 in Athens, Greece.  The event was attended by more than 350 executives from the real estate market, the banking and the broader business sector, as well as by representatives of law firms active in the Program.

The event was welcomed by the Deputy Minister of Economy and Development, Mr. Stergios Pitsiorlas, and the Deputy Minister of Immigration Policy, Mr. Ioannis Balafas. Addressing the audience, Mr. Pitsiorlas pointed out that the Greek program is a major development option for the country and expresses, like the corresponding European programs, the need for Europe to remain an open society with a high level of security and democracy.

In his speech, Mr Balafas highlighted the program’s growth outlook and its significant potential to increase the level of Foreign Direct Investment in the country. He pointed out that the Ministry of Migration Policy is dedicated to taking quick decisions and facilitating the necessary procedures in order to assist investors and avoid administrative delays.

Mr. Stannard, Managing Director of Hudson Troy, then presented an analytical overview and a comparative analysis of the European investment immigration programs, and in particular, the programs of Latvia, Portugal, Spain, Hungary, Cyprus, Malta, the United Kingdom and Austria. The presentation was focused on the investment options they offer, and their strengths and weaknesses. In relation to Greece, the important point that was mentioned is that the Greek program ranks first offering the most competitive entry level fee (250,000 Euros).

Mrs. Nadine Goldfoot, a member of the Investment Migration Council’s Advisory Committee followed, and she referred to the different models of investment immigration programs that have been developed internationally, underlining that simplicity is the key word for an attractive program.

The first part of the event closed with an intervention by Dr. Juerg Stefen, Group Chief Operating Officer of Henley & Partners. Dr Stefen identified in detail the factors that affect the success of a program, focusing on features like the investment options available, the incentives offered to international agents to promote it effectively, the international positioning of the country and its attractiveness as a destination.

The second part of the forum included a panel discussion moderated by Bruno L’ecuyer, CEO of the Investment Migration Council. From the Greek side, Athanasios Vitsentzatos, Rapporteur / Legal Migration Expert of the Ministry of Migration Policy and Dr. Angela Michalopoulou, Director General for Investments at Enterprise Greece, participated and presented the Greek Program in detail.

Mr. Vitsenzatos referred to the program’s advantages, focusing mainly on the non-mandatory presence of the investor in the country, the permanent character of the residence permit, provided that the investor keeps ownership of the property, the extension of the program to family members (ascendants and descendants), as well as the prospects offered for developing additional business initiatives that will provide the opportunity to gain residence permit for investment activity (the second option of the program).

In her intervention, Dr. Michalopoulou presented the promotion activities that Enterprise Greece launched and implemented for the program since its commencement. She referred to the presence of Enterprise Greece in targeted international investment immigration fairs, the organization of customized investment seminars aiming to highlight the program’s benefits and provisions, and finally to the publication of promotional material in five different languages.

In conclusion, based on the latest available statistics from the Greek Ministry of Migration Policy (April 30, 2017), the Greek Golden Visa program is showing an increasing trend with 1,684 residence permits issued for property owners and  4.095 for family members. In terms of approval for the GR Golden visa, China ranks first with 701 licenses for property owners and 1,693 for family members, followed by Russia with 357 and 751 respectively, while Egypt ranks third with 84 owners and 191 family members. The presence of Turkey is notable, as there has been an increase of 50% from the end of February to the end of April.

 

Source: hellenicnews.com

A unique Canadian business immigration program opened for new applications on May 29. The Quebec Immigrant Investor Program (QIIP) offers international investors the opportunity to obtain permanent resident status in Canada by making a risk-free $800,000 CAD investment that is guaranteed by a Quebec government entity.

The QIIP is Canada’s only passive investor immigration program, and the program offers a number of other advantages. Certain other Canadian business immigration programs, as well as many programs internationally, such as the EB-5 program in the United States, require individuals to create a certain quota of jobs within a specified timeframe.

The QIIP, on the other hand, has no such requirement. Moreover, it also offers Canadian permanent resident status upon initial landing, with no interim status on a work permit. The applicant’s immediate family members may also be included on the application and obtain Canadian permanent residence, enjoying all the benefits that this status bestows, including universal health care and access to world-class education.

Further, the QIIP is a route not just to Canadian permanent resident status, but also to Canadian citizenship and the right to a Canadian passport.

Up to 1,900 applications will be accepted for processing during the current intake period, which is scheduled to run until February 23, 2018. A maximum of 1,330 of these applications will be accepted from foreign nationals from the People’s Republic of China, including the administrative regions of Hong Kong and Macao.

Though French proficiency is not required, applicants with an advanced intermediate proficiency in French are not subject to the intake cap and may submit an application at any time. Moreover, their applications are given priority processing.

The investment

The investment of CAD $800,000 is submitted through an approved financial intermediary (broker or trust company). This investment can be paid by the applicant, though brokers and trust companies also offer the possibility of financing the investment, which is guaranteed by a government of Quebec entity and returned in full after five years.

QIIP Requirements

• Minimum net worth

Applicants must have, alone or with an accompanying spouse or common-law partner, net assets of at least $1,600,000 CAN obtained legally, excluding the amounts received by donation less than six months before the date on which the application was filed. Assets such as property, bank accounts, pension funds, stocks, and shares may be included.

• Investment

Applicants must intend to settle in Quebec and sign an investment agreement agreeing to invest $800,000 CAD with an approved financial intermediary. The investment can be financed by a financial intermediary.

• Management experience

Applicants must have acquired a minimum of two years’ management experience in the past five years. The experience is not limited to commercial activities; it can also be gained at an international agency, department or government agency.

“Quebec offers something unique in the Canadian business immigration landscape, where investors may take a less hands-on approach to business. Indeed, the program may also be considered exceptional among international investor immigration programs,” says Attorney David Cohen.

“Based on previous application cycles, it is entirely possible that the QIIP intake cap may be reached before the scheduled end date next February. Therefore, I encourage potential applicants to take some initial steps, such as working with an eligible financial intermediary and proving net worth, as soon as possible. By doing so, potential applicants may have the greatest chance of success.”

 

Source: cicnews.com