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The recent credit downgrades by Fitch and Standard & Poor’s ratings agencies, and the potential effects of junk status, has wealthy South Africans seriously reviewing the available options for diversifying their personal interests and investment assets beyond the country’s borders.

“We’ve certainly noticed an increase in local enquiries in the last couple of weeks,” said Nigel Barnes, managing partner at citizenship planning consultancy, Henley & Partners.

“I think that concerns over the future growth and development of South Africa, and uncertainty about the sustainability of sectors, such as education, is finally driving South Africans to assess their alternatives in earnest.

“In short, they are now acting on their concerns, rather than just voicing them among family and friends.”

Citing Intergate Immigration consultancy, TimesLive earlier this month reported that inquiries about emigration shot up by 250% the day after president Jacob Zuma’s cabinet reshuffle announcement.

“There’s a definite increase in people that are leaving. Profoundly, in the last two to three weeks. The day after the reshuffle our inquiries went up by 250%.”

According to Barnes, the current trends are really just an uptick on what has been a steadily growing local interest in investment migration over the last few years.

He pointed out that it was this rising demand for alternative citizenship that prompted Henley & Partners to launch a regional branch in SA towards the end of 2016.

Barnes said that, of late, there has been a particularly significant increase in enquiries from High Net Worth Individuals (HNWIs) from other African countries.

“This is hardly remarkable given that the continent’s citizens are, on the whole, the most restricted in the world when it comes to movement,” he said.

Where are they going?

Of the several international investment-migration options currently endorsed by Henley & Partners, the Malta Individual Investor Program (MIIP) is the most successful of its kind in the world, and one of the most popular with South Africans, said Barnes.

A Maltese passport offers its holder the right of settlement in all 28 EU countries as well as
Switzerland.

“For those seeking European citizenship that can be passed down unlimited family generations (even dependent parents aged 65 and older may be included in the application), this is a very attractive programme – and the only one of its kind to be sanctioned by the EU.”

The citizenship-by- investment programmes offered by some of the island nations in the Caribbean, which are among the most competitive in the world, have no residence or visitation requirements at all, Barnes said.

According to Henley & Partners, a St Lucian passport can be obtained from as little as US$100,000, and it grants visa-free access to 127 countries, including the EU’s Schengen area, the UK, Singapore and Hong Kong.

Grenadian citizenship, meanwhile, requires a capital outlay of between US$200,000 and US$350,000 (property investment), and offers unrestricted access to 124 countries, including the UK, the Schengen area, Brazil, China and other key markets.

The country also holds an E-2 Investor Visa treaty with the US, allowing citizens to be eligible to apply for a non-immigrant visa.

“Neither programme has any residency or visitation requirements, and processing for either passport can take less than four months. And, as with Malta, citizenship is transferable by descent,” said Barnes.

 

Source: businesstech.co.za

Prime Minister of St. Kitts and Nevis Timothy Harris is confident that that the revamped Citizenship By Investment (CBI) program can protect it from criminally obtained money to obtain citizenship and is willing to sacrifice profitability in the program In order to ensure security in the process.

Dr. Harris responded to questions that tainted money had been used by Ren Biao to obtain a St. Kitts and Nevis Passport.

The Prime Minister said the improved due diligence now in the CBI allows for greater security to the program.

“Somebody who has matters before the court, somebody who has families in countries that are prohibited or considered pariahs in the world, those persons would be flagged and our risk based assessment would ensure that by and large unless they can surpass the relevant requirements that would flow through that those persons would not make the grade in terms of being able to access our citizenship,” he said.

Dr. Harris stated that by going through the layers of due diligence ensures that those who will receive citizenship are individuals that have no malicious intent.

“We are subjecting every applicant to almost four to five different layers of due diligence and support and when we get that again, the risk based system that we used that would allow us then to make a judgement whether to approve or deny, and then we have built in our system that at regular intervals, we will do a look back to see what has happened then and then take the requisite action,” he said.

The Prime Minister added that he was content to see the program sacrifice some profitability  for increased security measures.

“In my view security must always triumph. We will not let ill-gotten gains be the determinant in terms of our policy prescription. I want to make the point that St Kitts and Nevis will never be under Team Unity a haven for criminals, we do not want them in our programme. We wish they were not part of our citizenry, the reality is that when they become citizens we have to deal with that reality and they form the pool of citizens, some who are well minded and some who are not so well committed to the patriotic good,” he declared.

The Prime Minister further described some of the vetting procedures that take place under the program.

“In our vetting process we look to see if these are politically exposed persons. Politically exposed persons are people with political contacts and relationships and generally they get a less favourable score when you are dealing with financial institutions,” he said, adding that the country the applicant is from is also a consideration.

“If they are from high risk countries such as Iran and North Korea, countries that are described as state sponsors of terrorism all these are matters that we take into account. We do a broad check of media and criminal databases, sanctions list…and make a determination whether they are serious or pending legal regulatory or political matters that would require consideration,” he said.

Dr. Harris stated that it was a complex business and that the government is looking to resolve the issues as best as possible.

“We are looking at making some changes in relation to that particular legal framework to ensure that when people get money put in escrow for the Citizenship by Investment programme it is only used for the particular purpose among clients offer different purposes to the extent we can through legal requirements and legislation to ensure that we safeguard people’s money so that the integrity of the programme do not become undermined as a result of the inaction or adverse action of those who are service providers or fall in any other category under the program,” he said.

He added that he is hopeful the time will come when the Federation could become more self-sufficient and  less reliant in the CBI.

“I hope the time will come in the not too distant future where we can as a people reach that level of development that we can easily exit from this program,” he stated.

Dr. Harris added that although it has brought significant benefits to St. Kitts and Nevis the evolving market place means that there are significant downsides.

“We have to go back again to strengthen our tourism sector, our agricultural sector, our manufacturing sector, our education sector in terms of our ability to bring more of the kinds of institutions we have here,” he said.

 

Source: thestkittsnevisobserver.com

A report published by Forbes – a leading global media company – states that Chinese investors are turning to the US L1 visa to extend their stay in America. The report comes amid increasing uncertainty over the future of the EB5 green card program.

According to Forbes, the controversial EB5 immigrant investor scheme is ‘losing its appeal’ among Chinese investors. This has been attributed to a waiting list that spans several years, the possibility of the minimum investment threshold being increased, and the growing concerns about the program – including a rise in the number of fraud cases.

The family of Jared Kushner the son-in-law of Donald Trump and a top adviser to Trump has come under fire for trying to use their connections to the White House to promote the EB5 green card scheme in China. This has added to the controversy over the EB5 immigrant investor scheme.  More recently the Kushner family has said that they will be taking less of a role in promoting the EB5 immigrant investor scheme in China.

As a result, wealthy Chinese investors are opting for the L1A visa for managers and executives for entry to the US. The L1A non-immigrant US visa enables companies to transfer key personnel or company founders to oversee business operations, for up to seven years.  Chinese nationals are unable to come under the E2 Visa or E1 Visa which otherwise might also be considered instead as a US visa route.

The largest international real estate portal in China, Juwai.com, is understood to host three to four visa-related events every month, according to the Forbes report. The portal’s CEO, Charles Pittar, revealed that when the US L1 visa is explained to Chinese investors almost one-third of EB5 applicants then decide to apply for it instead.  There are also other much cheaper green card visa routes such as the EB1C for international managers and executives.

Pittar said: “What Chinese investors want is the path with least resistance – meaning minimal uncertainty, the shortest timeframe and the lowest cost possible.”

EB5 Immigrant Investor Green Card program may become less popular

Introduced in 1990, the EB5 program, which essentially enables wealthy foreign entrepreneurs to pay for a US green card, has generated billions of dollars in investment. According to the USCIS, since 2012, the program has generated $8.7 billion dollars’ worth of investment, and created 35,150 jobs.

Real estate developers consider the program to be an ‘easy source of funding’, but the scheme’s popularity has led to an increasing number of problems, most notably, an extensive waiting list. 10,000 US greens cards are issued every year via the EB5 program, which is subject to quotas by country.   However, because of the way the quota system operates in reality most of the EB5 visas go to Chinese nationals.

With 90% of EB5 applications arriving from China, there’s now an eight year waiting list for Chinese nationals hoping to secure an EB5 visa. Regulatory uncertainty has shrouded the program in recent weeks. Over the past two years, lawmakers have kept the EB5 scheme running via temporary extensions amid talks to increase the minimum investment amount.

In January, the US Department of Homeland Security put forward proposals with a view to increasing the minimum investment amount to $1.3 million for areas in the US with high unemployment rates (up from the current investment of $500,000). Meanwhile, for all other areas, investors would have to part with $1.8 million, up from $1 million.

It’s not clear if the minimum investment thresholds will come into force, with Congress currently caught up in other issues, the EB5 program does not top their priority list. However, the increasing uncertainty has made the scheme far less appealing for potential Chinese investors.  Congress it has to be said has had difficulty agreeing on significant changes to US visa law.

Add to all this, a requirement for investors to provide proof of funds, wealthy Chinese entrepreneurs are further deterred from using the program. The Forbes report says that investors are turning to other US visas because the paperwork is ‘less strict than that of the EB-5, while decisions on visas are much quicker and far easier to predict.’

Other immigrant and non-immigrant US Visa options for the rich

With the future of the EB-5 program under scrutiny, there’s a negative feeling around it in China. One commentator said: “It’s partly because of the uncertainty of what will happen to the program. There’s no real certainty or security and some projects have failed. Some have been outright fraud.”

Meanwhile, the Forbes report suggests that the L1 visa is a much more attractive proposition for Chinese investors. With no language or education requirement and no quota to contend with, an L1 visa can be acquired within one or two months in many cases.

The L1 visa restricts an investor’s stay in the US to seven years.  The good news is that many foreign entrepreneurs can make an application for another US visa, such as the EB1C green card visa for multinational managers and executives within two years of entry to the US.

Meanwhile, US green cards among wealthy Chinese investors are decreasing in popularity. Reaz Jafri, partner at Withers, a wealth management firm told Forbes: “Green cards are expensive and most billionaires don’t want to expose themselves to estate taxes and worldwide income.”

It’s widely known that the US is one of only a handful of countries to tax its citizens on worldwide income. US Green Card holders are treated in a similar way to US citizens for tax purposes.  A recent list compiled by Nomad Capitalist and published by Bloomberg, ranked 199 nations based on their ‘value of citizenship’.

The chart took into consideration, factors such as visa-free travel options, taxes levied on citizens living overseas, the flexibility to hold multiple passports and various other criteria. The US tied with Slovenia in the rankings – in 35^th place – mainly due to its worldwide taxation system.

Aside from the L1 visa, rich foreign investors turn to another sub-category of the EB1 visa, which is issued to overseas nationals with ‘extraordinary ability.’ According to Jafri, a ‘millionaire or billionaire who has successfully started a company in the US and made it public, becomes eligible for such a visa because of their business accomplishments.’   You can also be eligible for this visa right away based on your accomplishments outside the US.

Despite the declining popularity of the EB5 program, the US remains an attractive investment opportunity for foreign entrepreneurs. Jafri said: “For certain types of people, the US is still seen as a bargain, a place where you can acquire hard assets and make investments with no risk of appropriation by the government. They’re pretty comfortable bringing money over.”

 

Source: workpermit.com

There is no doubt that Singapore has been attracting companies and firms from across the globe, given its relatively free economy. In 2016, the World Bank ranked Singapore second in the ease of doing business, further cementing its position as a global hub for firms.

This has led to the steep rise in the interest and uptake of investor migration programs in Singapore not just for its citizens but also for the wealthy expat community that are residents in Singapore.

In this exclusive interview with Singapore Business Review, Henley & Partners head of Southeast Asia Dominic Volek discussed how wealth and investment migration is fast changing not just in Singapore but in other countries.

SBR: How has the trend of wealth and investment migration changed, especially in Singapore?

In an unsettled, ever-changing world, acquiring an alternative residence or citizenship is increasingly being seen as the most worthwhile investment you can make as it reduces your exposure to risk, secures your families future and opens up new opportunities for you and your business.

Increasingly popular worldwide, citizenship-by-investment programs provide a mutually beneficial solution for a growing movement of global citizens as well as governments seeking to drive economic growth. By offering greater choice, opportunity, freedom and security to talented and wealthy individuals from other countries, governments in turn secure much-needed foreign investment and enrich their own citizens by attracting people with proven business success and valuable networks.

In Singapore, the interest and uptake of investor migration programs is on a steep rise – not for Singaporean citizens themselves as dual citizenship is not permitted and strongly enforced – but for the wealthy expat community that are resident in Singapore including Russian, Indian and Chinese nationals amongst others who are driven by the desire for better travel freedom which an alternative citizenship can provide. We are also seeing unprecedented levels of interest from Korean, Japanese and US nationals who, although they have very good passports from a travel-ability perspective, are seeking alternative citizenship and residence in more tax efficient jurisdictions.

SBR: Aside from its strategic location and business-friendly regulations, what do you think are the reasons why firms decide to set up shop in Singapore?

Of course, from a geographical perspective, Singapore is ideally situated with excellent and easy access to some 650 million people all within a two to three-hour flight.

With efficient regulatory processes, political stability, strong credit rating and very well-educated and English speaking residents – Singapore represent an attractive proposition for ‘setting up shop’. General living conditions are also extremely favourable with a good climate, strong economy, safety, efficiency and reliable public transport.

As an International Finance Centre (IFC), Singapore will undoubtedly continue to play an important role in global finance markets and therefore continue to attract businesses. Although, in order to remain relevant and given the changes in global compliance requirements such as the Common Reporting Standard, the future of Singapore as an IFC will very much depend on its ability to refine its value proposition amid the changing regulatory environment – something that Singapore has historically managed to do quite well.

SBR: On a global scale, where do you think do most people prefer to put up their investments?

The Malta Individual Investor Programme is the most popular European investment migration program, and offers citizenship in an EU member state that is stable, neutral and highly respected. The application process includes the world’s strictest due diligence standards and vetting of applicants. It is also the most successful program globally, securing more than EUR 1 billion in new capital for Malta within the first 18 months of operation. Maltese citizenship provides an individual with the right to live, work and study in any of the 28 EU countries and Switzerland; visa-free travel to 167 countries, including Canada, the US and Australia; and it is an attractive place to live or own a second home, being strategically located with excellent air links.

From a business and investment perspective, Malta stands to significantly benefit from the repercussions of Brexit as more and more companies are expected to move to Malta’s shores given its easy access to the EU, efficient regulatory process, political stability and high financial/credit rating. Maltese residents also speak English and are very well-educated.

Malta also has a number of advantages that are supporting its emergence as one of the world’s most important financial jurisdictions with membership of both the EU and the Commonwealth and a solid tax framework with 65 tax treaties internationally.

In the Caribbean, the Grenada Citizenship-by-Investment Program is one of the most popular options. The Caribbean state is ranked 37th on the Henley & Partners Visa Restrictions Index 2017, offering visa-free travel to 124 countries, including Europe’s Schengen area, the UK, Singapore, Brazil, China and Hong Kong.

Grenada is also the only Caribbean country with a citizenship-by-investment program that provides visa-free access to China and the opportunity to apply to live and work in the US through the E-2 Investor Visa. In the Global Residence and Citizenship Programs 2016 report, Grenada ranks highly under the Physical Visit and Residence Requirements, as it does not require applicants to visit the island nation and there are no residence requirements.

SBR: How does global security affect wealth migration? What are other threats that may hamper the growth of this trend?

Global events such as Brexit, the US Administration under President Donald Trump, and recent terror attacks have indeed brought the topic of global security to center stage.

Henley & Partners has noted an increase in the number of wealthy families and investors wanting to reduce their exposure to risk by gaining residency in another country that provides greater educational opportunities, financial freedom and security. In the context of greater global uncertainty and change, these individuals have realised the importance of diversifying not only their traditional investment portfolio, but also their citizenship portfolio.

SBR: What opportunities will help shape wealth migration?

Worldwide, governments are finding themselves not only competing for international talent, but also for investors, entrepreneurs and high net worth individuals and families, and having to now find new ways of generating growth based on this growing trend of wealth migration.

In terms of investment migration opportunities, I can single out three further programs that are stimulating the movement of wealth worldwide.

The Cyprus Citizenship-by-Investment Program has reduced the minimum requirement to EUR 2 million for all four investment options. Updates to the requirements were made in an effort to further promote foreign direct investment in Cyprus and align the program with the most recent industry requirements and standards. The investment options were also restructured and include the choice to invest in real estate or land development; purchase, create or participate in Cypriot businesses; invest in alternative investment funds; or a combination of the first three options.

The Malta Residence and Visa Program was launched in 2015 and applications opened in February 2016. The program is geared specifically towards qualified, reputable third country nationals who can make a significant contribution to the economic development of Malta. This allows the individuals the right to reside, settle and stay indefinitely in Malta, with free movement of travel within the Schengen area.

And finally, Grenada’s Citizenship-by-Investment Program has been revitalized, and now offers visa-free travel to all the major consumer markets, double taxation treaties with CARICOM and the UK, as well as an E-2 Investor Visa Treaty with the US, allowing successful applicants the right to enter, live, work and stay in the US by making an investment in a US business.

SBR: Can you elaborate on citizenship-by-investment and residence-by-investment programs?

The purpose of residence- and citizenship-by-investment programs is to enable individuals to acquire residence or citizenship by making an exceptional economic contribution to another country. The programs are structured to ensure that the investment contributes to the welfare, advancement and economic development of the country in which they wish to reside or belong too. It is often more about making an economic contribution than just an investment.

In contrast to other foreign direct investments, where the investment decisions are based purely on competitive rates of return and provide for a certain level of economic efficiency, investors in residence- and citizenship-by-investment programs are generally willing to invest at less favorable rates or may acquire assets for more than their intrinsic value as the result of the inclusion of the passport asset in their investment decision.

In recent years an increasing number of high net worth individuals have specifically acquired a second or third passport to diversify their personal exposure and options. They realise that not only their investment portfolio but also their citizenship portfolio, needs to be diversified to reduce risk and increase international flexibility. Having a second or third passport is still regarded as the ultimate insurance policy.

SBR: What can you say about the future of global mobility? What trends can you see playing out in the years to come?

Compared to a decade ago, there are now more residence- and citizenship-by-investment programs available for those who wish to increase their travel freedom as well as business and personal opportunities. More and more governments are embracing these programs as a means of stimulating economic development and growth, and there is an increasing number of wealthy and talented individuals looking to diversify their citizenship portfolios to give themselves and their families greater international opportunity, stability, freedom and security.

Today, it’s progressively more common to be educated abroad and to have roots, footings, connections, residences and even citizenship in more than one country. In fact, it’s becoming the norm. It was recently reported that most people today move an average of 12 times during their lifetime, and this average is expected to increase in the coming decade. The desire for global mobility, additional security, and a better quality of life is increasingly driving the demand for these investment migration programs. Investors see these programs as an ‘insurance policy’ to reduce their exposure to risk, and ensure enhanced stability and security for their families. Henley & Partners believes this sector will continue to grow over the next decade.

SBR: Anything else you would like to add and highlight?

For wealthy individuals who hold passports of countries with fewer visa waiver agreements, a second passport can open up travel to countries previously restricted by time-consuming visa application requirements and processes. This second passport gives a business person access to the global market, which in turn creates opportunities for growth. Investors and their families can use this second passport to relocate to regions that can simultaneously provide them with better security, quality of life, education, and help them expand their businesses.

In an unsettled, ever-changing world, acquiring a second citizenship is a wise decision and an investment for the future. When you acquire citizenship, your spouse and children, and sometimes your parents, can be included. Citizenship is for life and can be passed on to future generations, and depending on the country or countries of which you become a citizen, there is often no need to give up your current citizenship and you can, therefore, enjoy the benefits of both or all citizenships as states increasingly allow multiple nationalities.

 

 

Source: sbr.com.sg

Entrepreneur and investor immigration allows Canada to attract people that can launch innovative businesses, increase the flow of foreign direct investment to Canada, and support economic development goals such as building infrastructure. A new report by The Conference Board of Canada, Entrepreneur and Investor Immigration: Creating Jobs and Growth provides recommendations to help strengthen business immigration’s role in spurring Canada’s economic development. The report notes that while Canada has operated entrepreneur and investor immigration programs to support economic development since 1978, the programs have had limited success.

“In recent years, Canada’s programs have struggled to meet policy objectives due to increased competition from all corners of the globe in attracting business immigrants,” said Craig Alexander, Senior Vice-President and Chief Economist. “However, as other countries are becoming less welcoming to newcomers, Canada can position itself to reap greater economic benefits from entrepreneur and investor immigration in the future by opening its doors to more foreign talent.”

Highlights

• Entrepreneur and investor immigration can support Canada’s economic development priorities, including building infrastructure, driving innovation, and attracting foreign direct investment and talent.
• Enhancing matchmaking opportunities could help draw a greater number of highly talented entrepreneurs to Canada to launch innovative and globally-competitive businesses. It could also improve efforts to succeed retiring Canadian business owners.
• A new federal immigrant investor program could draw more foreign capital to Canada but it would require strict monitoring and enforcement to ensure it benefits the economy and is supported by the Canadian public.
• Providing entrepreneurs and investors with more supports could help them become more successful business persons in Canada.

To date, the success of Canada’s business immigration programs has been hampered by challenges around selection criteria, low interest rates that limit the ability of provinces and territories to use immigrant investor funds for economic development, fraud, low immigrant retention rates, the burden of monitoring programs, and public concerns. The report makes the following policy recommendations to improve Canada’s immigrant entrepreneur and investor programs.

Canada could attract more immigrant entrepreneurs by creating better matchmaking opportunities between prospective entrepreneurs and Canadian business persons. This would allow Canada to recruit more innovative entrepreneurs capable of launching globally competitive businesses that create wealth and jobs for Canadians. It would also allow Canada to support succession-planning for retiring Canadian business owners.

A new federal immigrant investor program could benefit the Canadian economy by drawing more foreign capital to Canada to support key priority areas as infrastructure, affordable housing and venture capital. However, careful consideration is required for structuring investment requirements to ensure Canada maximizes the program’s economic potential. Strict program integrity measures would also need to be in place to address common public concerns such as Canada “selling citizenship”. A public awareness campaign would also be required to placate concerns regarding the impact of immigrant investors on real estate prices in major cities such as Vancouver.

Canada must also be more cognizant of the international competition. While it was once a global pioneer in this field, many more countries operate entrepreneur and investor immigration programs. One way Canada can improve its global competitive standing is by shortening the time it takes to process applications.

Making immigrant entrepreneurs and investors more aware of available learning and mentorship supports will help enhance their chances of success as business persons in Canada.

The theme of this report will be further explored at The Conference Board of Canada’s 3^rd annual Canadian Immigration Summit in Ottawa on May 9-10, 2017. The summit features the Hon. Ahmed D. Hussen, Minister of Immigration, Refugees and Citizenship and three provincial immigration ministers from Ontario, Quebec, and New Brunswick.

SOURCE Conference Board of Canada

 

A team from the International Monetary Fund (IMF) commended the St Kitts and Nevis government on Wednesday on its efforts to strengthen the citizenship-by-investment (CBI) programme, the oldest of its kind in the world.

“I would like to commend the government for strengthening the processes, particularly the due diligence processes,” Inci Otker, the IMF mission chief on the 2017 consultation to St Kitts and Nevis, told the prime minister and minister of finance, Dr Timothy Harris, and members of the Federal Cabinet.

Officials from the Eastern Caribbean Central Bank (ECCB) and the Caribbean Development Bank (CDB) were also present during the meeting.

Otker characterized the strengthening of the due diligence processes as a “very welcome” step and noted that the reforms have helped to “reduce integrity/security risks, preserve the programme’s credibility and reputation, and avoid a race to the bottom”.

The IMF official added that the Cabinet’s consideration of CBI options beyond real estate was also “very welcome.” The Cabinet considers CBI options such as alternative energy, entertainment, entrepreneurship, heritage, and infrastructure, as well as investment in a growth and resilience fund.

 

 

Source: caribbeannewsnow.com

The Government of the Commonwealth of Dominica, on Monday, held a national consultation with stakeholders to discuss the performance of the island’s economy and to map a way forward.

The national consultation, hosted at the state house conference centre, was held under the theme, ’Development Prospects for Dominica Within The Context Of The Citizenship By Investment Programme, As A Platform For Raising The Funds Necessary To Finance Development Activities.’

“This event here this morning is about us meeting as national stakeholders and availing ourselves of the opportunity to draw on the knowledge and expertise of those among us who can be relied upon to bring and provide objective input and analysis on the health and workings of the Dominican economy,” Hon Skerrit said.

Hon Skerrit also noted that all Dominicans have a crucial role in shaping the island’s economy for future generations. He reiterated that any attack on the Citizenship by Investment Programme “will eventually adversely impact its performance and bring about its demise.”

“The reality is that inflows of foreign direct investment into the Caribbean are declining.  We need therefore as a nation to sit and analyse what is possible and what is practical within the constraints of our small population base and very limited resources.”
The nation’s leader hopes that after the consultation Dominicans would have gained a better understanding of the economic situation and envision a path towards the social and economic well-being of all.

 

Source: news.gov.dm

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Investment achieved through the Portugal’s Golden Visa scheme, which offers residency permits to investors, reached €3bn in March, according to figures published on Friday by the Immigration and Borders authority, SEF.

By the end of March, investment resulting from the Residency Authorisation for Investment Activity (ARI) programme, also known as the Golden Visa scheme, totalled €3,000,434,107.62.

Of this total, most – €2,702,076,908.60 – was investment in acquiring property, while capital transfer totalled €298,357,199.02, according to SEF.

Since the Golden Visa scheme was launched on 8 October 2012, it has granted 4,881 residency permits to foreigners from outside the European Union.

So far this year 679 Golden Visas have been granted.

 

Source: theportugalnews.com

The Citizenship by Investment Unit (CBIU) in Saint Lucia has attempted to counter a pledge by the opposition St Lucia Labour Party (SLP) to review every citizenship granted by the current government under the country’s citizenship by investment programme (CIP).

The SLP statement followed a walk out last week by all opposition parliamentarians after a motion to reverse changes to CIP was removed from the order paper for last Tuesday’s sitting of the House of Assembly.

“Without any hesitation, when the Labour Party resumes office, we will reinstate the net worth requirement and will undertake another due diligence assessment on each and every application granted under the UWP, with our promise to revoke any passports of applicants, who do not meet the $3 million net worth requirement or do not meet the strict due diligence requirements which Saint Lucians expect. Applicants applying for citizenship in St Lucia should be warned that when the SLP is returned to office, we will also demand that all citizens who did not donate the full contribution amount of US$200,000, will be compelled to top up the contribution that they made at the time of becoming citizens,” the SLP said last week.

On Monday, the CBIU issued a release outlining the conditions under which citizenship by investment decisions may be revoked.

Citizenship by investment, once granted, may be revoked subject only to the provisions of section 38 (1) of the Citizenship by Investment Act No.14 of 2015, on the following grounds:

1. Such registration as a citizen was obtained by false representation or fraud or willful concealment of material facts; or

2. the person has been convicted of an offence; or

3. the person has performed any other act which, within the opinion of the minister, has the potential to bring disrepute to Saint Lucia.

The minister with responsibility for citizenship by investment shall in writing specify the grounds for the revocation of citizenship by investment and the individual whose citizenship has been revoked has the right of appeal to the High Court.

Further, and with regard to the investment requirements, and as per section 38(7) of the Interpretation Act Cap 1.06, all citizenships granted pursuant to the provisions of the Statutory Instrument No. 1 of 2017, shall remain valid even if the Citizenship Amendment Regulations are revoked and or replaced by any other regulations.

“Agents, citizenship by investment applicants and other stakeholders can thus maintain confidence in the programme and be assured of its efficacy and certainty,” the release stated.

Responding to a request for clarification as to the possibility of the law itself being changed by a new government and not simply the regulations, Nicole McDonald, senior communications officer in the office of the prime minister, said that, even though the law is changed, the changes cannot be applied retroactively.

“I believe the law at the time of granting the citizenship would apply. If any government decides to pursue in the future changing our laws and applying it to persons who were granted citizenship under the current law, we run the risk of ruining our reputation in the investment world and, God forbid, persons who were granted citizenship seeking legal action against us. This is a programme the opposition party put in place, yet now they are trying to undermine it and scare away potential investors,” she said.

In a further release on Thursday in response to the statement issued by the CBIU, the SLP said it expected that the government or the office of the prime minister would have responded to the SLP’s earlier statement, which was critical of the changes made by the government and of the actions of the prime minister, rather than the citizenship unit.

The SLP called on Prime Minister Allen Chastanet to stop politicising the CBIU and avoid using the staff to pursue his political objectives. The SLP said it believes that the CBIU must remain professional and objective and political operatives must not be seen to be directing or interfering in its decisions.

The SLP also called on the staff of the CBIU and other government agencies involved in issuing citizenships and passports, to be vigilant and ensure that the correct procedures are followed and that they do not give in to threats from political operatives.

The SLP, however, supported the announcement of the CBIU in its press release that citizenship that has been granted to anyone on the basis of false representation or fraud or wilful concealment of material facts can be revoked.

“The SLP, therefore, wishes to repeat that when it assumes office it will conduct due diligence on every citizenship granted and any government official, board member, or political operative who knew or ought to have known or directed or approved any citizenship which is not in keeping with internationally accepted due diligence practice or the laws of Saint Lucia will be held criminally liable,” it said.

The SLP also called on the prime minister to review his approach and management of the CIP, as it said the actions of the government are severely undermining the image and reputation of Saint Lucia and posing a security risk to Saint Lucia.

“Based on information reaching it from agents and persons within the industry there is a crisis of confidence in the Saint Lucia CIP as there is a fear that friendly governments and enforcement agencies are now reluctant to be associated with the Saint Lucia CIP. Additionally, there is a now a higher fear of de-risking and loss of correspondent banks because of the loss of confidence in Saint Lucia,” the SLP added.

The SLP warned Chastanet that this will be catastrophic for the CIP in particular and Saint Lucia in general.

The SLP again called on the prime minister to revoke the changes made and to restore credibility to the Saint Lucia citizenship by investment programme and end all political interference in the operations of the CBIU.

 

Source: caribbeannewsnow.com