Blog

Source: fragomen.com

Published: 26 September 2023

The Thai government has approved a visa-free travel scheme for visitors from Mainland China and Kazakhstan for tourism, effective through February 29, 2024. Previously, travelers from Mainland China and Kazakhstan had to obtain an entry visa before traveling to Thailand for tourism. The government will review the temporary scheme upon its completion to determine whether it should be continued.

Source: zawya.com

Published: 26 September 2023

Established in 2007, Migrate World has evolved into a premier facilitator for immigration, residency, and citizenship solutions, offering high-net-worth individuals the opportunity to invest in countries across the world.

Migrate World, a global leader in immigration, residency, and citizenship by investment services since 2007, announced a landmark collaboration with The Ministry of Commerce, Industry, and Investment Promotion in the Sultanate of Oman.

Established in 2007, Migrate World has evolved into a premier facilitator for immigration, residency, and citizenship solutions, offering high-net-worth individuals the opportunity to invest in countries across the world. Headquartered in Dubai, its mission goes beyond borders; it builds relationships and creates opportunities for our clients.

“Our collaboration with the Ministry of Commerce, Industry, and Investment Promotion marks a historic milestone in the realm of investment and economic growth. This partnership reflects our commitment to fostering innovation, facilitating knowledge exchange, and driving sustainable development in the Sultanate of Oman. We are proud to introduce a tailored investor program that offers enticing incentives and opens the doors to Oman’s promising future.”, said Moe Alhaj, the founder and CEO of Migrate World.

This collaboration encompasses a wide range of projects aimed at enhancing Oman’s economic landscape, including initiatives in various sectors, joint research endeavors, and knowledge-sharing programs. Migrate World offers a tailored investor program, accommodating a spectrum of projects, from small to mega projects. The program includes government incentives, granting investors, professionals, retirees, and more the opportunity to secure long-term residency visas of 5 or 10 years.

Migrate World’s primary focus is on attracting skilled professionals, academics, visionary investors, retirees, and experts in various sectors to Oman. Connecting these individuals with opportunities, contributes to Oman’s economic growth, knowledge transfer, and innovation.

Migrate World is dedicated to playing a pivotal role in shaping Oman’s economic landscape, positioning the Sultanate of Oman as an enticing destination for growth and prosperity. Through its specialized services, strategic collaborations, and unwavering commitment to facilitating investment, it aims to drive sustainable economic development, foster innovation, and create and grow a dynamic business environment that appeals to investors and professionals from around the world.

Source: khaleejtimes.com

Published: 25 September 2023

Latitude Group is pleased to announce important changes to its leadership structure. Eric Major will transition to executive chairman to spearhead strategic growth initiatives, while Mimoun Assraoui will take on the role of Group CEO to lead over 20 offices worldwide

Latitude Consultancy Limited, or Latitude Group, global experts in residency and citizenship, has announced some exciting changes to its leadership.

Eric Major will be handing over the reins as the CEO effective October 1st to assume the position of executive chairman and lead the firm’s strategic direction and future growth initiatives.

Under Major’s leadership, Latitude Group completed a successful merger in 2018 with RIF Trust Investments LLC (RIF Trust) to expand its footprint in the important Middle East market, which tripled its sales force. The merger was the first of its kind in the Residency and Citizenship-by-Investment (RCBI) industry and catapulted the two firms to becoming one the largest in the sector, with over 120 staff in over 20 countries. The firm’s remarkable growth and success has made it an established brand name in the global RCBI industry.

As a pioneer of the industry with 30 years of experience, and in his new capacity as executive chairman, Major will bring his wealth of experience and vision to chart a course that includes an intensified focus on Government Advisory and Mergers and Acquisitions (M&A) opportunities. These strategic initiatives are aimed at fuelling the firm’s already impressive growth trajectory to expand its product range and geographical locations.

Stepping into the role of Group CEO is Mimoun A. Assraoui, the current CEO of RIF Trust which is celebrating its tenth year in the RCBI industry. Mimoun Assraoui is a seasoned executive with a proven track record in expanding into new markets and driving new business. His leadership has been instrumental in the success of RIF Trust, which dominates the Middle East and Africa markets.

Mimoun Assraoui brings a fresh perspective and a forward-thinking approach to his new role as Group CEO of Latitude Group. His strengths lie in identifying growth opportunities, fostering innovation, and building strong relationships with clients and partners.

Assraoui’s appointment reflects Latitude Group’s commitment to nurturing talent from within the organization and ensuring a seamless transition in leadership.

“I am thrilled to take on the role of Group CEO at Latitude Group,” said Mimoun Assraoui.

“I am excited to work alongside Eric Major, David Regueiro, our stellar management team, and talented staff globally to continue the firm’s outstanding trajectory. Our focus will remain on expanding into new markets, exploring new opportunities, and delivering exceptional value to our clients.”

Eric Major, as executive chairman, will work closely with Mimoun Assraoui and the executive team to provide strategic guidance and support for the firm’s ambitious growth plans. His extensive network of industry contacts will be invaluable as Latitude Group continues to expand its presence on a global scale.

Commenting on his strategic role, Eric Major said: “I am looking forward to taking on the role of executive chairman at Latitude Group. We have achieved remarkable success over the years, and I look forward to continuing our journey of growth and expansion. With a strategic focus on government advisory and M&A opportunities, we aim to further solidify our position in the market and provide exceptional value to our clients.”

The board of directors at Latitude Group is confident that this leadership transition will pave the way for a new era of growth and success. The firm remains committed to its core values of integrity, innovation, and client-centricity, which have been integral to its rise in the RCBI industry.

Source: thenationalherald.com

Published: 17 September 2023

Four people charged with helping rich foreigners get residency permits and valuable European Union passports in Cyprus in return for bribes will face court in a first hearing set for Oct. 11.

The scheme unraveled in disgrace amid reports of corruption after the news site Al Jazeera conducted a sting that revealed operations to give the applicants the permits despite being told they had criminal backgrounds.

It ended in 2020 and subsequent investigations found applicants weren’t being checked for a criminal past amid EU concerns that so-called Golden Visa programs weren’t being vetted for money laundering either.

The defendants include former House President Demetris Syllouris, and former Member of Parliament and developer Christakis Giovani as well as a senior lawyer for the Giovani Group, Antonis Antoniou, and lawyer Andreas Pittadjis.

They were all released on bail, said SchengenVisaInfo.com which noted that they were charged after the Al Jazeera report early in 2020 in which a reporter contacted them pretending to be a Chinese criminal and asking for help.

The news site all four agreed to get him the permit and passport and that it would be easy after the country’s then-President Nicos Anastasiades had vigorously defended the program, saying other countries’ schemes were worse.

The Cyprus Audit Office conducted a probe and found that country had lost millions in revenue to foreigners obtaining Golden Passports without any type of investment in the country as required, simply buying them with bribes.

Cyprus stripped 222 of the permit and passport holders of their rights to hold them, the scheme lucrative for the country and mainly benefiting Chinese and also Russians, who have a big presence on the island and were accused of using its banks to hide their wealth.

The Cypriot government strongly denied any corruption but acknowledged “errors, loopholes and oversights” in how the program was run. Embarrassment as information about the program reverberated among Cyprus’ fellow European Union members prompted the government to scrap it.

The passport program generated more than 9 billion euros ($9.6 billion) for the country as it reeled from a 2013 financial crisis that brought it to the verge of bankruptcy and led its second-largest bank to shut down.

Source: fdiintelligence.com

Published: 11 September 2023

Indonesia is the latest country to launch a golden visa programme and has kickstarted the scheme by granting the first residence permit to a surprising recipient: ChatGPT founder Sam Altman.

Golden visas are the colloquial name for residence-by-investment programmes which see governments issue stay permits to foreign individuals in exchange for setting up new companies, buying properties or investing in funds. 

But the programme launched by south-east Asia’s biggest economy on August 30 takes a different spin, making its 10-year golden visas also available to ‘notable individuals’ nominated by the government. 

This pathway is offered to “well-known figures with an international reputation [who] can benefit Indonesia”, said the country’s director general of immigration, Silmy Karim, in a September 4 statement. That same day, the government granted the first golden visa to Mr Altman — the man behind the artificial intelligence (AI)-powered ChatGPT — stating it expected him to contribute to Indonesia’s AI ecosystem. It is not clear if Mr Altman, who visited Indonesia in June, applied for the permit or was granted it unilaterally. 

His visa is a sign “that Indonesia would like to attract talent and investors from digital business sectors”, says Primadi Wahyuwidagdo Soerjosoemanto, principal of consultancy Bright Indonesia. Since launching its AI strategy in 2020, the government has established an AI and Cybersecurity Research Centre which is working on AI regulations to take effect by 2025. However, Mr Soerjosoemanto notes the country has “no specific lead-generation programmes for attracting global tech investors [from] Silicon Valley, Guangzhou, Bangalore” or other innovation hubs. He believes golden visas could be used as a tool to help fill this gap. 

We face a formidable challenge in the form of an inadequately skilled and qualified workforce. This new golden visa policy undoubtedly holds the potential to contribute to Indonesia’s workforce by facilitating the transfer of knowledge.

Jennifer Halim, consultant, Dezan Shira & Associates

Government officials have told local press that intellectuals, researchers and graduates from top universities could also qualify for the notable persons pathway. Using golden visas to woo foreign talent could help tackle one of the country’s biggest perceived hurdles in attracting FDI. “We face a formidable challenge in the form of an inadequately skilled and qualified workforce,” says Jennifer Halim, consultant at Dezan Shira & Associates in Jakarta. “This new golden visa policy undoubtedly holds the potential to contribute to Indonesia’s workforce by facilitating the transfer of knowledge.”

By focusing on talent as much as investment, Ariyo Dharma Pahla Irhamna, an economist at the Institute for Development of Economics and Finance, notes Indonesia has drawn inspiration from the UAE, which in 2019 rolled out a golden visa programme for investors, professionals and so-called ‘exceptional talents’. 

Long-term benefits

Expanding its local talent pool will help Indonesia’s long-term investment prospects, but some on the ground are sceptical about golden visas’ ability to boost FDI in the short term. Mr Soerjosoemanto expects it to attract small and mid-tier wealthy investors, but stresses it will not cut through the bureaucracy and corruption that hinder the flow of big business.

“There is a high degree of competition [for investment] among countries in south-east Asia, such as Singapore, Malaysia and Thailand, which have issued similar immigration policies,” says Ms Halim, noting the latter two have lower financial requirements than Indonesia. 

To obtain Indonesia’s five-year golden visa, individuals must invest $2.5m to establish a new company. For corporates, the figure is $25m. Alternatively individuals can invest $350,000 in local bonds, shares or funds. A similar residence permit in Malaysia requires a RM1m ($214,00) bank deposit while Thailand’s elite visa is available for a Bt600,000 ($17,000) one-time fee. 

Nonetheless, maybe Indonesia can wait to enjoy the golden visa’s benefits of a stronger workforce. According to fDi Markets, over the first seven months of the year it was the world’s fifth biggest recipient of announced FDI. Based on that same data, Indonesia is on track to post a record high $53.1bn-worth of projects by the end of the year.

Source: time.com

Published: 5 September 2023

OpenAI Chief Executive Officer Sam Altman is the first person to get an Indonesian golden visa as Southeast Asia’s largest economy seeks to draw foreign investors.

The country’s immigration authority issued a 10-year visa for Altman as he “has an international reputation and may bring benefits to Indonesia,” said Immigration Director General Silmy Karim in a statement. The co-founder of the ChatGPT creator would enjoy priority security screening at airports, longer stay periods and easier entry and exit processes, among other perks.

Introduced last week to boost economic development, the new visa allows foreigners who make substantial investments in the country to remain for between five and 10 years. For example, an individual who invests $350,000 into shares of local public companies, savings accounts or government bonds is eligible for a five-year stay.

It was not immediately known whether Altman, who visited Jakarta in June to speak on artificial intelligence, applied for the visa or has plans to invest in Indonesia.

Source: reuters.com

Published: 3 September 2023

Indonesia is introducing a golden visa scheme to attract foreign individual and corporate investors in an attempt to boost its national economy, a statement from the ministry of law and human rights distributed on Sunday said.

“The golden visa is granting a residence permit for an extended period of five to 10 years,” director general of immigration, Silmy Karim said in the statement.

The five-year visa requires individual investors to set up a company worth $2.5 million, while for the 10 years visa, a $5 million investment is required.

Other countries around the world including the U.S., Ireland, New Zealand and Spain have introduced similar golden visas for investors, seeking to attract capital and entrepreneurial residents.

Meanwhile, corporate investors are required to invest $25 million to get five-year visas for directors and commissioners. They need to invest double, or $50 million, to gain a 10 year visa.

Different provisions apply to individual foreign investors who do not want to establish a company in the Southeast Asian country. The requirements range from $350,000 to $700,000 in funds that can be used to purchase the Indonesian government bonds.

“Once they arrive in Indonesia, golden visa holders no longer need to apply for permit,” Silmy Karim said.

Source: antiguaobserver.com

Published: 6 September 2023

President of Antigua and Barbuda Table Tennis Association (ABTTA), Charles “Chucky” Bellot, has welcomed interest from India-born table tennis player, Stuti Kashyap.

The association, in a recent press release, said the player who is currently residing in Fremont, California, USA “is set to represent Antigua and Barbuda in international table tennis competitions”.

“Stuti is a great find and I personally see it as all positive. Apart from receiving coaching guidance in person and even online, it could only help to be able to practice and to play with players at her level. Additionally, we have already received several offers for our locally based players to participate in various US club tournaments, so it’s a building process and anything we can do to facilitate and catalyse the development of sporting talent in table tennis can only be a good thing,” he said.

According to the press release, Kashyap competed at the 2019 US Open in table tennis where she clinched five medals in six events. The communique went on to state that in January 2023, the player had made it “to the top third among U-15 Girls in the US”.

Bellot said the player recently became eligible to represent Antigua and Barbuda.

“Stuti Kashyap, through the efforts of her parents and the Citizenship by Investment Programme, became a citizen of Antigua and Barbuda. Having never represented any other country and also given her age, we don’t anticipate there to be any issues. She has been registered with the ITTF [International Table Tennis Federation] and, of course, there will be a waiting period during which time we would be able to continue to identify and develop additional talent in building a string female contingent to represent Antigua and Barbuda going into the future,” the president said.

The 14-year-old Kashyap is already listed as an Antigua and Barbuda player online.