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Developer Breaks Ground on $200 Million Dollar Project

“Together, public and private agencies have ensured that transparency, correct procedure, respect for the law and honest communication have prevailed.  It is because of their steadfastness that we are able to turn the soil signalling the start of work on the first phase of the project leading to a luxurious five-star property never before seen in this twin island state.”  These were the words of Dawood Shah, Senior Vice President of Business Development for Al Caribi Development Antigua Ltd at the milestone event marking the start of work on Callaloo Cay.

The event, held against a backdrop of the village of Old Road, celebratory in nature, and characterised by blue skies and wild gusts of wind, served as the picturesque starting point.

In opening remarks, Mr. Shah declared the day a “Celebration”.  Among the reasons highlighted were the significant contributions, support, guidance and overall vision of the government of Antigua and Barbuda and its public-sector departments, the service of private entities involved from the start, and the work and support of community members.

Among the well-wishers and supporters who turned out to witness this milestone were a number of government representatives. They included Prime Minister of Antigua and Barbuda – Gaston Browne, Minister of Foreign Affairs – Charles “Max” Fernandez, Minister of Tourism – Asot Michael, Minister of Social Transformation – Samantha Marshall, Senator Michael Freeland, Senator Colin James, Ambassador to the United Arab Emirates – Casroy James, and Ambassador to the African Union – Yohann Hesse.  Representatives of various government departments, including the Citizenship by Investment Unit (CIU), contractors and community members also turned out in their numbers for the event.

In his remarks, Prime Minister Browne spoke favourably of the partnership.  He said the government of Antigua and Barbuda “is seeking to develop a sustainable economic model.  This is a true partnership where the government is partnering with a developer to assist with further developing the country with the Government of Antigua having 20% equity in the project. “He added “the tourism sector is one in which we have significant competence, in which we are very competitive globally, and a sector which will continue to be the driving force of our economy for a long time.”

Asot Michael, Minister of Tourism heaped praise on the developers and their plans while underscoring the benefit of the development to the tourism industry.  “I would like to thank and congratulate Sheik Tariq and his representative Mr. Dawood Shah for the confidence that they have shown in Antigua and Barbuda and the ABLP Government led by the Hon Gaston Browne, and for this significant investment in our tourism product and the future of our country.”  He added “Callaloo Cay will lead to increasing the room availability, and broadening our twin-island nation’s portfolio of distinguished properties. This new tourism project takes us another step closer to realizing our vision of becoming the economic powerhouse of the Region.”

Minister of Foreign Affairs – Charles Fernandez spoke about the positive social impact and the creation of opportunity for people in that community as well as ancillary economic turnover.  He added however that more importantly “it is and has been the precursor of other significant investment opportunities coming from the United Arab Emirates and GCC countries.”

During construction, the development will represent over 180 jobs and hundreds more once the property is open.  Amongst the international team of experts are global leaders in architectural design, OBMI along with leading tax, audit and financial advisory professionals KPMG.  Spearheaded by first class specialists, designers and operator, the development assures a sound investment.

Source: CIU

The global residence and citizenship advisory firm, Henley & Partners, says the vote by the European Parliament to end visa-free travel for Americans to EU countries will have a major impact on global mobility, especially the travel freedom currently enjoyed by US and possibly even EU citizens, if US President Donald Trump retaliates in kind. The firm is due to publish its annual Visa Restrictions Index within the next 10 days, but the EU backlash against President Trump’s failure to meet the deadline to lift visa restrictions on five EU countries – namely Bulgaria, Croatia, Cyprus, Poland, and Romania – may see America fall out of the top ten on the prestigious travel freedom ranking for the first time since it was first published in 2003.

The Henley & Partners Visa Restrictions Index is produced in partnership with the International Air Transport Association (IATA), which maintains the world’s largest and most authoritative database of travel information. For the past few years, Germany has retained its position at the top of the ranking with visa-free access to 176 countries in total. Sweden has stayed in second place with 175 countries, and the US joined Denmark, Finland, Italy and Spain in third place, with their nationals enjoying access to 174 countries without a visa.

Christopher Willis, Managing Partner of Henley & Partners Caribbean, says the size and make-up of the ‘Top 10’ countries on the Visa Restrictions Index has remained largely the same for the past decade but it looks likely that the rapidly changing geopolitical climate will have a dramatic effect on the rankings over the next 12 months. “We have witnessed major world events that are impacting on global mobility – including Brexit and the election of President Trump. This has led to steps towards restricting movement and creating barriers to entry. This recent trend of suspending visa waiver programs and curbing the travel freedoms of certain nationals is already apparent in the shift in rankings on this year’s Visa Restrictions Index,” explains Willis.

Following yesterday’s vote, the EU Commission now has two months to reintroduce visas for Americans wishing to travel to Europe, after MEPs agreed the EU is now “legally obliged” to suspend the Visa Waiver Programme (VWP) with the US for a year after the US administration failed to meet a deadline to respond to their visa reciprocity arrangement.

“There is still huge disparity in the levels of travel freedom between countries, despite the world becoming seemingly more mobile and interdependent. Generally, visa requirements are a reflection of a country’s relationship with others, and take into account diplomatic relationships between countries, reciprocal visa arrangements, security risks, and the dangers of visa and immigration regulation violations. The recent unsettling world climate has prompted an increased emphasis on physical safety and security, motivating high net worth individuals to explore investment migration programs as a means of reducing risk and opening up new opportunities in a rapidly changing and uncertain world,” explains Willis.

In contrast to 12 years ago, when the Henley & Partners Visa Restrictions Index was first published, there are now many more residence- and citizenship-by-investment programs available for those who wish to increase their travel freedom. 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.

Wealthy Americans who want to be protected from disputes such as the so-called ‘visa war’, now have the world to choose from when it comes to acquiring an alternative residence or citizenship. Caribbean citizenship-by-investment programs, such as the recently revitalized Grenada Citizenship-by-Investment Program, can protect your travel freedom to the world’s largest markets including China, the UK, and Europe’s Schengen area.

“For individuals who hold passports of countries with fewer visa waiver agreements, a second or even third citizenship can open up travel opportunities to countries previously restricted by time-consuming visa application requirements and processes. The latest Henley & Partners Visa Restrictions Index to be published in ten days is relevant to both individuals interested in improving their mobility and the quality of their nationality, as well as governments focused on improving the local, regional and global opportunities inherent in their passports,” concludes Willis.

 

Source: scoop.co.nz

Demand for construction workers in London looks set to grow due to the completion of Crossrail and the extension of the Northern Line alongside other infrastructure projects. But a new analysis reveals the Capital is struggling to attract and train the workforce needed; with London and the South East having a shortfall of 60,000 people in the construction industry. This is according to a first of its kind analysis of the role of migration on London’s economy by London First and PwC. ‘Facing Facts: the impact of migrants on London, its workforce and economy’ argues that London’s growing workforce is significantly contributing to economic growth and helping to create more jobs in the capital. The report, which draws on a comprehensive range of information, including detailed ONS Labour Force Survey data shows how London’s total workforce has grown from 4.3 million people in 2005 to just under 5.2 million, made up of people from around the UK, the EU and the rest of the world.

The analysis calculates that the economic value generated by London’s 1.8m migrant workers is £83bn per year, roughly 22 percent of the capital’s Gross Value Added (GVA). On average, a migrant worker in a full-time job in London contributes an additional £46,000 net in GVA each year to the economy. The additional GVA generated by 10 migrant worker jobs will support an additional four jobs in the wider economy,

Jasmine Whitbread, chief executive of London First, said: “As the government debates what the UK’s post-Brexit immigration policy should be, it’s critical we’re informed by the facts. Global migration is an important part of London’s ongoing success many parts of our economy would struggle without it. Today’s report is a significant step forwards in setting out the facts and providing the clearest picture to date of the people living and working in London.”

The calculation of new jobs created by migration is underpinned by an overall increase in the number of people working in London (85,400 more people on average each year, equivalent to an average annual increase of 2.3 percent).

London tends to attract skilled workers, defined as someone with specific proficiency, training, knowledge and ability in their profession. Nearly 60 percent of people from the EU-15 countries are in managerial and professional roles in London.

There is a marked difference when compared to workers from countries that joined the EU after 20043, with one in five (22 percent) workers based in London in managerial and professional roles, one in seven (15 percent) in supervisory and intermediate roles, but most are either self-employed or working for a small business (32 percent) or are in semi-routine or routine work (31 percent). One reason for this is the high proportion of EU born people working in the construction industry.

Builders, developers, contractors and engineers employ nearly 300,000 people in London, around half of whom were born in the UK, 30 percent were born in the EU and 20 percent were born in the rest of the world.

Julia Onslow-Cole, global head of immigration at PwC and a member of the Mayor of London’s Brexit expert advisory panel, said: “This research provides businesses with new information to help them assess their future resourcing requirements ahead of the UK’s exit from the EU. Employers have much to consider from an immigration and skills perspective. They need to analyse the impact of immigration changes on their business and, if they are reliant on EU workers, consider the medium to long term implications.

“This research provides food for thought for policy makers and it’s imperative that businesses take the opportunity to respond to the Industrial Strategy consultation and collaborate with the Government on education and skills training, in order to upskill future generations of workers.”

The research also shows that the number of UK-born Londoners of working age who are not in work – either unemployed, studying, looking after dependents or unable to work – is falling, from just over 608,000 people in 2005 to 537,400 by 2015.

 

Source: workplaceinsight.net

The people managing the Citizenship-by-Investment Programme (CIP) have launched an aggressive initiative aimed at improving the image of the programme. Citizenship by Investment Unit (CIU) invited members of the media to a press luncheon on Tuesday where the underlying theme was that the CIP is more than the selling of passport, a view held by many nationals and residents. Chief Executive Officer of the CIU, Chisanga Chekwe made the point emphatically when he stated that the Citizenship-by-Investment Programme is not about selling passports. “The idea is not to go out in the market and find as many people as possible to acquire citizenship for a competitive fee. Not everyone can be deserving of Antiguan and Barbudan citizenship. Not everyone is eligible for the privilege of Antiguan and Barbudan citizenship,” he explained.

The CIU CEO noted that under the legislation eligibility for citizenship is not determined by wealth; for while there is a minimum requirement in the three areas recognized by the law, an applicant’s net worth is not a factor when the application is being reviewed. “Thus, an investor of outstanding character with a net worth of $1,000,000 may be successful under the law while an investor with a doubtful reputation and a net worth $10,000,000, may not,” he further explained.

Chekwe also listed five areas for which a person may be ineligible to attain citizenship; these include submitting false information and if the applicant has a criminal record for committing certain crimes.

The CIU official noted that the CIP programme brings in much needed revenues for the country and due to the growing competition from similar programmes in the region and internationally, there have been suggestions that Antigua and Barbuda should lower its investment threshold as well as loosen its robust due diligence protocols.

However, according to Chekwe adopting there suggestions would be a mistake. “We absolutely refuse to cheapen our superior product (if I can call it that) by competing on price. We equally reject the notion that our robust due diligence process is anything to be ashamed of.

On the contrary, this is a comparative advantage that we should trumpet at every opportunity. We should be clear that our programme seeks the very best of investors and citizens,” he advised.

Deputy CEO, Thomas Anthony joined in distancing the programme from merely as the selling of passports and revenues for the country noting that the CIP has significant values far beyond the investment into Antigua and Barbuda. “Citizenship-by-Investment programs ought not to be viewed solely from a country revenue perspective. These programs affect real people, real families lives in profound ways. We in Antigua and Barbuda take our mobility for granted. Decisions to travel to more 130 countries can be made on the spur of the moment. “For millions of families around the globe, for the single reason of the accident of their country of birth, their ability to explore planet earth is severely hampered,” he stated.

Anthony noted that the CIP due diligence protocol is quite extensive and that this has earned Antigua and Barbuda top three ranking internationally, and number one in the region. He noted that the ban placed on some countries has less to do with nationalities and more to do with the inability to conduct proper checks on individuals from those countries. He said each application goes through a rigorous due diligence check and that only when this is completed and an applicant is deemed to be worthy is a recommendation made for approval.

On the issue of due diligence, head of the ONDCP, Lt Col. Edward Croft said he considers this activity as the most important process in the programme. “Due diligence measures in consideration of a candidate for citizenship covers practically everything,” he revealed.

Source: Caribbean Times

 

Hollywood actress Angelina Jolie has been awarded Cambodian citizenship in recognition of her environmental and conservation work in the country.

King Norodom Sihamoni signed a royal decree approving the citizenship on 31 July, officials said on Friday.

Jolie, who adopted a Cambodian boy in 2002, was offered citizenship during her last visit to Cambodia in 2004.

The Tomb Raider star, who has since adopted a second child, said at the time she would be “thrilled” to accept.

“This is what we have dreamed for her for a long time,” said Mounh Sarath, director of the Cambodian Vision in Development group.

‘Good heart’

Jolie, 30, has pledged $5m (£3.2m) to set up a wildlife sanctuary in the north-western province of Battambang, where she has bought a home.

But Mr Sarath said the actress deserved citizenship “not because of the money she has given but [for] her good heart and love” for the Cambodian people.

Toun Siphan, director of the government’s international relations department, said her adoption of a Cambodian orphan – Maddox, now four – had also played a part in the decision.

The legal document signed by the king gives Cambodian nationality to Jolie, “an American born on 4 June 1975 in Los Angeles, USA”.

 

 

Source: news.bbc.co.uk

 

The U.S. may lose its luster as an immigration destination for Asia’s wealthy thanks to Donald Trump’s anti-China rhetoric and scenes of valid green card holders being held at airports across the country after the U.S. president’s hastily drawn travel ban in late January.

Soon there may be another reason to avoid the U.S.: the price for getting an immigrant investment visa may go up. Way up. The U.S. Department of Homeland Security (DHS) is proposing to hike the minimum investment amount required to apply for the popular, if controversial, EB-5 investment visa to $1.35 million from $500,000.

Today, the EB-5 program offers a path to U.S. citizenship if you invest in project in a rural community or a high-unemployment area that creates at least 10 jobs. Individuals can also gain residency by investing at least $1 million in an economically strong area, rising to $1.8 million under DHS’s proposal.

But it’s the shift in the minimum investment that’s likely to change the complexion of a program that has attracted thousands of applicants from China and led to the building of everything from luxury skyscrapers to pizzerias across the U.S. A Donald Trump-branded hotel property in Texas is even tapping the program to raise funds. “Changing the minimum threshold in such manner will totally change the profile of EB-5 future investors,” says Bastien Trelcat, managing partner, Harvey Law Group.

The proposal also would put DHS in charge of deciding which tracts of land are worthy of low-cost investment dollars, a move designed to ensure EB-5 funds help disadvantaged communities as intended. The current state-government led system leads to inconsistency at best, and at worst, allows developers to piece together thinly related tracts of land to meet the high-unemployment criteria required to attract the minimum investment dollars needed to get a U.S. green card.

Immigration lawyers support the proposed changes, the first to EB-5 since the early 1990s. “It’s ripe for change, it needs to be changed,” says Scott Bettridge, a partner at Cozen O’Connor. The way targeted employment areas are designated now “has led to individuals filing applications which were not the intent of the program,” he says.

The required investment amounts should rise too, Bettridge says, although he believes the DHS went too far with its proposed hikes and suspects the thresholds will come down after the public comment period ends April 11. But Reaz Jafri, partner at Withers Bergman, says EB-5 has for too long provided an inexpensive route to the U.S., “the most attractive destination on the planet,” when many smaller nations require far heftier investments. Consider the tiny Mediterranean island of Cyprus, which provides citizenship for investing about EUR2 million ($2.1 million) in real estate.

“It appears to be an insane increase,” Jafri agrees, but if you take inflation over 25 years into account, “it seems to me to be quite reasonable.”

By proposing rule changes instead of going through Congress, DHS may have effectively devised a way to introduce reforms that have eluded EB-5 for years. Most observers expect the changes will go through, although with adjustments to the investment thresholds. Congress could, however, step in before the comment period ends with their own proposals, which could even include the program’s elimination.

EB-5 has been wildly popular among investors in China as an easy way to immigrate to the U.S. Rosen Consulting Group estimates Chinese investors have generated at least $9.5 billion in investment capital and created at least 200,000 jobs since flocking to EB-5 beginning in 2010. In 2015, the government had to impose a quota system so others could get one of the 10,000 EB-5 visas issued each year to investor applicants and their family members. In fiscal year 2015, 8,156 EB-5 visas were issued to mainland Chinese, about 84% of a total 9,764 visas, U.S. Department of State statistics show.

The backlog of Chinese applicants extends as long as five years by some estimates. Those who had their initial petitions accepted still can invest only $500,000 and can keep their place in line for permanent residency. Yet the leap in the required investment, combined with China tightening restrictions on capital outflows and Trump’s anti-China rhetoric, will likely make many Chinese think twice about moving to America, says Harvey Law’s Trelcat.

“I do not see Chinese nationals rushing to migrate to the U.S.,” says Trelcat. “There will be less business opportunities for them and advantages to get a green card.” Besides, Trelcat says, Chinese can apply for 10-year U.S. visas now.

Asians from outside China don’t seem in a rush to fill their place, Trelcat adds. Instead, his firm is fielding more inquiries for visas in Canada and Australia. “The application processing is simply faster and simpler,” he says.

 

Source: barrons.com

Two United States senators have introduced legislation to end a controversial visa program popular with Chinese investors that gives out green cards in exchange for investments in American businesses that create jobs.

Sens. Dianne Feinstein (D-CA) and Chuck Grassley (R-IA) made their pitch to Congress last week to terminate the EB-5 program, which allows foreign investors to pump between $500,000 and $1 million into projects that spur at least 10 jobs.

“The EB-5 program is inherently flawed,” Feinstein said in a joint statement with Grassley on Friday. “It says that U.S. citizenship is for sale. It is wrong to have a special pathway to citizenship for the wealthy while millions wait in line for visas.”

Roughly 10,000 EB-5 visas are awarded each year, with more than 85 percent going to Chinese investors in 2014, according to a study by Savills Studley, a real estate services firm. The program, begun in 1990 to stimulate the economy, has turned into a convenient way for wealthy Chinese citizens to become permanent U.S. residents and later bring over their family members.

Investors often put their funds into government-authorized EB-5 regional centers, which act as businesses that pool foreign investment money for development projects. This method accounts for roughly 95 percent of EB-5 investments.

But Feinstein and Grassley say there is no reliable or verifiable way to measure how many jobs are created. They also maintain that many of the wealthiest parts of the country have been incorrectly labeled as “high unemployment,” allowing investors to get green cards for $500,000 instead of $1 million, according to the statement.

Their bill calls for redistributing the annual 10,000 EB-5 visas among other immigrant visa programs, the statement said.

Grassley, who has previously introduced legislation with Sen. Patrick Leahy (D-VT) to overhaul the program, said Friday it’s time to wind it down.

“Unfortunately, despite its many flaws, EB-5 proponents are apparently content with the status quo, and that’s unacceptable,” he said in a statement. “I was hoping that it would not come to this point, but absent serious efforts to bring about reforms, we need to take the necessary steps to wind down the program and completely mitigate fraud, abuse and threats to our security.”

But Daniel Lundy, partner at Klasko Immigration Law Partners, told NBC News that while the EB-5 program can be improved, he believes Feinstein and Grassley’s bill has little likelihood of making it out of Congress.

“There are people out there who are going to put something out, knowing it has no chance of passing, just to express an opinion,” he said. “Unfortunately, the rest of the world doesn’t necessarily understand our political process. So it’s potentially damaging to the industry and irresponsible of people to do stuff like that. It undermines the credibility of the program.”

The bill comes as President Donald Trump and Congress have begun taking up looming immigration questions facing the country. During his two weeks in office, Trump has issued executive orders on building a wall between Mexico and the U.S., and temporarily halting visas for refugees and citizens of seven Muslim-majority nations.

Federal lawmakers have introduced bills to reform another controversial visa program known as the H-1B, which allows foreign specialized workers to temporarily come to the U.S. for employment. That program has been blamed for taking away jobs from Americans and giving them to workers from other countries for lower wages.

Congress had extended the EB-5 program after it was set to expire, but never passed any bills to overhaul it. While the program has helped finance major projects like the Hudson Yards in New York and the Hunters Point Shipyard in San Francisco, it has also generated a number of scandals.

Most recently, a 43-year-old former monk turned real-estate developer in Seattle, Washington, pleaded guilty on Jan. 4 to defrauding investors, lenders, and the EB-5 program of nearly $240 million. Lobsang Dargey, a Tibetan immigrant, faces up to 10 years in prison when he is sentenced on April 6.

Since 2008, $16.9 billion in direct foreign investment has gone into the U.S. economy through the EB-5 program, according to Invest In The USA, a non-profit industry trade association. EB-5 proponents say the program creates thousands of American jobs at no taxpayer expense.

Last month, the Department of Homeland Security proposed a rule change to increase the EB-5 minimum investment in high unemployment or rural areas to $1.35 million. For low-to-average unemployment zones, the recommendation was $1.8 million.

The EB-5 program is set to expire again on April 28.

 

Source: nbcnews.com

Italy is joining the growing investment migration movement. The Government of Italy amends its immigration and tax laws, paving the way for the development of a residence-by-investment program in one of the largest countries in Europe.

The new provisions, already contained in the draft 2017 Budget Law, were discussed and approved by the Italian Parliament on 7 December 2016 and made effective as of 1 January 2017. However, these measures will only be fully applicable after the implementing decrees have been issued detailing their application. These are currently expected to be issued by the end of March 2017 but it could well take longer before the new measures are fully implemented.

In recent years the need to develop a diverse residence and citizenship portfolio alongside the traditional investment portfolio is being seen as an increasingly important part of the growth and sustainability strategies of wealthy families and individuals. This has posed interesting new challenges and opportunities for governments, with the concepts of immigration, citizenship and statehood being debated and contested. Countries are finding themselves not only competing for international talent, but also for investors, entrepreneurs and high net worth individuals and families, and having to find new ways of generating growth based on this new and global trend of investment migration.

Dr. Christian H. Kälin, Chairman of Henley & Partners, says, “The number of investment migration programs available has steadily increased over the last five years and is expected to continue to do so. More and more governments are seeing these programs as an innovative way of driving economic growth, securing much-needed foreign investment as well as enriching their own nation by attracting people to their shores who have proven business success, many talents and valuable networks. For the world’s elite, they provide something that is less tangible and more desirable than any material object – ensuring personal mobility and security.”

In the European Union alone, more than half of the member states including countries such as Portugal, the UK, Germany and Belgium, now have dedicated residence-by-investment programs. At the same time, the increase in popularity of citizenship-by-investment programs has generated a broader and growing range of available destinations. In Europe, Austria, Cyprus and Malta offer direct access to EU citizenship for substantial investors, and more countries are expected to introduce such programs.

Henley & Partners has helped establish many of the world’s most successful investment migration programs. The international advisory firm that pioneered the concept of citizenship and residence planning more than 20 years ago, assists governments with the design and implementation of programs, and has raised more than USD 6 billion in foreign direct investment for states.

Dr. Kälin explains that the growing investment migration trend is expected to continue in the coming years. “It is a mutually beneficial relationship. By offering greater choice and freedom to wealthy and talented individuals and their families who want to operate transnationally, the Government of Italy will be able to secure much needed investment that contributes to the welfare and economic development of its country,” he explains.

“For people of talent and means, making an active choice with regard to their citizenship or residence gives them more control, personal freedom, privacy and security. International residence and citizenship planning has become an important focus for mobile entrepreneurs, wealthy individuals and their families who are interested in a more global lifestyle,” Dr. Kälin concludes.

In summary, the changes are as follows:

-The general immigration rules have been amended to facilitate the immigration process for non-European nationals, particularly business people and entrepreneurs, who would invest:

-A minimum of EUR 2 million in Italian government bonds

-A minimum of EUR 2 million in Italian corporation bonds or shares (reduced to EUR 500,000 for investment in innovation start-ups)

-A minimum of EUR 1 million in ‘projects of public interest’ (culture, education, immigration management, research and development, arts and heritage)

The investment needs to be held for a minimum of two years. An ‘investor visa’ is granted for two years and renewable for a further three-year period provided the investment is maintained. A ‘family visa’ is also granted to other members of the investor’s family.

-New rules have been introduced to the current income tax legislation to facilitate the return to Italy of researchers and qualified workers currently living outside of the country

-A substitutive tax regime has been introduced for income produced outside of the country for those persons who have not been Italian tax payers during nine of the previous 10 years and are transferring their fiscal residence to Italy. Under the new regime:

-Tax payers are liable to progressive tax rates on income produced in Italy

-An annual lump sum tax payment of EUR 100,000 is due on income from foreign investment, foreign financial assets and any other foreign-source income (extended to family members for an additional EUR 25,000 per person annually.

-The option is granted for a maximum of 15 years

-Inheritance tax is only to be levied on assets within Italy

 

 

Source: ftnnews.com

The Dominica Public Service Union (DPSU) says it views as “reasonable” a call for a Commission of Inquiry into the controversial Citizenship by Investment Programme (CBI) even as it condemned the violence and vandalism that led to the destruction of several buildings in the capital earlier this week.

Dominica is one of several Caribbean countries where the CBI has been implemented. It allows for foreign investors to get citizenship of the island in return for making a significant investment in the socio-economic development of the country.

In a statement, the DPSU said that the arrest of the Iranian fugitive and an admission by the Roosevelt Skerrit government that the Iranian had been appointed a diplomat between March of 2015 and January of 2016 “is of serious national concern.

“This is compounded by similar admissions of other such persons who became Dominican citizens either through the Citizenship by Investment Programme or other means and were found to be embroiled in deeply objectionable scandals which have tainted our good name.”

The DPSU said that it views these as occurrences with implications for all citizens.

“We believe that the right to the citizenship of any country is sacred and is one of those possessions that one cannot put a price tag on. It is this level of significance which requires our Government to tread with utmost restraint with any programme through which unknown foreign nationals with a history can smoke screen a due diligence process and then be found wanting a few months later.

“These recent happenings have sparked local, regional and international outrage and the union views a call for a Commission of Inquiry as reasonable especially in light of the recent public outrage, and is requesting the Government to accede to that call.”

On Tuesday, protest erupted after supporters of the main opposition United Workers Party (UWP) and the Dominica Freedom Party (DFP), who had been supporting their parties’ call for Skerrit and his cabinet to resign, too to the streets setting fire to buildings and looting several businesses.

The DPSU said that while it believes in the respect for the constitutional right of every citizen in Dominica to demand and receive answers from a democratically elected government, it does “not condone or support acts of violence, arson and vandalism which put lives and property at risk.

“The union supports reasonable, constitutional civil disobedience which brings attention to matters of national concern without causing aggravated harm to any of our citizens or official authorities. The police, likewise, must uphold the rule of law and treat with all criminal actions swiftly and justly, regardless of the perpetrators.”

The DPSU said that the actions by a group of dissenting individuals must be condemned, adding “the  attack on public facilities and destruction of private property is not a dignified or legal means of obtaining answers and only serves as an inane distraction”.

But it warned that “attributing blame for what has occurred to certain individuals without any evidence can only contribute towards greater anger, and division among our citizens.

“A proper investigation and enquiry into what happened should be pursued. The union therefore calls for a proper and independent investigation or enquiry to determine where the blame falls.

“We call on leaders on both political divide to find resolutions that address all the recent issues that has compromised and sullied the good name of our country. We call on the Church and Civil Society leaders to condemn all the aforementioned worrying occurrences that have compromised the good name of Dominica.”

In a radio and television address following the protest, Prime Minister Skerrit blamed the leadership of the two opposition parties which he said had planned to overthrow his legally elected government by means other than by the ballot.

“The police had information that the intent of the leadership was to stall the truck in front the Financial Centre (housing the Office of the Prime Minister) and storm the barriers with the intent of entering the building.

“This was the intent of the leadership of the United Workers Party and the Dominica Freedom Party. This is how they intended to seize the seat of power in the country. They would have stormed the Financial Centre Building and seek to occupy the building until their demands were met,” Skerrit said in his broadcast.

 

Source: jamaicaobserver.com