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  • Great Britain: Britain punishing poorer nations who sell citizenship is simplistic and destructive

    Great Britain: Britain punishing poorer nations who sell citizenship is simplistic and destructive

    Source: theguardian.com

    Published: 1 September 2023

    Suella Braverman’s visa restrictions on people from Dominica, Honduras, Namibia and Timor-Leste are an overreaction to the practice of granting citizenship by investment

    The move by the British home secretary Suella Braverman to impose visa restrictions on people from Dominica, Honduras, Namibia, Timor-Leste and Vanuatu has reflected again the tendency to employ a sledgehammer to crack a nut when managing immigration and border security.

    In July, Braverman expressed concerns about the way Dominica and Vanuatu administer their citizenship by investment (CBI) schemes – so-called golden visas – citizenship in exchange for financial inputs in the host country.

    According to her, these two Commonwealth countries have been conferring citizenship on individuals recognised as security risks to the UK. Braverman failed to identify these dangerous people.

    Her decision has been met with scepticism. Critics contend that the numbers involved in these countries are scarcely large enough to warrant such measures. The move appears to disproportionately target black and brown-majority nations, raising concerns again about the justice in Britain’s immigration policies.

    Against a backdrop of anti-migrant sentiment, the step aligns with the UK government’s normalising of restrictive immigration policies, distracting from the cost-of-living crisis, public transport strikes, NHS issues and economic inequality. The focus on externalising immigration challenges ignores migration as an issue that requires a more thoughtful and comprehensive approach.

    It also prompts a closer examination of citizenship by investment schemes. Transparency International, a global civil society organisation that campaigns against corruption, has previously highlighted problems in Europe, stating: “Golden passport and visa schemes have turned EU citizenship and residency rights into a luxury good: with enough money, anyone can buy in.

    It adds: “This is a particularly attractive prospect for criminals and the corrupt – and numerous scandals have proven they are taking advantage. These EU golden passport and visa schemes are not about genuine investment or migration – but about serving corrupt interests.”

    The problem is insidious in the Caribbean, which has become a magnet for members of super-rich elites from the US and Europe seeking to take advantage of vulnerable nations to satisfy their need to create more wealth at the expense of the climate crisis, human rights and equality.

    Golden visas have gained traction in Caribbean islands, especially those heavily dependant on tourism and foreign direct investment.

    Advocates argue that CBIs can stimulate economic growth, create jobs and benefit local economies and infrastructure. Attracting overseas investment can provide valuable sources of funding for public services and development, benefiting both citizen and immigrant, and countries can diversify beyond tourism and agriculture. But they come with their own set of challenges.

    They often require property investment, which can bolster real estate markets but exacerbate wealth inequality, catapulting house prices beyond the reach of local people. Providing privileges to the wealthy deepens the divide between elites and locals.

    Citizenship scheme income helps to support hospitality, infrastructure, banking and youth development projects

    This is especially true for countries belonging to the Organisation of the Eastern Caribbean States – Antigua and Barbuda, St Kitts and Nevis, Montserrat, Anguilla, British Virgin Islands, Dominica, St Lucia, St Vincent and the Grenadines, Grenada, Martinique and Guadeloupe.

    Reports from the International Monetary Fund show CBIs contributed nearly 30% of GDP for Dominica and 25% for St Kitts and Nevis in 2022. Citizenship scheme income helps to support hospitality, infrastructure, banking and youth development projects. CBI revenues have been pivotal in aiding these countries during Covid.

    However, without robust background checks and enhanced due diligence, the risk of corruption, money laundering and illicit activities increases. The rush to attract foreign investments can make economies more vulnerable to external economic shocks and national security concerns.

    A report last year by the Organised Crime and Corruption Reporting Project highlighted one of the best-known firms enabling these passport sales, Henley & Partners, whose chairman Christian Kälin has been dubbed the “Passport King”. The report illustrated the number of CBI applicants from countries including Russia, Iran, United Arab Emirates, Armenia and Nigeria attempting to gain citizenship in Antigua and Barbuda, St Kitts and Nevis.

    Golden visa holders are often subject to tax in the host country. Income, property and other taxes bring other revenue streams. Tax evaders have ingeniously employed CBIs to obscure financial misconduct. Essentially, these individuals exploit tax havens to evade their obligations, relying on the host’s cooperation to reduce discovery risk. A key complicating factor is the acquisition of foreign citizenship as a safeguard against detection, a strategy favoured by the wealthiest tax evaders.

    CBIs wield a transformative influence, redefining tax evasion in two ways: by reducing detection, thereby curtailing potential penalties from high-tax jurisdictions, and disrupting the international framework of tax information exchange, diverting potential revenue. This allows countries offering golden visas a discreet influence over global tax information-sharing initiatives.

    The privileges conferred by investment visas vary significantly from country to country and even within programmes in the same nation. Generally, golden visas are premised on a significant financial investment, but specific rights and limitations can differ. Some convey rights to work, start a business or give access to services such as healthcare and education.

    Caribbean nations need to strike a balance between attracting investment and safeguarding their interests

    Some countries require a period of residency before granting voting rights, while others might not offer them at all to golden visa holders. This has led to controversy in the Caribbean where there have been allegations of using citizenship by investment for electoral manipulation.

    The retired supervisor of elections in St Kitts and Nevis, Elvin Bailey, expressed concern that CBI holders were being allowed to vote. It has also been reported that a large number of Indian nationals, who are also Commonwealth citizens, and Chinese nationals, have been granted CBIs in St Kitts and Nevis that confer voting rights and ultimately allegiance to whichever administration dispenses these visas. Some were found to be involved in corruption and criminal activities.

    Caribbean nations need to strike a balance between attracting investment and safeguarding their interests. In implementing robust procedures, including criminal background and funding source checks, they can ensure that those seeking these visas are genuinely contributing to society, and maintain the credibility of schemes.

    Braverman’s approach to immigration raises questions about the UK’s commitment to equitable policies. Meanwhile, the Caribbean’s investment visa programmes offer economic opportunities but need to to address due diligence concerns related to inequality, alongside fraud, tax evasion and national security.

    As the world grapples with issues of migration, corruption and governance, it becomes paramount for countries to wield more nuanced approaches to immigration, not the blunt force of sledgehammers.

  • Grenada: Grenada makes changes to CBI due diligence and fees

    Grenada: Grenada makes changes to CBI due diligence and fees

    Source: nationnews.com

    Published: 1 September 2023

    Grenada Friday announced adjustment to its Citizenship By Investment  (CBI) programme that will result in foreign investors having to pay more interviews under the initiative.

    The Dickon Mitchell government said all interviewing fees will now be US$1000 while the due diligence fee for dependent parents aged 65 and over has increased from US$250 to US$5000.

    “These Regulations shall come into force on the first day of September,” said the notice in the official Gazette signed by Prime Minister Dickon Mitchell, who is the minister responsible for citizenship.

    There is also the introduction of a financial sponsor interviewing fee of US$1000.

    One local agent explained that the financial sponsor is someone sponsoring an applicant cost. “Usually the sponsor pays the fee, so in that case not only the applicant is interviewed but also the financial sponsor,” the agent explained.

    Grenada is one of several countries with CBI programmes through which foreign investors are granted citizenship in return for making a substantial investment in the socio-economic development of the country.

    In the first six months of this year, Grenada earned EC$157 million (One EC dollar=US$0.37 cents) under the CBI, but issues related to due diligence and the management of these programmes have raised concerns with countries such as the United Kingdom and the United States (US).

    In July, the US and EU authorities made specific recommendations to Caribbean nations that have CBI programmes, to further strengthen high levels of background checks, prevent money laundering and tax evasion.

    Among the recommendations are in-person interviews and the minimum investment thresholds be increased, with a minimum of US$200 000, per single applicant  for applications under the donation option and a minimum of US$400 000 for real estate investments.

  • Canada: Canada attracts 32000 global tech workers in a year

    Canada: Canada attracts 32000 global tech workers in a year

    Source: immigtoronto.com

    Published: 29 August 2023

    Within the span of April 2022 to March 2023, Canada attracts over 32000 global tech workers in a year. This insight originates from a recent study conducted by The Technology Councils of North America (TECNA) and Canada’s Tech Network (CTN).

    The following parts will cover the comprehensive report provided by TECNA and CTN in more detail. This research provides an in-depth examination of the dynamic landscape within Canada’s tech industry. It highlights crucial topics, including top locations for tech employees nationwide.

    Gaining insights from the TECNA and CTN report

    According to the report’s results, Canada has attracted a sizable number of IT employees. Mostly due to its laws favoring immigration and its affordable labor market. The study by TECNA and CTN, which attempts to comprehend the effects of globalization on migration of tech occupations in North America, shows that the move to remote work has compelled tech professionals to leave traditional tech hubs. The report claims that the COVID-19 pandemic has had some influence on this occurrence.

    The paper emphasizes the significant net in-migration of international tech talent to Canada, with India, Nigeria, and Brazil serving as important source nations. Additionally, increased investments from U.S.-based tech companies can be linked to Canada’s booming tech sector. These investments are motivated in part by proximity to the U.S. and favorable wage differences.

    Canada reported an astounding total of over 400,000 software engineers in 2022. It demonstrating that the growth of the country’s tech workforce extends beyond key markets. Surprisingly, even smaller jurisdictions like Saskatchewan and Newfoundland and Labrador have had impressive development, with their tech workforces seeing a significant increase of 16.3% from year to year.

    Smaller rural Canadian hubs, such as Windsor, Ontario, have additionally emerged as focal points for the expansion of the tech workforce. Windsor has seen the highest growth over the past year—a notable 28% increase—reflecting the trend toward rural settings, which is partly attributed to the rise in remote work across North America.

    The joint report from TECNA and CTN is significant since it emphasizes the crucial tech skills required in Canada. These include Customer Experience, Customer Relationship Management, Microsoft Azure, Analytical Skills, Amazon Web Services, React.js, Jira, Data Science, and GitHub. This insightful information is important for international tech professionals who are thinking about relocating to Canada in the near future.

    Canada attracts 32000 global tech workers in a year – Canada’s most attractive tech hubs

    The extensive TECNA/CTN analysis, which outlined a ranking that prominently featured two Ontario (ON) cities and one Quebec (QUE) city among the top three spots, further highlighted Canada’s alluring tech towns.

    When the order was revealed, the research put Mississauga (ON) in the coveted top spot, followed closely by Montreal (QUE) and Waterloo (ON). The peculiar qualities that make each of these places a draw for tech talent. Particularly among newbies to the field. It will next be thoroughly explored.

    Mississauga

    Mississauga is a noteworthy city that is home to a growing IT industry with an astounding collection of approximately 1,000 enterprises. These only pertain to the information technology (IT) industry. The city stands out because it is a key component of the second-largest information and communication technology (ICT) cluster in North America. With over 300,000 skilled tech professionals located there. The presence of well-known international IT behemoths like Microsoft, Oracle, IBM, HP, and Cognizant adds to the city’s attraction. Mississauga gains from strong local governance programs that support tech innovation. One such initiative is the Mississauga Innovation and Technology Acceleration Program (MITAP). It provides funding, coaching, and tools to regional businesses.

    Mississauga fosters a number of emerging IT companies, including SOTI, Guidewire Software, HCL Technologies, and Infosys. It embody growth and potential. The city is predicted to have amazing growth as its population would increase to about 995,000 people by 2051. It is a stunning 33% increase from 2016. This steady development demonstrates Mississauga’s dedication to encouraging and advancing a steady influx of digital talent, securing its status as a key hub for the foreseeable future.

    Montreal

    Tucked away in Montreal is one of Canada’s most vibrant innovation ecosystems. It has significantly grown by over 31% between 2015 and 2020. Montreal is notable for being the second-largest tech sector in the country. As well as for being a key hub for artificial intelligence (AI) and information technology (IT). This city has a big impact because it is a strategic operating hub for multinational corporations like Google, Microsoft, Meta, Samsung, and Intel.

    With over 200 studios, including well-known brands like Ubisoft, Electronic Arts, and WB Games. Montreal is renowned for its work in the game development industry and plays a significant role in the country’s gaming industry.

    Montreal serves as a productive environment for growing prosperous tech businesses. Companies like CGI, Hopper, Element AI, Imagia, and Nuvei are on the list of winners. The city also commands attention for its thriving startup-focused events, like Startupfest and MTL Connect: Montreal Digital Week. Currently, around 18,000 students are enrolled in tech programs in and around Montreal, showcasing the academic strength of Quebec. As well as the city’s extensive support for the expansion and innovation of the tech sector.

    Waterloo

    Waterloo is recognized as a thriving and constantly developing tech cluster, with over 1,570 tech-focused businesses and industry giants like BlackBerry and D2L supporting its strength. This city’s ranking in the top 20 start-up ecosystems worldwide is evidence of its vibrant innovation scene.

    Strong intellectual foundations, fostered by organizations like the University of Waterloo, Wilfrid Laurier University, and Conestoga College, are what are driving Waterloo’s trajectory. This intellectual synergy can foster and nurture a skilled local IT workforce. Waterloo’s superior quality of life complements this academic environment, producing an alluring environment for luring and keeping top talent—a trait that helps explain its remarkable ICT start-up survival rate, which is over double the global industry average.

    Additionally, Waterloo’s significance is underscored by its attractiveness for substantial venture capital investment. It provides a definitive stamp of approval to its growing prominence as an emerging Canadian tech hub.

    Canada attracts 32000 global tech workers in a year – Efforts made by Canada

    Understanding the in-depth information provided by the aforementioned TECNA/CTN report requires acknowledging Canada’s sincere efforts to attract international IT talent. The government achieves this goal through two crucial channels. The recently developed Tech Talent Strategy and the sophisticated approach of conducting category-based Express Entry draws. Together, these two strategic goals reinforce the growing tech sector’s penetration across Canada, supporting the flood of knowledgeable IT workers.

    The Government of Canada’s digital Talent Strategy stands out as a brilliant strategic move. It is prepared to advance the country along its path to becoming a “leader in global tech talent recruitment. This directive intends to create a strong ecosystem. Moreover, it attracts creative thinkers and knowledgeable tech professionals, creating an environment where they may flourish and make a major contribution.

    • Introducing an Innovation Stream within the International Mobility Program (IMP).
    • Showcasing Canada as an appealing hub for digital nomads.
    • Enhancing labor mobility across North America by establishing an efficient work permit for US H-1B specialty occupation visa holders (for entry into Canada).
    • Elevating current initiatives tailored to high-skill tech workers.

    Express Entry draws categorized for tech roles

    IRCC began holding category-based Express Entry draws on June 28, 2023, with a focus on federal immigration candidates who reflect the most important economic and demographic needs of Canada. In the year 2023, one of the six designated categories is specifically earmarked for immigrants who possess work experience in the domains of science, technology, engineering, and mathematics (STEM). This tactical choice is perfectly in line with Canada’s strategic objective of attracting a larger influx of foreign tech talent to its shores.

    As of the time of writing, IRCC has only conducted one category-specific draw for this cohort. It took place on July 5th, 2023. IRCC sent invitations to 500 candidates who completed the requirement in this case. Also, those who scored at least 486 on the CRS. These invitations offer candidates the opportunity to submit applications for Canadian permanent residence.

  • Commonwealth of Dominica: The Commonwealth of Dominica Enhances Security and Management of the Citizenship by Investment Programme

    Commonwealth of Dominica: The Commonwealth of Dominica Enhances Security and Management of the Citizenship by Investment Programme

    Source: financialpost.com

    Published: 29 August 2023

    The Commonwealth of Dominica has taken significant steps to bolster the security and management protocols for its Citizenship by Investment Programme, aimed at fortifying the integrity and longevity of the programme. 

    Dr. Roosevelt Skerrit, the Prime Minister of Dominica, has been collaborating closely with various stakeholders, including international consultants, to conduct a comprehensive audit of the investment migration programme. Building on an initial audit undertaken last year by a UK consulting firm, the government has been actively implementing new and improved processes through the Citizenship by Investment Unit. 

    During his recent Budget Speech, the Prime Minister unveiled plans to enlist a globally vetted management consulting firm to oversee the overall operations and management of the Citizenship by Investment Programme. While Dominica already boasts a proactive due diligence process, the government is committed to its further reinforcement, vowing “to leave no stone unturned to strengthen it.” 

    “We take this matter very seriously and will increase our efforts in showcasing our robust due diligence and risk mitigation efforts on all fronts.” the Prime Minister affirmed. 

    Over the past 18 months, the Government of Dominica has undertaken several measures to elevate the security of its investment migration programme. 

    A United States-based firm has already conducted anti-money laundering and counter-terrorism financing training for all Citizenship by Investment Unit staff as the Unit undergoes restructuring. The CBIU was restructured under the supervision of an expert compliance officer to ensure that all procedures were updated, quality control measures strictly followed, and all IT systems upgraded. 

    The government made a bold move at the start of the year, giving notice of its intent to revoke the citizenship of those who made false declarations or misrepresentations in their applications, particularly relating to previous visa rejections from countries with which Dominica has visa-free treaties. 

    Dominica has also introduced biometric travel documents and updated its naturalisation certificate, enhancing its security features. 

    Citizens of the Kurdistan region in Iraq, Russia and Belarus do not qualify for citizenship in Dominica as international security authorities have flagged the regions as high risk. Moreover, the government introduced legislation providing an enhanced due diligence fee for applicants from specific countries. This enhanced due diligence fee offers the government additional resources to thoroughly scrutinise applicants from these countries. 

    The country also issued regulations to restrict citizens from changing their names. 

    Dominica has distinguished itself as the first Caribbean country to implement mandatory interviews as part of the citizenship by investment application process – a requirement agreed upon with the United States at a roundtable earlier this year. 

    “We also devised a new rigorous risk assessment and hired firms from the United States and the United Kingdom to begin interviews with all CBI applicants,” Prime Minister Skerrit said in the Parliament. 

    In addition to international firms in the US and UK conducting due diligence checks, Dominica’s Financial Intelligence Unit will also assist with the due diligence process. This includes reporting rejected applicants to the JRCC monthly and permitting the JRCC to share that information with the other CBI jurisdictions in the OECS. 

    Dominica is leading discussions in the region to collaborate on safeguarding the citizenship by investment industry; and has taken measures to emphasise its dedication to cooperating with global stakeholders and enhance the due diligence process to reduce threats from illicit actors.  

    In addition to these recent changes, new risk mitigation actions include: 

    • Thorough assessment and reduction of the number of agents and promoters of the country’s Citizenship by Investment Programme, who will be strictly monitored, along with developers, to ensure compliance with current regulations governing the advertisement of Dominica’s Citizenship by Investment Programme.
    • Strict enforcement of regulated citizenship fees to prevent any undercutting.
    • Strengthening of policies and legislation to maintain competitiveness and alignment with international best practices.

    Dominica’s rigorous due diligence and vetting processes make it extremely difficult for any illicit individual to qualify for citizenship. Background checks occur on the ground where the applicant lives and works, via online databases and now in person. 

    The Prime Minister has reiterated that Dominica will maintain robust due diligence processes to ensure the country meets international standards and alleviates any security concerns. 

    “We have fresh impetus to go back and relook where we can do even better in giving our international counterparts confidence in our security measures – which are already some of the most robust in the world compared to other jurisdictions,” he said. 

  • Germany: New Visa Application Process for Certain North Macedonian Applicants

    Germany: New Visa Application Process for Certain North Macedonian Applicants

    Source: fragomen.com

    Published: 29 August 2023

    From August 28, 2023, the German Embassy in North Macedonia commenced using the visa service provider Visametric to process “Western Balkans Regulation” visa applications. Applications under this quota-limited program – which allows eligible Northern Macedonian nationals (among other nationalities) to access temporary work visas in Germany – must now be submitted to Visametric, and are now subject to an additional fee of EUR 37.50 in addition to the existing visa fee of EUR 75. Despite Visametric now processing the applications, the Embassy retains the exclusive power to assess and determine such visa requests. Applicants still need to attend a visa appointment with the Embassy, and such appointments continue to be allocated via a lottery system. All other visa types (including family reunification, skilled immigration or tourism) still need to be submitted directly to the Embassy. This change seeks to simplify application procedures.

  • The end of the new path for the Portuguese Residency by Investment Program?

    The end of the new path for the Portuguese Residency by Investment Program?

    An article written by Tiago Gali Macedo IMCM, Managing Partner of Next-Gali Macedo & Associados, Sociedade de Advogados, SP, RL

    On February 16, 2023, as part of a major intervention package with measures and policies to support housing, the so-called “Pacote Mais Habitação”, the Portuguese Government announced the end of the golden visa program (residence permit by investment) as an apt mechanism to reduce real estate speculation.

    Reporting directly to the presented measures that have a direct impact on the residency by investment program, it is fair to say that, the proposal of law has generated a lot of debate within the different political parties – including the Socialist Party that supports the government (PS) – and economic players, especially within the real estate and touristic sectors.

    Since then, the aforementioned package of measures followed the normal legislative process, which included public discussion, presentation of the proposal of law n º 71/XV/1.ª in Parliament on April 14, 2023, general voting in the Parliament, which resulted in its approval and, consequent submission for debate and voting in the competent specialized Committee of Economy, Public Works, Planning and Housing within the Parliament.

    At this point, with the support and making use of several parliamentary hearings, the different political parties, through their deputies, presented changes and amendments to the law proposed by the government for subsequent voting, approval in the specialized committee and submission to the general assembly of Parliament.

    Now, it was at this moment that many proposals for amendments emerged, the most relevant being the amendments proposed by the parliamentary group of the Socialist Party (PS) and governing party on June 28, 2023.

    In its proposal, the Socialist Party introduced amendments to the initial proposal of law made by the government to just eliminate the investment routes/options to obtain residency permit by investment/ golden visa, through real estate investments (of any kind) and the capital transfer bank deposit.

    In this sense, the Socialist Party suggested keeping the possibility to obtain a residency permit by investment/ golden visa, through:

    • Creation of at least 10 jobs;
    • Capital transfer with a value equal to or above EUR 250.000 in support of cultural activities or artistic production for the recovery or maintenance of national heritage;
    • Capital transfer with a value equal to or above EUR 500.000, for the acquisition of units or parts in non-real estate collective investment undertakings, dedicated to the capitalisation of companies;
    • Capital transfer with a value equal to or above EUR 500.000 to:
    • set up a commercial company with head office in Portugal, along with the creation of five permanent job positions, or
    • the capital increase of a commercial company already established, with head office in Portugal, the creation of a minimum of five permanent jobs or maintenance of a minimum of ten jobs, from those at least five must be permanent jobs and for at least three years;

    Furthermore, the mentioned proposal by the governing party adds that investment activities cannot be directly or indirectly destined to real estate investment.

    Following this, took place on July 6, 2023, within the Work Group for Housing of the Parliament Committee of Economy, Public Works, Planning and Housing the vote onthe specific package of measures “Pacote Mais Habitação“, including the referred amendment proposals. The vote was carried out “article by article” and receive the work group approval.

    Afterwards, the final wording of the proposal of law was ratified in the Parliament Committee of Economy, Public Works, Planning and Housing on July 18, 2023 andsent to the general assembly of the Parliament for final vote and approval.

    Now, the final proposal of law will be voted in the general assembly of the Parliament on July 19, 2023.

    Next, the law approved is sent to the President of the Republic, which might exercise its right to “veto” or forward to the Constitutional court, in case of constitutional doubts, or just approve it and order its publication. 

    Thus, as of the date this article is being written the proposal of law it is not possible to exactly determine when the new law will become into force.

    Having said this, it is not possible to determine yet or completely foresee the future of the Portuguese residency permit by investment program/Golden Visa program.

    Nonetheless, based on the existing proposed amendments by the governing party and information available at the moment, it is plausible to say that Portuguese Residency by Investment Program/Golden Visa will not end but will instead be forced to follow a new path more focused in productive investment, through the creation of jobs and support of companies, excluding any type of real estate investment.

    This new path will also include kind of “rebranding” and change of name of the residency permit, since in the future all residency permit for investment/golden visa will be converted in “residency permit for entrepreneur immigrants”.

    Finally, it is clear that all residence permits that are under processing by the competent entities or that were issued before the entry into force of the new law will not be affected.

  • St Kitts and Nevis: St Kitts and Nevis announces further monumental changes to its Citizenship by Investment Programme

    St Kitts and Nevis: St Kitts and Nevis announces further monumental changes to its Citizenship by Investment Programme

    Source: ciu.gov.kn

    Published: 27 July 2023

    Today, the Government of St Kitts and Nevis proudly announces further groundbreaking changes to its Citizenship by Investment Programme, a move that signals the country’s intention to remain as the reference point for the international investment migration industry. The monumental changes have been made to ensure that only high net worth investors and persons who value the citizenship of St Kitts and Nevis are attracted to the Programme.

    For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry, charting new territory with forward-looking solutions based on solid legislative principles and strict due diligence policies. The Programme has allowed the nation to thrive, giving Kittitians and Nevisians the opportunity to advance without overreliance on international financial aid.

    The new changes, further to those made in December 2022, are aimed at safeguarding the nation’s integrity, making the Programme sustainable and preserving the privileged status of being a citizen of St Kitts and Nevis.

    “Today, St Kitts and Nevis takes another bold step in reaffirming our intention to not only offer the best Citizenship by Investment Programme in the world, but also to offer a programme held together by a tight regulatory system designed to be a best-in-practice defence mechanism against illicit actors and those who try to bypass our high-end investment and contribution options. We are continuously committed to preserving the exclusivity and prestige associated with being a citizen of St Kitts and Nevis,” said Prime Minister the Hon. Dr. Terrence Drew.

    “This Government has always taken a considered approach when making decisions that impact not only the people of St Kitts and Nevis, but the international community as well. We have done some deep introspection, analysed the Programme, spoken to our international partners and have decided that now is the right time to show the world, as we did in December 2022, that our citizenship is not accessible to those who do not value our citizenship or understand what St Kitts and Nevis hasto offer the world. We will continue to engage with the international community to provide clarity and assurance to investors that St Kitts and Nevis is a safe destination for long term investments,” continued Prime Minister Drew.

    “Since coming into office less than a year ago, I have sought to work with well-intentioned partners who share my vision of where we can take our island nation on the global stage. We have done everything in our power to protect and advocate for the good name of St Kitts and Nevis. We have continuously instituted changes that will not only alleviate the concerns of our international stakeholders and position us as a compelling emerging market destination for authentic foreign direct investment, but these changes are also aimed at ensuring that our people continue to be proud to be called a citizen of St Kitts and Nevis.”

    The Government of St Kitts and Nevis has made further sweeping changes to its Citizenship by Investment Programme, which include the introduction of a new investment option called the Sustainable Island State Contribution (SISC). The SISC replaces the previous Sustainable Growth Fund (SGF) and investors contributing towards this option will be advancing St Kitts and Nevis into a Sustainable Island State based on the following seven pillars:

    1. Increasing local food production;
    2. Transitioning to Green Energy;
    3. Diversifying the economy;
    4. Attracting and supporting sustainable industries;
    5. Evolving the Creative Economy;
    6. Recovering from the impacts of the COVID-19 pandemic; and
    7. Expanding social protection and safety nets to protect the most vulnerable.

    Contributions start from US$250,000 for one applicant only and increase as a spouse or dependants are added. For a family of two, the contribution amount increases to US$300,000 and for a family of four, the minimum Sustainable Island State Contribution is US$350,000.

    The minimum amount for investing in the Developer’s Real Estate Option is now US$400,000. The property must be held for a period of seven years and can be re-sold, once, to another purchaser who wants to apply for Citizenship by Investment.

    An Approved Private Home, which can be a condominium or single-family dwelling, qualifies to be sold as a Citizenship by Investment option if a minimum investment of US$400,000 is paid to the condominium owner or US$800,000 is paid to the single-family dwelling owner, by the main applicant.

    Again, the private home must be held for a period of seven years and cannot be sold to another purchaser who wants to apply for Citizenship by Investment unless the Federal Cabinet is satisfied that substantial further investment was injected into the real estate by way of further construction, renovation or otherwise.

    A public benefit unit in an Approved Public Benefit Project will qualify for Citizenship by Investment, if a minimum contribution of US$250,000 is paid to the Approved Public Benefactor by the main applicant. This option is limited to Approved Public Benefactors who, by their projects, maximise local employment; embark upon programmes including transfer of technology and local capacity building; transfer all real estate to the State on substantial completion; and assume all financial risks.

    Investors applying for Citizenship by Investment are now required to have a mandatory interview either virtually or in person at a location specified by the Citizenship by Investment Unit and approved by the Board of Governors. Interviews will be conducted by an independent professional firm commissioned by the Citizenship by Investment Unit, who will also perform background due diligence checks, or the Unit itself.

    All background due diligence checks will be commissioned by the Citizenship by Investment Unit and will be conducted by independent professional firms from the United Kingdom, USA and Europe, and in accordance with the requirements set by the Board of Governors.

    Once the Citizenship by Investment application has been approved, all processes and due diligence checks are finalised and the investment is made, a Certificate of Registration will be issued to the main applicant. The Certificate of Registration must be collected in person in St Kitts and Nevis or at an Embassy or Consulate specified by the Citizenship by Investment Unit as approved by the Board of Governors.

    Further, the Board of Governors have been empowered to regulate all Authorised Agents and International Marketing Agents, who must have their businesses registered under the laws of
    St Kitts and Nevis. Major limitations have also been included with respect to the methods by which the St Kitts and Nevis Citizenship by Investment Programme is to be advertised internationally.

    “In this ever-changing and unpredictable world, it is imperative that the Government of St Kitts and Nevis and its Citizenship by Investment Programme continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country. While we have always been the benchmark of the global investor immigration industry, we understand that in order to remain as one of the most sought-after economic citizenship programmes in the world, we need to continue to evolve and forge a path for ourselves that is sustainable in the long term,” added Mr. Michael Martin, Head of the country’s Citizenship by Investment Unit.

    The changes aim to boost international investor confidence and bolster St Kitts and Nevis’ reputation globally.

    St Kitts and Nevis continues to demonstrate the traits that underpin its resilience, growth ambitions and willingness to cooperate with international counterparts. These include a competent, responsive, skilled and credible Citizenship by Investment Unit with several layers to solidify the integrity of the Unit including a Board of Governors and a Technical Committee. The country also has a stable political system and macroeconomic framework, consistency in the enforcement of law by the independent judiciary, a vibrant and resourceful private sector and a free and independent media.

    St Kitts and Nevis wish to attract distinguished applicants who have demonstrated exceptional accomplishments, possess substantial investment capabilities, and are committed to making significant contributions to the country’s growth and development.

    The primary objective of this approach is to ensure that St Kitts and Nevis maintains the highest standards of citizenship and fosters a vibrant community of nationals who share a common vision for the nation’s advancement. St Kitts and Nevis is on a path toward sustainable growth and the changes to the Citizenship by Investment Programme show a clear direction that the country is setting itself apart.

    High net worth persons looking to invest in professionally regulated projects or contribute meaningfully towards societal advancement, should choose St Kitts and Nevis.

    For the full press release, please click here.

  • United Kingdom: Modern slavery gangmasters exploit care worker shortage

    United Kingdom: Modern slavery gangmasters exploit care worker shortage

    Source: bbc.com

    Published: 15 July 2023

    The number of modern slavery cases reported within the UK care industry has more than doubled in the past year.

    There were 109 potential victims, exploited for personal or financial gain, between January and March – twice as many as the same period in 2022.

    BBC File on 4 obtained the figures from the government-approved anti-slavery helpline, run by charity Unseen.

    Investigators trying to protect workers from being exploited say the care industry is now a “top priority”.

    The Gangmasters and Labour Abuse Authority (GLAA) – whose role is to protect workers from labour exploitation across the UK – told us there were 17 ongoing care sector investigations and that it was looking at more than 300 pieces of intelligence.

    Unseen says the rise in calls about the care sector in the past 12 months is because the government has made it easier for overseas social care staff to work in the UK post-Brexit – and fill thousands of job vacancies.

    As the supply chain gets bigger, there’s more chance for exploitation – says the charity.

    In the year to March, the government had issued 102,000 skilled worker, health and care visas to foreign workers – that’s up 171% on the previous year. In a statement, it told File on 4 that more than £17.8m had been spent policing modern slavery since 2016.

    It’s very rare to hear from a victim of modern slavery in person, but one woman who came to the UK on a work visa – and was forced to work gruelling hours as a carer – has told us her story.

    Still frightened of her former employers, we’re calling her Terri to protect her identity.

    Recruited by an agency in her home country in Africa, Terri was offered work in the UK as a domiciliary carer. The agency told her it would arrange her work visa and transport.

    She was interviewed in person, took an English test, and had to provide proof of her work experience. She was promised a job as a care assistant in the UK through a care company. She was told she would earn up to £29,000.

    For Terri, who was in an abusive marriage, the job was the perfect opportunity to escape with her three children.

    “Butterflies were going through me, it was one of the best days of my life,” she says.

    Terri brought her mother with her to the UK, so she could look after Terri’s children. Although Terri would be provided with somewhere to stay through the care company, depending on where she was asked to work, the children and their grandmother went into private rented accommodation.

    Terri told us she found her work hours gruelling – up to 20 hours a day – and that she often worked seven days a week. The car she had been promised to travel between clients did not materialise, so she had to walk to appointments.

    When Terri eventually received her wages from the company two months later, it worked out at less than £2 an hour, which is illegal. Care workers (aged 23 or over) must be paid at least the National Living Wage of £10.42 – for their time at appointments, plus travel time to and from the office.

    Terri complained to the care company but it threatened to stop her work and cancel her visa.

    She says other carers she got to know also warned her that the firm’s owner had political links in her home country.

    “That makes him very dangerous where we come from – you don’t want to go against someone like that,” she told us.

    Her low pay meant she was unable to continue paying rent for her mum and children – and they were forced to leave their accommodation.

    Terri was on a night shift while her mother and children spent the night on the streets. They were spotted by a member of the public and Terri was reported to social services.

    When they asked to see her rota they were shocked. “This is too much, this is insane,” she says they told her.

    Social services helped Terri get placed in the National Referral Mechanism, the government system set up to identify and support victims of modern slavery.

    She and her family are now in accommodation provided by social services. Terri is now seeking asylum in the UK – and until a decision is made she isn’t allowed to work.

    The Home Office has told her she has “reasonable grounds” to prove she was a victim of modern slavery.

    The care company Terri worked for is currently being investigated by another government department over the UK’s skilled worker visa scheme, says Ian Waterfield, Head of Enforcement at the government-sponsored GLAA. He says the care industry has gone from “not being on their radar” to becoming a “top priority” in the past 18 months.

    Modern slavery has infiltrated several employment sectors – including construction and car washes.

    The total number of potential victims referred to the Home Office through the National Referral Mechanism in 2022 was almost 17,000 – the highest number ever recorded.

    The National Police Chief’s Council told us it had a dedicated team leading work to “understand and tackle” the problem – and that currently there were more than 3,500 active investigations across England and Wales.

    However, prosecuting cases is difficult. Last year, England and Wales police forces logged nearly 10,000 cases. But half of these were closed because offenders couldn’t be tracked down and less than 2% resulted in charges.

    “Victims of modern slavery are extremely vulnerable,” says Sara Thornton, the former Independent Anti-Slavery Commissioner.

    “They will be in terror of the people who’ve trafficked or enslaved them, who will tell them there’s no point going to the police or the local authority or a charity because they won’t support you.”

    Ms Thornton says the Illegal Migration Bill – which passed into law last week – will make it even harder to support vulnerable victims. The new law allows the government to legally detain and remove all people who unlawfully enter the UK.

    She believes traffickers will use this to persuade their victims not to go to the police, adding that she thinks it is “a grave, grave concern” that there is currently no anti-slavery commissioner in place.

    Terri is still haunted by her experience. “There are times when I still have nightmares about what went down at that job,” she says.

    She now wants to qualify as a nurse.

    Correction: Based on GLAA figures, an earlier version of this article stated there were 300 ongoing care sector investigations. The GLAA has since corrected that figure to us, to 17 investigations and more than 300 pieces of intelligence. The article has been updated accordingly.

  • Dominica: Dominica loses its visa free access to the UK

    Dominica: Dominica loses its visa free access to the UK

    Source: questions-statements.parliament.uk

    Published: 19 July 2023

    Statement made by Suella Braverman, The Secretary of State for the Home Department

    I am today laying before the House a Statement of Changes in Immigration Rules.

    Imposition of a Visa Regime on Dominica, Honduras, Namibia, Timor-Leste, and Vanuatu

    We are today imposing a visa requirement on all visitors from Dominica, Honduras, Namibia, Timor-Leste and Vanuatu. Nationals of these countries will also be required to obtain a Direct Airside Transit Visa if they intend to transit via the UK having booked travel to another country.

    Careful consideration of Dominica’s and Vanuatu’s operation of a citizenship by investment scheme has shown clear and evident abuse of the scheme, including the granting of citizenship to individuals known to pose a risk to the UK. From Honduras and Namibia there has been a sustained and significant increase in the number of UK asylum applications being made by these nationals, who have abused the provision to visit the UK for a limited period as non-visa nationals in order to claim asylum. As such, Namibians and Hondurans rank first amongst non-visa nationals for asylum claims. These high numbers are unsustainable, contributing significantly to operational pressures which have resulted in frontline resource being diverted from other operational priorities. Lastly, there has been a sustained increase in the number of Timorese nationals arriving at the UK border as non-genuine visitors, often with the intention to fraudulently claim EU Settlement Scheme status as dependants or to work illegally in the UK.

    Arrangements are in place so that the nationals of these countries can apply for visas. We are also publicising the changes so travellers are aware and can plan accordingly. There will be a four-week, visa-free transition period for those who hold confirmed bookings to the UK made on or before 1500 BST 19 July 2023 where arrival in the UK is no later than 16 August 2023. We have arrangements in hand to provide visas for diplomats from these countries currently working at the embassy in London.

    The decision to impose these visa requirements has been taken solely for migration and border security reasons and is not a sign of poor relations with these countries. Any decision to change a visa regime is not taken lightly and we keep our border and immigration system under regular review to ensure it continues to work in the UK national interest.

    The changes to the Immigration Rules will come into force at 3pm today.

  • Women, Wealth and Investment Migration

    Women, Wealth and Investment Migration

    An article written by Edward Beshara FIM, Managing Partner of Beshara Global Migration Law Firm, Jennifer Lai, Managing Director at DL Holdings, Alexander Varnavas FIMC, Managing Partner of Varnavas Law Firm 1978 and Anthony Williams FIMC, CEO of La Vida.

    Women’s economic power and financial independence are growing rapidly around the world, yet they are often overlooked by the financial and wealth management industry. The IM Yearbook asked four experts: how well are women served in an investment migration context?

    Investment migration – much like the entire wealth management industry – is geared towards a predominantly male clientele. Since, historically, men were the main income earners and entrepreneurs, they were also making most investment and financial decisions.

    However, women’s wealth is growing. McKinsey found out that women already control more than a third of total US household assets, and their portion is expected to grow throughout the coming generational wealth transfer. In the UK, 60% of wealth will be in female hands by 2025, according to a forecast by the Centre for Business and Economic Research.

    In recent years, financial service firms and wealth advisors have made a concerted effort to attract more women investors, who today are assuming more powerful roles in personal and family investing and decision making. This raises the question: have investment migration consultancies also noticed a rise in female clients?

    On the rise

    Alexander Varnavas, managing partner at Varnavas law firm in Greece, comments: “For the past two years, women have formed 40% of our clientele, which is an increase from the first years operating in the investment migration industry in Greece. Even though the rest of the 60% is technically male-dominant, this does not imply that their significant others had no major role in the planning and execution of their investment plans through our services.”

    He adds that his firm had “executive-level men entrusting their sisters, spouses or daughters to manage million-dollar investments on their behalf, or more accurately, with minimum involvement from them, as they entrust women in their lives to manage the whole process”.

    Paul Williams, CEO of La Vida, said he hasn’t noticed a particular shift.

    “We treat everyone the same and find their needs are similar,” he said. In family applications, “the main applicant is sometimes the husband, sometimes the wife”. However, in terms of single applications, women are in the minority. “I would say far less than men, possibly 10%.”

    Jennifer Lai, Wealth & Residency Planning Managing Director at DL Holdings Group, says that around half of her clients are women. She adds that traditionally Asian culture considers ‘men as breadwinners’ and ‘women as homemaker’. However, migration is seen as a family matter, and she has had many cases where the husband started the initial conversation and then leaving it to his wife to follow up.

    In addition, she says that among her clients she has had many successful female entrepreneurs, professionals and executives in senior management, either married or single. “They are the decision-makers on many aspects, including investment migration.” Lai concludes that women are playing a more important role in investment migration, not only as a result of the gender equality debate, but also because they have become more successful in business, which, in turn, has strengthened their position when it comes to family decision making.

    Different attitudes

    In the US, Edward Beshara, Managing Partner of Beshara Global Migration Law Firm, also saw the percentage of female clientele growing from around 25% a few years ago to 35% today. But the change is not just in the numbers: “While female and male clients usually have the same business and immigration goals, women are detail oriented in regard to the particulars of the investment and will always use dual diligence to the extreme by reviewing the details and processes of investment migration,” he said. Lai also perceives women as detail-oriented, assessing and analysing every step of the process. Male clients, she says, do not focus so much on the process but look more into the end results.

    Analysing women’s relationship and attitudes towards the wealth management sector, EY pointed out that many women view the industry as male-oriented and unwelcoming. Meanwhile, a research study commissioned by Merrill, “Seeing the Unseen: The Role Gender Plays in Wealth Management,” took an expansive view of the subject, delving into the stories of women investors and their financial advisors. Among the study’s findings are that only 8% of women investors have experienced negative gender assumptions from their financial advisors and that such incidences of bias are usually subtle. But, as the research emphasises, there are multiple areas of unconscious bias, underscoring the need for advisors and executives to evaluate their own behaviors.

    The status quo

    Varnavas says “a lack of accommodation for women” in an investment migration context would not surprise him. “Unfortunately, women still have to deal with misogynistic practices. For centuries it had become normalised to underestimate them, and many professionals up to now have not adapted and openly accepted that businesswomen have a profound position in every industry,” he adds. He believes his firm is on a solid path. “Even though it was not deliberate, our establishment is made mostly of female professionals,” he adds.

    While most women do not explicitly look for female advisers, many place a high value on establishing a personal connection with their adviser. Varnavas’ firm contracted 80% of the businesswoman who approached the firm in 2022. “Our corporate strategy is about taking every inquiry seriously. We communicate with all of our clients promptly, we do put the time to answer thoroughly, and we ensure that we respect the intelligence and boundaries of clients in our follow-up routines.”

    Lai also said her firm has “successfully connected with women on the personal level and on the coroproate level”. However, she does not think she needs to change her service provision to “serve by gender”. For her, it’s always about providing quality and professional services that are in tune with the client’s demands and interests, irrespective of gender.

    A long list of male-focused industries, such as automobiles and real estate, have revamped their product and service models to meet women’s needs in recent years. As unprecedented sums of assets shift into the hands of women over the next decade, consultancy firms in the investment migration space have no choice but to ensure they attract and retain women investors.

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