CBI Magazine Winter/Spring 2023
CBI Global has become the ultimate guide for HNWIs looking to invest for citizenship, with its editorial focus on: finance and investment, real estate, issues that face individuals relocating, legislation around citizenship and dedicated country spotlights among much more. On our website you will find the latest news updates on the various citizenship by investment and residency programmes around the world. In addition, our CBI magazine carries editorial articles and insights from leading immigration experts and is published three times a year.
CBI Global has become the ultimate guide for HNWIs looking to invest for citizenship, with its editorial focus on: finance and investment, real estate, issues that face individuals relocating, legislation around citizenship and dedicated country spotlights among much more. On our website you will find the latest news updates on the various citizenship by investment and residency programmes around the world. In addition, our CBI magazine carries editorial articles and insights from leading immigration experts and is published three times a year.
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CITIZENSHIP BY INVESTMENT ISSUE 24 WINTER/SPRING 2023
Including your guide to the
GLOBAL
INVESTMENT
IMMIGRATION
SUMMIT
Winter/Spring 2023
1
ISTANBUL
CBI-magazine-issue-24.indd 1 07/03/2023 16:18
THE FASTEST PATH
TO U.S. PERMANENT
RESIDENCY
(YOUR GREEN CARD)
Addiction Treatment is a “Humanitarian Crisis of National Interest – USCIS”
A safe, secure, recession-proof
business model
Your investment is secured
by ownership in real estate
2 Citizenship By Investment
www.EB5CoastToCoast.com | info@EB5CoastToCoast.com
CBI-magazine-issue-24.indd 2 07/03/2023 16:18
)
Contents
Winter/Spring
2023
6 53
8
10
18
22
32
38
44
48
Fortune Group of Companies:
Pakistani-born businessman, has
made a name for himself in the
investment management and
entrepreneurship world
Tashkent City Profile, where are we
heading next?
Antigua & Barbuda Country Profile.
Unlocking Investment Opportunities
Commonwealth of Dominica
Country Profile
Greece Country Profile,
Greek Golden Visa Full 2023 Guide
Grenada Country Profile
Malta Country Profile. An attractive
proposition for second residency
Malta: Health for your wealth
Saint Lucia Country Profile
56
60
78
83
86
90
92
96
St Kitts and Nevis
Country Profile
United Kingdom Country Profile. How
you may obtain permanent UK Residency.
United States of America Country Profile.
What is an Expedite?
Sustainable Insights. Green Technology
Millionaires in a Global Movement
with Their Fortunes. Growing trends for
migration for HNI
Tsunami Emigration of Millionaires
from Russia and Ukraine
Why is Turkey reducing Visas
for Russians?
Zaha Hadid: The World Iconic
Migrant Architect
What Does Money Migration Mean?
Published by:
BLS Media Ltd
Unit 5 - Hiltongrove N1
14 Southgate Road,
London N1 3LY
www.blsmedia.co.uk
www.citizenshipinvestment.org
Copyright © BLS Media Ltd, 2023
Publisher:
Sam Hussain
sam@blsmedia.co.uk
Advertising Sales:
Anuradha Kubar
anu@citizenshipinvestment.org
Marketing Manager
Supriya Shetty
general@blsmedia.co.uk
BLS Media are contract
publishers of high quality media
for prestigious organisations,
event organisers, governments
and trade associations both in
the UK and internationally.
Whilst every care has been taken
in compiling this publication
and the statements contained
herein are believed to be
correct, the publishers will not
accept responsibility for any
inaccuracies. Reproduction
of any part of this publication
without permission is strictly
forbidden.
BLS Media makes no
recommendation in respect of
any of the advertisers and no
recommendation may be implied
by way of the presence of their
advertisements.
Winter/Spring 2023 3
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GLOBAL
INVESTMENT
IMMIGRATION
SUMMIT
2023
ISTANBUL
INTERNATIONAL
REAL ESTATE
SUMMIT
2023
ISTANBUL
Welcome back!
We return to Istanbul following our
successful event late last year
Firstly, like many people around the world, we are saddened by the
news from Syria and Turkey. We sincerely hope and pray for the
safety and well being of everyone in Turkey and Syria.
As we reach the first Quarter of 2023. It gives us a chance to look back and reflect
this time last year and what actions we undertook to expand our reach and growth in
this industry.
BLS is seeing an increase and demand for events as more and more investors seek to
meet developers, projects and attorneys in person. With this in mind we announced our
events back in December 2023 for the 2023.
Firstly, we start off with 11th GIIS Istanbul, Turkey, followed by Tashkent, Uzbekistan
and then India.
Recent news of Ireland scrapping its residency programme that netted €1.25bn in 10
years was especially popular in China making up the majority of applications. We head
to uncertain times with Portugal's Golden Visa Program potentially being scrapped.
A number of questions are raised by the increase of property prices due to Portugal's
Golden Visa. In our industry foreign investors add value to the economy, create jobs
as long as they go through a rigorous due diligence process to obtain the approval.
Investors should be welcomed with open arms.
In this edition of the CBI Magazine we take a dive into a variety of topics from
Millionaires in a Global Movement with Their Fortunes, Tsunami Emigration of
Millionaires from Russia and Ukraine, Turkey Reduces Visas for Russians, What Does
Money Migration Mean?
We hope you enjoy this latest edition of CBI Magazine, which collaborates with
industry experts to keep you informed of the latest changes to the Industry!
CBI Magazine has become an ultimate guide for Investors and agents.
Finally, here at BLS Global, we like to all thank all sponsors and advertisers for their
contribution to this edition.
Sam Hussain
Director, BLS Global
4
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Saturday 11 th March, 2023 (10:00 - 23:00)
Hilton Istanbul Bosphorus & Conference Center
Thanks to our Sponsors and Partners
Winter/Spring 2023 5
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Fortune Group
of Companies
Here at Fortune Group Global we
encourage and inspire high net worth
individuals and families to become Global
Citizens by getting second passports and
dual citizenship.
Fortune Group, a global financial advisory firm specializing in impact
investment programs for residence and citizenship, plays a critical role
in enabling governments, consultants, legal and financial professionals,
and investors to meet their objectives in an efficient, effective, and
responsible manner ensuring complete privacy of our clients. Fortune
Group operations are spread around the world in various locations,
which helps investors and individuals to meet their goals.
With a great initiative of Adil Sami, Fortune group is also committed
to assisting charitable organizations that share our values and mission.
Giving back to the community is an important part of our Corporate
Social Responsibility, and we are dedicated to making a positive
impact on society by making the world a better place to live for
upcoming generations.
WHAT WE OFFER:
• ASSET MANAGEMENT
• INVESTMENT MANAGEMENT
• SECOND PASSPORTS / DUAL CITIZENSHIPS
• GOLDEN VISA PROGRAMS
• INVESTMENT IMMIGRATION
UK
TURKIYE
USA
DOMINICA
MALTA
GREECE
ST. KITTS & NEVIS
SAINT LUCIA
GRENADA
DUBAI
6
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OUR VENTURES:
Fortune Group Global
Fortune Asset Management
Fortune Property Advisors
Fortune Business Advisors
Fortune Law & Consultancy
Fortune Homes
Fortune Trade & Manufacturing
Fortune Land & Agriculture
Fortune Travel & Tourism
Fortune Health Care
Fortune Luxuries
Fortune Advertising & Marketing
Fortune Event Management
Zeus Project Marketing
NxThink
ReLinks
MALAYSIA
ADIL SAMI, a
Pakistani-born
businessman, has made a
name for himself in the
investment management
and entrepreneurship
worlds. He is a
successful influencer,
author, and has over
1.5 million followers
on social media. He
is well-known for his
intelligent investing
advice and has been
recognized as the 4th most influential investment advisor
globally. He achieved this after earning finance degrees from a
prestigious university and working for various financial firms in
the UK and Europe before starting his own company.
In 2007, Adil Sami founded Fortune Business Advisors (FBA),
which became known for providing exceptional returns to
its clients in a short amount of time. Within a few years, the
company had a strong foothold in the European market, and
Adil Sami was gaining recognition as a rising star in the financial
world. However, in 2015-16, he decided to change the course
of his company and began marketing Citizenship by Investment
(CBI) programs to high-net-worth international investors.
This move proved to be game-changing, and Adil Sami quickly
became a top authority in the sector, helping thousands of clients
with asset management and obtaining citizenship by investment.
After the success of his CBI operations, Adil Sami saw an
opportunity to diversify his business and established Fortune
Group Global in 2023. The revamped company is now a
multinational investment and business development firm with
activities in several countries, specializing in dual citizenship
programs, real estate investments and management, and venture
financing. Despite his success, Adil Sami remains dedicated to
giving back to his community. He is a philanthropist and mentor
to budding entrepreneurs, and he has founded humanitarian
programs in Pakistan, Turkey, and other areas of the world to
support education and healthcare.
Adil Sami’s journey from the beginning till today exemplifies
the strength of dedication and the boundless potential of
people prepared to take chances and achieve their aspirations.
He is a successful global entrepreneur who has built a
profitable empire through hard work, smart thinking, and a
commitment to innovation.
Winter/Spring 2023 7
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CITY PROFILE
Tashkent
The Republic of Uzbekistan is
situated in Central Asia, and
covers an area of 448.9 thousand
sq. km. The length of the territory
of the Republic from west to east
is 1,425km, and from north to
south is 930km.
Key facts
• Country: Uzbekistan
• National language: Uzbek
• Currency: Uzbek som/sum/soum
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CITY PROFILE
The territory in the north and north-east of
the Republic of Uzbekistan borders with
Kazakhstan, in the east and south-east
with Kyrgyzstan and Tajikistan in the west with
Turkmenistan, in the south with Afghanistan.
The total length of the country border is 6221km.
The long border with Afghanistan is 137km,
with Kazakhstan - 2203km, with Kyrgyzstan
- 1099km, with Tajikistan - 1161km and
Turkmenistan - 1621km
The Republic of Uzbekistan declared September 1, 1991 the
Day of Independence. The Republic has diplomatic relations are
established with 134 countries.
This article provides an overview of Tashkent for those keen
to explore the possibility of living and working in the city. The
information presented is gathered from open sources and is
not exhaustive or meant to supplement or substitute legal and
professional advice.
Introduction
The ancient city of Tashkent is the country's capital city and
one of the largest in Central Asia. Located in the eastern part
of Uzbekistan, Tashkent is architecturally and historically
significant due to its transformation during and after the Soviet
period. Tashkent was once an 'important international transport
junction', as it was one of the main travel and trade hubs along
the Silk Road.
Demographic profile
Tashkent’s 2023 population is now estimated at 3,032,372. In
1950, the population of Tashkent was 754,688. Tashkent has
grown by 41,967 in the last year, which represents a 1.4% annual
change. These population estimates and projections come from
the latest revision of the UN World Urbanization Prospects.
These estimates represent the Urban agglomeration of Tashkent,
which typically includes Tashkent’s population in addition to
adjacent suburban areas.
Economic profile
The economy of Uzbekistan was formerly associated with a
Soviet-style the country has seen rapid economic and social
reform, aimed at boosting growth and transforming Uzbekistan
into a true, modern market economy. International Financial
Institutions, including EBRD, Asian Development Bank and
the World Bank are actively engaging in supporting Uzbekistan’s
successful reform process and have rapidly increased their
presence in the country.
Industry
Uzbekistan is a major producer and exporter of cotton, and
bans on cotton import were implemented in the early 2010s
due to international human rights concerns. However, in 2022,
the Cotton Campaign and other agencies, including the US
Government, lifted all bans on the import of Uzbek cotton.
Uzbekistan is also a big producer of gold, with the largest openpit
gold mine in the world. The country has substantial deposits
of silver, strategic minerals, gas, and oil.
Tourism
Tourist activities in Uzbekistan range from outdoor
activities, such as rock-climbing, to exploration of its rich
archeological and religious history.
In 2019, 6.75 million tourists visited Uzbekistan. The industry
earned a total of $1.68 billion. The tourism industry has been
impacted significantly by the COVID-19 pandemic, with both
tourist numbers and revenue dropping heavily.[2] Each autumn,
the Uzbek travel industry holds an International Tourism Fair.
Uzbekistan is located on the Great Silk Road and many
neighboring countries (including Kazakhstan, Kyrgyzstan,
Tajikistan and Turkmenistan) promote their countries based on
their location along the Great Silk Road.
The World Tourism Organization’s Silk Road Office was
opened in 2004 in Samarkand. This office was commissioned
to coordinate the efforts of international organisations and
national tourism offices of countries located on the Silk Road.
Uzbekistan is also a member of The Region Initiative (TRI),
a tri-regional umbrella of tourism related organisations. TRI
functions as a link between three regions - South Asia, Central
Asia, Caucasus and Eastern Europe which is also by Armenia,
Bangladesh, Georgia, Kazakhstan, Kyrgyzstan, India, Pakistan,
Nepal, Tajikistan, Russia, Sri Lanka, Turkey and Ukraine.
Emigration
Regarding emigration, the main destinations of approximately
70% of Uzbekistan leaving are to Kazakhstan,Turkey, United
Arab Emirates, Republic of Korea, Europe, UK and the
United States.
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COUNTRY SPOTLIGHT
Antigua & Barbuda
Antigua and Barbuda is an island nation situated in the West Indies between the Caribbean
Sea and the Atlantic Ocean, in the middle of the Leeward Islands chain. The country consists
of two major islands and a small number of mostly uninhabited islands. Antigua is the largest
island land, with a total land area of 281km² and a coastline of 87km. Barbuda lies just 40km
north of Antigua and is easily reached by the Barbuda Express catamaran service (journey time
of 90 minutes in nearly all weather conditions) or a 20 minutes helicopter fight.
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COUNTRY SPOTLIGHT
Antigua and Barbuda’s ideal geographic
positioning make them the tropical
twin-island jewel a regional travel
hub, with excellent air links to North America
and Europe. Both islands are mostly low-lying
islands with natural harbours, lagoons and sandy
beaches along their coastlines and rimmed by
reefs and shoals.
Home to over 100,000 citizens and blessed with 365 powderwhite
sand beaches, the country is considered as one of the most
beautiful places in the world. Tourism is a key component of
Gross Domestic Product (GDP) and generates around 60% of
the island’s income.
Holders of the Antigua and Barbuda passport enjoy visa free
travel to approximately 150 countries, including the U.K. and
the countries of the Schengen area EU.
Antigua and Barbuda Citizenship by
Investment Programme
Antigua and Barbuda government offer Citizenship By
Investment program (CIP).
Citizenship by Investment Unit (CIU) was established by
the Honourable Prime Minister of Antigua and Barbuda
and is the Government authority responsible for processing
all applications for Agent’s Licenses, and all applications for
Citizenship by Investment.
The Citizenship by Investment Programme CIP requires a
person to make a significant economic contribution to the
Country. In exchange, and subject to stringent application
procedures, including thorough background checks, the
applicants and their families are granted citizenship.
Antigua and Barbuda passport and citizenship qulifies the
holder visa free travel to over 160 countries that includes Hong
Kong, Singapore, U.K. and the Schengen Area EU.
Antigua and Barbuda Investment Options:
OPTION 1: National Development Fund
OPTION 2: Real Estate Investment (NDF)
OPTION 3: Business Investment
OPTION 4: The University of the West Indies
Fund (UWI) Investment
OPTION 1: National Development Fund (NDF)
The National Development Fund NDF is a non-profit fund
that is subject to parliamentary oversight by way of a six
monthly report to be presented to Parliament in sufficient
detail to allow for transparency and accountability. The
fund will also be audited by an internationally recognised
accounting firm.
The purpose of NDF is funding government sponsored
projects, including public-private partnerships and approved
charitable investments.
Citizenship under the NDF investment requires:
CONTRIBUTION:
• $100,000 non-refundable contribution per main
application. This includes spouse, dependent children up to
(4) four persons, and dependent parents over 55 years of age
within the application (no additional contribution required).
• $125,0000 non refundable contribution per main application.
This includes spouse, dependent children of (5) five and over
persons, and dependent parents over 55 years of age within
the application (no additional contribution required).
PROCESSING FEES:
• $30,000 for a family of up to (4) four persons.
• $30,000 for family of (4) four persons plus an incremental
amount of $15,000 from the fifth (5th) dependent onwards.
DUE DILIGENT & PASSPORT FEES:
• $7,500 for the main applicant;
• $7,500 for the spouse;
• $2,000 per dependent from 12-17 year old (no fee for
dependent aged 0-11);
• $4,000 per dependent aged from 18 and over;
• $4,000 dependent parent aged 58 and over.
Other fees payable include passport fees. These fees are
subject to change.
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COUNTRY SPOTLIGHT
OPTION 2: Real Estate Investment
OPTION 3: Business Investment
Applicants wishing to qualify for citizenship under the real
estate option may choose from one of Three Pathways.
CONTRIBUTION:
1) An applicant may purchase property valued at minimum
$400,000 and hold title to same through single ownership.
2) Two applicants may choose to make a joint purchase of
property valued at minimum $400,000 by each making an
investment of no less than $200,000. Title to the property
will be held jointly.
3) An applicant may also purchase property valued at
minimum $200,000 through single/individual ownership.
PROCESSING FEES:
• $30,000 for a single applicant or/ a family of four (4) or less.
• $30,000 for a single applicant or/ a family of four (4), and
$15,000 for each additional dependent.
DUE DILIGENCE & PASSPORT FEES:
• $7,500 for the main applicant;
• $7,500 for the spouse;
• $2,000 per dependent from 12-17 year old (no fee for
dependent aged 0-11);
• $4,000 per dependent aged from 18 and over;
• $4,000 dependent parent aged 58 and over.
Other fees payable include passport fees. These fees are
subject to change.
OPTION 4: The University of the West Indies Fund
(UWI) Investment
CONTRIBUTION:
• $150,000 per applicant including processing fees.
PROCESSING FEES:
• $15,000 per each additional dependent.
DUE DILIGENCE:
• $7,500 for main applicant;
• $7,500 for spouse,
• $2,000 per dependent 12-17 (no fees for dependents age
0-11);
• $4,000 per dependent 18 and over;
• $4,000 dependent parent aged 58 and over.
Other fees payable include passport fees. These fees are
subject to change.
The Citizenship by Investment Unit CIU makes
recommendation to Cabinet for approval of businesses for the
purposes of investment in business under the Citizenship by
Investment Programme.
There are Two Business Investment Options:
CONTRIBUTION:
1) Single Investor- a principal applicant, on his own behalf,
makes an investment in an approved business of at least
$1,500,000 directly into an eligible business as a sole investor
or a joint investment.
PROCESSING FEES:
• $30,000 for the main applicant
• $30,000 for a family of up to four (4) persons
• $30,000 for a family of up to four (4) persons with incremental
payments of $15,000 for each additional dependent.
DUE DILIGENCE & PASSPORT FEES:
• $7,500 for the main applicant;
• $7,500 for the spouse;
• $2,000 per dependent from 12-17 year (no fee for
dependent aged 0-11);
• $4,000 per dependent aged from 18 and over;
• $4,000 dependent parent aged 58 and over.
Other fees payable include passport fees. These fees are
subject to change.
2) A minimum of 2 persons/investors to make a joint
investment in an approved business of total at least
$5,000,000. Each person is required to contribute at least
$400,000 to the joint investment.
PROCESSING FEES:
• $30,000 for per applicant;
• $30 for a family of up to four (4) persons;
• $30,000 for a family of up to four (4) persons with incremental
payments of $15,000 for each additional dependent.
DUE DILIGENCE & PASSPORT FEES:
• $7,500 for the main applicant;
• $7,500 for the spouse;
• $2,000 per dependent from 12-17 year (no fee for
dependent aged 0-11);
• $4,000 per dependent aged from 18 and over;
• $4,000 dependent parent aged 58 and over.
Other fees payable include passport fees. These fees are
subject to change.
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COUNTRY SPOTLIGHT
Main Benefits of Antigua and Barbuda
Citizenship for Investment Program:
1) Antigua and Barbuda passport and citizenship qualifies the
holder visa free travel to over 160 countries that includes
Hong Kong, Singapore, U.K. and the Schengen Area EU.
2) Dependents members that are included under the main
applicant are as following:
- A spouse of the main applicant (the primary applicant must be
over 18 years of age).
- Child of the main applicant or of his/her spouse who is 18
years or older, but who is physically or mentally handicapped
and who is fully supported by the main applicant.
- Child of the main applicant or his/her spouse who is 0-30
years, and is financially dependent on the principal applicant.
- Parent or grandparent of the main applicant, or his/her spouse,
who is 55 years or older and who is financially dependent on
the principal main applicant.
- A sibling of the main applicant, or of his/her spouse,
if unmarried.
- A future spouse of the main applicant. (a fee of USD50,000 is
payable upon application).
- A future spouse of dependent children where the dependent
child is financially dependent on the main applicant.
- Future child of a dependent child. (a fee of USD10,000 is to
be payable for children under 6 years , and USD20,000 for
children 6-17 years).
3) Dual citizenship allowed under the laws of Antigua
and Barbuda.
4) No obligation to live and work in Antigua and Barbuda. You
are only obliged to be in the county for 5 days in total since
your obtainment of Antigua and Barbuda passport.
5) Short processing time.
6) Your passport will be valid for a period of 5 years and will
be considered for renewal subject to the recipient having
spent a total of 5 days in Antigua and Barbuda, since your
obtainment of your citizenship.
7) Citizenship may be passed to future generations.
Note: For the purposes of the Antigua and Barbuda Citizenship
by Investment Programme ‘child’ means a biological or legally
adopted child of the main applicant, or of the spouse of the
main applicant.
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COUNTRY SPOTLIGHT
Your Citizenship & Passport Procedure:
Upon submission of your application you will be asked to pay
the full due diligence fees and 10% of the government processing
fee. Upon receipt of a letter of approval, you will be asked to pay
the balance of the government processing fees, passport fees and
your contribution. The fees are paid directly to the Citizenship
by Investment Unit CIU, and your contribution must be made
to the Government Special Fund within a period of 30 day.
Once received, a certificate of registration of Citizenship will be
issued for both the primary applicant and their family members
which will be submitted to the passport office with their
passport application and any accompanying documentation.
We (your agent/representative) will forward your Passports and
Citizenship Certificate document to you.
On the first occasion that you visit Antigua and Barbuda you
can take the oath or affirmation of allegiance or you can visit an
Embassy, High Commission or Consular Office of Antigua and
Barbuda to fulfil the requirement to take the oath or affirmation
of allegiance.
The passport will be valid for a period of 5 years and will be
considered for renewal subject to the recipient having spent a
total of 5 days in Antigua and Barbuda, since your obtainment
of your citizenship.
Ineligible Applicants include as Following:
• Where an applicant has provided false information on his or
her application.
• Where a medical practitioner states that any of the family
members is suffering from a contagious disease and/or serious
health problems.
• Not having received a free pardon, has at any time previously
been convicted in any country of an offence for which
the maximum custodial penalty is in excess of six months
imprisonment.
• Is the subject of a criminal investigation.
• Is a potential national security risk to Antigua and Barbuda or
to any other country.
• Is involved in any activity likely to cause disrepute to Antigua
and Barbuda.
• Has been denied a visa to a country with which Antigua and
Barbuda has visa-free travel and who has not subsequently
obtained a visa to the country that issued the denial.
• Deprivation of citizenship may occur if the citizen does
not spend at least 5 days in Antigua and Barbuda during the
period of five calendar years after having obtained citizenship,
and they will not be entitled to repayment of any investment,
contribution or purchase price made by them in their original
application for citizenship.
• Deprivation of citizenship will occur where such registration as
a citizen was obtained by false representation or fraud or wilful
concealment of material facts or the person has been convicted
in Antigua and Barbuda of an act of treason or sedition.
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Winter/Spring 2023 15
CBI-magazine-issue-24.indd 15 07/03/2023 16:18
A world of opportunity
awaits you
as a new citizen of
Antigua and Barbuda
16 Citizenship By Investment www.jamesandmaginley.com
CBI-magazine-issue-24.indd 16 07/03/2023 16:18
Unlocking Investment
Opportunities in Antigua
& Barbuda's Real Estate and
Citizenship by Investment Program
Interview with Mr Kirthley C.H. Maginley, CEO, James and Maginley Ltd.
Q: With the Caribbean carrying the new title of Lifestyle
since the pandemic, what advantages does Antigua &
Barbuda have with regards to real estate investments for
the citizenship by investment program?
A: Antigua & Barbuda is truly a tourism related country;
meaning that approximately 80% of its GDP is derived from
tourism and its ancillary services, and forms the basis for
the development of the real estate industry on the islandreal
estate tourism and development. And also through the
Citizenship by Investment Program, the purchasing of a CIP
approved property is a much sought after option by many of
our clients, many of whom being of high net worth.
Q: High Net Worth & Ultra High Net Worth individuals are
looking for the safest & fastest investment options and with
the the added value on return on their investments, what
advice can you share regarding investment opportunities in
Antigua & Barbuda in terms of donation or real estates?
A: Our Company, James & Maginley Ltd. frequently receives
inquiries from HNW & UHNW individuals and potential
CIP applicants regarding the safest and fastest investment
opportunities and options. The CIP caters for such inquiries,
and we are also happy to provide the two most frequently
used options - the Donation/Contribution to the National
Development Fund-NDF -US$100,000 for up to a family
of 4 persons plus associated fees; and the Real Estate -
US$200,000 plus associated fees. Through either of these two
options, the submitted application for citizenship could gain
approval, along with an accompanying Antigua & Barbuda
passport within 90-120 days; all things being equal.
Q: As a licensed approved government representative for
Antigua & Barbuda: Having obtained many citizenships
for foreign nationals, why is it so important to work with
a firm that has an impeccable track record?
A: James & Maginley Ltd. is an approved marketing
representative of the Citizenship by Investment Unit-CIU -
the Government Department that manages the Citizenship
by Investment Program. The Company was incorporated
in 2013, and holds several licensed agents on its staff, and
have processed and provided approximately one-third of
all Applications to the Citizenship by Investment Unit..
The experience and expertise as well as the responsiveness
and service delivery of its staff have greatly positioned the
Company to be widely considered as a leader within the CIP
sector in Antigua & Barbuda. And also, the knowledge of the
landscape and business culture of the island are leveraged on
behalf of investors and potential CIP clients.
Q: For many families that have obtained A&B citizenships,
many have started to further invest on the island, what
A world of opportunity
opportunities are available for further investment?
awaits you
A: For many of those individuals and families who would
have become as citizens a new of Antigua citizen & Barbuda of through the
Citizenship Antigua Program, it and is very Barbuda
encouraging to see them
becoming involved and associated with other investment
opportunities on the island; particularly within the real estate
sector, as well as financial services. The Government, through
its “investment arm” the Antigua & Barbuda Investment
Authority continues to encourage potential investors through
tax exemptions and duty free concessions as an incentive.
(268) 562-8774/5
(268) 720-3800/7284
51 Church Street and Hard Castle Avenue
St John's, Antigua
www.jamesandmaginley.com
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COUNTRY SPOTLIGHT
Commonwealth of Dominica
Dominica was given its name by Christopher
Columbus in November 1493, the name
derived by the Latin for ‘Sunday’ on which
day he is said to have sighted the island. The
country was under British colony from the
18th century until its dissolution on 31 May
1962, and in 1967 Dominica formally became
an associated state of the UK, then in 1978
gaining its national independence and became
a republic and joined the Commonwealth of
Nations on the same day. Dominica has since
flourished as a democracy which is patterned
after the British parliamentary system.
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COUNTRY SPOTLIGHT
As an Eco - Tourism Paradise, Dominica
enjoys tropical climate and the terrain
spectacular. Its breathtaking landscape
reveals rainforests, waterfalls and over 360
rivers. The island is affectionately known as
“The Nature Island of the Caribbean” as citizens
of Dominica share their home with many rare
species of exotic flora and fauna. Dominica is
considered as the botanical gardens, and it is
the home to the Sisserou Parrot, which is the
country’s national bird and is featured on the
national flag.
Dominica’s nickname is “The Nature Isle of the Caribbean”,
due to it’s incredible natural beauty. Almost the whole country
is forested, and it boasts an extensive national park system,
including the Morne Trois Pitons rainforest, which is a
designated UNESCO World Heritage site.
A trip to Dominica will give you a chance to experience
wondrous waterfalls and mud ponds, and fauna such as
parrots, iguanas and rare butterflies. It’s also an extremely
mountainous nation, making it a popular hiking destination.
Other natural hot spots include Dominica’s Boiling Lake,
the world’s second-largest hot lake, and the Champagne Reef
which is home to octopuses, seahorses and other fascinating
sea life.
English is Dominica’s official language and widely used.
However, Dominica has been a member of the International
Organisation of the Francophonie since 1979, as the majority of
locals speak Dominican Creole which is based on French.
Citizenship by Investment
The Dominican government launched its Citizenship by
Investment programme in 1993.
Once investors obtain their Dominican citizenship, they and
their families are welcome to move, work and even set up a
business in one of the stunning Caribbean paradise.
There are two investment options in Dominica:
OPTION 1: Contribution to the Government’s
Economic Diversification Fund (EDF)
OPTION 2: Investment in Pre-Approved
Real Estate
OPTION 1: Contribution to the Government’s
Economic Diversification Fund (EDF)
The EDF was established as one component of a national
capital mobilisation portfolio towards an ultimate goal
of national development for Dominica. The Economic
Diversification Fund (EDF) supports public and private
projects within Dominica, covering industries such as
education, healthcare, sport, and tourism.
To qualify for Dominican citizenship through the Citizenship
by Investment program, applicants must make a nonrefundable
contribution to the EDF.
MINIMUM EDF CONTRIBUTION REQUIREMENTS
• Single applicant: $100,000.
• Main applicant and spouse: $150,000.
• Main applicant and up to three dependants: $175,000.
• Any additional dependant under the age of eighteen: $25,000.
• Any additional dependent eighteen years of age or older:
$50,000.
ADDITIONAL EDF FEES ASSOCIATED WITH EDF
INVESTMENT CONTRIBUTION:
• Processing fee: $1,000 per person;
• Due Diligence fee: $7,500 for main applicant;
• Due Diligence fee: $4,000 for the spouse;
• Due Diligence fee: $4,000 per dependent aged 16 and above.
• Enhanced due diligence checks and fees may sometimes be
required, depending on the applicant’s current citizenship
status, and other personal circumstances.
OTHER FEES ASSOCIATED WITH EDF
INVESTMENT CONTRIBUTION:
• Certificate of Naturalisation fee: $250 per person
• Expedited passport issuance fee: $1,200 per person
Note: No additional ‘GOVERNMENT FEES’ are required by
applicants for Dominican citizenship with EDF contribution.
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OPTION 2: Investment in Pre-Approved Real Estate
Citizenship by Real Estate Investment programme, applicants
must purchase only authorised by the government of
Dominica property. Pre-approved by the Dominica authority
real estate must be held for at least 3 years, which increases to
5 years if the purchaser is also an applicant for citizenship by
investment. Investors may only re-sell that real estate under
the Citizenship by Investment Programme after five years.
Most real estate options available are shares in high-end
tourist accommodation, touristic hotels, beach/bay resorts,
resorts & spa.
Minimum investment required is: $200,000 for
all applications.
GOVERNMENT FEES ASSOCIATED WITH REAL
ESTATE INVESTMENT
When application for Dominica citizenship by real estate
investment is approved, the following government fees
also apply:
• Main Applicant: $25,000;
• Main applicant and up to three dependants: $35,000;
• Main applicant and up to five dependants: $50,000;
• Any additional qualified dependant: $25,000.
ADDITIONAL FEES
• Processing fees: $1,000 per application
• Due diligence fees: $7,500 for the spouse;
• Due diligence fees: $4,000 for any dependents aged 16 or over.
Note: In some cases, additional due diligence fees may be
required depending on current citizenship status, and other
personal circumstances.
• Certificate of naturalisation fee: $250 per person
• Expedited passport issuance fee: $1,200 per person
Benefits Associated with Dominica Citizenship
by Investment
Dominica’s Citizenship Established in 1993, is one of the most
affordable citizenship programmes.
1) Processing time: around 3 months, without interview
requirement or physical visit / travel to the country.
2) Family Inclusion.
The following family members may be included in an application
for citizenship by investment:
• Spouse
• Children of the main applicant or of the spouse aged under 18
year old
• Dependents aged 10-30 year old in full time attendance at
an institution of higher learning, and fully supported by the
main applicant.
• Dependents aged 18 or over who are physically or mentally
challenged, and fully supported by the applicant.
• Unmarried daughter of the main applicant aged 30 or under,
and living with and fully supported by the main applicant.
• Parents or grandparents of the main applicant or of the spouse
if aged 55 or above, and living with and fully supported by the
main applicant.
• Spouses of eligible parents or grandparents of the main
applicant or of the spouse.
3) Visa-free travel to over 130 countries including Singapore,
Hong Kong, the UK and the European Schengen countries.
4) Visa-on- arrival to around 140 destinations.
5) Dual citizenship allowed under the laws of Dominica.
6) No obligation to live and work in Dominica.
7) Citizenship may be passed to future generations.
8) Free movement of capital, dividends and profits made outside
of the island.
9) No tax on wealth, gifts, inheritance, foreign income, or capital
gains tax.
10) No personal income tax for residents.
11) No English language requirement.
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Invest In Dominica
The healthiest Citizenship by Investment destination
Dominica Citizenship By Investment Program
Dominica has the world's best Citizenship by Investment (CBI) Program, according to an annual ranking by the
Financial Time's PWM magazine, for the sixth consecutive year (2022., 2021., 2020., 2019., 2018., 2017.).
Dominica’s Citizenship by Investment Program was established in 1993. Vardikos & Vardikos is a
Government Authorized Agent and a Service Provider for the Citizenship By Investment Program of Dominica.
Dominica Office: 36 Great George Street Roseau, Commonwealth of Dominica 00112 West Indies
dominicaservices@vardikos.com | Tel: +17672751888
Greece Office: 4 Koumbari Street, Kolonaki Square, Athens, 10674 Greece
info@vardikos.com | www.vardikos.com | Tel: +306932488888
Brokers and agents are welcomed.
BECOME A EUROPEAN RESIDENT
Invest In Greece
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4 Koumbari Street, Kolonaki Square, Athens, 10674 Greece
Tel: +30 210 3627888-9 | +30 210 361 1505 | +30 693 2488888
Emergency response: +30 693 4555555
Fax: +30 210 3617848
info@vardikos.com | www.vardikos.com
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COUNTRY SPOTLIGHT
Greece
Greece is one of the oldest countries in
Europe and is generally considered to
be the cradle of Western civilisation.
Situated in Southeast Europe on the
southern tip of the Balkan Peninsula,
the country shares land borders with
Albania to the northwest, North
Macedonia and Bulgaria to the north,
and Turkey to the northeast. The rest of
the mainland is washed by the Aegean
Sea to the east, the Mediterranean and
the Cretan Sea to the south, and the
Ionian Sea to the west.
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COUNTRY SPOTLIGHT
With its rich history, delicious cuisine,
many beaches and countless islands,
Greece is always a trendy destination.
As such, there are numerous things you ought to
see when visiting the Mediterranean country.
Greece is a leading world destination for tourism thanks to its
cultural heritage, extensive beaches and Mediterranean climate.
The country has no fewer than 18 UNESCO World Heritage
Sites and its island Santorini – a favourite destination for cruise
passengers as well as direct holiday-maker.
The total number of international tourists to Greece reached 34.2
million during 2019, almost 20% higher than 2018’s total of 28.7
million and more than double the number of arrivals in 2009.
Probably the most striking image that comes to mind when one
hears the name Athens (and Greece) is the Acropolis, and for
good reason. Guarding the city on top of the sacred rock, the
Acropolis is definitely a wondrous site to visit, and the complex
includes a number of other tructures such as the Parthenon, the
Temple of Athena Nike and the Erectheion.
Golden Visa news update
Greek prime minister Kyriakos Mitsotakis announced on
10th September 2022 that the rules of Greece’s Golden Visa
scheme will be revamped.
“In order to increase the affordability of real estate for
Greeks, we are now increasing the minimum amount of
investment required for the issuance of a Golden Visa from
€250,000 to €500,000 (£434,000, $500,000).”
We don’t have many other details at this stage as to when the
price rise for the Greek Golden Visa will take effect, but it
could be as early as 2023.”
ALBANIA
ITALY
MACEDONIA
GREECE
BULGARIA
TURKEY
Another one for the bucket-list is the mystical site regarded
as sacred by the ancient Greeks, the sanctuary of Delphi and
thought to be the centre of the world. Located in central Greece,
at the foot of Mount Parnassos, and home to the Oracle of
Delphi, the site bore strong religious importance in the ancient
world and features in many myths and legends.
IONIAN SEA
SICILY
Athens
AEGEAN SEA
Greece has an advanced high-income developed economy with
a high standard of living. The country went through a period of
rapid economic growth after joining the EU, averaging over 2.5%
real year-on-year growth between 1984 and 2007, by which time
Greece had climbed into the World Bank’s list of top 30 largest
economies by nominal GDP.
The economy, which now ranks 53rd in terms of nominal GDP,
is largely based on services, tourism and shipping. It has been
subject to stringent spending measures, enforced after the 2008
banking crash, but the last of those has now been lifted so the
Greeks are looking forward to having more control of their own
future again.
As a tourist destination, the COVID pandemic also hit Greece
hard but a subsquent drop in revenue and GDP, but the
economy has rallied well in 2022 and is set fair, barring any other
unforseen shocks.
GDP growth was 8.3% in 2021 (bouncing back after a large fall
in 2020), and is estimated to be 3.5% for 2022.
MEDITERRANEAN SEA
CRETE
Advantages of the Greece Golden Visa Programme:
• No requirement to actually reside in Greece
• Residence permits can be acquired within 30–60 days
• Visa-free travel within Europe’s Schengen Area
• Unlimited expiry date of residence permit, subject to
continued property ownership
• Opportunity to rent out the investment property
• Residence applies to the whole family (married spouse,
children under 21 years old, and parents of the main
applicant and spouse)
• Permit holders may hold shares and receive income from the
dividends of a company registered in Greece; however, they
are not allowed to be employed in Greece.
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Greek Golden Visa:
Full 2023 Guide
By Golden Visa Greece team
When Greek Prime Minister Kyriakos
Mitsotakis announced a price hike for
Greece’s Golden Visa a few months back,
many may have pondered whether the
program would maintain its status as the most
attractive residency by investment program in
the world. The vague announcement, coupled
with a peculiar lack of details, made people
believe that the Greek Golden Visa would
jump from being one of the most affordable
options in Europe to one of the most
expensive. Fast forward to January 2023, and
all those fears have dissipated.
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Through its new regulations, the Greek Government has limited
the minimum investment increase to just four jurisdictions:
• THE NORTH, CENTRAL, AND SOUTH SECTOR
OF ATHENS
• MUNICIPALITY OF VARI - VOULA - VOULIAGMENI
IN ATTICA
• MUNICIPALITY OF THESSALONIKI IN MACEDONIA
• REGIONAL UNITS OF MYKONOS AND SANTORINI
The fact remains that the vast majority of Greece’s regions will
continue to operate under the €250,000 property valuation.
This means that there remains an abundance of high-potential,
high-yield investment areas open to Golden Visa applicants, thus
ensuring the Greek Golden Visa maintains its glamor in full flow.
Moreover, the Greek Government has introduced a grace period,
allowing investors to qualify through a €250,000 investment
in one of the areas undergoing a price hike if they make a 10%
deposit before the 30th of April and complete their purchase
and application before the end of the 31st of December, 2023.
This regulation gives investors interested in owning property
within certain areas of Athens, Thessaloniki, Santorini, or
Mykonos to conduct their business.
It is important to note that the financial products and business
establishment investment options did not undergo any changes,
and remain at their current price points of €400,000 and
€250,000, respectively.
However, the news about the limited price hike has
overshadowed some significant steps the Greek Government has
taken to ensure the Golden Visa remains exceptionally attractive;
and we will highlight them in detail.
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Funding Options for the Greek Golden Visa
An essential aspect the Golden Visa boasts that is regularly
underestimated is its high tolerance for funding applicants.
Golden Visa applicants can acquire funding from blood relatives
up to the second degree. They can transfer the investment
amounts from their relatives’ bank accounts to the investor’s
Greek bank account and then to the seller’s or the developer’s
bank account.
Since the Golden Visa allows the addition of three generations
of family members (main applicant, spouse, dependent children,
parents and parents in law), allowing blood relatives to sponsor
each other makes the program more viable and beneficial for
family-oriented investors.
Greek banks will conduct their internal due diligence regarding
the transfer, but the Government does not implement the tiring
due diligence process other countries do on funders for their
CIP applicants. This regulation provides the Golden Visa with
even more flexibility while maintaining its streamlined process
and quick turnover time.
But wait, there’s more.
Moreover, investors can also acquire funding from foreign
banks, as it still constitutes FDI and Greek banks will have an
easier task confirming the source of funds. Both funding from
relatives from foreign banks (as a loan) is acceptable in terms of
taxation and the Greek Golden Visa Law. The amounts must be
transferred from the investor’s foreign bank account to his Greek
bank account
By allowing funding of investors, the Greek Golden Visa
evolves from an excellent global mobility solution to a robust
tool to hedge against inflation through precise financial
planning and investment.
Adjustment Period for the New Greek Golden
Visa Rules
While many may look at the Greek Government’s grace period
with slight apprehension that they may not be able to find the
property of their choice within the area of their liking within
the given period, working with a strong partner in Greece can
alleviate that concern.
Investors must make their deposit before the last day of
April ends and must apply before the deadline in December.
Nevertheless the Greek Government understands that
investment activities are complex ones, and have safeguards that
investors can use to ensure that their investments are maintained.
Therefore, in case an investor makes a deposit but finds
themselves facing legal, taxation, or technical issues during
the grace period in relation to the property they’ve chosen,
there are intricate provisions available that allow them to
switch their deposit to another one, but it is not like flipping a
switch and this delicate procedure requires the assistance of a
sophisticated partner.
This is why many investors decide to work with Golden Visa
Greece, that unlikely probability becomes a real possibility, as
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our vast internal network and impressive real estate portfolio
mean we can help investors source the properties they like,
and make sure they qualify for the €250,000 pricing through a
well-timed deposit that we can help safeguard efficiently while
maintaining the expertise to act if any external issues arise.
Real estate is one of the most emotional investment asset classes,
and we understand that investors may want to take time to find the
property that suits them best, but they do not want to pay double
what they could for a Golden Visa. That is why our team continues
to build our real estate portfolio and grow our network of robust
partners in Greece, to allow us to serve our clients and help them
find the investment that will leave them completely satisfied.
Digital Application For the Greek Golden Visa
Greek Golden Visa applications went digital on the 16th of
November, 2022. Applicants can apply online through their
lawyers via a governmental portal, making the entire process
much easier and less time-consuming.
Add to that the fact that applicants can complete the entire
process (except submitting biometrics at the last stage) remotely,
then the process of applying for a Greek Golden Visa is easier
than applying for a Schengen Visa; no appointments are needed,
and the application is online, while a Temporary Residence
Certificate is issued at the same time.
Another regulation amendment allows applicants to submit
their application through a proxy (someone to apply on their
behalf ) through a Power of Attorney (POA).
Applicants can also apply for a Greek Tax Number, open a Greek
bank account, acquire properties, elaborate business plans,
and conduct intangible investment implementation remotely
through a well-placed POA.
Applicants can draw up and sign a POA before any Greek
Consular authority or eligible, competent foreign authority. A
notary bearing the Notation of The Hague can also conduct the
required activities, making it much simpler for applicants hailing
from Hague Convention nations such as Turkey or India.
The Greek Government has taken significant steps to make the
Golden Visa process as seamless as possible, and at the moment,
it has the simplest residency by investment procedure not just in
Europe, but the globe.
firm to become the top-tier investment advisory and investment
facilitator in Greece.
Our mission is to facilitate international investments in Greece,
simplify complicated processes, and ensure sustainable &
profitable investments.
We are able to do this through our veteran team of professionals
and our data-driven approach. We rely on numbers, analytics, and
core internal knowledge of the Greek investment environment.
Our firm acts as a one-stop shop for investors, combining the
immigration and investment components while doing justice to
both. We understand how important the investment element
of the Golden Visa is to our investors, and we always deliver
outstanding value for money in a notoriously expansive real
estate market.
To know more about the Greek Golden Visa and how you can
access all it has to offer through a shrewd investment that fits
your objectives, budget, needs, and desires, contact us today via
https://www.goldenvisa-greece.com/contact
About Golden Visa Greece
The founders of Golden Visa Greece specifically designed the
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GREECE PR not
just a Golden Visa!
By Golden Visa Greece team
and Mr. Samahit Bal, Investor
Over the last decade, in a constantly
changing environment, from different
corners of the world, more and more
people are realizing its value and join
the league of global citizen- an identity
that allows them to enjoy among others,
International free movement, Access
a country's growing economy and its
opportunities, Wealth protection,
Security against political and economic
uncertainties, Better quality of life,
Overseas residence rights, A wider
choice of educational opportunities and
advanced healthcare systems.
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Advantages of Greek Golden Visa and Greece's
Residence Programs
REGARDLESS OF WHAT MOTIVATES YOU, Greece,
scoring high on all major factors taken into consideration when
choosing their Plan B Destination.
When it comes time to present the Greek Golden Visa Program
this seems to be a fairly easy task:
Starting from the low investment level of €250,000, the low
government fees, the five-year duration, the flexible and fast
integration process within 2 months, the three generations that
benefit from the same investment, the multiple investment
options, the free movement in the Schengen countries and
ending up in the right of free access to the health and education
systems of the country, you feel that you have not communicated
to the prospective investor all your advantages, keeping for the
end, the Country itself.
Why Chose Greek Residence Permit?
• The geographical location of Greece is conveniently placed at
the point where the East meets the West providing a strategic
investment destination.
• As a member of the European Union and the Eurozone,
Greece continues to be the economic hub of Southeast Europe,
an ideal gateway to the Middle East, Western Europe, and
North Africa, and an emerging energy and logistics hub for the
entire region.
• A new economy is in the making. Investment opportunities are
abundant and attractive, in a wide variety of sectors. Greece’s
massive reform efforts are opening new investment frontiers
that reward both first movers and established players. The next
decade is set to see sustained growth in Country’s economy.
• World Class cultural heritage - 5,000 years of History & Culture
• Quality of Life - Cost of living
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• Gastronomy - Mediterranean diet
• Ideal weather, clear blue sky, protected environment, 300+
days of sunshine per year, Mediterranean climate
• Access to Higher Education and Health care system ranking
11th among 191 surveyed countries
Βut whatever you will promote, you feel that it is never enough,
because you can never be able to get the pulse, to convey that
unique sensation, the life experience that only an already
partaker can share by speaking with his own words.
Expats in Greece: Experience from a Golden
Visa Investor
For this article, entitled GREECE PR not just a Golden Visa, we
will let an investor share with us what he experienced and continues
to enjoy as a Greek Golden Visa holder. We give the floor to Mr.
Samahit Bal to share with us his own opinion and position.
Having taken 50 rounds of the sun, Samahit was intending to run
away from the mundane things of everyday life and allow a break
to his tired legs. Albeit the idea was not to go on a wild goose
chase, he was, without slightest of a hint, already counting his
chickens before they hatched. They say being at the right place
at the right time always helps. Chancing upon the golden visa
programme, perhaps, he feels, holds every testimony of that. A
casual inquiry over a web link was certainly not something that
Samahit thought would change his life forever. But it actually
did, making him feel like an early bird that caught some worms.
peace, harmony and the pride of being the cradle of western
civilization, the birthplace of democracy, western philosophy,
western literature, major scientific and mathematical principles,
and the Olympic games.
Great Geopolitical Location
Geo-politically speaking, its exit from the EU’s enhanced
surveillance framework for its economy has only augmented
its economy, putting an end to over a decade long turmoil and
allowing more flexibility in terms of making own policies. This
has also helped in enhancing Greece as a major investment
destination. The geographical location of the country gives it
an enviable edge over the rest. Situated at the junction of three
continents, it is a meeting point of age old classical heritages
of various kinds. If this is not reason enough to leave anyone
awestruck, then nothing is.
Economic Growth
The financial crisis of the last decade was largely the upshot of
structural problems that ignored the loss of tax revenues due to
systematic tax evasion. However, the course correction measures
Turquoise water and blue sky to retire to
Greece's Rich History
The rich history and heritage of Greece would always capture
anyone’s imagination. The country as a whole is beaming with
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adopted post the global economic recession have contributed
immensely in getting the fiscal house in order. Taking baby
steps, Greece has now limped back to a safe place to invest with
significantly lower rate of interest in comparison with most of
the European nations.
Soaring inflation rates, high fiscal deficits, exchange rate crisis
and low fiscal deficits that crippled the nations for decades are
things of past now. Over the past ten years, the Government
has systematically moved away from a bailout funding induced
by the Eurozone crisis to positive GDP growth, lowered tax
rates, decreased unemployment rate, and renewed rewards for
domestic and international investors. Turquoise water and
blue sky certainly feel better when you have a sound financial
ecosystem watching your back.
Basket of opportunities
To each his own- Samahit had his own considerations to weigh
when it comes to moving to a new place for residence. Several
factors including of course the cost involved in the golden visa
programme, the investment potential of the place and the sheer
beauty of the mountains and the sea ensured that his task was
cut out. It’s only after staying here that one would discover the
other intangible benefits. The country and the people lay out
the welcome mat like no one else does. If one is considering
investment, the latest date from the European Investment Monitor
(EIM) suggests that Greece has witnessed in 2021, its second
highest performance in FDI in greenfield projects since 2000.
With this shift in investment, Greece has gained significant
comparative advantages in agri-food, transport and logistics,
software and IT services sectors. The improvement in the
qualitative components of the investment ecosystem has
contributed immensely to raise high level of optimism in terms
of the evolution of the country’s attractiveness and increased
potential for investment. Samahit’s move from India to Porto
Rafti can be looked at as a testimony to Greece’s attractiveness
despite the challenging times, which is also reinforced by the
EY’s attractiveness survey of 2022.
Right Partner’s seamless processing
A penny saved is a penny earned. This is exactly what Golden
visa programme by the right Partner in ground has in
offer. You choose a place, and they will do the rest. With
opportunities galore, it is not going to be an easy task. One
would only get spoilt for choices. Samahit felt lost for a while.
However, his professional consultants helped in narrowing
down the search and eased off the anxieties. The plater
had everything in it, starting with beautifully catalogued
properties, followed by a meticulously laid down procedure
to go about owning one. The people handling your case
would surprise you with the amazing turn- around time. The
information that one needs and a flow-chart of activities
would be there in your inbox even before you thought you
needed them to make your decision. They would not suggest
you to put all your eggs in one basket, rather offer you a basket
of possibilities with long, short and medium term returns on
investment to choose from. The minimum invest threshold
is also quite mouth-watering if one considers other such
comparative programmes.
The golden visa programme, to sum up, is an extremely
simplified one coupled by its super-quick processing time.
Nothing could be more seamless than choose a place, make the
payment, get the papers together, submit the biometrics and
then take a nap. A residence permit valid for five years with
terms for renewability will be at your doorstep, more amazing
being the non-mandatory requirement of physical residence. If
this is not seamless, then nothing is.
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COUNTRY SPOTLIGHT
Grenada
Grenada is one of the most magnificent islands in
the West Indies, in the Windward Islands of the
Caribbean. Grenada, known as the ‘Isle of Spice’,
renowned for its spice production. Over 2,600
hectares of nutmeg are planted in this magnificent
island, accounting for one-third of the world’s
total production. Nutmeg even finds its way to the
national badge and flag of the islands.
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COUNTRY SPOTLIGHT
The country consists of the main island of
Grenada plus the two smaller islands of
Carriacou and Petite Martinique. The
picturesque tropical islands offer the perfect
getaway destination for both adventure lovers and
those seeking rest and relaxation or a romantic
break with a partner.
The islands are of volcanic origin with extremely rich soil. Its
beaches are idyllic, with white or golden sand, palm trees, and
the delicate aroma of the island’s native spices. Its natural beauty
remains largely untouched by industrialisation. With its lush, fertile
landscapes and award-winning white sandy beaches and invitingly
clear waters, it attracts 500,000 international tourists annually.
Grenada offers culture, fun, and friendliness typical of the
authentic Caribbean life – making Grenada the perfect place in
which to live, work and play. Grenada is the perfect setting for
both adventure and relaxation: its wildlife attractions, marine
life, and national parks make it an exciting place to explore,
while its super-yacht marina and pastel towns make it ideal for
strolling and unwinding.
Grenada, an offshore financial centre, is a member of the
Commonwealth and also has a commerce, trade and navigation
treaty with the United States.
Grenada’s currency, the East Caribbean dollar (XCD), is pegged
to the United States dollar (USD).
Grenada Citizenship By Investment:
The Citizenship by Investment Programme came into being in
August 2013, when the Grenadian Parliament passed Act No. 15
of 2013, referred to it the ‘Grenada Citizenship by Investment
Act, 2013.’ The stated objective of the Act is to “enable persons
to acquire permanent residence and citizenship of Grenada
by registration following investment in Grenada.”Grenada’s
Citizenship by Investment Programme allows individuals and
their families to obtain citizenship or permanent residence.
Applicants must apply through licensed agents, and may not
make submissions to the Government on their own behalf.
Investment Options:
Applicants may chose between two types of investments to
obtain permanent residency or/and citizenship in Grenada:
OPTION 1
Make a payment into the National Transformation Fund (NTF).
The National NTF is responsible for funding Governmentsponsored
projects in Grenada.
OPTION 2
Make a payment towards an approved by the government of
Grenada (real estate) project.
‘Approved project’ is defined under Section 3 of the
Grenada Citizenship by Investment Act, 2013 as “a project
that is approved by the Minister following the review and
recommendation of the Citizenship by Investment Committee’.
National Transformation Fund (NTF): Option 1
The contribution to National Transformation Fund (NTF)
was established in 2013 was behind transforming Grenada’s
economy into one that is ever more prosperous and
independent. The NTF finances various projects in Grenada
for the benefit of its many industries, including tourism,
agriculture, and alternative energy. Having made a donation
to the NTF, investors are left with a true sense of having
contributed to their new nation’s wellbeing.
NTF CONTRIBUTION:
• Required Contribution for Single Applicant: $150,00;
PLUS
Application Fee: $1,500;
Due Diligence Fee: $5,000;
Processing Fee: $1,500
• Required Contribution for Main Applicant & Spouse:
$200,000
PLUS
Application Fee: $1,500 per person;
Due Diligence Fee: $5,000 per person;
Processing Fee: $1,500 per person.
• Required Contribution for Family of Four Family Members:
$200,000
PLUS
Application fee: $1,500 per person (No charge on dependent
child from 0 - 16 years old);
Due Diligence Fee: $5,000 per person. (No charge on
dependent child from 0 - 16 years old). ($5,000 for dependent
child from age 17 - 25 years old).
Processing Fees: $500 per person ($500 for dependent under
18 years old).
$1,500 per person (aged 18 years and over).
• Required Contribution for Family over Four Family
Members: $200,000
PLUS
Additional dependant after the third dependant: $25,000
per person;
Application Fee: $1,500 per person;
Due Diligence Fee: $1,500 per person (aged 18 year
and over);
$500 for persons under 18 year old.
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COUNTRY SPOTLIGHT
Approved Projects (Real Estate) in Grenada: Option 2
One of the options available to applicants seeking to obtain
citizenship by investment in Grenada is to invest in a Governmentapproved
project. Currently, these projects encompass real estate
developments such as hotels, villas, and resorts. Because of the
growth of the tourism industry, there is rising demand for tourist
housing facilities. Real estate developments are thus fantastic
opportunities for investors looking for high returns. The real
estate most be kept for at least five (5) years following the grant of
citizenship.
Applicants opting for the approved project (real estate) route must
invest at least:
REAL ESTATE OPTION 1:
• Required Contribution Amount for Single Applicant:
$350,000
Government Fee: $50,000;
Application Fee: $1,500;
Due Diligence Fee: $5,000;
Processing Fee: $1,500.
• Required Contribution Amount for Main Applicant & Spouse:
$350,000
Government Fee: $50,000;
Application Fee: $1,500 per person;
Due Diligence Fee: $5,000 per person;
Processing Fee: $1,500 per person.
• Required Contribution Amount for Family of Four Members:
$350,000
Government Fee: $50,000;
Application Fee: $1,500 per person;
Due Diligence Fee: $1,500 per person (Dependent child aged from
0-16 year old free). (Dependent child aged from 17-25 year old:
$5,000);
Processing Fee: $1,500 per person aged 18 year and over,
$500 for persons under 18 year old.
• Required Contribution for Family over Four Family Members:
$350,000
Government Fee: $50,000 and $25,000 per additional dependant
after the third dependant;
Application Fee: $1,500 per person;
Due Diligence Fee: $1,500 per person (Dependent child aged from
0-16 year old free). (Dependent child aged from 17-25 year old:
$5,000);
Processing Fee: $1,500 per person aged 18 year old and over, $500
for persons under 18 year old.
$1,500 per person aged 18 year old and over, $500 for persons
under 18 year old.
REAL ESTATE OPTION 2:
Applicants opting for the approved project (real estate) route must
invest at least $220,000. They must keep the real estate for at least
five (5) years following the grant of citizenship.
• Required Contribution for Single Applicant: $220,000 (for each
share in the unit)
Government Contribution: $50,000.
• Required Contribution for Main Applicant + Spouse: $220,000
(for each share in the unit);
Government Contribution: $50,000.
• Required Contribution Amount for Family of Four Members:
$220,000 (for each share in the unit);
Government Contribution: $50,000.
• Required Contribution for Family over Four family members:
$220,000 (for each share in the unit);
Government Contribution: $50,000 + $25,000 for each additional
dependent.
The following charts highlight the costs and fees associated with
citizenship by investment in Grenada.
Key Benefits & Business Advantages:
International mobility - Grenadian citizens can travel without
visa and visa on arrival to more than 149 international and
Commonwealth countries, including:
• The United Kingdom (UK);
• All members of the European Union (EU);
• Singapore and Hong Kong;
• Visa free to People’s Republic of China.
• Access the US through the US E2 Treaty Visa within 6-9 months
Grenada is the only Caribbean country (with a citizenship by
investment programme) whose citizens (including economic
citizens) are eligible to apply for a US E-2 visa (under a treaty
entered into between the USA and the Government of Grenada).
There have been many successful cases where Grenadian economic
citizens have received a US E-2 visa. A US E-2 visa allows an
investor to live and do business in the United States of America in
exchange for a “substantial” investment (minimum recommended
threshold is US $150,000 in the United States of America).
This investment must be in an enterprise that the investor is able to
“develop and direct” and at least 50% owned by the investor.
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COUNTRY SPOTLIGHT
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COME DISCOVER
Westerhall Point, Saint David, Grenada
$1,497,500
4 5
Exceptional architect designed
waterfront property set within an
exclusive gated community and
offering panoramic views.
This stunning property consists of 2 buildings:
a main house with 2 bedrooms, 2.5 bathrooms
and a pool-house with a bedroom lounge and
bathroom with exotic private 'outdoor' shower
overlooking breathtaking sea views.
The property has been expertly reconceptualized
and renovated, with incredible designer details.
The extra-ordinary home features a fully equipped
kitchen with Italian marble and high-end
appliances, a large open-planned living/dining
area with office space, tropical hardwood floors,
and terrace with multiple seating areas (both
covered and open air) for outdoor lounging and
dining. Attractively outfitted maid’s quarters with
bathroom facilities and single car garage complete
these amazing premises.
This parcel of real estate stands at 43,497 square
feet and is attractively landscaped with a wide
range of ornamental and flowering shrubs and
mature exotic trees. Ref: 7879.
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$2,950,000
4 6
Magnificent waterfront home with
impressive deep water access.
This luxurious residence for yacht enthusiasts is
located in an idyllic setting with access to the
South Atlantic Ocean from its private dock.
The property is surrounded by lush greenery and
features an enclosed garden with beautifully
landscaped French lamp posts and large planters.
The waterfront estate boasts a grand 'Old French'
architectural design, sitting on 23,540 square feet
of land with stunning views of the south, including
Petit Bacay Reef & Lobster Point. The interior of
the home features exceptional craftsmanship and
attention to detail with oversized arched hardwood,
mahogany balustrades, and hand-crafted doors.
The property also features a swimming pool,
garden, multi-purpose room, and guest suites
with a separate entrance for added privacy.
Outdoors, there is a Sea Pavilion/Boat House/Artist
Studio, a Greenheart jetty for yacht docking,
and a Mediterranean Mooring System for added
security. Conveniently located near marinas and
yachting facilities, this residence is the ultimate
waterfront paradise. Ref: 7808.
Hyacinth McBarnette
hyacinth@remax-grenada.com
T: (473)4406675
RE/MAX Grenada
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COUNTRY SPOTLIGHT
Malta
The Republic of Malta consists of a group of
islands located in the Mediterranean, with only
the three main islands of Malta, Gozo, and
Comino being inhabited. Malta attracts many
tourists due to its sunny weather and rich history,
including architecture and historic landmarks.
The islands have a long history of habitation
dating back to 5900 BC and several of its
megalithic temples are recognized as UNESCO
World Heritage sites.
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COUNTRY SPOTLIGHT
Malta is strategically situated in Europe
as a hub for historical trade between
Europe, the Middle East, and North
Africa. Its warm Mediterranean climate and
abundant sunshine make the Maltese islands
a desirable tourist destination. Malta is also
a popular place to learn English, which is the
official language along with Maltese, and has
a highly rated education system based on the
British model and funded by the government.
The islands are renowned for their safe environment, low crime
rate, and high-quality public and private healthcare system.
The primary industries in Malta include tourism, financial
services, manufacturing, and foreign trade. The government has
a business-friendly approach, providing competitive incentives
to attract various industries to establish operations on the
island. Malta has also entered into double tax treaties with over
70 countries, including emerging economies, to encourage
international trade and the growth of financial services. These
efforts are expected to continue in the future.
Malta Permanent Residence Programme (MPRP)
The Malta Residency and Visa Programme (MPRP) is a
straightforward way to obtain residency through investments in
real estate and contributions to the government. It promises a
speedy process of only 4 to 6 months from the time a complete
and accurate application is submitted, making it a valuable option
for individuals looking to establish a second home in Malta.
Benefits of this visa:
• The right to permanently reside, settle and live in Malta
• The ability to travel visa-free within the Schengen area for up
to 90 days out of 180 days
• Access to Malta’s affordable real estate market
• The option to include multiple generations, up to four, in a
single application
Eligibility and requirements
Requirements for Eligibility in the Malta Residency and Visa
Programme (MPRP):
• Applicants must be third-country nationals and not citizens of
the EU, EEA, or Switzerland
• They cannot be from countries sanctioned by the Agency
• They cannot benefit from other relevant regulations
or programs
• They must have a stable and regular source of income to
support themselves and their dependents without relying on
Malta’s social assistance system
• They must have capital assets of at least €500,000, with a
minimum of €150,000 being financial assets
• Applicants must be of good standing with a clean criminal
record and not pose any threat to Malta’s national security,
public policy, public health, or public interest.
To participate in the Programme,
applicants must:
• Submit the application through a licensed agent
• Pay a non-refundable administrative fee of €40,000
• Rent a property for a minimum of €10,000 in the South of
Malta/Gozo or €12,000 in other parts of Malta
• Or purchase a property with a minimum value of €300,000 in
the South of Malta/Gozo or €350,000 in other parts of Malta
• Pay a government contribution of €28,000 if purchasing a
property or €58,000 if leasing a property
• Pay an additional €7,500 for each additional adult dependent,
excluding the spouse
• Maintain ownership of the qualifying property for a minimum
of 5 years and provide a residential address after this period
• Make a €2,000 donation to a local philanthropic organization
registered with the Commissioner of Voluntary Organizations
• Have a valid travel document
• Obtain a comprehensive health insurance policy covering all
risks in Malta
• Acquire travel insurance for trips within the Schengen area.
Nomad Residence Permit
The Nomad Residence Permit allows individuals to reside in
Malta while maintaining their job based elsewhere. This permit
is designed for individuals who can work remotely through
the use of technology. Malta already has a growing community
of digital nomads from the EU who enjoy the island lifestyle,
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COUNTRY SPOTLIGHT
business networking, and cultural experiences. The permit is
available to non-EU citizens who may normally require a visa
to enter Malta. The permit will be issued for a year and can be
renewed annually based on the applicant’s continued eligibility.
Benefits
• Fast Process (1-2 Months Processing Time)
• Freedom to reside & work in Malta whilst keeping current
employment abroad
• Family Members may also be included
• Maltese residence card giving visa-free access to the
Schengen Area
• High standard Educational & Healthcare facilities
• No personal income tax
Eligibility
• Only non-EU nationals can apply
• Applicants must be in possession of a valid travel document
• Applicants must earn at least € 2,700 gross monthly income
• Applicants must hold a health Insurance policy
• Applicants must hold a valid property rental or
purchase agreement
• Applicants must demonstrate that they can work remotely and
independent of their location
Acquisition of Citizenship via Exceptional
Services by Direct Investment
The Granting of Citizenship by Naturalisation for Exceptional
Services by Direct Investment is regulated by the Granting of
Citizenship for Exceptional Services Regulations (S.L. 188.06).
Eligibility Criteria
The requisites for filing an application are:
• Provide a proof of residence in Malta for a period of thirty
six (36) months, provided that this period may by exception
be reduced to a minimum of twelve (12) months, subject to
an exceptional direct investment (of six hundred thousand
euro [€600,000] and seven hundred fifty thousand euro
[€750,000] respectively), to be effected prior the issue of the
certificate of naturalisation;
• Purchase an immovable residential property in Malta having a
minimum value of seven hundred thousand euro (€700,000)
or take on a lease a residential immovable property in Malta for
a minimum annual rent of sixteen thousand euro (€16,000),
which property shall be adequate and suitable for the applicant
and his dependants, for a minimum period of five (5) years
from the date of issue of the certificate of citizenship;
• Carry out an exceptional direct investment in Malta, in
accordance with the Granting of Citizenship for Exceptional
Services Regulations (S.L. 188.06); and
• Donate, prior to the issue of the certificate of naturalisation,
a minimum of ten thousand euro (€10,000) to a registered
philanthropic, cultural, sport, scientific, animal welfare or
artistic non-governmental organisation or society, or as
otherwise approved by the Agency.
Reference: Community Malta Agency (the Agency): https://
komunita.gov.mt/en/
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Malta.
New chapters, new possibilities.
The Malta Permanent Residence Programme grants beneficiaries
the right to reside permanently in a safe and stable country while
enjoying visa-free travel across Schengen for 90 out of 180 days.
Boasting excellent educational institutions, access to top
class healthcare and a breadth of business opportunities in a robust
economy, Malta is the right choice for your family's future.
MALTA PERMANENT
RESIDENCE PROGRAMME
Residency Malta Agency
Zentrum Business Centre, Level 2,
Mdina Road, Qormi, QRM 9010, Malta
residencymalta.gov.mt
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Malta: an attractive proposition
for second residency
There has never been a time when
considering economic mobility was more
justified. In the wake of the pandemic, where
movement across continents, countries
and borders was seriously stifled, many
individuals and families across the world
are considering their future options, both in
terms of quality of life and family wealth.
Malta: an attractive proposition
Malta is one of the safest countries in the world. This holds
great pull for families who would like to spend their time in an
environment where they feel secure.
Malta’s health care ranks among the top for its health
institutions. With a range of world class state hospitals, private
clinics and regional health centres, a simple health insurance
cover ensures access to these reputable care services. Living
in Malta could be considered as much easier than in other
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The cherry on the cake is the country’s mild climate with 300
days of sunshine a year and the proximity of things being a small
Island state.
The Malta Permanent Residence Programme
(MPRP)
The MPRP is a property-based residency-by-investment
programme that gives beneficiaries the right to stay, settle and
reside permanently in Malta. With options to purchase or lease
property, and make a direct contribution to government, up
to four generations may apply, making family relocation
a possibility.
Applicants must also make a contribution to the Government's
Consolidated Fund and a donation to a local registered Non-
Governmental Organisation. Managed by Residency Malta
Agency, applicants must go through a four-tier due diligence
exercise that ensures that only fit-and-proper individuals and
families are given Maltese residence status. Applications are
required to be submitted via a licensed agent, who will act on
their behalf.
Malta’s residency programme places itself among the most
popular European programmes. The MPRP gives exceptional
value for money. At a very competitive financial outlay, it
offers permanent residency from day one, visa-free access
across Schengen countries for 90 out of a rolling 180 days, the
possibility of property lease, and family relocation possibilities in
a strong jurisdiction with lucrative business opportunities.
countries. The Maltese are a hospitable and welcoming people.
A large expat community has fostered a multi-cultural ambience
over the years. With English being an official language, people
find it easy to communicate. The level of education is high with a
large selection of both public and private schools. The 400-yearold
University of Malta offers a wide variety of faculties and
research institutes for both local and foreign students.
Investors and entrepreneurs look for jurisdictions with strong
economies, high regulation, government support and marked
demand. Malta has all these elements while constantly garnering
positive ratings from credit agencies and topping the EU charts
for economic growth. Flourishing industries include aviation,
maritime, film, financial services, fintech, hospitality and
knowledge industry.
The Malta Startup Residence Programme
In collaboration with Malta Enterprise, Residency Malta has
recently also launched the Malta Startup Residence Programme
offering non-EU founders, co-founders and core employees of
highly innovative startup and scale up ventures the possibility to
reside in Malta while launching their business.
Entrepreneurs are asked to make an investment of €25,000
in paid-up share capital or tangible investment and be ready
to reside and pay taxes in Malta. With lucrative non-dilutive
financial support offered by Malta Enterprise and a sound
startup ecosystem, Malta is the next destination for startups.
More information about the Malta Programmes may be found at
www.residencymalta.gov.mt
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INTERVIEW
Malta CBI Application:
Health for your wealth
Why Malta CBI & RCBI applicants should consult
Award winning Laferla Insurance Agency
By Keith Laferla (left)
IMCM, ACII, Chartered Insurer,
Joint Managing Director
& Mark Laferla Jr (right)
Joint Managing Director
What makes Malta attractive for residency
by Investment?
Malta is a fantastic place to live and work. One of the main
attractions is that the island is blessed with a great climate, with
the sun shining approximately 300 days per year on average and
most winters are also relatively warm.
The education system is a good one, and curriculums are taught
in the English language. This makes it ideal for expats to find
good schooling options for their children.
The country’s economy is small, yet resilient. The economy
is based on many pillars including tourism, manufacturing,
aviation, yachting and shipping, financial services, online
gaming, digital game development, property, sciences, and more
recently, new industries such as AI and blockchain. The Maltese
government continues to invest in new industries in an attempt
to continue expanding the country’s skill sets, and being a small
and agile country helps to achieve this more efficiently.
With a low unemployment rate, increasing number of
companies setting up and relocating to Malta, as well as certain
tax incentives for Highly Qualified Persons to relocate and work
here, there are plenty of reasons why an RBI applicant would
choose Malta as their new home. The Maltese economy looks
extremely favourably at RBI applicants who relocate and provide
their expertise which in turn helps to grow the economy.
Of course, being part of the EU and Schengen Area and being
extremely well-connected in terms of both air and sea travel is
another great advantage.
As Part of an application for the Malta Residency
by Investment, Investor will be required Health
Insurance, what are the legal requirements?
The requirements set out by Residency Malta state that the
main applicant as well as all dependents must be covered
by a health insurance policy for a minimum of €30,000 per
annum each. Also, if travelling within the Schengen Area,
each beneficiary must be covered by an appropriate Travel
Insurance policy.
Laferla offers a variety of plans to suit these requirements, with
an entry-level plan at an excellent price point covering the
minimum requirements, and also more comprehensive plans –
probably the best one will find in Malta - which will provide an
excellent level of cover to families relocating to the island.
The company also offers Travel Insurance on a single-trip basis,
or alternatively, Annual Travel Insurance cover which will cover
families year-round in a more convenient and efficient manner.
Non EU nationals applying for a Work Permit in
Malta are required to obtain Insurance policy,
what Insurance are required and what dedicated
products and Services does Laferla offer?
Health Insurance requirements for ‘Single Permit’ (work permit)
and ordinary residence permit applicants are quite similar to
those under the Malta Permanent Residence Programme.
The difference is that the scope of this requirement revolves
solely around ‘hospitalisation’ and therefore a basic plan covering
the minimum requirements of these programmes will not cover
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INTERVIEW
any out-patient treatment. Whilst this means that insurance
plans covering the basic requirements are more affordable, it
leaves the insured with quite a gap in cover.
It is always recommended to invest in a better level of cover
to have your mind at rest in case of need. Medical expenses in
Malta are relatively high, and a simple out-patient cases involving
a couple of consultations and tests can easily run into multiple
hundreds of Euro.
Laferla is an Award winning Insurance company
and what makes Laferla the go to choice for
investors and families?
Laferla has been around for almost 40 years – since 1984, to
be precise. The company is one of the market-leaders and is
particularly known for offering an excellent customer service.
We are also extremely technologically advanced and invest
plenty of resources to this on an ongoing basis. This leads to
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INTERVIEW
better customer experience, loyalty, and our general brand image.
The company also invests staff members with multi-lingual skills
to help us serve our customers better.
Another factor which makes Laferla unique is that we offer all
lines of general insurance, including Health, Life (including
protection and also savings and / pension products), Travel
(single trip or annual), Property (personal home or commercial/
landlord), Boat / Yacht, Motor and also Pet Insurance in our
personal lines division.
The company is also well-known for Commercial insurance
products including Business Combined servicing anything from
micro enterprises up to large industrial risks, Liability, Travel,
Employee Benefits (including Group Health, Life, Accident, and
Corporate Pension Schemes), Construction insurance and more.
Our decades of experience, expertise and vast product lines
truly make Laferla a one-stop shop for any family or investors
relocating to Malta.
The CBI and RCBI industry market is growing
each year and every reputable agent is seeking to
align themselves with professional and reliable
insurance providers, what makes Laferla their
natural choice?
Mostly, it is everything mentioned above. Furthermore, we
understand that agents are relying on us to provide a reputable
and efficient service to their valuable clientele. As mentioned,
customer service is one of the main pillars of our company, yet
we also keep this in mind to ensure satisfaction to both our
clients and agents recommending our services.
Also, and quite importantly as we are all in business,
Laferla offers a fair and generous remuneration for business
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INTERVIEW
204A, Vincenti Buildings
Old Bakery Street
Valletta VLT 1453
W: www.laferla.com.mt
E: info@laferla.com.mt
About Laferla Insurance Agency Ltd
Laferla Insurance Agency Ltd is a family business founded
in 1984 by Mark Laferla, now led by his sons and second
generation owners Mark Jr, Keith and Kevin Laferla. Laferla
is an insurance agency operating as a Managing General Agent
in Malta. The company is the leading insurance provider for
applicants of the various Maltese Citizenship and Residence by
Investment programmes, providing services to over 4,000 High
Net Worth and Ultra High Net Worth individuals and families.
Laferla Insurance Agency Ltd (C14529) is enrolled under the
Insurance Distribution Act, Cap 487 of the Laws of Malta, to
act as an Insurance Agent for MAPFRE Middlesea plc (C5553),
“MMS” on General Insurance business and MAPFRE MSV
Life plc (C15722), “MMSV” on Long Term Business. MMS
and MMSV are authorised by the Malta Financial Services
Authority, “MFSA”, under the Insurance Business Act, Cap 403
of the Laws of Malta. All entities are regulated by the MFSA.
introduced through recommendation.
All (at least, to our knowledge) major RCBI agents registered
in Malta, and most of the more boutique agents have
introduced over 4,000 families to Laferla since the industry
was founded here in 2014. We’re proud to say that we have
experienced an excellent satisfaction rate all around, leading
to extremely high retention. To sum up, we must be doing
something right, and will always continue to invest and explore
how we can improve further.
The management of Laferla have vast experience
in the Insurance, CBI and RCBI industry. What
motivates Laferla to align themselves for the
RCBI space?
The RCBI industry intrinsically requires a higher level of
expertise, understanding, customer service and importantly,
relationship-building. This aligns completely with what the
Laferla brand stands for, and so our company was a perfect fit to
service the RCBI industry.
The company continues to invest heavily in maintaining
relationships with agents and clients. Both Mark Jr and myself,
now Joint Managing Directors of the firm, have built strong
relationships throughout the industry and give personal
attention to it. We have also both been members of the
Investment Migration Council and are in fact now recognised as
Fellows of the IMC.
We look forward to growing our relationships and standing in
the RCBI industry further. The next step in our evolution would
be to take our experience to different markets, and we are more
than happy to work with the industry to realise this together in
order to replicate the tremendous success and standards we have
set in Malta.
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COUNTRY SPOTLIGHT
Saint Lucia
St. Lucia is an independent island
nation situated in the eastern
Caribbean Sea. As part of the Lesser
Antilles, it lies between St. Vincent
to the south and Martinique to
the north, with Barbados located
southeast at a distance of 174km.
The island boasts a compact area of
43km in length and 22km in width,
surrounded by a stunning 158km
coastline. Boasting sandy beaches
lined with palm trees, crystal clear
waters, picturesque bays and lush
rainforests, St. Lucia attracts a
plethora of tourists and cruise ships.
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COUNTRY SPOTLIGHT
The unique distinction of the island lies in
the fact that it is the only nation globally
to be named after a woman from history,
Saint Lucy of Syracuse. Saint Lucia achieved
independence from the UK on February 22, 1979,
after being one of the West Indies Associated
States since 1967, and became a member of the
Commonwealth of Nations. English is the official
language of the island, although Saint Lucian
Creole French is also widely spoken.
St. Lucia boasts a unique landscape compared to other
Caribbean islands, with its mountainous terrain, including a
drive-in volcano. On the southwestern side of the island, two
towering volcanic peaks, the Pitons, rise out of the crystalclear
waters. The Gros Piton is 771 meters high while the Petit
Piton stands at 743 meters. This area, located near the town of
Soufriere, was designated as a UNESCO World Heritage site in
2004 and was once the French capital of Saint Lucia. Tourists
flock to Soufriere for its serene Saint Lucia Botanical Gardens
and the therapeutic Sulphur Springs.
Castries, a thriving port city, is the modern-day capital and home
to almost a third of the island’s population. Castries became the
capital city in 1967 and maintained its status when Saint Lucia
gained independence.
Saint Lucia has a tropical climate, tempered by northeast trade
winds, with average daytime temperatures of around 30°C
and nighttime temperatures of around 24°C. The temperature
remains relatively stable throughout the year, due to its location
near the equator. The island experiences two seasons annually,
with a dry season from December to the end of May and a wet
season from June to November.
Citizenship by Investment
The St. Lucia Citizenship by Investment Program offers full
citizenship to applicants and their families in exchange for a
substantial economic contribution to the country. However, this
is contingent on successful completion of a rigorous application
procedure and thorough background checks. The program is
governed by the Citizenship by Investment Act No. 14 of 2015.
Benefits
Saint Lucia is a stable country with a high standard of living
that is hard to match elsewhere in the world. A passport from
St. Lucia provides visa-free or visa-on-arrival access to 146
destinations, including the Schengen Area in Europe, Hong
Kong, Singapore, the UK, and many others.
Saint Lucia allows dual citizenship, offering potential benefits
for business growth and tax reduction. The country has no
wealth tax, gift tax, foreign income tax, or capital gains tax. The
application process does not require a visit to Saint Lucia, there
is no interview requirement, and no residency requirement.
Applications for the Citizenship by Investment Program must be
submitted in English by a designated representative on behalf of
the applicant. The applicant can include their spouse, children
under 31, siblings under 18, and parents over 55 years old as
dependents, and they may also add additional dependents after
being granted citizenship. In order to qualify for citizenship,
applicants must choose one of the following four options:
1) NATIONAL ECONOMIC FUND
2) REAL ESTATE PROJECTS
3) ENTERPRISE PROJECTS
4) GOVERNMENT BONDS
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COUNTRY SPOTLIGHT
1) National Economic Fund
4) Government bonds
The Saint Lucia National Economic Fund is a pool of funds
generated from the Citizenship by Investment Program,
which will be utilized for financing government-sponsored
projects. The Finance Minister must obtain approval from
Parliament before utilizing the funds for any purpose.
Once an application for citizenship through investment in the
Saint Lucia National Economic Fund has been approved, an
investment is required as follows:
• Single applicant: $100,000
• Main applicant plus Spouse: $140,000
• Applicant applying with spouse and up to two other
qualifying dependants: $150,000
• Each extra qualifying dependant, of any age: $25,000
• Each qualifying dependent in addition to a family of
four (family includes a spouse): $15,000
2) Real Estate Projects
The Ministry of Cabinet examines potential real estate
projects for eligibility in the Citizenship by Investment
Program. Eligible projects can include high-end luxury hotels
and resorts or upscale boutique properties.
Upon approval, the main applicant must make a one-time
minimum investment of $200,000, along with government
fees of $30,000 for the primary applicant, $45,000 for the
spouse, and an additional $10,000 for each dependent over 18
years old, and $5,000 for each dependent under 18 years old.
The real estate must be maintained for a minimum of 5 years
after citizenship has been granted.
3) Enterprise Projects
The Saint Lucia Citizenship by Investment Program offers
applicants the option of investing in pre-approved business
ventures, such as marinas, research facilities, or infrastructure
projects. Joint investments are accepted, with each participant
contributing a minimum of $1 million and the total project
value being no less than $6 million and generating at least six
permanent job opportunities. For sole applicants, a minimum
investment of $3.5 million is required and must result in the
creation of at least three jobs.
Applications for St. Lucian citizenship can be made by
investing in the National Action Government Bonds. This
option involves buying non-interest-bearing government
bonds that must be registered in the applicant’s name for at
least five years and will not earn any interest. The minimum
investment required for this option is $300,000 for the main
applicant, plus a non-refundable government fee of $50,000.
The amount remains the same regardless of the number of
dependents included in the application.
Procedures and time frame of the St. Lucia
Citizenship by Investment Program
The application process should take no longer than four
months from submission of the application to issuance of
the certificate of citizenship, assuming there are no areas of
concern with the application.
The Citizenship by Investment Board, which provides
oversight to a dedicated citizenship by investment unit (CIU),
will consider an application for citizenship and its outcome
may be to either grant, deny, or delay for cause.
All requisite supporting documents must be attached
to an application before it can be processed by the CIU.
All applications must be accompanied by the relevant
nonrefundable processing and due diligence fees for the
principal applicant, their spouse, and each qualifying
dependent. Where an application has been approved in
principle, the CIU will notify the applicants that the
qualifying funds and requisite government administration
fees must be paid before the certificate of citizenship can
be granted.
The main applicant must remit the required funds for the
qualifying option within 90 calendar days after notice of
approval of their application. A successful applicant shall sign
the oath or affirmation of allegiance before an attorney-at-law,
notary royal, or notary public. The minister may, by order,
revoke a grant of citizenship in exceptional circumstances as
may be deemed necessary.
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COUNTRY SPOTLIGHT
St Kitts & Nevis
The St Kitts and Nevis is one of the
Caribbean’s most idyllic Locations.
Saint Kitts and Nevis, also known as the
Federation of Saint Christopher and Nevis,
is an island state in the West Indies and a
member of the Commonwealth. Part of
the Leeward Islands chain of the Lesser
Antilles, it is the smallest sovereign state
in the Western Hemisphere, in area and
population. The capital city, Basseterre, is
on the larger island of Saint Kitts. English is
the official language but Saint Kitts Creole is
also widely spoken.
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COUNTRY SPOTLIGHT
In 1984, the Federation of St. Kitts and Nevis
established the world’s first Citizenship by
Investment Programme. As the oldest and
most established of its kind globally, the scheme
offers citizenship to reputable individuals and
their families through a robust and efficient due
diligence process.
The St. Kitts and Nevis Citizenship by Investment Programme
is an attractive option if one is looking to acquire a second
citizenship through investment without prior residence
requirements. St. Kitts and Nevis citizens enjoy a passport
with an excellent reputation and very good visa-free travel,
including to all of the EU’s Schengen Area, Hong Kong,
Switzerland, and many other countries including Russia, Asia,
Africa and Latin America. St. Kitts and Nevis citizinship also
provides leisure opportunities and opens up new cultural and
tourism experiences.
The St. Kitts and Nevis Citizenship by Investment programme
is committed to delivering value and opportunities to investors
and citizens alike in a responsible way, contributing to the social
and economic success of the Federation. Building on its heritage
and expertise as the longest running citizenship by investment
programme in the world, St Kitts and Nevis develpde efficient
processing systems. The St. Kitts and Nevis Citizenship by
Investment Unit can now efficiently and robustly finalise most
applications within a 60-day period.
Citizenship of the St. Kitts and Nevis Means:
• Obtaining a passport with an excellent reputation & visa-free
travel to more than 157 destination.
• Full citizenship for life, which can be passed on to future
generations by descent.
• You have the right to take up residence in St. Kitts and Nevis at
any time and for any length of time.
• No taxes on foreign income, capital gains, gift, wealth, or
inheritance tax so this may complement your current wealth
protection and tax planning strategies.
• Allowed to hold dual citizenship, and the acquisition of
citizenship is not reported to other countries.
Citizenship by Investment:
Applicants may apply to become a citizen by making a one-off
contribution to the Country’s Sustainable Growth Fund (SGF)
or by investing in pre-approved real estate projects.
Investors can acquire citizenship if they pass the government’s
background checks and make an investment into an approved
real estate development. The Government has introduced
extensive legislation to attract financial services businesses to
the island.
Growth Fund (SGF)
Contribution SGF, a contribution is made directly to a
government-held fund, with the Citizenship by Investment Unit
(CIU) being able to check receipt immediately and speed up the
application. The SGF represents the ongoing advancement of St
Kitts and Nevis to realise their potential as a prospering smallisland
nation with an accelerating economy.
The Sustainable Growth Fund (SGF) is the newest investment
channel under St Kitts and Nevis’ CBI Programme, introduced
in March 2018. It is the most secure and straightforward
route to second citizenship, qualify for citizenship through a
contribution to the SGF.
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COUNTRY SPOTLIGHT
The priority of the country at the present time is to create
sustainable investment opportunities. St.Kitts and Foreign
Direct Investment (FDI) goals are fully aligned to foster
inclusive growth and an environmentally and socially
sustainable economy.
The St. Kitts is particularly keen on the attention being
given to High Tech Agriculture (smart farming) and Green
Energy as two key sectors for sustainable development.
Investment opportunities in High Tech Agriculture are
designed to achieve sustainable food security while investment
opportunities in Green Energy are designed to reduce
dependence on fossil fuels, at the same time decreasing the
cost of energy to the citizens and residents of the country.
Technological change in the agribusiness sector and the
construction of green energy systems requires investment from
both foreign and local investors.
Option 1: Real Estate Investment:
Applicants may qualify for citizenship through an
investment in a pre-approved real estate project, which may
include hotel shares, villas, and condominium units. The
minimum real estate investment required by law is $200,000
(resalable after 7 years) or $400,000 (resalable after 5 years)
for each main applicant.
Upon submission of an application, non-refundable due
diligence and processing fees must also be paid. These fees
amount to $7,500 for the main applicant, $4,000 for each
dependant of the main applicant who is over the age of 16
years, and $4,000 for siblings.
On approval in principle of an application made through a
real estate investment, a Government fee applies, as follows:
• Main applicant: $35,050
• Spouse of the main applicant: $20,050
• Any other qualified dependant of the main applicant
regardless of age: $10,050
• Siblings: $40,000
In addition to these fees, real estate buyers should be aware
of purchase costs (mainly compulsory insurance fund
contributions and conveyance fees).
Real Estate Investment Options:
The Real Estate option under the CBI programme continues to
gather interest from investors.
The prospect for growth of Foreign Direct Investment remains
optimistic in the country. FDI inflows, in particular, real
estate related projects are expected to continue to be a major
contributor to the country’s economic growth and overall
development. there are a number of other large scale investment
projects in the pipeline, which are expected to sustain FDI flows
into the foreseeable future.
Option 2: Private Home Investment:
The sale of private homes under the Citizenship by
Investment Programme was allowed for a period of two years
only (November 1st 2020 to November 1st 2022).
Resale:
• A property purchased under the Private Home plan shall
not be resold for a period of at least 5 years
• The sold property does not qualify for use in a subsequent
Citizenship by Investment applicationty
Option 3: Alternative Investment (AIO):
The Alternative Investment Option (AIO) is a third form of
investment under the Citizenship by Investment Programme.
The AIO will provide the Government with the means of
achieving its capital investments goals without having to
endure the drawbacks associated with the use of its existing
limited resources or from taking additional debt.
Potential projects should be identified and listed by the
Government or can be brought forward by private individuals
with access to financing who approach the Government with
potential projects not on the Government’s infrastructure
list. However, the asset when completed and operated for a
reasonable period of time (that allows for a reasonable return
on investment) must be turned over to the Government in a
maintained condition consistent with prudent ownership.
For those projects on the Government’s infrastructure
list, they can be advertised seeking expressions of interest
for initial review by the Government and the creation
of individual project “short lists”. The Government will
endeavour to ensure that to the extent practicable, shortlisted
companies will not only maximise local employment but also
embark upon programs including transfer of technology and
capacity building.
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COUNTRY SPOTLIGHT
United Kingdom
Home to cutting edge culture
and royal pageantry, the four
home nations of the UK offer
something for everyone – from
the modern to the historical,
and everywhere in between.
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COUNTRY SPOTLIGHT
The United Kingdom offers a robust, businessfriendly
environment to reliably expand,
trade and invest. The UK has a mature,
high-spending consumer market and an open, liberal
economy, a world-class talent pool and a businessfriendly
governmental and regulatory environment.
The language, legal system, funding environment, time zone and
relative lack of red tape helps make the UK one of the easiest
markets to set-up, scale and grow a business.
From culture, sport and entertainment to food, design and
technology, the impact of British talent and entrepreneurial spirit is
felt in every corner of the globe. Investors can access a market of over
67 million people, diverse suppliers and partners, and benefit from a
range of programmes to help businesses of all shapes and sizes grow,
including current £100 billion infrastructure spending commitments.
The UK has also one of the lowest corporation tax rates in the
G20 and is highly competitive within Europe. The government
offers a range of tax reliefs to give flexibility to domestic and
international companies.
A place for education and talent
With a labour force of 32 million and an employment rate
of around 75% (against a 69% European average), the UK is
one of the top European economies for attracting, cultivating
and retaining global talent, according to the Global Talent
Competitiveness Index.
The UK’s flexible labour laws help businesses hire staff in a way
that suits their needs. Contract options vary from full-time, parttime
and agency staff to freelancers, consultants and contractors.
Freedom to recruit quickly and for as long as needed, helps
companies to react to changing circumstances.
Four out of the top 10 universities in the world are from the
UK [QS World Ranking 2019], namely Oxford, Cambridge,
University College London and Imperial College London.
Fast facts: UK innovation:
• The UK is ranked fifth on the Global Innovation Index 2019
and highest ranking G7/G20 economy.
• The UK has a world-class intellectual property regime
that’s helped produce 78 Nobel Prize winners in scientific
disciplines – more than any other country except the USA.
• Many of the world’s biggest and most dynamic companies
– including Google, Facebook, Amazon, Coca-Cola – have
chosen the UK as their European headquarters.
• More than half of all UK-based R&D business expenditure
comes from foreign-owned companies.
• Small and medium-sized businesses can apply for venture
capital schemes that offer generous tax reliefs for investors.
• The R&D expenditure tax credit offers generous incentives
of up to 230% for companies investing in UK projects.
• There is a corporation tax rate of 10% – compared to the
usual 19% – on profits from inventions patented in the UK.
• To help encourage local innovation, the UK Government
has created the Global Entrepreneur Programme to
encourage ambitious founders to export and expand their
enterprises from the UK.
• The government’s innovation agency, Innovate UK,
helps businesses develop new ideas and turn them into a
commercial success.
NORTH SEA
UNITED
KINGDOM
NORWAY
The British higher education system has been the basis for
international higher education standards for a long time, and
has led with revolutionary teaching styles and embedding
international norms.
London
NETHERLANDS
The UK is also immensely popular with international students
because of the diverse culture, the attraction of global cities such as
London, and the variety of onward career opportunities. In fact, it
is the second most popular destination for overseas students with
485,645 choosing to study at UK universities in 2018/19.
REPUBLIC
OF IRELAND
ATLANTIC
OCEAN
BELGIUM
FRANCE
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UK Self Sponsorship Visa: How you
may obtain Permanent UK Residency
What is Self-Sponsorship? Self-Sponsorship refers to an application
to come and work in the UK for their own business without the
need of having a UK Sponsor. This may lead to permanent residency
and British citizenship for yourself and your family.
By Sam Hussain
Who is the opportunity for?
If you are an entrepreneur and a successful businessperson,
and you and a great business opportunity in the UK, or a great
business idea and seek to explore you business opportunity in
the UK.
The main motivation be that you want to own a UK Business,
UK seek to lead, manage and maintain UK operations, you want
a legal path without the fear of losing a UK Visa. Than this route
can be for you.
Who can apply?
Self-sponsorship is open to anyone who satisfies all of the
following criteria.
A) Has experience or skill or qualification within the area of
business they want to establish
B) Has a business idea or has already established a UK business
C) Has the funds to support the proposed business
D) Ideally, has a UK local person who is settled or British
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3. Employer liability insurance certificate (minimum employee
cover £5 million)
4. PAYEE OR Account Office reference letter from HMRC
5. Copy of regulatory approval, i.e., Health & Safety star rating
for food business, ACCA, SRA
6. VAT Certificate (if registered)
7. SIGNED Annual accounts (if the business is over 18
months old)
Step 3: APPOINTING AN AUTHORISING OFFICER
You must appoint an Authorising Officer (AO) during the
application stage.
The person needs to be your employee whom the Home Office
will contact in regard to the application. Any suitable employee
for this role, such as managers/directors, or employee with good
communication skills who has knowledge of this application.
It is better to appoint someone who is a British citizen or
someone who has a Indefinate Leave to Remain (ILR) in the UK
to act as your Authorizing Officer.
Step 4: HAVE A ROBUST HR SYSTEM IN PLACE
Citizen to take on the responsibilities of authorising officer
E) Has the ability to sit and pass an approved English language
test at Level B1* (Basic English language requirements)
What business would qualify for Self-Sponsorship?
Any business can qualify for the self-sponsorship route
Can I be a 100% shareholder in the UK business
and the Director?
Yes, you can have 100% of shares and you could be the Director.
What’s the procedure of Self-Sponsorship?
Step 1: ESTABLISH A BUSINESS IN THE UK
Step 2: APPLY FOR A SPONSOR LICENSE
There are certain documents required for a sponsor license
application, you’ll need a minimum 4 of the following:
1. Minimum 1-month business bank statement
2. Copy of lease OR freehold OR tenancy agreement
As a mandatory requirement for sponsor licence applications,
you must have a robust HR system in place to prove that you are
able to comply with the sponsor duties for your skilled workers.
Step 5: GETTING YOUR SPONSOR LICENCE
It usually takes around 8 weeks to get a decision from the
Home Office.
However, it might take longer if the Home Office wants to
conduct further checks on your business or wants to visit your
company address.
Step 6: ASSIGNING A CERTIFICATE OF SPONSORSHIP
(COS) TO A SKILLED WORKER
After your licence is granted, you're able to assign a CoS to an
employee of the company that you wish to sponsor.
As there are no restrictions for the shareholdings of a skilled
worker, you can assign a CoS to yourself, so that you can use the
CoS to apply for a skilled worker visa. WorkPermitCloud can
assist you with the CoS allocation and visa application.
Step 7: APPLYING FOR A SKILLED WORKER VISA
After you have assigned the CoS to yourself, you can use the CoS
to apply for a Skilled Worker Visa. This Visa allows you to work
in the UK legally.
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COUNTRY SPOTLIGHT
United States of America (USA)
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COUNTRY SPOTLIGHT
The United States is a massive country
that ranks as the fourth largest in
terms of total area and the third most
populated globally, after China and India. With
a population of over 327 million people from
diverse ethnic backgrounds, the US also boasts
of being the largest economy in the world, with a
GDP of 23.32 trillion dollars.
The country is abundant in natural resources, leads in scientific
research and technological advancement, and is home to
numerous leading global companies, particularly in the financial
and IT sectors. Dubbed as a nation of immigrants, the USA
has a long-standing tradition of accepting individuals from all
corners of the world and granting them American citizenship.
For those who aspire to live the American Dream, the USA is a
sought-after destination. It boasts a diverse landscape, ranging
from bustling cities to sprawling agricultural lands, as well as
revitalized post-industrial areas where one can find affordable
housing or investment opportunities. The American education
system and healthcare are highly regarded, the economy is
robust and diverse, and the country remains inviting to investors
seeking to secure their slice of the American Dream.
There are several avenues for investing in the US. The EB-5
Visa program was established by congress designated by USCIS
after November1990 with the aim of boosting the economy by
attracting foreign investment from non-American citizens and
creating jobs.
On March 15, 2022, President Biden signed the EB-5 Reform
and Integrity Act as part of the Consolidated Appropriations
Act, 2022 and this created new requirements for the EB-5
immigrant visa category and the Regional Center Program.
Immigrant visas are were re-authorized under the Regional
Center Program through Sept. 30, 2027.
This EB-5 visa Program allows foreign investors to become US
residents and receive a Green Card. Annually, the US typically
allocates 10,000 EB-5 Visas to foreign investors who invest a
significant amount of money in a business or regional center
in the US, which must generate jobs as part of the investment.
To apply, investors must choose an approved project to invest
in, either through Direct Investment or a Regional Center
Investment. US citizenship, which can be obtained by investors,
offers visa-free travel to 176 countries with one of the strongest
passports in the world. Another option is the E-2 Treaty Investor
Visa, which enables an investor, their spouse, and children to
move to the US to own and operate a business. Eligibility for
this visa is limited to citizens of specific countries, which can be
found on the uscis.gov website.
A quick guide for EB-5 Program:
• Minimum investment in a Targeted Employment Area
(TEA) – $800,000
• Minimum investment amount outside of a TEA
– $1.05 million
• All EB-5 Investment must be in a new commercial
enterprise (NCE). A new commercial enterprise means any
for-profit activity formed for the ongoing conduct of lawful
business, including:
- A sole proprietorship;
- Partnership (whether limited or general);
- Holding company and its wholly owned subsidiaries
(provided that each subsidiary is engaged in a
for-profit activity formed for the ongoing conduct
of a lawful business);
- Joint venture;
- Corporation;
- Business trust;
- Limited liability company; or
- Other entity, which may be publicly or privately owned.
- 10 new Job Creations
This definition does not include non-commercial activity,
such as owning and operating a personal residence.
There were significant changes made to the EB-5 program
as of March 11, 2022, including the retention of priority
dates for certain EB-5 investors, substantial increases in
the minimum investment amounts, reforms to the targeted
employment area designations, clarification of USCIS
procedures for removing conditions on permanent residency,
and other technical and conforming revisions. One of the
talked about topics is Visa Set-Asides:
The EB-5 reform and integrity act created new EB-5
immigrant visa set-asides for qualified investors. Each year a
percentage of EB-5 immigrant visas are available to qualified
immigrants who invest in specific areas:
• 20% allocation for Rural Area project
• 10% allocation for high unemployment area
• 2% allocation for infrastructure project
Any of the set-aside visa that are not used for the fiscal year
will be moved over to the next year, however if these setaside
visa are not used in year two they will be allocated to
unreserved EB-5 immigrant visa in the third year.
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COUNTRY SPOTLIGHT
Who is interested in the EB-5 Program?
• Families that want to settle in the US
• High-net-worth individuals
• Those looking to start a business in the US
• Parents seeking better education opportunities for
their children
• Those seeking safety and security
• Those seeking economic stability and business diversification.
Who is eligible for the EB-5 Program?
Under this program, investors (and their spouses and unmarried
children under 21) are eligible .
The EB-5 Program has generated over tens of billions in capital
investment across the globe to stimulate American businesses,
creating hundreds of thousands of job opportunities for
U.S. workers.
Many countries such including Australia and the United
Kingdom, use similar programs to attract foreign investments.
The American program is more stringent than many others,
requiring substantial risk for investors in terms of both their
financial investment and immigration status.
Investments made through the U.S. EB-5 program must be “at
risk” in the same way that investments in stocks or equity funds
carry an inherent risk. There is no guaranteed financial return.
When the application is approved by USCIS, EB-5 investors
receive a conditional visa that is valid for two years. In order
to receive a permanent visa, these investors must demonstrate
that the legally required economic benefits flowing from their
investments have been achieved.
Understanding the Immigration Process
Immigrant investors participating in the EB-5 program follow
a two-stage process established by the federal government that
determines their eligibility for the program as well as their
admissibility to the United States.
STAGE ONE: FILING OF ELIGIBILITY PETITION
• Individuals first file a petition with USCIS to determine their
eligibility to participate in a visa category. For EB-5 this is the
I-526 petition.
• The I-526 petition must include
• For EB-5, as for any visa category, approval of an eligibility
petition does not constitute approval of a visa on the petitioner.
• USCIS also has well-established procedures and criteria to
request expedited review of eligibility petitions2. Expedited
review does not mean expedited approval – just expedited
consideration of the petitions for this first step of the two-stage
process.
• As part of the eligibility review, USCIS can issue a request for
evidence (RFE) if more information is needed to determine an
individual’s eligibility for the program.
STAGE TWO: DETERMINING ADMISSIBILITY AND
GRANTING OF VISAS
Once an eligibility petition is approved, the next step in the process
is the same for EB-5 applicants as for applicants under any other
visa category.
• Immigrants file either a visa application with the Department
of State, if they reside outside the U.S., or an adjustment of
status application with USCIS, if they already side in the U.S. on
another visa.
• Approved petitions for immigrants residing outside the United
States are sent by USCIS to the National Visa Center, the State
Department’s clearinghouse for applications in all visa categories.
• The NVC then requests supporting documentation from the visa
applicants before sending the completed file to the appropriate
U.S Embassy or consulate
• Visa processing can take months or years while these
investigations are conducted.
If the EB-5 applicant approved, a conditional visa is granted
allowing the applicant to reside in the United States for two years.
Before the end of that two-year period, the immigrant must file
an I-829 petition documenting that their investment through the
EB-5 program has created a minimum of 10 U.S. jobs so it’s critical
for the applicant to invest in a project that creates 10 new American
jobs. If USCIS confirms that job creation, the I-829 petition may
be approved, lifting the conditions.
The EB-5 program is ever evolving and industry lead.
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Long Prairie
What is an Expedite?
We have launched multiple EB-5 projects that have been granted expedited
processing by USCIS due to the urgent humanitarian crisis that our
projects are serving: addiction and mental health treatment. It is no secret
that the U.S. is deeply mired in an addiction epidemic made worse by the
Covid-19 pandemic. For EB-5 investors, this means waiting a few months
(compared to a few years for non-expedited projects) for USCIS to approve
the investor’s I-526 petition.
Rural project
Investing in an EB5 Rural TEA Project prioritizes the processing
of EB-5 petitions under the EB-5 Reform and Integrity Act
(RIA) of 2022.
Rural EB5 Project investors are allotted 20% EB-5 Visa setasides
out of the total annual allotment of 10,000 EB 5 Visas.
Investing in an EB5 Rural Area TEA project is particularly
beneficial for foreign investors applying from countries with
significant visa retrogression (backlog).
PROJECTS
Long Prairie
• 130-acre property located at 1280 180th Street, near Long
Prairie, Minnesota
• 36-bed residential facility and 12-bed detox facility
• Construction has already begun, will finish mid-2023
• Renovation of existing lodge and construction of two
new buildings
• Construction loan already approved - used to fund purchase of
existing lodge
• After construction completion, 6 months for licensing, staffing
and certification - open for clients early-2024
• 16.9 jobs created for each of the 10 EB-5 investors
• Both Expedited and Rural Project
East Ohio Hospital (EOH)
• Hospital is fully operational
• New Behavior Health unit will serve addiction patients
• Hospital is fully financed with funding from State of Ohio and
developer Bridge funds EB-5 will replace Bridge funds
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East Ohio Hospital (EOH)
• Previous EB-5 investors have been granted
expedited processing
• Job creation requirement already achieved - 23 jobs
per investor
• At least $9 million developer equity subordinate
to EB-5
• Expedite Granted by USCIS
Copper Valley
• 3,000-acre Master Planned Community in the rolling foothills
of Sierra Nevada Mountains
• Multiple revenue streams; townhouses for sale, hotel, retail
space and entertainment
• Excellent Northern California location - 2-hour drive from
12 million people
• Rural TEA designation - avoid visa backlog
• 13 jobs created per EB-5 investor
• Strong Capital Stack
• $29,600,000 EB-5 investment backed by developer guarantee
with assets valued at $121,500,000
• Clear exit strategy in 5 years
Copper Valley
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The United States as the
Next Big Destination for
Immigration-by-Investment
Why many high-net-worth individuals are choosing to
relocate to the US, and what to look for when considering
an investment
By Reid Thomas, Managing Director, JTC
Americas, an Invest in the USA (IIUSA) member
Gaining citizenship or residency through
investment has long been a popular option for
high-net-worth individuals who are interested in
relocating or in gaining the advantages of a second
passport. Over 100 countries worldwide have
some sort of investment migration legislation
in place. Political changes (such as Brexit) have
increased interest in the stability offered by the
most useful passports, while the varying COVID
travel restrictions of the past few years have clued
many into the value a second passport provides.
The United States has its own unique advantages as an
immigration-by-investment destination, but bad actors and
uncertainty surrounding the future of the EB-5 program
have caused a lot of hesitancy on the part of investors. When
considering an investment in the United States, it’s important
to understand the programs available, what they allow for and
what they don’t, and how to pick the right partners for
your investment.
People Coming and People Going: HNWI’s
in America
The United States is home to 38% of centimillionaires globally.
Americans now form one of the largest investor groups when it
comes to residence and citizenship by investment applications,
as American High-Net-Worth Individuals (HNWI’s) seek to
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in the country and move one’s family here. The U.S. is home
to some of the world’s best schools and universities, and U.S.
residency can be a gateway to opportunities for the
next generation.
The U.S. also offers a safer, more stable environment for those
leaving regions beset by conflict. Russia is estimated to have
lost 15% of its HNWI population over the last year, with
Ukraine expected to have lost more than 40% of its millionaire
population. The renewal of the EB-5 Regional Center
Program gives these investors the opportunity for a fresh
start in the U.S.
diversify, reduce the risks presented by currency fluctuations and
geopolitical conflict, travel more easily, and many other reasons.
The decision of which program to apply for is a big one, as each
domicile has its own advantages and drawbacks.
While the above may cause some to think the U.S. is a poor
destination for HNWI’s (“If it’s so welcoming to the wealthy,
why are they leaving?”), this would be too narrow a view, for
there are many upsides to American residency and citizenship.
Not only is America seen as fertile ground for gaining wealth
(there’s a reason why so many centimillionaires come from the
U.S.) but offers specific advantages that make it a top destination
for wealthy immigrants.
The Advantages of Immigration by Investment
to the U.S.
Travel mobility is often a top consideration for HNWI’s, and
for many, a U.S. passport is coveted for its ability to allow
holders to travel visa-free to many countries. Whether a U.S.
passport would offer one greater travel freedom may depend
on where the individual is from. Similarly, depending on where
an individual hails from, taxes could also be a motivating
factor. However, taxes should rarely if ever be the main driving
factor, and careful planning is required in order to avoid being
caught in multiple tax zones, which is why getting advice from
qualified tax professionals is an important component of any
relocation decision.
The bulk of America’s advantages come from the ability to live
Work permits matter to those who wish to keep earning a living
after they relocate. The EB-5 Immigrant Investor program,
since the changes made by the EB-5 Reform and Integrity
Act of 2022, allows those filing an I-526 visa application
to concurrently file an I-765 application for employment
authorization. This means that while waiting for adjudication
on your visa application, you and your entire family could
potentially obtain authorization to work in the US.
All these are reasons why there has been increased interest in
the U.S. as an immigration-by-investment destination. However,
there are some negatives to the U.S. that interested investors
should be aware of.
Drawbacks of the U.S. as a CBI Destination
There are two main types of investment programs offered
by various countries, and it’s important to understand them:
Citizenship by investment enables qualified and carefully-vetted
candidates to be granted full citizenship in exchange for their
significant economic contribution to the passport-issuing state.
The U.S. doesn’t have a true CBI program, but there are several
nations that do, and at lower investment amounts than the EB-5
program requires.
The other option is Residence by investment, where candidates
are granted temporary residence that can be extended to
permanent residence or, in some cases, citizenship at a later stage
if they fulfil certain other criteria (such as length of time living in
the country, passing a citizenship test, etc.).
To gain a U.S. passport takes a long time and requires such
commitment that if what you’re after is to simply make an
investment to quickly gain a second passport, you’re better off
looking somewhere else. You’ll also need to relocate to the U.S.
for these programs, so anyone who wants to stay where they are
won’t be a good candidate for EB-5, which is what is known
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INSIGHT
as a “Golden Visa,” allowing candidates to emigrate to the U.S.
through investment without granting citizenship simply based
on the money being invested.
For those who want to move to the U.S., there are pathways to
both residency and citizenship that can be explored.
The E-2 Treaty Investor Visa
Those who aren’t capable of making (or don’t want to make) the
financial outlay required for EB-5 can apply for an E-2 Treaty
Investor Visa, which allows “an investor, spouse and children
to move to the United States for the purposes of owning and
operating a business.”
This visa is only available for migrants from certain countries,
but it does have advantages such as a lower financial
commitment, the ability to put your investment toward your
own business (or a franchise business), and fast processing times.
However, if you aren’t familiar with the intricacies of operating a
business in the U.S. or don’t have experience in an industry that
you believe can be successful in your new country, the risk may
be much lower with an investment in another industry, which
can be done through the EB-5 program.
The EB-5 Immigrant Investor Program
For more than 30 years, the EB-5 Immigrant Investor Program
has provided an incentive for foreign investors to put capital
toward job-creating commercial enterprises in the United
States. By making an investment of $1,050,000 ($800,000 if
in a Targeted Employment Area), investors can file an I-526
immigration petition. Investors can relocate their families to the
U.S., apply for employment authorization, and continue on their
path to permanent residence or citizenship while their funds are
at-risk in a job-creating enterprise.
Since the passage of the EB-5 Reform and Integrity Act of 2022,
all pooled EB-5 investments must go through a Regional Center.
Because your visa application depends on the success and
compliance of the investment project, your choice of project and
Regional Center are of the utmost importance. Three areas of
consideration should paid to both the investment opportunity
and the Regional Center when ruminating an EB-5 investment
in a project: security, transparency, and compliance.
Security: Protecting Your Investment
To protect against fraud and abuse, many in the industry
embrace best practices for fund security that include ensuring
funds are held by an experienced independent escrow agent,
with funds held in separate accounts at highly-rated banks
and never commingled with operating funds. While a
third-party fund administrator can act as cosignatory and
approve release of funds, it is worth noting that the RIA does
allow for projects to utilize a yearly audit in lieu of a fund
administrator. To learn more about the benefits and drawbacks
of both options, refer to, “Understanding Audits and Fund
Administration Under the Reform & Integrity Act” in IIUSA’s
Fall 2022 edition of the Regional Center Business Journal
available at www.iiusa.org.
Transparency: Getting the Information and
Documentation You Need
Greater visibility into project status not only provides
assurance for investors, but gets them the documentation
they need for their immigration applications. Regional
Centers that work with a fund administrator can take
advantage of technology like an online investor portal
that provides investors with access to up-to-date fund and
project information, as well as job creation information
and immigration workflow. The greater visibility a project
provides, the more confidence an investor can have that funds
are being used properly, and the easier it will be to complete
all necessary paperwork for visa applications on time and with
accurate information.
Compliance: Staying on Top of Regulations
The EB-5 Reform and Integrity Act of 2022 introduced a
wealth of new security measures to help fight fraud and abuse
in EB-5. If any of these rules is violated, the Regional Center
could be terminated, causing major problems for investors.
Comprehensive third-party fund administration can not only
satisfy the RIA’s Fund Administration requirement, but help
issuers understand and follow all USCIS rules, including those
recently imposed by the RIA. And if Escrow Agent, Escrow
Administration, Fund Administration, and other EB-5 services
are all provided by the same entity, issues can be addressed
quickly by experienced professionals.
Specific Considerations Based on Country
of Origin
Beyond working with a Regional Center that employs a
dedicated third-party fund administrator, there are other
things investors can look for that may vary based on their home
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INSIGHT
country. For example, investors from countries like China and
India, where there is a backlog of I-526 applications, may be
encouraged to look for investments in rural areas, which are
allocated 20% of visas in each fiscal year, allowing investors who
put their capital toward those projects to effectively “skip the
line” ahead of others from the same country.
Investors from certain countries may also have difficulty
with source of funds documentation. Indian investors are
subject to currency remittance regulations imposed by the
Indian government that only allow limited amounts to be
remitted outside India each year, and there are additional tax
considerations for those dealing with the sale of real estate and
other assets. Similarly, Russian investors may have difficulty in
documenting source of funds due to issues with the country’s
banking system.
Because each investor is different, there is no one-size-fits-all
solution when it comes to citizenship or residence by investment.
Prospective investors need to research not only the program
they are seeking to use (EB-5, E-2), but the project and Regional
Center (in the case of EB-5) as well. Understanding the
requirements and asking the Regional Center the right questions
about their operations and the investment opportunity will help
the investor feel confident that their investment is being handled
in a way that meets EB-5 best practices and will give them the
best opportunity for success in the long term.
This is an IIUSA member perspective, and the views of the author are their
own and do not necessarily reflect the views or position of IIUSA.
IMPORTANT INFORMATION: The content of this article
is intended for general information purposes only. It does not
constitute, should not be interpreted as constituting and cannot
be relied upon as providing (i) legal, investment or tax advice
or any other form of professional advice, (ii) an offer to sell,
a solicitation of an offer to buy, or a recommendation of any
service or any other product or service regardless of whether
such security, product or service is referenced in this article. JTC
has sought to ensure that the information provided in the article
is adequate, accurate and complete as at the time of publication
but offers no assertion or warranty as to its adequacy, accuracy
or completeness either at the time of publication or thereafter.
No responsibility or liability will be accepted for any losses
resulting from reliance placed upon the content of this article.
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By K. David Andersson,
President, Green Truck Financial
Two simple
questions:
The two most commonly asked questions by
potential U.S. immigrant investors are “how
much does it cost?” and “how long does it
take?” In attempting to provide as complete
an answer as possible to those important
questions, it is hoped that potential EB5
investors and their advisors will find some
useful guidance.
Q1: HOW MUCH DOES IT COST?
Minimum Investment Amount
The EB5 Reform and Integrity Act of 2022 (RIA), set the
standard minimum investment amount in $1,050,000. These
amounts are locked in by statute until January 1, 2027 and will
increase in increments of $50,000 thereafter based on the change
in the urban consumer price index.
There are three ways the minimum investment amount may be
reduced to $800,000.
a) Investment in a Rural area. The determination of rural is
straightforward. Any place with a population less than 20,000,
and not located in a metropolitan statistical area.
b) Investment in a High Unemployment Area. The
determination of a high unemployment area (HUA) takes
a little more work. Due to past aggressive gerrymandering
in some major U.S. cities, the USCIS has now taken direct
oversight of HUA determination. The RIA defines an
HUA as an area contained within contiguous census tracts
where the unemployment rate for each census tract and any
adjacent census tract is at least 150% of the national average
unemployment rate.
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c) Investment in an Infrastructure Project. The term ‘infrastructure
project’ means a capital investment project in a filed or approved
business plan, which is administered by a governmental entity
(such as a Federal, State, or local agency or authority) that is
the job-creating entity contracting with a regional center or
new commercial enterprise to receive capital investment under
the regional center program as financing for maintaining,
improving, or constructing a public works project.
Historically, most EB5 investors have gravitated to the reduced
investment amount. The difference is currently $250,000. When
the standard minimum amount increases in 2027, the RIA
mandates that the reduced sum shall not be less than 75% of the
standard investment.
USCIS Filing Fees
On January 23, 2023 U.S Citizenship and Immigration Services
(USCIS) proposed a doubling of investor EB5 investor filing fees
from just under $10,000 to over $20,000 per investor family. This
increase was published in the Federal Register and is now in the
comment and analysis phase, as required by the Administrative
Procedures Act. Therefore, implementation of the increased fees
might happen as soon as March or April of 2023.
Form
I-526E Immigrant Petition by
Regional Center Investor
I-485 Application to Register
Permanent Residence or
Adjust Status
I-765 Application for
Employment Authorization
(with biometric services)
I-131 Application for Travel
Document
I-485, I-765, I-131
Concurrent Filing
I-829 Petition by Investor
to Remove Conditions on
Permanent Resident Status
Current
Fee
$3,675
$1,140
$495
$575
$1,225
$3,750
Proposed
Fee
$11,160
$1,540
$650
$630
$2,820
$9,525
There are additional increased fees which must be paid by the
Regional Center and its sponsored projects. While these are not
paid directly by the investor, they are worth noting, as they will
impact future Regional Center projects.
Department Of State Fees
Form
I-956 Application for
Regional Center Designation
I-956G Regional Center
Annual Statement
Current
Fee
$17,795
$3,035
Proposed
Fee
$47,695
$4,470
Many, if not most EB5 investors begin their immigration process
from outside the United States and will acquire an immigrant
visa at a U.S. Consulate in their home country. The Department
of State filing fees for processing and issuance of an immigrant
visa are $345.
Fees To Agents
The RIA contemplates fees to direct and third-party
promoters including migration agents (Agent Fees). All Agent
Fees must be be fully disclosed and paid in addition to the
minimum EB5 investment.
Each regional center, new commercial enterprise, and
affiliated job-creating entity shall maintain a written
agreement (Fee Agreement) between or among such entities
and each direct or third-party promoter operating on behalf
of such entities that outlines compliance with the rules and
standards of both USCIS and the Securities and Exchange
Commission (SEC).
While the Fee Agreements must be made available for
inspection by USCIS and the SEC, there is no publicly
accessible data of the amount of promotional fees. Current and
historical market trends indicate promotional fees may be in the
5-10% of the EB5 investment. In addition, some projects may
pay trailing commissions.
USCIS places the onus upon EB5 investors to ask three
important questions.
Who is getting paid? How are they getting paid? And how much
are they getting paid?
The RIA states that each EB5 investment will “include a
disclosure, signed by the investor, that reflects all fees, ongoing
interest, and other compensation paid to any person that
the regional center or new commercial enterprise knows has
received, or will receive, in connection with the investment,
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INSIGHT
including compensation to agents, finders, or broker dealers
involved in the offering, to the extent not already specifically
identified in the business plan filed”.
Attorney Fees
Given the complexity of the EB5 program prospective investors
are strongly advised to retain the services, assistance and
guidance of a competent U.S. immigration attorney. There are
a couple of good public resources available to find an attorney.
The American Immigration Lawyers Association consisting of
nearly 16,000 attorneys has a listing of EB5 qualified attorneys.
www.AILA.org. In addition, the EB5 trade association, IIUSA,
has a large number of experienced EB5 attorney members.
www.IIUSA.org
Legal fees are negotiated privately with the attorney and it is
believed those fees may range from $5,000 on the low end to
$25,000 or more on the higher end.
In addition, prospective immigrant investors may wish to seek
professional advice regarding U.S. real estate, business structures,
business feasibility, securities and taxation.
Q2: HOW LONG DOES IT TAKE?
To Get A Green Card
Best Case Scenario: Under a section of the RIA entitled
“Timely Processing”, USCIS sets out a goal of completing
adjudications of I-526E Petitions for certain investors in 120
days after receipt of the I-526E Petition. Those certain investors
are those investors who have made their investment in a Rural
Area or a High Unemployment Area.
In order to meet these lofty goals it appears that USCIS is
attempting to set up an electronic filing system whereby the
regional center, project documents and bona fides of all persons
involved in the regional center program are vetted and approved
in advance of the EB5 investor’s I-526E petition. In light of this
streamlining, 4-8 month processing times may not be wildly
optimistic or unreasonable expectations. Once the I-526E is
approved, it should take another 6 -8 months to consular process
an EB5 immigrant visa.
If the investor is already in the U.S. and chooses concurrent
EB5/Adjustment of Status filing, then initial benefits
(employment authorization and travel document) should issue
within 2-6 months. The final adjudication and issuance of the
green card may take another year or so.
Worst Case Scenario: USCIS publishes its processing times on
its website. www.egov.uscis.gov/processing-times
Current published processing times for I-526 petitions average
5 years!
Note, however, that the data references pre-RIA enactment
I-526 petitions.
USCIS calls petitions in that queue “Immigrant Petitions
by Standalone Investors”. Most of the petitions referenced
however are not “Standalone” – they are pooled regional
center investments.
There is no published data for I-526E Petitions. In the face
of that confusing and ugly historical data, conservative
prognosticators might guesstimate 2 year processing times for
I-526E Petitions filed under the new Regional Center program.
The fact is, we just don’t know. However, as the new I-526E
Petitions filed in the summer and fall of 2022 make their way
through the system, we should have more useful data within the
next six months for guidance.
To Obtain Return of Capital
The RIA states that EB5 minimum investment amount is
“expected to remain invested for not less than 2 years". That said,
most EB5 projects on the market today target return of capital
around five years from investment or approval of I-829. Timing
of return of capital is less of an issue if the EB5 project provides a
reasonable return on investment.
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INTERVIEW
Türkiye: a thriving hub for expats
and nationals to transition to the US
Why many high-net-worth individuals are
choosing to relocate to the US, and what to
look for when considering an investment
By Elif Egeli Izmiri,
Director, Investor Relations,
Turkey
Türkiye is a rising star for the RCBI market.
Why is that?
Türkiye has always been an attractive country for inbound and
outbound investment due to its unique positioning in the world.
As the bridge between the east and west, it provides easy market
access for investors around the world, especially from Europe,
Asia, and Africa. Türkiye is a rising star in the RCBI industry
because its many benefits are getting more exposure in far
reaching places. The Turkish citizenship by investment program
stands out in the RCBI industry largely because it is one of only
four CBI countries that has the E-2 investor visa agreement with
the United States. Since Türkiye is a treaty country with the
U.S., Turkish citizens can invest into an active U.S. business and
obtain long-term non-immigrant visas allowing them to live and
work in the U.S. for as long as the business is operational. The
E-2 visa is also a popular stepping stone to the EB-5 immigrant
visa which leads to permanent residency in the U.S.
In addition, Turkish property prices, unlike Caribbean
counterparts, are competitive in the open market due to the lira’s
depreciation, so it has become a very popular place for foreign
investors to buy property. Overall, the program is a direct
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and easy way to obtain a Turkish passport, which allows dual
citizenship, visa-free travel to more than 100 countries, and the
right to live, work, and study anywhere in Türkiye.
There has been a surge of interest for Turkish
nationals looking to obtaining a U.S. Green Card.
What is the best route for Turkish nationals now?
There are several types of U.S. visas for foreigners to live and
work in the United States; however, most of them do not lead
to permanent residency (Green Cards). The EB-5 investor visa
is the best route for Turkish nationals looking to permanently
relocate in the U.S. While many Turkish citizens are drawn
to the E-2 visa, it’s important to note that the E-2 is a nonimmigrant
visa and does not directly secure Green Cards for the
family – the E-2 functions more like a European Golden Visa.
Plus, unlike China and a few other countries, there is no EB-5
visa backlog for Turkish citizens, so the approval process is not
as long.
What are the risks involved with the E-2 visa
compared to an EB-5?
Although the E-2 visa is more affordable, it comes with
its own risks. That is not to say that EB-5 is less risky and
better across the board. These two U.S. investor visas are just
different and are intended for varying purposes. The E-2
investor visa is a good option for business owners, but not all
applicants are entrepreneurial and business savvy, so in my
opinion if you’re not business-minded, there could be added
risk in an E-2 application. As an alternative, applicants can
Eckington Park ( JF26)
invest through an EB-5 Regional Center which manages the
entire investment process for the investor, mitigating some of
the risk. The key is to select a Regional Center with experience
and a long history of proven Green Cards and repayments.
The E-2 business also needs to stay profitable for the visa to
be renewed indefinitely, and EB-5 does not have this sort of
requirement (rather, jobs must be created). Another risk/
downside the E-2 carries is that the applicant’s children can
only stay in the U.S. until their 21st birthday. After that, the
child will age-out and then the child will need their own
status to remain in the U.S. With EB-5, since it’s a Green Card
program, the children will have permanent status and not
have to seek alternative methods to stay.
Is the EB-5 Regional Center pathway lower risk
than going via the direct route for EB-5?
The Highline ( JF13)
In my opinion, yes. All EB-5 investments, whether direct or
indirect, must create at least 10 jobs and comply with the
United States Citizenship and Immigration Services’ (USCIS)
various requirements. There are several significant differences
between direct and indirect EB-5 projects such as the job
creation process, the structure of each investment type, and
the intermediating role of a Regional Center in indirect
EB-5 projects. Throughout the EB-5 program’s history,
the direct route has never been popular and since the EB-5
Reform and Integrity Act (RIA) passed in 2022, the Regional
Center program will only become more attractive due to
new rules and regulations put in place for Regional Centers.
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The passing of the RIA is good news for companies like us
because competition with all Regional Centers will weed out
over time, and the direct program has never truly been our
competitor anyhow.
What source of funds are needed to file an
EB-5 application?
The source of funds requirement is one of the most important
aspects of the EB-5 visa application. To file for an EB-5 visa,
the investor must invest a minimum amount of $800,000 in a
commercial enterprise principally doing business in a targeted
employment area in the United States. The funds may be
earned from different sources – for example, earned salary,
sale of real estate, inheritance, etc., and it is essential that these
funds are traceable back to their source of origin. We always
recommend that the first step investors should take is to retain
an experienced immigration attorney to determine the safest
source and path of funds for them before they invest in one of
our projects.
What advice would you give to HNWIs and
families looking to immigrate to the U.S.?
Before selecting an EB-5 project, prospective investors should
thoroughly review the performance and background of the
Regional Centers they are considering. The Regional Center is
just as, or perhaps more, important than the project itself. Since
the EB-5 industry can be tricky to navigate, a Regional Center’s
longevity should signal to prospective investors traits of stability
and success. A deep internet search is a good place to start before
reaching out to companies because it should tell investors a lot
about a Regional Center’s track record.
L.A. Agoura Hills Marriott Hotels ( JF19)
Repaid EB5 Capital Investor
Also, the number of EB-5 deals the Regional Center has
completed is paramount. If a Regional Center has successfully
completed 20+ projects, then it clearly knows what it is doing.
The Regional Center may have 1,000+ investors, but only three
or four completed projects, which likely isn’t enough experience
to give investors comfort. Projects, especially real estate projects,
can be complicated, and repetition signals success.
The true test of a Regional Center’s track record is whether they
have led investors through the full immigration and investment
cycle. At EB5 Capital we have accompanied our investors
through their immigration and investment cycles many times
before and investors will only find this in Regional Centers that
have been in business for a long time.
EB5 Capital has strategically placed you to
oversee the Turkish market. How important is it
for Turkish nationals and the expat community
living in Turkey to have you as their liaison
through the EB-5 process?
I think we might be the only Regional Center that has a
Turkish Investor Relations full-time employee located in
Türkiye. I think EB5 Capital hired me because the company
understands the importance of investors wanting some cultural
and language familiarity while immigrating to a new country.
Having a physical presence and close proximity to both local
and international investors is one of the many attributes that
make us stand out in the industry. We are headquartered in
Washington, DC, right by USCIS, have close to a 40-person
team, and staff across eight countries. Our investors in Türkiye,
and in the greater region, know that we are here for them and
are always ready to meet in person to support them with their
EB-5 journey.
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Sustainable Insights
Luxury car manufacturers are embracing the pursuit of
of green technology in their quest to produce vehicles
that are totally environmentally friendly
By Sinnthya Macek,
mail@sinnthya.com
Source: slashgear.com/mercedes-benz-vision-eqs-is-an-unexpectedly-practical-concept-of-eco-luxury-10590868
The new era of eco-responsible luxury cars
What do BMW, Mercedes-Benz, Audi, Jaguar, Roll-Royce,
Bentley, Porsche all have in common? Apart from being
luxury, they are all embracing sustainable exterior and interior
alternatives in their manufacturing processes. After all, the next
generation of movers (or buyers) are mobilizing their green
agenda very seriously. And this is where all the roads lead to.
atmosphere. But major technological innovations can help
offset this rise in demand.
Did you know? The transportation industry is a major direct
contributor to employment and national and global GDP. In
The progress of a mobility sector defines the economic progress
of a nation because this calculates growth in qualitative as well as
quantitative terms.
But there is a flip side that cannot be overlooked. Mobility, or
the transportation sector, is currently the largest producer of
energy-related CO₂ emissions, accounting for 24% (based on
global transport emissions in 2018, which totaled 8 billion
tonnes of CO₂), and 74.5% of transport emissions come from
road vehicles. And the demand for transportation is expected
to rise in the coming years as we see a rise in the population
and a growth in urban areas. Mobility depends highly on
fossil fuels, which release a large amount of CO2 into the
Source: Innovative materials (group.mercedes-benz.com)
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addition, the efficient mobility of people, goods, and materials is
a vital enabler of sustainable social and economic development,
connecting people to basic services, jobs, markets, and each
other. Transportation can play a crucial role in achieving the
UN SDGs. Innovative mobility trends, such as shared mobility
and sustainable options for people, can help achieve global
sustainability goals.
We focus on a few sustainable textile and body part options that
have seen success in the recent past and are the crowning glories
of world-class auto brands today.
Look beyond the exterior
When we think of electric vehicles, or EVs, we immediately
identify them as being run on batteries, or in these current times
as hybrid vehicles. However, with rapidly evolving demographics
and consequent massive urbanisation, vehicle systems will have
to be redesigned to preserve the environment while meeting the
increasing demand for mobility.
Source: Quadrofoil Q2 Electric (quadrofoil.com)
Hydrofoil
Source: Bentley EXP 100 GT uses a range of sustainable material
(luxebook.in)
Here, recycling and upcycling the interiors is becoming
increasingly popular. Gone are the days when leather seats were
the epitome of luxury. Today, leading car brands are looking
for alternates that can push the industry’s mission towards
sustainability. Those are biodegradable alternatives that will not
harm the environment once removed from the vehicle.
Aligning themselves with the goals of the Paris Agreement, car
manufacturers are slowly but surely shying away from traditional
materials such as leather, and plastics to reduce their carbon
footprint. At the same time, moving to eco-friendly alternatives
that use fewer resources and cut down on emissions, whilst also
focusing on their ‘luxury’ USP (unique selling point).
With a hundred years of history backing them, hydrofoils are
known for their high speeds. Swiftness is achieved by using
aircraft-like wings beneath the craft to lift the hull out of the
water and ‘fly’ above the surface to reduce drag. A hydrofoil is
a lifting surface, or foil, that operates in water. They are similar
in appearance and purpose to the aerofoils used by aeroplanes.
Boats that use hydrofoil technology are also termed hydrofoils.
As a hydrofoil craft gains speed, the ‘wings’ lift the boat’s hull
out of the water, decreasing drag and allowing greater speeds.
This hugely reduces water resistance and fossil fuel consumption
by 80%.
Econyl
Could you ever imagine fishing nets being transformed into a
luxury statement? Automobile manufacturers such as Mercedes-
Benz, Jaguar, Land Rover, and BMW are using resource
conserving materials such as Econyl (this is just one example)
as floor coverings and fabrics to fulfill their sustainable targets.
For the uninitiated, Econyl is manufactured by recovering
nylon waste destined for the landfill, for example, old fish nets
and fabric remnants from mills and carpets. These are collected
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Source: The Econyl Process, Nizam Shaikh (shifting-gears.com)
and transformed into a new thread having the same properties
as nylon made from new raw materials. The recycling process
used to produce the thread saves CO2 in comparison with new
production. With this, the brands are not only encouraging the
use of recyclable materials but are also making a luxury statement
for others to follow.
Recycled Plastic
Let’s not discard plastic in our sustainable movement. There
is a growing variety of more sustainable plastics. Sustainable
feedstocks such as plant fibers, wood, and starches are increasingly
being used in plastics; these alternative feedstocks are readily
available and affordable and, with responsibility, can be accessed
indefinitely. These sources can be used to replace petroleum-based
feedstocks. Brands such as Ford, Audi, and GM are creating body
components from recycled PET bottles to educate how the ‘cheap
disposable material’ can be made into something opulent.
Vegan
The fact that there is now a high-quality vegan surface material
with equivalent properties to the real leather previously used
in the production of steering wheels represents another major
step towards CO2 reduction. Replacing raw materials of
animal origin makes a significant contribution to increasing
sustainability in vehicle production.
The BMW Group has for a long time been offering various
Source: LENZING has developed automotive interiors solutions from
botanic origins (automotiveworld.com)
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fabric alternatives to leather. It plans to launch its first vehicles
featuring completely vegan interiors in 2023 through the
development of innovative materials with leather-like properties.
It will also be possible to use these materials for steering wheel
surfaces, which must fulfill demanding criteria when it comes
to feel, premium appearance, and wear resistance. A few
alternatives include MirumTM, which is 100 percent biobased
and petroleum-free, that has the potential to mimic all
the properties of traditional leather, as well as a new material,
DeserttexTM, which is made of pulverised cactus fibres with a
bio-based polyurethane matrix.
Aluminium
Aluminium, also known as the green metal, is often missed
in sustainability conversations when it comes to the mobility
sector. It has been used in vehicle frames and bodies, electrical
wiring, wheels, lamps, paint, transmission, air conditioner
condensers and pipes, and engine parts for nearly a century. This
metal is used in the uber-BMW Z7, Z8, X5, and X6, as well as
the Jaguar F-Type, and Jaguar XJ. The Aluminum Association’s
report found that replacing a fleet of steel vehicles with
aluminum vehicles can save 108 million barrels of crude oil and
avoid 44 million tons of CO2 emissions. Lightweight, strong,
durable, corrosion resistant, and infinitely recyclable, aluminum
builds a more sustainable structure. And with a 70+ year life
span for some building products, it’s a material that will serve
generations to come.
Source: The positive impact of electric cars is increasing, Jack Stewart
(wired.com)
low maintenance are some of the benefits that have accelerated
the growth of Li-ion as a battery technology. Today, some of the
world’s best-selling cars, such as Tesla Model S and X, Porsche
Taycan, Audi e-tron, etc., are battery-operated.
Batteries
This is the age of EVs. The electrification of mobility is
taking place faster than imagined in the wake of inflation
and emissions. Electric vehicles are not just good for the
environment, but also for our pockets. Despite the higher sticker
price, there is a long-term benefit to our money. As we continue
to deal with both inflation and emissions, EVs run on batteries
that are beneficial for the planet and us because they have no
tailpipe, thus producing no emissions. Emissions from cars and
trucks are not only bad for our planet, but they’re also bad for
our health. Air pollutants from gasoline and diesel powered
vehicles cause asthma, bronchitis, cancer, and premature death.
The emergence of lithium-ion technology has fueled the growth
rate of batteries over the last two decades. Li-ion batteries have
been the primary solution for automakers to power plug-in
hybrid electric vehicles (PHEVs) and battery electric vehicles
(BEVs). High-energy density, charge retention capacity, and
Source: Luxury EV cars, André Gonçalves (youmatter.world)
Changing Gears
The role of the mobility sector in ‘Planet Over Profits’ is moving
ahead. It is our mission to help the transition towards sustainable
transport systems with innovative and environmentally-friendly
solutions. Just making EVs will not suffice in the long run.
Brands will have to formulate and adopt innovative ‘fabrics’
of eco-friendly nature to define their sustainability agenda
and fulfill their pledge to zero emissions soon. A push to swap
out unsustainable materials leaves eco-friendly suppliers in a
dominant position. The truth is that we still have a long way to
go in order to achieve a sustainable transportation model that
connects people without harming the environment. But the race
to achieve this goal has already begun. Are you on board?
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Millionaires in a Global
Movement with Their Fortunes
A look at the changing and growing trends
in the migration of the wealthy persons
By Yasmin Husein
This article looks at the changing and growing
trends in the migration of the wealthy persons.
It first provides a background on migrant
millionaires, considers the opportunities and
challenges that this type of migration poses to
various stakeholders in sending and receiving
countries, and considers future developments
surrounding migration-for-investment trends.
Certainly, globalisation has not “died” as many believed during
the two years of the spread of the Covid-19 pandemic. After
stagnation in the movement of people and money during
two years of the epidemic, the year 2022 began to open real
investments in many countries and many regions around the
world. Today, the world is regaining its normal activity and the
movement of millionaires is regaining its energy and momentum
in opening real investments in many countries and regions
around the world.
What is happening today, and especially what the latest data
shows, is that the state of continuous uncertainty due to
the outbreak of the Russian-Ukrainian war is fuelling and
increasing the demand for capital migration and investment by
immigration. In addition to the security and political risks, the
increasing anxiety due to economic conditions and the state of
uncertainty due to the waves of high prices and the exacerbation
of inflation in most countries of the world encourage wealthy
families to reconsider their priorities to ensure and protect their
legacies and wealth and ensure better lifestyles.
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The state of continuous uncertainty
due to the outbreak of the Russian-
Ukrainian war is fuelling and increasing
the demand for capital migration and
investment by immigration.
The United States continues to realise net gains from capital
flight, although it decreased in 2021 by 89% over 2019 (1,500
vs. 10,800). Not surprisingly, New York City ranks first on the
list, but it might come as a surprise that Gotham City would lose
12% of its millionaires in 2021. Another surprise might be that
the San Francisco Bay Area, which was hit hard by remote work
during the pandemic years, saw a 4% increase in the number of
millionaires. Tech wealth seems to be leaving the San Francisco
offices, but never leaving Silicon Valley.
In this environment, interest in investment immigration
continues to rise as more investors explore residency and
citizenship through investment programs that offer them peace
of mind, reduced risk, and in search of better options including
the freedom of movement and travel that so many people desire.
Forecasts for the year 2023 predict that the emigration of
millions will lead to a record increase in the movement of highnet-worth
individuals looking to invest their wealth in buying
new homes for themselves as a successful type of investment.
Where is the money going?
Immigration Destinations for Investment:
Recent data and reports on investment immigration show the
top 20 cities in the world for millions of immigrants in search of
investment in exchange for immigration and citizenship. But on
the list of the most attractive countries for the rich in the world
are as following:
• United States of America
• Canada
• Australia
• Swiss
• Portugal
• Greece
• Malta
Houston, which ranked eighth in the list of US cities, saw the
largest growth in the number of millionaires at 6%. Dallas and
Fort Worth saw a 3% increase in the number of millionaires, so it
looks like the rich are moving to Texas. This shift is due, in part, to
many companies relocating their headquarters to Texas, which has
led to strong wealth growth in the state. In addition, the report
listed Austin, West Palm Beach, Houston, Greenwich and Miami
in a separate category as the fastest growing of the 25 cities in the
world - each seeing an increase of 5% or more in the number of
millionaires. However, Austin saw the largest increase, at 14%.
Some reports indicate that Canada could become one of the
top 10 countries, and is expected to be the destination of many
wealthy people in 2023. Australia was also described in the
report as a “high performer in the long run”, which constantly
attracts large numbers of wealthy people and where New World
Wealth estimates that more than 80,000 millionaires have
moved to the country over the past 20 years.In 2022, the volume
of influx to Australia is expected to rank second in the world.
Neighbouring New Zealand is also highly popular, with It
receives 800 millionaires during the year 2023. Singapore is also
considered an outstanding performer in the continent of Asia, as
it is expected to reach 2,800 millionaires in 2023, an increase of
87% compared to 1,500 in 2019.
Europe did not stand out much in this regard, with the
exception of Geneva and Paris, where they retained their
positions in the list of million cities. Switzerland and France are
mostly considered fast-growing European cities, and Frankfurt
and Zurich rank 13th and 15th, respectively. Which indicates
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that the concentration of European wealth is still stable.
As for the countries that export global wealth, such as Russia
and Ukraine are expected to witness the largest net inflows
of wealthy people in 2023, with the same momentum and
more, following the outbreak of the Russian-Ukrainian war
in February 2022. China, India, Hong Kong, Brazil, the
United Kingdom, Mexico, Saudi Arabia and Indonesia are also
witnessing an influx from the wealthy to the outside.
Digital Nomad Programs:
Many countries offer immigration-for-investment programs
tax incentives, and visas to immigrants in an attempt to tempt
the cross-border millionaires, as many countries offer attractive
incentives to people whose income exceeds a certain limit in
addition to other benefits. For example, Portugal offers an
unusual resident tax program that includes multiple exemptions
and other benefits for foreign nationals who earn a large share of
their income abroad and transfer their income to Portugal.
Additionally, digital nomad programs are a growing
phenomenon catering to affluent professionals.
Digital nomad programs are a growing phenomenon that
caters to affluent professionals. Policies allowing employees
to work remotely from abroad accelerated after the onset of
the pandemic, as more white-collar workplaces abandoned
requirements for employees to come into the office.
As of June 2020, more than 25 countries and territories had some
type of program for international freelancers, freelancers, and other
remote workers. Digital nomad programs visas last from a few
weeks to several years, tend not to authorize work in destination
countries, and require varying levels of monthly income.
In connection with this type of visa, historically, a policy
targeting wealthy immigrants has allowed securing residency
and citizenship through investment, such as buying a home,
as more than 40 countries have offered residency programs by
investing in the purchase of real estate, with an increase in the
number in recent years. However, these kinds of policies have
attracted new scrutiny amid allegations of corruption and after
Digital nomad programs are a
growing phenomenon that caters to
affluent professionals. Policies allowing
employees to work remotely from
abroad accelerated after the onset of the
pandemic, as more white-collar workplaces
abandoned requirements for employees to
come into the office.
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Russia’s invasion of Ukraine. In 2022, EU member states such
as Bulgaria, Cyprus and Malta have scaled back citizenship
programs based on investment in real estate purchase amid EU
opposition to such type of visa.
This type of immigration-for-investment program differs in the
duration of residency granted on this basis and whether it allows
obtaining citizenship and the right to citizenship. For example,
in Portugal, buying property worth at least €350,000 in certain
areas, starting a business that creates at least ten new jobs, or
transferring at least €1.5 million to a Portuguese bank allows
someone to become a resident. In the European Union, which in
turn grants visa-free access to the entire European Schengen area
and puts the investor and his family on the path to citizenship.
The Cayman Islands offers a program that allows applicants to
invest $2.4 million in real estate to obtain permanent residence
and possibly citizenship. While a more robust citizenshipby-investment
program like the one Turkey offers, with an
investment of $400,000, provides a much faster path to
obtaining a new passport in just a few months.
References:
https://www.businesstoday.com.
https://www.visualcapitalist.com
https://www.moneycontrol.com
https://finance.yahoo.com/news
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Tsunami Emigration of
Millionaires from Russia
and Ukraine
By Yasmin Husein
The latest approved reports on immigration and
investment indicate that, in general and all over
the world, private wealth owners and companies
are witnessing a migration towards investing in
countries that are attractive to capital. However,
the most recent reports on this matter indicate
that Russia and Ukraine are witnessing the largest
exodus of high net worth individuals (HNWIs).
The world is witnessing a huge movement of wealth, especially
its movement outside of Russia and Ukraine alike. However,
we must mention that this does not necessarily mean that the
migration of capital from Russia and Ukraine is the only factor
in the immigration options of the wealthy around the world in
general at the present time or throughout recent history.
In the second half of 2022, Global Wealth Owners Reports
(New World Wealth “HNWIs) revealed that Russia experienced
net of 15,000 outflows, accounting for 15% of its population.
Ukraine is also witnessing a decline in the number of its wealthy,
with a net loss of 42% of its total population of wealthy people,
or approximately 2,800 millionaires so far, which is the largest
number of emigration of the wealthy of Ukraine in its history.
A brief view of Western sanctions on Russia shows that the
already imposed sanctions and the new up coming have
definitely made life more difficult, especially for the wealthy
elite. Therefore, it is expected that in 2023 Russia will suffer
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a great loss of high-net-worth people, who are known to have
assets of more than one million dollars, at the very least.
Data mentioned in a CNN report shows that the emigration of
millionaires from Russia is expected to double in 2023 to more
than nine times compared with what it was in 2021, before the
outbreak of war and the imposition of sanctions, and Russia is
expected to witness the emigration of millionaires, or the socalled
“tsunami of Capital flow from Russia”
Data published by the CNN report indicate that Russia was
and still “bleeding millionaires”. The report also mentions the
emigration of skilled workers, or what is called “brain drain”
from all of Russia as well as Ukraine. Al-Jazeera news channel
also refers to a recent study confirming that the Academy
of Sciences Russia continues to sound the alarm about the
sharp acceleration in the emigration of scientists and other
specialists with higher education, and the exacerbation of the
phenomenon of “brain drain” from the country and its reaching
record and dangerous levels, reaching a new level, following the
unprecedented package of sanctions in terms of size, shape and
sectors imposed by the Western countries against Moscow on
the background of its war in Ukraine.
In this regard, Dmitry Babich, a researcher on international
affairs in Russia, says that the United States of America
Therefore, it is expected that in 2023
Russia will suffer a great loss of high-networth
people, who are known to have assets
of more than one million dollars, at the
very least.
is constantly trying to prevent the development of high
technologies in Russia, while at the same time improving its
economy by using special tactics to deprive Russia of its top
scientists with the help of visa “bait”.
Babic explained - in an interview with Al-Jazeera Net - that
Washington continues to facilitate the process of granting visas
to transfer the best Russian specialists with experience in the
communications sector, space technology, cyber security, nuclear
engineering, artificial intelligence, space technology and other
specialised scientific fields to the United States, which is the
same strategy that the United States tested. In Soviet times.
It is noteworthy that historically, the largest percentage of
immigrants were millionaires from Chinese citizens and
from India, but the repercussions of the Russian-Ukrainian
war that broke out in February 2022 and the great economic
downturn after the pandemic that struck the entire world for
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two full years, and the growing local unrest in both Russia and
Ukraine, pushed thousands of citizens of these two countries
to leave their country of origin and move to Western Europe or
to other countries.
But the wealthy Russians did not go to Europe, due to the strict
sanctions imposed by the United States and Europe on Russia.
On the contrary, most of the wealthy Russians left Europe,
in particular Britain, which was their preferred destination
before the outbreak of the Russian-Ukrainian war, due to the
tightening of the grip on the wealthy Russians in Britain and
the confiscation of their wealth by the British government.
According to some data issued by the British Ministry of
Defence, about 15,000 Russian millionaires have fled Britain
until June 2022. In general, many Russian and Ukrainian
millionaires fled in the opposite direction from Western
European countries to other countries such as Turkey and to
other new destinations.
According to New World Wealth, more millionaires are
expected to flee Russia and Ukraine in 2023, according to
analyses of migration data. According to this data, wealthy
people emigrate from Russia is steadily increasing numbers every
year over the past decade. This was portraying an early warning
sign of the problems that the country will face in the future,
which is what actually is happening now. Historical experience
indicates that the collapse of major powers is usually preceded by
an acceleration of the emigration of the wealthy, who are often
Historical experience indicates
that the collapse of major powers is
usually preceded by an acceleration of the
emigration of the wealthy, who are often
the first to leave because they have the
means to do so.
the first to leave because they have the means to do so. (HNWIs)
As for Ukraine, it is expected to suffer the largest loss in highnet-worth
individuals from its population, as more than 2,800
millionaires, or 24% of the wealthy population of Ukraine, are
expected to have left the country by the end of 2022.
The world’s wealthy traditionally move to the United States
and the United Kingdom, but Australia is currently expected to
attract nearly 3,500 of the world’s wealthy by the end of 2022.
Large numbers of Russian and Ukrainian millionaires are also
expected to move to Malta, Mauritius, Monaco and Turkey.
Most Russian immigrants are expected to move to countries
in southern Europe, where many of them already have second
homes. Here we would like to stress out that Malta has always
been one of the great success stories in Europe over the past
decade, not only in terms of millionaires’ immigration but also
in terms of wealth growth in general. Malta is currently one of
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the fastest growing markets in the world, with US dollar wealth
growing by 87% between 2011 and 2021. Its citizenship through
the naturalisation process has brought significant new wealth
to the island nation, and is credited with driving Malta’s strong
growth in multiple sectors including Including financial services,
information technology and real estate. It is expected that the
number of millionaires who moved to Malta in 2022 will reach
more than 300 millionaires.
In this regard, the Guardian newspaper mentioned in one of its
articles in 2022 that many wealthy people from several countries
of the world buy “golden passports” to Malta, at a time when,
often, many of these wealthy people do not live actually in Malta,
but short staying in the island only, which is a convenience to the
Government of Malta.
As for Mauritius, which is also an island country located in
the Indian Ocean, it also enjoys great attractiveness to people
with wealth, and it is expected that the wealthy Russians
and Ukrainians will turn to it at the present time, due to the
intensification of the war crisis. Mauritius is also very attractive,
especially because of the establishment of an international
financial center that offers significant tax cuts, and there is
no capital gains tax in the country, nor inheritance tax, as the
island enjoys a very low tax rate, with a maximum of 3% on
international companies (corporate tax).
According to the African Wealth Report 2022, the island
of Mauritius is now home to more than 4,800 ultra-wealthy
people, compared to about 2,700 a decade ago. More than 150
millionaires are expected to move to Mauritius in 2023, most of
them Russians, South Africans and Europeans.
As is the case in Monaco, it has also long attracted the world’s
wealthy because it does not impose income tax, capital gains tax,
or a tax on real estate. Worth to mention that in Monaco, 7 out
of 10 Monegasques are millionaires.
Reference:
https://www.theguardian.com/world/2022/jun/13/millionaires
https://www.aljazeera.net/politics/2022/7/13/
https://edition.cnn.com/2022/06/14/
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Turkey reduces visas for Russians:
Are Russians living in Turkey
becoming stateless?
Until recently, families from Russia were
welcomed to move to Turkey. Now, the
Turkish government is taking a stance and
making it difficult, by introducing hurdles
and fines.
By Sam Hussain
It’s becoming virtually impossible for Russians to
remain in exile
Recent years there has seen in influx of Russian migrating
to Turkey, who had often thought or bought apartments in
Turkey for the Turkish Citizenship program, or properties
that could be rented or used for their own vacation. With
the recent government stance many families are questioning
their investment.
When Russian President Vladimir Putin ordered the war against
Ukraine many Russians opted for Turkey instead of the other
Citizenship By Investment Program.
With the rise in popularity of Turkish Citizenship Programs,
many Russians are flocking to coastal cities such as Antalya and
Istanbul to purchase property. The program, previously priced
at $250,000, has now increased to $400,000, making real estate
investments the preferred method for obtaining a Turkish
passport. However, there are alternative options, including
investing $500,000 in securities, businesses, or bank deposits,
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INSIGHT
but with a more stringent application process that can take 3 to
6 months and may result in rejection. Despite the challenges, the
option to obtain a residence permit, which provides the freedom
to live in Turkey for at least one year with the ability to travel
in and out of the country, remains attractive to many. Yet, the
recent surge in rejections is causing stress and uncertainty for
applicants and their families
Many Russians residing in Turkey are facing a pressing dilemma,
as they are being told they must leave the country within a
mere 10 days. For many, returning to Russia is not a feasible
option, leaving them with limited options. As rejection rates
for residence applications increase, those who have invested
in real estate in Turkey have reportedly had greater success
in obtaining a residence permit, fuelling suspicions about
the discriminatory treatment of Russian cases. Despite the
challenges, many Russians have successfully secured a residence
permit by presenting their rental contract, health insurance
documentation, and proof of income.”
Russian nationals were the majority of foreigners who received
Turkish residency permits up until last October. In 2022, a total
of 153,000 Russians received permits, 132,000 of which were
issued for touristic purposes.
However, since the end of December, more and more rejections
have been reported in different Turkish cities. Precise statistics
are not available.
According to data gathered from telegram chats, there have
been more than 250 rejections since the end of December, with
slightly more than 100 permits approved.
“Lots of people are being rejected, but there are approvals as
According to data gathered from
telegram chats, there have been more than
250 rejections since the end of December,
with slightly more than 100 permits
approved.
well. The reasons and criteria are unclear. Official explanations
have not been given.
Turkey introduces stricter rules and checks. Many lawyers
based in Istanbul confirmed that the number of rejections
has increased and it’s has been happening ever since summer,
particularly in Antalya, a city especially popular with Russians.
Since July, Turkey has added another 1,169 places to the list of
areas where residence permits can no longer be issued on the
basis of rental contracts. The reason is that, in these areas, foreign
residents constitute more than 20% of the local population.
Russians that have invested in the Turkish Citizenship program
are now aware of the process and have the ability to apply for an
E2 Visa to US, or may seek to obtain a Citizenship from another
country that has a track record in sustaining its program.
Russians made up the largest group of foreigners with residence
permits in Turkey in 2022, numbering 154,297 in January 2023.
Russian nationals are followed by citizens of Iraq, Turkmenistan
and Syria.
BLS 11th Residency and Citizenship Program taking
place at Istanbul will showcase all the options available.
FOREIGNERS IN TÜRKIYE WITH A RESIDENCY PERMIT IN 2023
(TOP TEN COUNTRIES)
487,452
154,279
130,643
115,279
99,663 94,656
68,612
59,970 51,107 47,236 45,638
RUSSIA
IRAQ
TURKMENISTAN
SYRIA
IRAN
AZERBAIJAN
UZBEKISTAN
AFGHANISTAN
UKRAINE
KAZAKHISTAN
OTHER
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FEATURE
Zaha Hadid: The World
Iconic Migrant Architect
Zaha Muhammad Hadid is a British-Iraqi
architect, born in 1950 in Baghdad to one
of the well-known Iraqi families. Zaha, in
addition to being an architect, she is an
international artist and designer.
By Yasmin Husein
She is considered as one of the best architects
in the world, and one of the most well-known
and famous key figures in architecture in the late
twentieth and early twenty-first centuries. In
2012, the Late Queen Elizabeth II awarded Zaha
the title of “Lady”.
Zaha Hadid had a luxurious upbringing attending boarding
schools in England and Switzerland. She knew from a young age
that she would become famous one day, as she was smart and
ambitious. Zaha has devoted most of her life to her work. Lady
Hadid was the highest paid architect in the world. At the time of
her death in 2016, her net worth was estimated at $215 million,
which included her real estate holdings, equity investments,
beauty ventures, restaurants, a soccer team, fragrances, and a
fashion line.
As for her educational background, Zaha studied Mathematics
at the American University of Beirut. In 1972, she then moved
to London to study architecture at the Architectural Association
School of Architecture. There, she got to know many professors
and students, which was the reason for her successful launch into
practical life. She later acquired British citizenship and set up her
own architecture firm with tremendous success.
Zaha is known for her expressive, fluid designs from multiple
perspective points, and is considered one of the pioneers
of contemporary architecture.In 2004, she became the first
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FEATURE
During her lifetime (1950-2016),
Zaha has presented 950 projects in 44
different countries.
Arab woman to receive the Pritzker Architecture Prize. Zaha
Hadid is known for designing the Rosenthal Center for
Contemporary Art in the United States and the Heydar Aliyev
Center in Azerbaijan.
Architect Lady Zaha was cited for her creative designs for many
buildings in many countries of the world, including Britain,
America, Germany, Austria, Japan, Hong Kong, the Emirates
and Morocco. Her works are characterised by modernity and
fluidity, while following the style of deconstructive architecture
with multiple perspectives. She is also known worldwide for
her innovative, experimental designs, and was the creative mind
behind the design of the London Marine Sports Center at the
2012 Olympic Games, the Eli and Edythe Broad Art Museum
in the USA, among many other architectural creations.
innovative and abstract designs gained international fame, and
over the years it has established itself as one of the world’s most
famous architects.
In addition to her architectural work, Zaha has pursued a
teaching career and has undertaken some high-class interior
design. Her teaching work included being appointed as a
professor at the School of Architecture at the University
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FEATURE
of Illinois at Chicago during the 1990s. She has also served
as a visiting professor at several educational institutions,
including: the University of Fine Arts Hamburg, Germany
Hochschule für bildende Künste Hamburg (HFBK
Hamburg), the Ohio State University School of Architecture,
and the Graduate School of Architecture and Planning at
Columbia University.
Some of Zaha’s Achievements:
During her lifetime (1950 - 2016), Zaha has presented 950
projects in 44 different countries.
• She began her wonderful working life in 1977, when she joined
the Office for Metropolitan Architecture in the Netherlands,
and began teaching at the Architectural Association College.
• In 1980, Zaha established her own architectural office in
London, employs more than 350 people today.
• Zaha first successful project was the Vitra Fire Station in
Wil-am-Rhein, Germany. The period of work on the project
lasted from 1990 to 1993, and then the building was turned
into a museum.
• In 1994, Zaha’s design was chosen for the Cardiff Bay
Opera House in Wales, UK. Which increased its fame, but
unfortunately the building was not approved. Because the city
decided to spend the money allocated to building a sports
stadium instead.
• In 1998, Zaha achieved great success when her design was
chosen for the Rosenthal Center for Contemporary Art.
This was its first project in the United States of America,
and its design won two awards: the Royal Institute of British
Architects Award in 2004, and the American Architecture
Award from The Chicago Athenaeum the following year.
• In 2004, Zaha great design of Swimming complex in
London was accomplished. This complex has been dubbed
a masterpiece for its curved design that resembles the shape
of waves. It is also distinguished by the stairs designated
for jumping in the swimming pool, which resembles the
modernity of the exterior design of the building.
• In 2005, Zaha designed the main center of BMW in Germany,
this design received several awards for its engineering,
including the European RIBA Award in 2006, and its main
goal is to be a laboratory for the manufacture of German cars
with its 3 Series design.
Since the beginning of the year 2000,
Zaha received an award annually. In one
year, number of awards that Zaha was
received reached 12 awards. More than
100 prestigious awards and honors have
been awarded to Zaha.
• In 2007, Zaha designed the Art Complex in Abu Dhabi.The
building itself is a masterpiece for its harmonious vertical
design, far from the typical geometric design. The complex
includes 5 theaters, in addition to an opera house, a music
complex, and a concert center.
• In 2010, Zaha designed Abu Dhabi bridge, which is the third
of its kind in the world. It is considered one of the artistic and
unique masterpieces, the length of the Sheikh Zayed Bridge is
about 800 meters, extending from the island of Sheikh Zayed
Bridge to the mainland.
• In 2012, Zaha creative mined was behind the great design of the
London Marine Sports Center at the 2012 Olympic Games.
Some of Zaha’s Famous Sayings:
"I do not think that architecture is limited to shelter, it is not just
a simple fence. Rather, it should excite one, calm one’s nerves, and
make one think."
"Quality education is very important, we need to review the way it
is taught. Education is not just a qualification for getting a job, it is
about how one is educated."
"Education, housing and hospitals are among the most important
needs of society."
"Of course my family and brothers helped me in the beginning, but
after I established my office in London I had to help myself. Some
people think I have an oil field in my garden! It’s a good idea, but
it’s not real."
"I miss some things in the Arab world, I miss the language and
the tranquility that exists in those cities with their great rivers.
Whether you are in Cairo or Baghdad, you will sit there and think
that the river used to flow through it thousands of years ago. There
are magical moments in those places."
"Contrary to tradition, I have not been persecuted in the Middle
East. The men there may treat women differently, but they don’t
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E
and h
the mo
of soci
FEATURE
treat them with disrespect. They don’t hate women, but it’s a
different mentality."
"There are 360 different angles, so why stick to just one?"
Some of Zaha’s Awards:
Since the beginning of the year 2000, Zaha received an award
annually. In one year, number of awards that Zaha was received
reached 12 awards. More than 100 prestigious awards and
honors have been awarded to Zaha.
I do not think that architecture is
limited to shelter, it is not just a simple
fence. Rather, it should excite one, calm
one’s nerves, and make one think.
• She received her first award in 1982, “The Gold Medal for
Architectural Design” for her designs in Britain.
• In 2003, she finished building the Rosenthal Center for
Contemporary Art, the first American museum to be designed
by a woman. The New York Times considered it the most
important American building since the Cold War.
• In 2010, she was awarded “The Stirling Prize” for her design
of the Maxxi National Museum of Art, Rome, Italy. The
Guardian newspaper says of the museum: “It is an architectural
masterpiece fitting to juxtapose the wonders of ancient Rome.”
• In 2004, she became the first woman and one of the youngest
recipients of the Pritzker Prize for Architecture. This award is
the highest honor in the world in the field of architecture.
• In 2012, Zaha was awarded the “Dame Commander of the
Order of the British Empire”. The Most Excellent Order of the
British Empire - Dame Commander DBE (Dame Commander
of the Order of the British Empire), is the second from highest
rank in the order and is awarded to service personnel in
recognition of outstanding public service.- In 2014, her design
for the Heydar Aliyev Cultural Center won “The Museum
Design of the Year” award.Zaha Hadid died of a sudden heart
attack on March 31, 2016 in Miami, USA, and was then
undergoing treatment for pneumonia.
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INSIGHT
Unlike immigrants who arrive as lowskilled
workers, asylum seekers, or through
other pathways, wealthy immigrants rarely
compete for jobs with natives, and tend not
to overburden healthcare systems and other
social services.
What Does Money Migration Mean?
“The migration of the wealthy is an excellent
measure of the health of an economy”,
said Andrew Amwells, head of research at
New World Wealth. “Wealthy individuals
are very mobile and their movements can
provide an early indication of a country’s
future directions.”
By Yasmin Husein
Countries that attract wealthy individuals and
families to immigrate to their shores tend to be
strong, with low crime rates, competitive tax
rates, and attractive job opportunities.
Wealthy individuals have bought real estate and secured
residence in new countries in increasing numbers in recent years.
After a brief pause in this trend due to the pandemic, this trend
has recently resumed due to the easing of restrictions on public
health borders, as well as due to the outbreak of global unrest in
the aftermath of the Russian-Ukrainian war, and the economic
turmoil that followed. Although investment to migration are
smaller than most migration flows in general, the number of
people with wealth over US$1 million moving internationally
has more than doubled, from 51,000 in 2013 to 110,000 in
2018. After declining during the pandemic to About 88,000
high-net-worth individuals were expected to relocate by the end
of 2022, and 125,000 cross-border millionaires are expected to
relocate in 2023, according to forecasts from certified industry
consulting firms.
The immigration of millionaires and other wealthy immigrants
does not include the politically-oriented discussions of
traditional immigration. Unlike immigrants who arrive as
low-skilled workers, asylum seekers, or through other pathways,
wealthy immigrants rarely compete for jobs with natives, and
tend not to overburden healthcare systems and other social
services. They are likely to invest money in local economies,
which helps in development and employment.
However, immigration in exchange for investment may also put
pressure on real estate markets in the host country, Turkey as an
obvious example.
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INSIGHT
When choosing countries of destination,
transnational millionaires tend to consider
the country’s quality of life, political and
economic stability, financial incentives
such as preferential tax treatment, and
favourable immigration policies.
Reasons behind the flows of wealth
in exchange for immigration:
When choosing countries of destination, transnational
millionaires tend to consider the country’s quality of life,
political and economic stability, financial incentives such as
preferential tax treatment, and favourable immigration policies.
Programs that offer residency and citizenship to people who
invest a large amount of money (sometimes known as “golden
visa” or “golden passport” programs), or so-called “digital
nomad” policies, and other programmes offered by destination
countries, tend to facilitate and shape choices of investors. An
estimated 30% of wealthy immigrants enter their new countries
through investment immigration programmes. Many wealthy
people also obtain residency in a new country but do not
immigrate personally to those countries, instead using such
programs for tax purposes or other benefits only.
However, immigration in exchange
for investment may also put pressure on
real estate markets in the host country,
Turkey as an obvious example.
However, the most recent migration patterns trend of the
wealthy have changed, depending on the changing geopolitical
trends. Wealthy immigrants have usually been attracted to
countries with safe social and political environments. These
are, but not exclisively, the United States, Canada, Germany,
Australia and the United Kingdom. However, recently though,
it seems that the international elite of millionaires in the world
has begun to choose much more stable economies, especially
during the year 2022. Among these countries are Australia,
Singapore and Switzerland. This partly reflects the continued
movement of increasing numbers of Russian citizens who may
face sanctions or political pressure in the Western countries. As
from November 2022, this trend has been witnessed increased.
Factors attributing for foreign wealth flows:
The increase in foreign flows of wealthy people from one country
to another in recent times is attributed to a group of factors, the
most important of which are:
• First, the increase in the number of the open- minded
millionaires and high net worth people. Estimates vary widely
depending on the methodology of the research, but Credit
Suisse estimated that there were 62.5 million millionaires
worldwide as of the end of 2021, a number that is expected to
grow to 87.6 million by 2026.
• Secondly, the presence and facilitation of immigration policies for
investors, which would provide an easy path to obtaining residency
or citizenship. This constitutes another very effective factor in the
movement of rich people and capital around the world.
• Third, it provides attractions for investors such as the purchase of
land and other property which are often provides a safe deposit
for high net worth migrants to store and grow their savings,
especially in global cities with safe economic policies and stable
currency. London is on the top of the property investment
trend. London has long been a favourite destination for property
investors from China. London was also very popular among the
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Russian elite before most of them fled after the outbreak of the
war between Russia and Ukraine. The United States of America
and its global cities are centers of information and capital
that transcend national borders. They also typically offer high
standards of living and good schools and universities.
• Fourth, the availability of tax havens such as the Cayman
Islands, Monaco and Switzerland, which traditionally attract
wealthy cross-borderers.
• Fifth, some countries, such as those in southern Europe, have
generally sought to boost immigration in the face of aging
populations, taking steps to introduce preferential tax regimes
and other policies targeting wealthy immigrants.
• Sixth, the great climatic changes in many parts of the world. It
is also plays a driving role in the migration of capitals around
the world.
• Seventh, the deregulation of local jurisdictions where the
investment tax imposed by some countries of destination
on foreign buyers in real estate is common to be waived for
immigrants seeking investment-based residence, and they
tend to obtain some local advantages. Real estate developers,
builders and others also make significant returns from the
increase in housing demand.
• Eighth, the increase in the rates of short-term immigration
of pregnant women who intend to give birth in some of the
countries of destination in order for their children to obtain
citizenship. This practice exists only in countries that grant
citizenship to newborns on their territory, such as Brazil,
Canada and the United States. Because of the costs inherent
in such attempts, most pregnant women who undertake this
type of migration tend to be economically well off. The most
striking example of this migration in exchange for citizenship
is the increase in Russian birth tourism to Brazil.
Benefits for Investors’ Home Countries:
Although immigration for investment can be conceived as a
migration of capital from the country of origin, it also and at the
same time helps to enable wealthy immigrants to establish a wide
network of economic ties between the expatriates themselves and
with their countries of origin and new ones. So that immigration can
be a powerful means to promote development in the countries of
origin by sending money and remittances to their countries of origin.
The best example of this is that most remittances come from highincome
countries, led by the United States, as it ranks first among
sending and exporting countries with about $74.6 billion in official
remittances in 2021, according to data from the World Bank.
Among other countries that topped the list of remittances is;
Saudi Arabia ($40.7 billion), China ($22.9 billion), Russia
($16.8 billion), and Luxembourg ($15.6 billion). it is worth
noting that remittances to the country of origin far exceed
foreign direct investment and development aid in developing
countries and tend to increase aggregate demand and GDP of
the investors’ home countries.
In conclusion, we believe that the future of immigration of
millionaires and wealthy people is constantly evolving and
expanding in several directions. The uncertainty of global
insecurity, political upheaval, standard of living concerns or
environmental change all lead to the migration of cross-border
millionaires, who hope to secure their legacies, wealth and
lifestyles in stable destinations. Residency and citizenship
programs in tourist destinations help give greater impetus to these
trends, just as signs of social, economic and political stability in
polarising countries further encourage the wealthy to emigrate.
Reference:
https://www.weforum.org/agenda
https://www.oecd.org/els/mig/38840502.pdf
https://www.ifad.org
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Winter/Spring 2023 99
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