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Source: arabnews.com

Published: 10 January 2024

In a bid to attract global talent and diversify its economy away from oil, Saudi Arabia has added five new products to its premium residency program.

The program, launched in 2019, aims to allow eligible foreigners to live in the Kingdom and receive benefits such as exemption from paying expat and dependents fees, visa-free international travel, and the right to own real estate and run a business without requiring a sponsor.

The initiative aims to further boost the country’s ongoing economic transformation by creating employment opportunities and fostering transfer of knowledge, the Saudi Press Agency reported.

Specific requirements

Residency products, each with its own specific qualification requirements, will run under categories such as special talent, gifted, investor, entrepreneur, and real estate owner. A one-off application fee for each category has been set at SR4,000 ($1,066).

⁠“With the introduction of these five new premium residency products, we are opening doors to a world of opportunities for professionals and investors. Our aim is to contribute to Saudi Arabia’s effort as a prime destination for talents and investments, contributing significantly to our vision of a diversified, knowledge-based economy,” Mohammad Al-Sultan, CEO of the Premium Residency Center, told Arab News.

“Collaboration with our strategic partners across various government entities has been key in developing these residency products. We offer well-designed products beyond basic benefits, providing a holistic environment for our premium residents to live, work, and contribute to Saudi’s vibrant future,” the top official said.

He was also quoted as saying in a section of the local press that: “We’ve restructured family members’ eligibility for premium residency holders, now including parents as dependents. This change is part of our ongoing efforts to enhance the residency program.”

Benefits

The permit holders will now be able to obtain premium residency status for their family members, run businesses, make money transfers free of charge, and host and invite relatives.

“While each premium residency category has its specific validity period, all holders are required to adhere to the stipulated terms and conditions,” the official said.

In most cases, general application requirements will apply, including the need to hold a valid passport, have a recent medical certificate, and possess legal residency in Saudi Arabia (for those applying within the country).

“We’ve also extended the age limit for dependents to 25 years,” Al-Sultan told Al-Ekhbariya in an interview.

Investor

The investor option will offer direct permanent residency to those investing SR7 million and creating at least 10 jobs during the first two years. Those applying will be issued an investment license, and they must also provide a commercial register and articles of incorporation.

Edgard Tawk, CEO and co-founder of Eurisko, a multinational digital innovation firm, said these “offerings bring exciting opportunities for investors like us.  Not only can we establish a corporate presence in Saudi Arabia, but we can also designate it as our strategic headquarters.”

He said with these added perks, the investor residency option “is poised to become a highly sought-after attraction for both regional and international investors.”

Commenting on the report, George Haddad, founder and creative producer at Saudi-based Yellowcore Productions, said: “As a film and TVC producer, the new premium residency options in Saudi Arabia offer the potential for easier access to a growing market, opportunities for business expansion, and the ability to capitalize on the country’s economic growth.”

Haddad was optimistic about the impact of these new policies on the overall growth of his sector. “You may find it easier to establish and expand your production activities, access talent and resources, and explore regional and international business opportunities in the film and TVC industry.”

Entrepreneur residency

This class will allow applicants to nominate two members of staff for special talent status.

Category-1 entrepreneur residency will provide a fixed-term five years renewable for one additional term (subject to meeting ongoing eligibility standards and living in the Kingdom for a minimum of 30 months within the five years). Applicants must have obtained a minimum SR400,000 investment from an accredited organization and hold at least a 20 percent share of the startup.

“Reflecting our commitment, a key criterion for the business investor residency is the provision of employment opportunities for Saudi citizens,” Al-Sultan noted.

The second category will grant permanent residency directly on the condition that the entrepreneur creates at least 10 jobs in the first year and 10 or more jobs in the second year. To qualify, a minimum SR15 million investment will need to be shown alongside proof of a 10 percent share in the business venture.

Real estate ownership

This residency plan will be tied to property ownership or usufruct. Criteria will include owning a real estate asset worth a minimum of SR4 million that is free of existing and future mortgages. Property ownership or usage must not be linked with real estate financing, real estate owned must be residential, developed, and not from undeveloped or unimproved land, and lastly, the property asset must be appraised by accredited valuers from the Kingdom’s Taqeem authority.

“We welcome applications from all nationalities. Our aim is to address the skills gaps in different sectors, so candidates meeting our requirements and objectives are encouraged to apply,” the CEO of the Premium Residency Center said.

Initially, Saudi Arabia launched a one-year limited-duration residency program with an annual fee of SR100,000 and the requirement to prove financial solvency. Meanwhile, unlimited-duration residency costs SR800,000 for permanent residency, again with proof of an applicant’s financial health.

“Saudi Arabia is not just a place to work and invest, but a land of opportunities where innovation, culture, and business thrive together. These new premium residency products serves as our invitation to the world to join us in our journey of transformation and growth,” Al-Sultan told Arab News.

Special talent

To gain the five-year special talent residency option, applicants must be professionals specializing in healthcare and science and earning at least a monthly SR35,000, or researchers with a minimum monthly salary of SR14,000.

Executives seeking special talent status will be required to have an executive-level employment contract, with monthly pay in excess of SR80,000.

“These new residencies are more than just permits; they are a commitment to shaping our nation’s future. By attracting special talents, entrepreneurs, and investors, we are not only boosting our economy but also enriching our cultural and scientific landscape, ” the top official of the Premium Residency Center said.

Gifted residency

This category will cover a fixed-term period of five years and be split into two categories. In the first case, applicants will need to be nominated or be a recipient of an award approved by the Saudi ministries of culture and sports. Alternatively, they must fulfill the minimum eligibility criteria approved by the two ministries.

Todd Albert Nims, a US national born in Saudi Arabia, was excited over the news. Talking to Arab News, he said: “Saudi Arabia is in my heart. It gave me so much (while I was) growing up. As a creative professional in film, theater and the arts, I am humbled to have had the good fortune to give back by helping to grow these sectors in the Kingdom after coming back from the US.”

Mohsin Ali Khan, a financial controller at a cloud gaming company in Riyadh, also expressed similar views. He said the introduction of the five new premium residency options marks a significant development in the Kingdom. He highlighted that the potential influx of specialized talent could have a positive impact on research and development initiatives in the country.

Source: scmp.com

Published: 8 January 2024

Hong Kong’s revamped investment migration scheme has received an overwhelming response from wealthy families and high-net-worth individuals globally, according to a senior government official.

Many of these wealthy individuals have expressed interest in applying for residency in the city and setting up family offices here to manage their assets, according to the Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim.

“Since we announced the details of the new Capital Investment Entrant Scheme [CIES] last month, we have received very positive feedback from the intermediaries who found many wealthy clients want to migrate here,” Chan said in an exclusive interview with the Post.

“Many of them expressed interest in applying for residency in Hong Kong alongside their plans to set up family offices here. The trend will be a big boost for the city to develop into a global family office and wealth management hub.”

The new CIES, announced on December 20 and commonly known as the investment-migration scheme, offers a faster route to residency for people who invest at least HK$30 million (US$3.84 million) in the stock market or other assets, excluding residential real estate.

Chan said the previous round of the scheme had about 4,000 applicants every year. If the new scheme can attract a similar number, it could bring in about HK$120 billion per year to the stock, bond, fund and private-equity markets.

“This will be a big boost for the capital market and wealth-management sector,” he said. “It will also enhance Hong Kong’s role as an offshore yuan trading centre, as the new CIES will allow the applicants to invest in yuan-denominated assets.”

InvestHK, the government agency responsible for attracting foreign direct investment to the city, will set up a dedicated team over the next few months that will work with the Immigration Department to handle the applications, Chan said.

The scheme, alongside a tax break introduced in May and other incentives such as the creation of art-storage facilities at Hong Kong International Airport, is part of Chief Executive John Lee Ka-chiu’s pledge, made in his first Policy Address in October 2022, to attract 200 new family offices by 2025, on top of the more than 400 already set up here.

The government has not yet announced when it will start accepting the applications, but Chan said InvestHK, as well as the accountants, lawyers, banks and brokers, have all worked hard to prepare for processing the applications.

The wealthy families who have expressed interest in the scheme are people holding overseas passports from other Asian markets, the Middle East, Europe and the Americas, according to the intermediaries, Chan said.

“The involvement of InvestHK will help provide information and guidance needed to make sure the application process is smooth,” Chan said.

InvestHK set up a family office team in June 2021, so it has the experience to serve wealthy migrants setting up family offices here, Chan said.

Hong Kong originally introduced the CIES after the Sars (severe acute respiratory syndrome) outbreak in 2003, but terminated it in 2015 because of speculation in the property market. The threshold of the previous scheme was initially set at HK$6.5 million and later raised to HK$10 million.

The new scheme’s threshold is three times of the previous one. In addition, the new CIES no longer counts residential property, but does include investments in yuan-denominated bonds and stocks, as well as private-equity funds.

Hong Kong is facing competition from Singapore as a regional family-office hub. Singapore’s population of family offices rose to 700 in 2021 from 400 in 2020 because of favourable incentives offered by the city state’s government, according to the latest government data.

The HK$30 million threshold in Hong Kong’s new investment-migration scheme is lower than Singapore’s, which requires a minimum investment ranging from S$10 million (about HK$59 million) to S$50 million.

“Hong Kong can compete with Singapore for wealthy families to set up here,” Chan said. “Hong Kong has the advantage of ‘One Country, Two Systems’, rule of law, free flow of capital and free convertibility of our local currency, as well as the scale of our capital markets.”

Source: globalcitizensolutions.com

Published: 5 January 2024

Migration is often influenced by political and economic factors, conflict, instability, and more recently, the impacts of climate change. The World Migration Day, on 18^th December was established to honor the contributions of migrants and recognize their rights, an occasion that aligns with the core values of unity, compassion, and understanding. In the true spirit of the holiday season, migration consultancy experts Global Citizen Solutions joined forces with Portugal based NGO, Lisbon Project, for an all-day event proving free consultation to local community members.

Over 65 people signed up for the Insight Hub on 18th December at the Lisbon Project headquarters, seeking guidance on various bureaucratic matters. An expert team of legal, rental and lifestyle specialists from Global Citizen Solutions offered one-on-one consultations advice on how to obtain a tax identification number, nationality and visa-related matters, rental agreements, business establishment, CV revisions and healthcare services in the country.  In addition, Global Citizen Solutions Head of People and Culture, Mónica Pinheiro ran two job market workshops providing key tools and training materials to empower the attendees with knowledge for their upcoming job interviews.  “The workshops provided an opportunity for community members to discuss their most common questions regarding Portuguese labor laws, work-related accidents, and parental leave for new mothers and fathers. Through our consultation, we aim to equip them with more tools to navigate the complex world of migration,” explains Mónica Pinheiro.

“Regardless of the motivations driving individuals to relocate, migrants and displaced populations embody some of the most susceptible segments of society. They frequently encounter restricted access to crucial services such as healthcare due to a lack of information on the systems of their new home. This special event aimed to provide our team´s collective knowledge as visa and relocation consultants to assist and support the community members of Lisbon Project who is grappling with bureaucratic challenges.” explains Patricia Casaburi, CEO at Global Citizen Solutions.

NGO Lisbon Project, a non-governmental organization based in Lisbon, boasts a thriving community of over 3000 members. Dedicated to providing high-impact, cost-effective programs that support migrants and refugees, the Lisbon Project is a beacon of hope and assistance. Their diverse range of programs includes language classes in Portuguese and English, employment workshops, entrepreneurship support, legal aid, and community-life initiatives.

“This special day serves as a reminder to celebrate diversity, promote inclusion, and acknowledge the resilience of those who have embarked on journeys to build a better life for themselves and their communities. We hope to expand this service and offer more collaborative experiences to migrants and refugees in and outside Portugal” concludes Patricia Casaburi.

“We are grateful to join hands with Global Citizen Solutions to bring this special Immigration Support Day to our community in this season of Christmas. At the Lisbon Project, we strongly believe in collaboration and this event is the fruit of values we hold dear: empathy, love, empowerment and at our core, community. Unfortunately, many of our community members are often faced with situations of fraud, misinformation and exploitation on the difficult yet courageous road of migration. This initiative has given our community access to reliable information and remind each participant that they are not alone. Empowerment is a gift that keeps on giving!”  points out Gabriela Faria, Founder and CEO at Lisbon Project.

Source: klaskolaw.com

Published: 4 December 2023

Internationally renowned employment-based immigration law firm Klasko Immigration Law Partners is excited to welcome Timothy D’Arduini as its newest attorney and partner. Tim joined Klasko Immigration effective Friday, December 1.

Tim is located in Washington, DC, and will be managing the firm’s new DC office location. He will be an essential part of the firm’s growth in the Mid-Atlantic region, and play a key role in sustaining and enhancing our national and international capabilities.

The Klasko corporate immigration team welcomes Tim’s notable corporate clients, as well as startups, emerging enterprises, and individuals. He will expand the global immigration and mobility practice at the firm, bringing expertise that will be an asset to the firm’s current clients. He also brings with him extensive compliance experience that will enhance the firm’s established worksite compliance practice area.

To read the full press release, please click here.

Source: bbc.com

Published: 1 December 2023

Hackers are increasing their attacks on Booking.com customers by posting adverts on dark web forums asking for help finding victims.

Cyber-criminals are offering up to $2,000 (£1,600) for login details of hotels as they continue to target the people who are staying with them.

Since at least March, customers have been tricked into sending money to cyber-criminals.

New research shows the sneaky tactics being used by the unknown hackers.

Booking.com is one of the largest websites for holidaymakers, but customers from the UK, Indonesia, Singapore, Greece, Italy, Portugal, the US and Netherlands have complained online about being victims of fraud through the website.

Cyber-security experts say Booking.com itself has not been hacked, but criminals have devised ways to get into the administration portals of individual hotels which use the service.

A Booking.com spokesman said the company is aware that some of its accommodation partners are being targeted by hackers “using a host of known cyber-fraud tactics”.

Researchers at cyber-security company Secureworks say hackers are first tricking hotel staff into downloading a malicious piece of software called Vidar Infostealer.

They do this by sending an email to the hotel pretending to be a former guest who has left their passport in their room.

Criminals then send a Google Drive link to the staff saying that it contains an image of the passport. Instead the link downloads malware on to staff computers and automatically searches the hotel computers for Booking.com access.

Then the hackers log into the Booking.com portal allowing them to see all customers who currently have room or holiday reservations. The hackers then message customers from the official app and are able to trick people into paying money to them instead of the hotel.

Hackers appear to be making so much money in their attacks that they are now offering to pay thousands to criminals who share access to hotel portals.

“The scam is working and it’s paying serious dividends,” says Rafe Pilling, director of threat intelligence for Secureworks Counter Threat Unit.

“The demand for credentials is likely so popular because it’s seeing a high success rate, with emails targeting genuine customers and appearing to come from a trusted source. It’s social engineering at its best,” he said.

Lucy Buckley was contacted through the Booking.com app in September by hackers using broken English, who convinced her to send them £200. She says they pretended to staff at the Paris hotel where she had booked a room, saying that she must pay the money or her reservation would be lost.

After she sent the money, the real hotel staff informed her they had no knowledge of the payment. Acting quickly, she managed to get a refund from her bank, which revealed her money had been sent to an account in Moldova.

A Booking.com spokesman said: “While this breach was not on Booking.com, we understand the seriousness for those impacted, which is why our teams work diligently to support our partners in securing their systems as quickly as possible and helping any potentially impacted customers accordingly, including with recovering any lost funds.”

Cyber-security expert and podcaster Graham Cluley was also nearly tricked into sending money to hackers.

He says Booking.com hotels should implement multi-factor authentication to make it harder for criminals to log in illegally.

“Booking.com has started displaying a warning message on the bottom of chat windows, but they could be doing much more than this. For instance, not allowing any links to be included in chat which go to websites that are less than a few days old would prevent freshly-made fake sites being used to trick customers into paying,” he said.