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Mediterranean Retirement Now “Preserve of Above-Average Wealthy” – Investment Migration People in the News This Week

Investment migration people in the news this week include:

  • Jason Porter of Blevins Franks
  • Tammy Fahmi of Sotheby’s International Realty
  • Dominic Volek and Christian Kälin of Henley & Partners
  • Preeya Malik of Step Global
  • Arthur Sarkisian of Astons
  • Arton Capital
  • Mitchell Silberberg & Knupp

International Adviser: Mediterranean retirement only for the ‘above-average wealthy’

“All of this means that this is the preserve of the above-average wealthy,” said Jason Porter, director of expat specialist financial advisers Blevins Franks and head of the company’s European Emigration Advisory Service.

“Get the residency application wrong and, in most cases, it is void and the application fee is lost. Not only will they have to start the process again from scratch, but they will have to come up with more cash for a new application.”

One route that was already popular but is becoming even more so was the one of golden visas. They require investing a substantial sum in property or in other parts of the local economy to gain either residency rights or citizenship in that country.

Porter added: “They certainly would not want to try to obtain a golden visa on their own, as they average €5,000-€6,000 each, and an application that has to be resubmitted would cost €500 every time. One of the EU golden visa applications, if not done properly, could cost €40,000 in lost fees.”


Singapore Tatler: Property Trends: Why Singapore, Japan, Australia and New Zealand Rank High on Buyers’ Lists

Sotheby’s International Realty’s 2021 Luxury Outlook report pinned Auckland as a destination for super-prime real estate along with Singapore. The North-Island city houses one-third of New Zealand’s population “and growth is occurring at a rate of almost 1,900 per month, due in equal measure to urban migration and natural increase”, says Tammy Fahmi, vice president, global operations and international servicing of the real estate brand.

[…]

“We do see sustained interest for real estate in the countries in Asia-Pacific that host residence-by-investment programs”, says Dominic Volek, group head of private clients of Henley & Partners. The global citizenship and residence advisory firm has helped establish a few high-nett-worth (HNW) entrepreneurs and families across Asia acquire permanent residence in Singapore through Singapore’s Global Investor Program. The country has been one of the most sought-after by family-owned businesses worldwide wanting to expand their regional footprint in Asia.


Arabian Business: UAE seeing a ‘rush’ of applicants for US EB-5 visa programme ahead of court ruling

“Although we are uncertain yet as to what the judgment will in fact be, we have seen a big rush in the number of fresh applications and also demand from those providing documentation and waiting, to move forward, in the recent weeks in anticipation of a lowering of the minimum investment,” Preeya Malik, managing director of the Dubai-based Step Global, a firm specialising in the US and Canadian immigration, told Arabian Business.

“Many people who hadn’t applied before November 2019 when the price increased are now coming back in anticipation of the price drop, hoping to apply as they feel they have missed the boat back in 2019,” Malik said.

Malik said Indian applicants from the region are the largest pool among the applicants for the EB-5 visa programme.


Finews: Christian Kaelin: «Alternative Citizenship More Essential Than Ever»

Henley & Partners’ Chairman pens an op-ed for Finews in which he describes how recently-awakened appetites for investment migration among the HNWI from developed economies are changing the market:

The most eye-opening evidence of the benefit of multiple citizenship or residence options was Europe’s complete breakdown of its own borderless Schengen Area during the first lockdown and, most recently, Australia’s decision to ban its own citizens wishing to return from India.

The steadily growing appeal of investment migration over the past two decades has been pushed into overdrive since the outbreak of the pandemic. While the surge in interest shown by citizens of emerging economies and politically precarious states is somewhat predictable, the big game-changer has been the exponential spike in interest from nationals of highly developed countries — and in particular Australia, Canada, the U.K., and the U.S., and also several EU member states.


City AM: Wealthy Chinese and Hong Kong nationals flock to the UK via investor visa

Research by real estate firm Astons has found that wealthy Chinese and Hong Kong nationals are the most likely to head to the country via the UK Tier One Investor visa during the pandemic.

Meanwhile, over 34,000 Hong Kong citizens so far this year have applied for the UK’s bespoke BNO visa scheme that was launched in 2020 following Beijing’s democracy crackdown.

“The offer of the British National Overseas (BNO) visa has spurred a large migration of Hong Kong nationals to British shores,” managing director Arthur Sarkisian said.

“However, this interest hasn’t been confined to the BNO visa alone and Hong Kong’s wealthy have continued to show strong interest in the UK Tier One Investor visa throughout the pandemic as an alternative path when relocating.”


Gulf News: How the UAE passport became one of the world’s most respected documents

In December 2018, the UAE was ranked as the most powerful passport in the world by the Passport Index of Arton Capital. The ranking is based based on the following criteria: visa-free travel, international tax laws, happiness and development, dual citizenship and personal freedom. 


Seven Days: Law Firm That Advised Quiros on EB-5 Projects to Pay $32.5 Million Settlement

The law firm accused of helping the former owner of Jay Peak resort defraud investors has agreed to pay $32.5 million to the court-appointed receiver untangling the mess left behind by the massive scandal.

Michael Goldberg, the receiver, filed the settlement agreement with the firm Mitchell Silberberg & Knupp Friday in U.S. District Court in Southern Florida. The firm provided legal advice to Ariel Quiros, the Miami businessman accused of bilking investors in development projects in Vermont’s Northeast Kingdom.

Goldberg argued that the firm “breached [its] fiduciary duties and aided and abetted the fraud orchestrated by Quiros” and therefore was responsible for the fraud going on as long as it did.

The post Mediterranean Retirement Now “Preserve of Above-Average Wealthy” – Investment Migration People in the News This Week appeared first on Investment Migration Insider.

“300% Increase in Americans”: Investment Migration People in the News This Week

Investment migration people in the news this week include:

  • Andrew Henderson of Nomad Capitalist
  • Henley & Partners
  • Arton Capital
  • Deepanshu Choudhry of Step Global
  • Mahdi Mohammed of Guide Consultants
  • Pej Moyheddin of Bayat Legal Services
  • Tony Ebraheem of 111 Immigration
  • Karun Luthra of Vazir Group
  • Sadir Al Kherdaji of Al Kherdaji International Legal Consultants
  • Mohammed Asaria of Range Developments
  • Viren Miskita of MT Miskita & Company
  • Carolyn Lee of Carolyn Lee PLLC
  • David Lesperance of Lesperance & Associates
  • Joanne Hennessy of Pinsent Masons
  • Lindsey Barras of PWC

Forbes: The Best Passports For Global Entrepreneurs: U.S. Passport Slides To Number 42

Nomad Capitalist, an offshore consulting firm, compiles an annual list of the best passports for ‘global citizens’. Its founder, Andrew Henderson, has seen a 300% increase in Americans looking for second citizenship as a way to protect themselves.

The Nomad Passport Index (NPI) tests 199 citizenships around the world on five main criteria: visa-free travel, of course, but also international taxation laws, global perception, dual citizenship, and personal freedom. All of which adds up to the best passports for global entrepreneurs.

Henderson said, “the U.S. passport slid to #42 on our list of the best passports this year, and I think more people—especially wealthy people—are seeing that not only will their government not protect them, but they’ll send them an even larger tax bill for the privilege. I’ve never heard so many people say, ‘Five years ago, I never thought it would be this bad’.”

[…]

There are many companies which compile indexes of powerful passports highlighting which passports allow the most visa-free access to the most countries. The Henley Passport Index, for instance, recently ranked Japan as number one and highlighted how Asian countries are increasingly offering greater travel freedoms whilst U.S. and U.K. passports are decreasing in rank. Arton Capital’s Passport Index recently placed Germany as number one.


Irish Times: Irish passport is the second best in the world for entrepreneurs

“Ireland offers one of Europe’s lowest corporate tax rates, yet its passport’s visa scores are among the highest. The country’s excellent reputation makes travelling as an Irish citizen generally hassle-free,” said Andrew Henderson, founder of Nomad Capitalist, which compiled the report.

[…]

The Irish passports also rates highly in other surveys, coming in sixth place in Henley and Partners index last year, and joint fourth in Arton’s Capital’s annual ranking.


Arabian Business: Invest in your future: The rise of citizenship and residency by investment

“The unprecedented trend of bans and suspension of temporary visas and work permits by several countries during the pandemic has exposed the vulnerability of such statuses of residency,” explains Deepanshu Choudhry, Legal Manager, Step Global.

Today, a long list of countries trade citizenship or residency for cash. According to a top industry expert, Henley & Partners, it’s now a global industry worth $25 billion (Dh91.8 billion) a year.

[…]

For many people, investing in property is the best route. “Purchasing citizenship through real estate remains an excellent source of value for those looking to invest in something tangible that also has growth potential,” says Mahdi Mohammed, CEO of Guide Consultants.

With nearly 30 years in the industry, Bayat Legal Services always has its finger on the pulse of immigration trends. Managing Director, Pej Mohyeddin, is in regular contact with many of the Caribbean programme managers, who confirm business during the pandemic is far from down.

“The numbers have been consistent to pre-pandemic, so that means their ability to process and the interest of customers has not diminished,” he says.

[…]

When it comes to the best way for ensuring you choose the right immigration or second citizenship pathway, Tony Ebraheem, Founder of 111 Immigration, says no two cases are the same.

“However, balancing three things will guide you to select the best programme,” he advises. “How fast you want it, what benefits you are looking for, and how much it will cost.”

[…]

“Find out if they take escrow account-accepted payments, offer flexible payment terms as well as refunds in case something doesn’t happen as planned,” advises Karun Luthra, Migration Consultant, Vazir Group. “Also, look for personalised support services like a dedicated customer manager, free IELTS tests and training, real estate solutions, guidance in choosing schools for kids and so on.”

[…]

“Citizenship is the relationship between an individual and a sovereign state, defined by the laws of that state, along with corresponding duties and rights.” – Dr. Sadir Al Kherdaji, Managing Director, Al Kherdaji International legal Consultants


Arabian Business: Why it pays for the region’s wealthy to invest in a second citizenship

These passports, typically obtained through citizenship by investment (CBI) programmes, allow their holder to not only avoid being liable to taxes in their home country but also provides them freedom of movement – something invaluable as the pandemic and its aftermath complicates travel and migration options worldwide, said Mohammed Asaria, managing director of Range Developments.

“Obtaining a citizenship by investment offers a hedge against political, social and economic anxieties – especially for investors residing in emerging markets.”

[…]

Viren Miskita, a Mumbai-based lawyer with M.T. Miskita & Company, said that NRIs need to pay attention to changes in the country’s concept of tax residency. “This assumes significance as the residential status of a taxpayer determines the scope of taxable income in India for a financial year. The 2021 Union Budget proposes to reduce the threshold from 182 days to 120 days to be deemed an ordinary resident. NRIs will therefore have to be in India for shorter durations.”

[…]

Carolyn Lee, principal at Carolyn Lee PLLC, believes Joe Biden’s administration will be far more immigration-friendly than that of his predecessor. “With Democrats in control of both chambers – the Senate and the House of Representatives – as well as the White House, we can expect at least some of the Biden Administration’s immigration agenda will be fulfilled.”


The Express: Rishi Sunak could ‘negotiate’ changes to Queen’s Sovereign Grant in pandemic cost-cutting

However, tax advisor David Lesperance told Express.co.uk that if the Government proposes any changes to the Sovereign Grant, “it’s up to the Queen to respond to that”.

He explained: “The Sovereign Grant is a percentage of the incomes of various things.

“And, so, it’s a little bit of a back and forth between Parliament and the Queen.

“Which is, [the Palace says] ‘I’m going to volunteer to pay this much’.

“And Parliament says, ‘as a result of Covid, for example, we’ve seen a drop in your income or your renovations, so we will up it until the renovations are done’.

“So it is a negotiation, in a sense, as to how much net ends up in the Sovereign Grant.”


City AM: What will the new tech visa rules mean for UK fintechs?

“As UK employers prepare for the period beyond Covid-19 and Brexit, they will be receptive to a visa system that enables them to access the talent and experience that they need,” Joanne Hennessy, immigration law expert at Pinsent Masons said.

Access to top talent may help in reducing costs and administration in the long run compared to the limited options currently available, PwC’s immigration partner Lindsey Barras added.

“Highly skilled individuals will be able to undertake short-term contracts, or work for a range of businesses throughout their stay in the UK, without the need for a specific sponsor.” 

The post “300% Increase in Americans”: Investment Migration People in the News This Week appeared first on Investment Migration Insider.