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Global Investment Immigration Summit, Istanbul, Turkey 2022
Global Investment Immigration Summit, Istanbul, Turkey 2022
A window of opportunity for a US-UK Trade Agenda in the Fall?
Prevention is better than cure: Investors are prioritising health
What is a Cloud Kitchen? The revolution in food delivery
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We return to Istanbul following our successful event in the Spring.
As we welcome the end of restrictions on international travel, we’re now entering into a new season of opportunity. It gives me great pleasure to welcome you to the 10th Global Investment Immigration Summit, in Istanbul, Turkey 2022.
Following our previous GIIS in Istanbul which took place in May 2022, we are delighted to be back, and we know that the Turkish market has developed and seen an increase of the expat community who have already gone through the process of the Turkish Citizenship or Residency Programme and are well versed with this industry. Turkey is seen as the rising star for investment immigration.
Turkish nationals are very eager to invest overseas and diversify their investments, however investing or setting up a business internationally and getting an appropriate visa can be a complex process when there is such a backlog and demand. Obtaining the correct information is more critical than ever before.
Recent events, such as the pandemic and the war in Europe, have brought residence and citizenship by investment programmes centre stage, as high-networth individuals and globally minded investors and entrepreneurs look for various diversification solutions to preserve their families’ wealth, assets, legacies, and security during turbulent times.
Freedom of movement within and between countries is of paramount importance to any individual seeking residency or citizenship. This holds true whether the individual wishes to travel for work purposes, to visit family, or for leisure.
The governments who operate the residency and citizenship programmes have also acknowledged the multiple merits which investment migration offers to the citizens of host countries when foreign direct investment funds are adequately allocated to much-needed social and economic development initiatives. We at BLS Global have seen an increase of 40% in enquiries compared to last year, which was itself record-breaking.
The need for outbound migration is now on a global scale and an inclination towards obtaining citizenship or residency in a different country is a growing need, be it for business purposes or reuniting with family members, and BLS Global’s partners are more than happy to guide interested investors. Today’s networking event will host experts on United States immigration, Caribbean citizenship and Europe’s Golden Visa programmes.
We hope you will have a rewarding event experience, spending time meeting the industry experts – the speakers, sponsors and exhibitors – and you enjoy networking with industry professionals, real estate developers, industry stakeholders, lawyers and attorneys, and finding out about the various investment projects that are available.
Our intention is to help many people to progress their lives across different countries.
We look forward to meeting with you over the course of the day. ●
Sam Hussain Director, BLS Global
US COUNTRY SPONSORS:
MALTA COUNTRY SPONSORS:
CANADA COUNTRY SPONSORS:
LANYARD SPONSOR:
INVESTMENT SPOTLIGHT PRESENTATION:
EXHIBITORS:
15:00 – 22:00
15:50 – 16:00
Welcome Address Sam Hussain, Managing Director, BLS Global
16:00 – 16:45
US Session 1: The American Dream: Why EB-5 is becoming a popular choice to obtain a Green Card Mona Shah & Associates, MSA Global: Mona Shah, Founder / Immigration Attorney
Panel Participants:
EB5 Capital: Haya Farrag, Director, Investor Relations CERTUS Senior Living: Troy M. Cox, Principal & Co-Founder
Atlantic American Partners: Daniel D Ryan, Managing Director Kido Schools: Deepanshu Pandita, CEO PLUS Q&A
16:45 – 17:00
USA Country Sponsorship Presentation: EB5 Capital, Elif Egeli Izmiri, Director, Investor Relations
17:00 – 17:20
US Session 2: Everything you need to know about an E2 Visa – Buy an Existing Business or Start a New Business Moving from an E2 to an EB-5 Green Card
Mona Shah & Associates, MSA Global: Mona Shah, Founder / Immigration Attorney NY Cloud Kitchen: Vishal Dhar, President PLUS Q&A
17:20 – 17:50
Business Path to Canada’s Permanent Residency. Sen International: Mazlum Sen, President PLUS Q&A
17:50 – 18:00
Residency Malta Agency – Video Presentation Charles Mizzi, Chief Executive Officer of Residency Malta Agency
18:00 – 18:30
Attard Baldacchino Your Malta Relocation Experts Attard Baldacchino, Dr Russell Attard Baldacchino, Maltese Lawyer and Licensed Agent
18:30 – 18:40
CMM Investing Consulting, Montenegro Nataliya Orlova – Business development and head of B2B department & Danijel Svitlic, B2B Key Account Manager.
18:40 – 18:50
Vertex Alliance, Malta Immigration by Investment Programmes. Kenneth A. Camilleri, Managing Director, Vertex Alliance Ltd
18:50 – 19:00
9 years of the Greek Golden Visa scheme: Not just a residency by investment scheme. Synergia S.A. – Investment Consulting Mary Tsiganou, Vice President of Synergia SA
19:00 – 19:10
Investing options for Turkish Residence to Turkish Citizenship
Mujdat Guler, Chairman at Nova Group Holding
19:10 – 19:20
Invest in Grenada, Invest in your future Shrirang Pardeshi, Regional Marketing Director, Hengsheng
19:20 – 19:30
Stay Ahead of the Curve – Unveiling and embracing the strength of Dominica Residency & Citizenship Program S.K.M Isidore, Corporate Counsel & Attorney at Law Caribbean Commercial & IP Law Practitioners LLP
Closing Reception & Dinner
PLEASE NOTE THAT SPEAKERS AND SPEECHES ARE SUBJECT TO LAST MINUTE CHANGES
Troy M. Cox has been a successful developer and institutional co-investor in commerical real estate and real estate operating companies in the United States for almost 35 years. His co-investment clients have included Prudential Insurance Company, Utah State Retirement Fund, and PSP a Canada Pension Fund, Ultra High Net Worth Family Offices, and others. Troy is a principal and co-founder of CERTUS Senior Living, which provides housing for people living with Dementia and Alzheimer’s and is offering EB-5 investments to obtain US Green Cards.
Mona is the managing partner of MSA, headquartered in Manhattan, with an office in the UK. MSA has an advanced global corporate immigration practice. Mona has been instrumental in raising hundreds of millions in investor capital. Recognised as an industry leader in US EB-5 investments, Mona has received many accolades, including being voted as a Top 25 EB-5 attorney for seven years in a row; Top 25 Global, Top Lawyer Who International, among others. Mona has been honoured for her work by various groups and non-for-profit organisations.
Haya is director of investor relations for EB5 Capital. She joined the firm in 2019 and is responsible for managing the company’s operations across the Middle East and North Africa. She cultivates strategic partnerships and leads investors through the investment process. Prior to joining EB5 Capital, she worked at an investment firm focused on empowering the entrepreneurial ecosystem, and she also conducted research at the Ministry of Investment and International Cooperation in Egypt. Ms. Farrag has a BC in Finance and Economics from Concordia University in Montreal, Canada.
Ms. Izmiri joined EB5 Capital in 2022 and is responsible for managing the company’s Turkish market. She works directly with the firm’s partners and attorney relationships to promote EB5 Capital’s investment offerings and lead investors through the immigration and investment process. Prior to joining EB5 Capital, Ms. Izmiri worked in the hospitality industry along with her family’s company which focuses on architecture, real estate, and construction. Ms. Izmiri has a BA in Media and Communications from the Izmir University of Economics.
Dr Baldacchino is a warranted Maltese Lawyer and Licensed Agent AKM-BALD-22 by Community Agency Malta. His area of expertise is investment migration, with over 8 years of experience in the industry. Since 2014, he has assisted several high-networth individuals and their families to achieve success in their applications for Maltese residence and citizenship. In October 2020, Dr Attard Baldacchino took the next step of his career journey, and set-up his practice with the objective of assisting clients with their investment migration needs and ancillary requirements.
President of Grey Brown Inc and business development professional and an experienced marketer for driving integrated direct-to-consumer and partnership-driven customer acquisition programmes across multiple geographies. Accomplished in managing crossborder service delivery, marketing teams and agency networks across multiple channels. Successfully launched new products and services within a start-up with limited budgets and also through large scale global campaigns. Skilled in product development, customer facing collateral, designing user experience that drives lifetime value and engagement.
Mizzi started his career in the banking industry, where he performed a number of marketing and business development jobs after receiving his Master of Business Administration from the Henley Business School. He was chosen to serve as the Maltese Presidency’s Executive Director of Media and Marketing for the European Council in 2014. In 2017, he was selected as the Individual Investor Programme Agency’s Chief Officer for Communications and Business Development, and in 2019, he was chosen to lead the Residency Malta Agency as CEO.
Kenneth is the managing director and co-founder of Vertex Alliance. He is a qualified and warranted accountant and tax advisor, and his expertise lies in residency and citizenship, international taxation, and wealth structuring. Previously, Kenneth held the position of senior director at an international law firm for 15 years, where he led both the Tax Advisory and Tax Compliance Departments as well as the Residency and Citizenship team responsible for the Asian market. Many diverse high-net-worth individuals have entrusted him with both their personal and corporate tax planning.
Mr. Ryan is Managing Director, Emerging Markets, India, Europe, USA, MENA/ Africa, for Atlantic American Partners. In this capacity, he oversees the firm’s marketing endeavours in emerging markets. He provides +30 years investment management and financial experience to AAP/CEA’s clients. Prior to joining AAP in 2018, Daniel worked in Africa for +10 years as co-founder and executive director of Development Consulting Solutions in Lilongwe, Malawi, an Africa-based management consulting, organisational development, and investment firm.
Ms. Tsiganou is the vice president of Synergia SA leading the GoldenVisa Greece. Synergia is a leading asset management and investment consulting firm, established over a decade ago, in Athens, Greece She is a seasoned investment expert with an international mindset and is a genuine believer of having options. Her in-depth knowledge of investment portfolios and her emphasis to details has developed through decades of experience in leading positions with National Bank of Greece and the more than a decade since she joined the founding team of Energopiisi SA.
The founder and president of Sen International, attorney at law Mazlum Sen has assisted hundreds of families gain status overseas.
With his extensive background in immigration law, profound understanding of the industry and over 27 years of experience in the field, he continues to inspire families to make their dreams a reality.
Stephen is in active practice as a civil law practitioner, and is one of the founders and managing partner of the well-established and highly reputable law firm, Caribbean Commercial & IP Law Practitioners, which has been headquartered in Roseau, Commonwealth of Dominica for well over 15 years. Mr. Isidore is the legal consultant and corporate counsel to the firm, WhinChester Corporate PowerHouse, which is a leading immigration and corporate business services firm headquartered in the UAE, with branch offices in several other developed and developing cities.
Deep is the US CEO for Kido Education Pte Ltd where he oversees all aspects of the company’s expansion into the US. He is also part of Kido’s international management team involved in global strategy and decision making. Deep was an investor in Kido prior to accepting the role of CEO, a great vantage point to observe the huge opportunities for creating social and financial value in the early education sector all over the world. Prior to Kido, Deep had an 18 year career in portfolio management for energy trading and investing, with oversight of teams across multiple geographies.
Shrirang is the regional marketing director for South Asia of Hengsheng Group, an international property developer of luxury resorts in Grenada. Hengsheng’s flagship project, Grenada National Resort, has been widely recognised in the investment immigration industry. Having gained an education from Mumbai University he has had a professional career of 15 years in real estate sales and marketing, and over 6 years in business development in residency and citizenship from Portugal, Greece, Cyprus, and many other Caribbean citizenship programmes.
Danijel is B2B key account manager for CMM Investment Consulting Group, with more than 7 years of experience in international business. He started his career in China and since then he has been involved in global financal services and commodities consulting and also in global financial consulting for projects ranging from US$1m to over $100m. He has worldwide partners in different fields but the strongest are involved in real estate. Today, Danijel works on developing partnerships around the globe, developing global partnerships, and increasing sales profits.
With over 25 years professional experience, Nataliya has successfully cooperated with the largest Russian and international companies. She has partnerships with IKEA, Ukrrosmetall Concern, Castorama Rus, AXA and others. She has several higher degrees in Management, Human resources and International culture and communication. Today, Natasha applies her experience in the position of business development and head of the B2B department in a corporation that has entered the international real estate and investment market, CMM Investment Consulting Group.
Mujdat is CEO of Nova Group Holding. He was born in Istanbul, Turkey, and graduated from Istanbul University Business Administration Faculty in 1976. He had been running his business in Istanbul Turkey from 1976 to 1996. He was involved in global real-estate/construction and food and forestry products. He was a production manager, member of board and president, and also a developer and investor in the field of residential and commercial construction. Besides foreign trade consulting, he makes investments and creates developments in the real estate sector.
Sam Hussain is the Founder of BLS Group a British award-winning multi-media platform that organise investment summits, investor meet ups, road shows, US immigration programmes or promotes residency/citizenship programmes globally.
Citizenship By Investment Magazine serves the investment immigration industry As the process of globalisation has expanded and entrenched, residence and citizenship has become imperative among the increasing number of HNWI investors, UHNWI investors and families who we proudly serve every day.
On September 5th, former UK
Foreign Secretary Liz Truss was expectedly elected leader of the Conservative Party and therefore the new Prime Minister.
The appointment followed several weeks of heavy campaigning in which Truss outlined her agenda for a new government, ranging from tax to environmental issues to foreign policy. Despite having been the UK Trade Secretary for several years however, and negotiations for a US-UK Free Trade Agreement (FTA) having been launched under her watch, trade with the US did not play a major role on the leadership campaign trail.
One could argue that this is no surprise. First, despite an ambitious UK post-Brexit trade agenda, domestic issues, such as how to manage inflation and rising energy costs have been the focus of public and media attention. Furthermore, even though Truss had successfully launch ed negotiations with the US during her time as Trade Secretary; she also saw those FTA talks stall with the arrival of the Biden Administration. Finally, with the White House knowingly reluctant to engage on trade policy, promoting a trade agenda with the US as part of a political campaign seemed to be too much of a risk.
Nevertheless, there could be a window of opportunity for a US-UK Trade Agenda in a not-too-distant future. Here is why:
Issue-specific barriers to a future US-UK FTA are manageable
Since the European Union and the United States abandon ed their efforts to reach a comprehensive FTA in 2016
due to changing priorities of the Trump Administration, among others, observers would often suggest that reaching a deal would have been too difficult anyway given the differences in regulatory approaches and market access, whether it be in agrifood or procurement. Differences also exist between the US and the UK. Yet, those familiar with the previous talks would suggest that if there are two countries that could strike a comprehensive modern trade deal it would be the US and the UK. Indeed, with the UK’s close economic ties to the US and its ambition to offer a third path when it comes to regulatory practices – still close to the EU yet different where possible – one could argue that barriers that may prevent a US deal with the EU would be manageable with the UK. The five productive negotiation rounds between the US and the UK in 2020 suggest that this is the case.
One of the reasons why we don’t see a US-UK FTA today after having received strong political support and endorsement between 2016 and 2020 is the change of US executive leadership in 2020. Trade overall, with few exceptions, has not been a top policy priority for the Biden Administration. Yet, after having passed the Inflation Reduction Act, which includes major campaign objectives for the Democrats, the Biden Administration may have room and an incentive to go for a US-UK trade deal as a major trade initiative, even more so should the political balance in Congress change after the midterm elections in November.
The new Prime Minister will be looking for a quick political win
Liz Truss and her team will be watching closely what happens in the US. Even though trade has not played a major role on her campaign trail, reaching a deal with the US would be a huge political win for her leadership; delivering on one of the key promises made by the proBrexit campaign.
Much will depend on the future conversation over the Northern Ireland Protocol
When asked in June 2022 whether the UK’s proposed changes to the Northern Ireland protocol, which set out the terms that avoid a hard border in Ireland after the UK left the EU, would impede the US-UK trade dialogue, the White House said it would not. That might be indeed true for a
general dialogue; but may also mean the White House would not necessarily want to take it further. In fact, the US Administration is looking with concern at the deteriorating relationship between the UK and the EU. Observers note that the United States may be reluctant to do something that makes it appear it has taken sides over such a contentious issue.
In her previous role as Foreign Secretary and on the campaign trail, Liz Truss said that she would tackle the present problems created by the Northern Ireland Protocol to find a solution. Media reporting also suggests that she would want to launch a “charm offensive” with the US Adminstration in a bid to ease concerns over any new legislation which would seek to override key aspects of the Protocol. If she were to be successful with both, she may be rewarded in a big way. ●
BritishAmerican Business is the leading transatlantic trade association incorporating the British-American Chamber of Commerce in the US and the American Chamber of Commerce in the UK.
If you’d like to know more you can contact Emanuel Adam on eadam@babinc.org or visit www.babinc.org
Reaching a deal with the US would be a huge political win for her leadership; delivering on one of the key promises made by the proBrexit campaign.
Supriya Shetty revisits the lessons learned from the once-in-a-lifetime experience of global pandemic, and what it means for the citizenship and residency by investment sector.
have been in place since the beginning of CBI programmes to provide the greatest wealth preservation, financial security, and mobility. The COVID-19 pandemic have caused investors to reevaluate the choices of healthcare in their home countries, with imposed lockdowns and medical services being put under increased strain. Up until now, the main goal of residency and citizenship policies has been to maximise mobility and settlement freedom. Such liberties, however, are not very useful if your country’s borders are blocked and you need emergency medical care. Typically, the only way to enter a nation with closed borders is if you are a citizen of that nation or at the very least a permanent resident.
The pandemic has powerfully and personally broughr home to many individuals how crucial it is for HNWIs to strategically plan their well-being and health arrangements for their fmailies in addition to managing their income and tax matters. Almost immediately in 2020 there was an enormous spike in expressions of interest from private investors seeking to safeguard their long-term well-being and international access to the best healthcare, and this interest and continued as the pandemic has subsided over the past year throughout the world. Health planning is now a crucial component of any investor’s journey to an alternative citizenship, and governments and advisors know they must adjust as HNWI’s priorities evolve.
The international COVID-19 pandemic, and individual governments consequent reactions to it, provided a moment of clarity for individuals who would’ve normally considered themselves cushioned from the worst effects of governmental decisions. Even when borders were closed, all nations prioritised the movement of their own citizens, and allowed them to enter and therefore perhaps receive better care, specialised medical services access to medication, and just generally access to a quieter, safer, more secure location. The increase in demand for second passports and residence or citizenship through investment, clearly demonstrates that what was previously a luxury for HNWIs has now become a necessity.
Where is this interest being seen?
Enquiries about the various Caribbean citizenship by investment programmes have increased significantly since 2020, particularly from Americans, Canadians, and Brits, with Saint Lucia being the most popular destination for British nationals.
Given that the Caribbean region provides accessible, quick, and secure ways to obtain second passports, this is hardly surprising. But that’s not all. Additionally, they provide a high standard of living and did sail through COVID relatively unscathed. It is an obvious point, but it deserves remarking again that it easier to self-isolate on a small, tropical island than in a massive, international metropolis, and the technology of remote working has made that more achievable than ever before.
All five Caribbean islands that offer CBI programmes, namely Saint Kitts & Nevis, Dominica, Saint Lucia, Antigua & Barbuda, and Grenada, maintained remarkably low case and death rates throughout the pandemic, and they have now all reopened for tourism with effective and safety-first measures in place. The Saint Lucia programme also made the top three in the 2022 CBI Index.
As for residency by investment programmes, Americans, Canadians, and British nationals continue to favour Portugal as a top option. No surprises either, given that it is widely regarded as one of the simplest, quickest, and least expensive ways to get European residency and, after five years of residency, EU citizenship.
There is still a huge demand for the EB-5 programme despite the difficult legislative route it has travelled over the past few years due to a series of short-term renewals by Congress, the prolonged lapse, and recent modifications.
Significant numbers of investors are still very interested in moviing to the United States, particularly now that
social distancing requirements have been removed and people are travelling internationally again. The pull of America is what it always was, the abundance of opportunities and the possibilities for business growth. The US public might have had a fretful pandemic, but immigrants tend to compare the US medical system with their country of origin, so they are more confident in immunisation rates and the health services on offer.
The Mayo Clinic and Harvard Medical School are two of the most outstanding medical research institutions in the world. These insitutions carry out important studies on pharmaceuticals and medical technology. The rapid adoption of new forms of healthcare provision of is a key component of the US health system’s success. There is a lot of money in the system so elite instutions aim for the best and medical training is held to a very high standard. As a result, the world’s top hospitals are located in the US.
Dual nationals who possess a second passport have unrestricted access to the best hospitals, clinics, and medical facilities. They can benefit from the state-of-theart medical technology and the highly qualified medical personnel who will oversee each stage of their treatment.
Last but not least, it is important to note that dual citizens will have access to all of the aforementioned facilities and services at discounted charges, the same as those assessed to the nation’s citizens.
It can very well be said that in CBI industry, ‘Wealth is Health’– especially so when the CBI funds have been generated to help develop healthcare initiatives, such as the major repairs of three healthcare centres and six hospitals in Dominica, following the hurricane in 2019. ●
1. Mayo Clinic – Rochester (United States)
2. Cleveland Clinic (United States)
3. Massachusetts General Hospital (United States)
4. Toronto General – University Health Network (Canada)
5. The Johns Hopkins Hospital (United States)
6. Charité – Universitätsmedizin Berlin (Germany)
7. Karolinska Universitetssjukhuset (Sweden)
8. Singapore General Hospital (Singapore)
9. Centre Hospitalier Universitaire Vaudois (Switzerland)
10. Sheba Medical Center (Israel)
Source: Newsweek and Statista’s Top 200 Global Ranking
Dhaka, also spelled Dacca, city and capital of Bangladesh. It is located just north of the Buriganga River, a channel of the Dhaleswari River, in the south-central part of the country.
Dhaka is Bangladesh’s most populous city and is one of the largest metropolises in South Asia.
Fahmida Chowdhury introduces us to her home city.
Dhaka
is Bangladesh’s capital city. It is the centre of national administration, trade, and culture, making it the soul of Bangladesh. It is located alongside the Buriganga river. In addition, Dhaka is the largest Bengali-speaking city in the world.
The previous name of Dhaka was “Jahangir Nagar” and current Bangladesh was previously East Pakistan. Bangladesh, which in Bengali means “the state of Bengal,” was created in 1971 after East Pakistan was granted independence. The liberation war began in March 1971 and lasted for nine months before Bangladesh’s existence as an independent country was recognised on 16 December 1971.
Dhaka isn’t one of those charming small towns where you would anticipate a laid back, relaxing holiday. Instead Dhaka is the bustling capital of the country and is home to nearly 17 million people, and has the power to redefine chaos. Many crowds, much traffic congestion, and a great deal of activity. To put it mildly, it’s quite daunting and is undoubtedly a culture shock for a first-time visitor.
However, there is a charm that no other city in the world can provide hidden beneath the suffocating throngs, the dizzying frenzy of traffic, and the weird, perplexing streets. Dhaka is a city that will enchant and entice you from the moment you board one of the renownedly colourful, traditional motorised rickshaws that cruise the streets. (Interesting fact: there are an estimated 1 million of these vehicles in Bangladesh, and Dhaka is assumed to be the rickshaw capital of the world!).
notable are the Huseni Dalan Mosque, the Seven Domed Mosque (built in the 17th century), the Star Mosque (built in the 18th century), the Chawkbazar Mosque, and the Baitull Mukarram-National Mosque.
During Ramadan, everyone who visits mosques gets their sehri and iftar from there. That’s a beautiful scenario to enjoy for every tourist.
Pop-art traditions blend elements of the contemporary and traditional worlds in Dhaka. Your need for more will be piqued by art galleries like the Dhaka Art Centre, Gallery Jolrong, Athena Gallery of Fine Arts, among many more.
Dhaka isn’t one of those charming small towns where you would anticipate a laid back, relaxing holiday. Instead Dhaka is the bustling capital of the country and is home to nearly 17 million people, and has the power to redefine chaos.
There is a lot of street art in the city, and if you’re a photographer, you might get caught up in your own little world while taking pictures of these urban canvases. In fact, a major thoroughfare was painted with the world’s longest alpona (a sort of holy art created on auspicious occasions) to celebrate the Bengali New Year. Over 200 painters spent 6 hours painting a 1-km-long piece that required 3600 litres of paint.
The chaotic city that was a part of India before independence still clearly displays a British influence in its architecture. You will be in awe of attractions like the Ahsan Manzil (the pink palace), the Lalbagh Fort, and the Dhakeshwari Temple ,due to the beautiful architecture and extensive history that each of these locations encapsulates.
Despite all the cons, Dhaka has so much to entertain you and give you the best memories. There are also some areas you might want to focus on with your trip.
Dhaka is a city of mosques. More than 700 mosques and old structures can be found all across the city, which show the city’s Muslim influence. People of all ages visit the mosque 5 times a day for prayers. Numerous mosques may be found throughout Dhaka but among the most
The pink palace, which was erected on the site of an ancient French factory, offers a glimpse into the life of the city’s richest zamindar Abdul Ghani. The half-finished Lalbagh Fort is best enjoyed in the morning light as you take in the freshness of the gardens that surround it.
Some of the buildings are very old. For example, Dhakeshwari Temple is over 1200 years old, while others, like the Star Mosque and Khan Mohammad Mridha Mosque, highlight the Mughal heritage that is deeply ingrained in Dhaka’s history. The Star Mosque, in particular, is a magnificent mosaic work of art, with
star motifs (motifs of Mount Fuji as well) predominating the interior and exterior design.
If I start writing about Dhaka food, then I might write a whole article for it because the city has a great variety of food including authentic Dhakaiya food and also many other cuisines of the world. In Dhaka, you can get Indian, Chinese, Thai, Italian, Turkish, Japanese, and South Korean food. There are many restaurants all over the town, and the younger generations of the city hang out in the restaurants or cafes of their choice. Despite the variety of food on offer, there are some which you must put on your list if you want an authentic experience.
When visiting Dhaka, you must taste the famed rice and mutton dish known as “Kacchi Biryani” which is popular in Bangladesh. People travel from all over Bangladesh to visit Dhaka for the authentic taste of Kacchi Biryani. The kacchi biryani comes with a kebab named “Jali Kabab”, which enhances the flavour of the dish. In the end, the meal ends with a drink called “Burhani”.
This is a must-try meal for everyone who visits Dhaka.
Additionally, you can tempt your taste buds with other well-known Bangladeshi cuisines like morog-polao (pulao rice and chicken roast), vuna khichuri (rice, dal, and meat, usually chicken or beef), tehari, or yakhni. All those rice items are popular with every Bengali. Besides Bangladeshi food, Dhaka has Japanese and Korean restaurants which serve sushi, dumplings, ramen and many other foods.
Dhaka is also famous for its street food. There are many various types of street food and beverages all around the city. The famous street foods are, Fuchka, Velpuri, Chotpoti, Jhal Muri, Haalim, etc.
The shopping mall, Jamuna Future Park is the biggest shopping mall in South Asia and the 24th largest mall in the world. It features a 4,100,000 square foot total floor space (380,000m2).
Besides Jamuna Future Park, there are many other shopping malls in the city You will find Bangladeshi, Indian, Pakistani, and Western collections in those shopping malls. There are many popular brands for men and women. There are also many international brands like Miniso.
Bangladesh is one of the fastest-growing territories in the world, developing particulatly over the past 10 years. The city is full of luxury buildings, 5-star hotels, restaurants, cafes, shopping malls, banks, offices and many more.
The Padma Bridge is Bangladesh’s most recent accomplishment and thoroughfare, and has simplified the crossing of the Padma River for residents of Dhaka, and has been hailed as a great achievement for the nation. ●
The food delivery business has undergone a root and branch revolution, which is still ongoing and in many cases still gaining pace. This has made space for cloud kitchens, a business model that promises to optimise and expand delivery services at minimal cost. Cloud kitchens are also known as ghost kitchens, commissary kitchens, or virtual kitchens, but whatever name they go by what exactly are they, and how does the business work?
Acloud kitchen uses the premises of a commercial kitchen for the purpose of preparing food for delivery only, with no dine-in facility.
This enables restauranteurs to expand an existing restaurant or start a virtual brand with minimal initial outlay, and allows these businesses the opportunity to scale, explore new markets, or trial new concepts. Providing the option to experiment, while optimising staff and inventory.
There are different business models for cloud kitchens:
• In a shared space model, restaurant owners use their own staff and produce, but the space and equipment are owned by a third party. The shared kitchen space may be used by several businesses.
• A dedicated space cloud kitchen model is a space rented (or purchased) by a brand solely for their own use.
They may decide to use one or more different concepts in the location, but do not have other brands operating with them.
Cloud kitchens can be used to launch an entirely new business or concept. This virtual-only brand operates out of an established kitchen and allows the business to test new concepts without heavy investment. Some cloud kitchens may include a drive-through or takeaway area, there isn’t a traditional shopfront or indoor seating.
Cloud kitchens are based on a delivery-only business model. Thy primarily handle digital orders coming via their own websites, or via delivery apps such as UberEats, Just Eat, and Deliveroo.
This model allows restaurants to diversify and expand relatively easily, while cutting back their biggest operational costs – rent and labour. Cloud kitchens don’t need to employ front of house staff to create a dining experience for customers. They don’t have to worry
about high rental costs in prime locations, large capital investments, experiential restaurant interiors, guest facilities, insurance for those guests, a licence to serve alcohol, or supply entertainment for patrons.
As the vast majority of the interaction with customers comes through digital platforms, cloud kitchens will typically invest heavily in the technology they need for their entire business operation. Apart from technology, major investments can also include well-equipped kitchen infrastructure and trained manpower, such as chefs and delivery drivers. Some cloud restaurants will use their own delivery drivers, while others will use those provided by a delivery app or some other shared service.
Cloud kitchen facilities should have another advantage in that their operational structure has been designed to solely towards takeaway and delivery orders. This single objective focus itself provides a number of benefits that allows the concept to operate in a smoother and more efficient manner.
The cloud kitchen concept is one of the fastest growing models in the food industry. As consumers continue to push their priorities of novelty, variety and convenience, this is one of the best ways of meeting those modern customer demands. COVID-induced lockdown restrictions supercharged these long-standing trends. While traditional bricks-and-mortar food venues struggled with forced closures and ever-changing social distancing requirements, and people’s reluctance to venture out and eat outside of their homes, food delivery companies were more than happy to step in and fill the demand. To compound on these growth factors, the basic financials of cloud kitchens are also often just simply stronger in comparison with traditional venues, as they can operate on a more efficient budget. They are easier to form as start ups and can start selling almost immediately.
• Cloud kitchens currently represent roughly US$10 billion of restaurant sales and this is expected to grow to over US$100 billion by 2025.
• It is a huge industry with room for many players –31% of US consumers use 3rd party delivery services AT LEAST once a week.
• Online ordering has grown 300% faster than dine-in revenues every year over the last 5 years.
• 59% of food industry orders from millennials in 2019 were reported to have been either takeaway or delivery.
Being app- or web-based also means brands have the flexibility to change menus whenever they choose, without having to worry about updating signage or printed materials. If an ingredient is unavailable, unseasonable, or becomes too expensive, the menu can easily be altered. If several brands are operating from one kitchen, you can batch-prep ingredients for several different menus, and work with other economies of scale.
Customers are far more comfortable ordering via apps than they were. Modern apps are also more user-friendly and offer a seamless process when ordering, when compared to say telephoning in an order, which can be slow and open to miscommunications. Third-party apps also open a portal for marketing and exposure, so the cloud kitchen owner may be able to avoid having to set up an independent marketing strategy.
What are the disadvantages of cloud kitchens?
There are a few. Competition in cloud kitchens can be fierce, but then in many ways that applies to the whole takeaway food sector. You’re competing in a crowded online marketplace, and customers have the choice to use the app to scroll through many brands. They won’t necessarily have the loyalty or brand recognition that you might give to a long-standing community venue.
It’s also important to have the right location for the kitchen you operate from, as deliveries can only practically be made over a 3 to 5 miles radius. Rents may be attractive in low-income areas, but that may not be the right area to find suitable customers.
A delivery-only brand’s reputation relies on the food arriving at the customer in perfect condition. Factors out of the restaurant’s control can impact food quality, such as delivery drivers being unprofessional, running late, or being held up by traffic or roadworks.
The typical investment cost ranges between US£$120,000 and $350,000. ●
• Smaller space required, no need for prime location
• Reduced overhead costs due to smaller space and single operations
• No need for servers or front of house personnel
• Significant costs savings for investor
• Increased product’s speed to market
• Maximised workflows where whole team is focused on servicing/delivery orders
• Able to meet more orders and deliver at a faster rate
Antigua and Barbuda is an independent Commonwealth state situated in the West Indies 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, with a land area of 281km² and a coastline of 87km. Barbuda – land area 160km² – 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 flight.
Antigua and Barbuda’s ideal geographic positioning 17°N of the equator makes the tropical twin-island jewel a regional travel hub, with excellent air links to North America and Europe. Home to over 100,000 citizens and blessed with 365 powder-white
Citizenship by Investment programme at a glance:
NATIONAL DEVELOPMENT FUND (NDF)*
• Individual application – US $100,000
• Family of up to five or more – US $125,000
REAL ESTATE*
•
Required investment in designated, officially approved real estate with a value of >US $400,000
•
Required investment for principal applicant in an approved business – >US $1.5m
• Minimum of two persons to make a joint investment in an approved business – >US $5m.
(*Processing fees for family of four or less: US$30,000)
• Family of up to seven – US $150,000 (inc. fees)
sand beaches, the country is considered as one of the most beautiful places in the world. Both islands have natural harbours, lagoons and sandy beaches along their coastlines and rimmed by reefs and shoals. Tourism is a key component of Gross Domestic Product (GDP) and generates around 60% of the island’s income.
Antigua and Barbuda, along with seven other states, is a member of the Eastern Caribbean Currency Union (ECCU), a development of the Organization of Eastern Caribbean States (OECS), which uses the Eastern Caribbean dollar (XCD) as its currency. This has been pegged at 2.7 XCD to one US dollar since 1976, contributing to long-term financial stability. Passport holders enjoy visa free travel to approximately 150 countries, including the UK and the EU.
By
Saint John’s, Antigua and Barbuda
The Antigua & Barbuda Government’s Citizenship by Investment Unit offers its view on the importance of CBI for the Caribbean and for the rest of the world.
The most recent jolt to the investment migration industry came with the passing of a resolution in the European Parliament earlier this year to implement legislation regulating citizenship by investment (CBI) and residence by investment (RBI) programmes. A sweeping assessment of European programmes in particular, with an askance view towards third party CIP programmes, the report which was the basis on which the vote was made, recommended the immediate movement towards the closure of CBI and RBI programmes with a view towards their cessation by 2025.
The decision ricocheted within the industry and created consternation in the islands of the Eastern Caribbean which operate Citizenship by Investment Programmes, namely Antigua and Barbuda, Dominica, Grenada, St. Kitts and St. Lucia. The degree of reliance on the revenues generated by the industry varies, but without doubt, each economy is supported by the investment inflows of their respective programmes. To lose them would be detrimental.
To be candid, most countries of the world operate some variation of an immigrant investor residency or citizenship programme. This then signals a universal acceptance that there are symbiotic benefits to both the receiving country and the investor immigrants. It is clear that these initiatives are not conceptualised as purely transactional undertakings. There is the recognition that every country has to opportunity to benefit from some resource transfer and that the investor immigrants in turn enjoy an improved quality of life for which they are prepared to exchange these resources.
It is undeniable that our world is unquestionably better because of the fusion of philosophies, cultures, resources, technology, skills and enterprise facilitated through migration. To be sure, there have been too many instances in which individuals and groups have sought
to weaponise these fundamental beneficial rights or privileges fuelled by misguided theories and misapplied principles. But overwhelmingly, we have been able to frame a better world because we have developed systems which share and disperse advantages that are often seen to be concentrated in one geographic area or another, whether by chance or historical sleight of hand.
Divergent opinions on citizenship and residency by investment programmes are traditionally grounded in two conflicting perspectives. “The matter of citizenship is sacred”. “The matter of citizenship is arbitrary”. To adherents of both schools of thought, these truisms are immutable. These positions too are often a function of circumstance. Those who live lives of relative freedom and ease may see CBI and RBI programmes as violations of the sanctity of citizenship and nationhood. For many others seeking what is often a better way of life, particularly where constraints to their own are vestiges of exogenous factors or plights of circumstance, a chance to live in a wider world is a basic human right. As such, access to that world should be readily available. For them, CBI and RBI programmes are a means of securing those rights.
It is these fundamentally opposing views, and justifiable concerns that migration through these programmes do not make our world less safe, that have brought us to this point. However, we believe that this is a seminal moment for resetting the conversations and negotiations with respect to investment migration. The world to which we should be moving is one in which there is managed migration, for the benefit of all. The push and pull factors which draw individuals across borders have a direct impact on those governments who must provide resources such as healthcare, education and other social
Saint John’s, Antigua and Barbuda
services to ballooning populations. At the same time, disadvantaged countries may be impacted by the rapid loss of citizens whom they desperately need to retain if there is to be any hope of national development and economic advancement.
Movement of peoples across borders is inevitable. An innate desire to see what lies beyond our own borders, and to access any benefits that may be available in these remote parts, will forever be a fundamental part of our expression of humanity. It stands to reason therefore that the crossroads at which the EU and Caribbean CIP programmes stand beckons us to a collaborative approach towards the management and strengthening of the principles undergirding the investment migration industry. Caribbean countries, such as Antigua and Barbuda, fully appreciate the concerns of EU countries as well as those of the US. In fact, in the case of Antigua and Barbuda, the litmus test by which we operate our programme gives primacy to the interests of our partner countries. Always we assess our actions and programme modifications against the measure of whether any adjustments made compromise our commitments to the community of nations. And wherever they may so do, these changes are not implemented.
While much discussion has been held with respect to the operation of these CBI and RBI programmes, sadly too many of the documented details are broad sweeping assumptions which often reflect a jaundiced analysis of the programmes, informed by the admittedly rare instances in which undesirable actors may thwart the due diligence protocols in operation. At the same time, while many of these programmes’ features are quite similar, there are key aspects of differentiation and management resulting in their posing varying levels of perceived or real risk. And it is this granular analysis which is required going forward.
In the case of Antigua and Barbuda for example, our Restricted Countries List, our multi-tiered due diligence systems, our commitment to ongoing monitoring, as well as our strict adherence to the findings of international law enforcement, have resulted in the country developing a reputation for being “too well regulated” to be attractive to some undesirable elements. As a consequence, our programme is not attractive for individuals who would
wish to abuse these programmes. The Antigua and Barbuda CBI Programme also features legislatively mandated transparency with respect to its operation. Twice annually, the Citizenship by Investment Unit prepares and publishes reports which are available for public review subsequent to their having been laid in the country’s parliament.
Building on these inherent pro–gramme features, there is opportunity for consequential collaboration with concerned governments. In the past, the Unit has hosted and or participated in meetings and fact-finding missions geared towards demystifying the programme’s operations, where clarity is required. The country has also proactively engaged with political actors, diplomats and technocrats, at the highest level, reinforcing Antigua and Barbuda’s commitment to operating a well regulated programme.
The answer to the challenges that some countries have identified with CBI and RBI programmes is not a closure of those programmes which are responsibly managed. And in instances where best practices are not in place, then remedial action should be mandated. Collaboration can begin with the agreement to institute minimum standards with respect to vetting of applicants and the conduct of due of diligence. The appropriate exchange of information is also an area for discussion and consideration. The aim of collaboration is to ensure that all parties’ interests area clearly identified and adequately addressed in the emerging framework for the operation of CBI and RBI programmes. The global community is best served when countries operate visible, and therefore publicly accountable programmes. The alternative may well be the creation of a less desirable ecosystem in which citizenship and residency by investment arrangements are no longer legitimate government-managed initiatives, but underground, obscure, unstructured and unregulated unauthorised black market activities. ●
For more information visit cip.gov.ag
The global community is best served when countries operate visible, and therefore publicly accountable programmes.
We look again at the relatively new concept of e-residency, and who is finding it a useful tool.
Located in northern Europe, Estonia is one of the three Baltic countries which were formally part of the Soviet Union but are now members of the European Union. With 1.3 million inhabitants, it’s one of the smaller nations in the EU. As such, it has been part of the Europe-wide trend of some people tending to prefer the culture of more intimate, smaller city life, with perhaps more local community feeling and less street crime, and it has proven attractive to those in a position to make the choice.
In addition to the mainland, Estonia also has over 2000 islands in the Baltic Sea. About half of the country’s territory is covered in forests which contain a surprising variety of wildlife.
Estonia has medieval cities, scenic coastlines and a fascinating history which reflects its geographical position between Russia, Latvia, the Gulf of Finland and the Baltic Sea.
Emerging from its status as a Soviet republic in the early 1990s, Estonia and the other Baltic states went looking for a new position in the world. It is now a thriving EEA member. As part of the medieval maritime trading bloc, the Hanseatic League, Estonia had a long history of business and trade with the rest of Europe and beyond on which it could build, and support for this entrepreneurial spirit has been a major plank in the nation’s policy since independence. As we find with other small European countries, it can be governmentally agile enough to cope with and take advantage of rapidly changing international trends. Estonia also has an educated population, with one of the highest literacy rates in Europe (almost 100%), and almost everyone speaks a foreign language.
Estonia is the pioneer of e-residency, a sort of honorary citizenship. Estonian e-residency is open to individuals from all countries. Most e-residents are entrepreneurs who work digitally, are location-independent and want to start and run an EU company.
Estonia is the first country to offer e-Residency, a government-issued digital identity and status that provides access to Estonia’s transparent business environment: a new digital nation for the world.
e-resident.gov.ee
In the words of the government’s application portal, you may be a business owner looking to go paperless and run a fully digital company in the EU; an entrepreneur who wants to access the EU market, capital or payment solutions; a freelancer or consultant who finds yourself able to work anywhere; and digital nomads seeking a minimalist lifestyle and true freedom from a fixed location.
The programme launched in 2014. It allows non-Estonians access to around 5000 services, such as company formation, banking, payment processing, and taxation. E-residents receive a smart identity card which they can use to sign documents. The focus is on innovation and practicality. The economic gains brought to Estonia by e-residents is a clear motivator. One in five new Estonian companies is being established by e-residents.
These are some of the reasons why it’s also where many digital nomads choose to open their businesses.
The application has been made into a simple process. Digital nomads and international businesspeople respond well to this because everything can be done online, from the comfort of your own home via a slick online interface. All you have to do is go to the government’s website, pay €120 (€100 for the application and €20 for the courier), sign some online documents, and you’ve got an e-residency. To make life even simpler you can use the official website to find an agency which specialises in helping freelancers and small firms. You don’t have to be an EU citizen, but you can set up an EU company.
At the present time Estonia is offering to reimburse Ukrainians their e-residency set-up fees.
Your digital card allows you to do business, but an e-residency is not the same as a tax residency or citizenship. So that is why you are encouraged you to open a business there. It’s pretty low cost and once you got the e-residency, setting up your business is also all done online. You can even do your banking online by using a digital bank.
Estonia is rated as number one in the world for tax efficiency. 99.6% of bank transactions are done electronically, and 96.3% declare income online.
Estonia is not a tax haven, instead it promotes itself as an admin haven. Corporate tax is generally 20% on dividends – and you are only taxed on the money you take out the business. As you can imagine, a 0% tax on reinvestments can quickly turn into an engine for business growth, as profits are ploughed back into the enterprise. Since an e-residency doesn’t mean automatic tax residency you will still have to pay taxes in your own
country. Although Estonia has double taxation treaties, this all depends on the country you’re living in. If you are a tax resident in a country which taxes you on your worldwide income (Spain, UK, France, Germany, etc) then you will need to file and pay tax through their rules.
If you set up your tax residency in a country like Portugal that does not tax you on foreign income, then you only pay tax in Estonia. In Spain you have to pay a monthly fee to be selfemployed. In 2023, that will be altered from fixed rate of €294, to €200 a month for lower earners and €590 a month for higher earners.
Therefore, whether going through this process is a good idea for you or not will largely depend on what your business and tax plan is.
When you establish a private limited company in Estonia, you must register its minimum share capital of €2500. This contribution is not a fee. It belongs to your company and can be used to pay for business activities.
We have two big groups using it: business consultancy and IT. Anything involving digital services, digital products, and ecommerce.
The minimum share capital contribution can be deferred for up to ten years. The state fee for registering a private limited company in Estonia is €265.
Setting up a business in Estonia is great for those who are planning to live in different countries and being location independent – this is why digital nomads love Estonia so much. Estonia doesn’t care where you’re living, as long as you pay the tax on distributed profits. The Estonian government wants foreign investment, and they are actively promoting the ease and benefits of the programme to digital nomads, to position themselves as a prime location for the growing numbers of this highly mobile international set. This mindset and long term commitment is important to be aware of as foreign nationals need to feel comfortable putting their money and future businesses in Estonia – especially as they usually have other options.
Who is taking advantage of the scheme?
Katrin Vaga, head of PR for the Estonian e-residency scheme, explains, “We have two big groups using it: business consultancy and IT. Anything involving digital services, digital products, and ecommerce.”
Estonia, wishing to be a positive European Union member, is not seeking to set up a back door to the EU.
You cannot, for example, evade rules of origin regarding manufactured goods. Nor can you evade tariffs, quotas or EU standards.
In the last few years there has been a particular interest from UK companies looking for post-Brexit strategies for the best way to trade with the EU. The simplicity of tax and administration the scheme offers can be an excellent solution for trading cross-border without leaving the UK. So far 4048 British citizens have taken up Estonian e-residency, and 857 companies have been registered.
There are alternatives and other nomad schemes available of course. Portugal is launching e-residency. Lithuania launched an e-residency scheme in 2021, which they plan to develop further and model on Estonia’s. ●
93,450. Total number of e-residents of Estonia
22,112. Number of Estonian companies established by e-residents
939. New applications in June 2022
306. New Estonian companies established by e-residents in June 2022
106. Global service providers on e-Residency Marketplace
Tallinn, EstoniaGreece 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.
The Erechtheion (or Temple of Athena Polias), The Acropolis, Athens, Greece
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.
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.
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
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.”
• 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.
ITALY
By Marinos Giannopoulos, CEO of Enterprise Greece, rhe official investment and trade promotion agency of the Greek State
is marking a new chapter in its history. It might become an important part of your story.
Despite the challenging global econ omic outlook, Greece has seen several positive developments this year, includ ing sustained economic growth, falling unemployment and attractiveness to foreign investors. We are continuing to put our crisis period firmly behind us including by repaying our IMF loan two years ahead of schedule and exiting the EU’s enhanced surveillance of our economy in August.
Major reforms have been enacted to transform Greece into a stable and resilient economy. Legacy perceptions of adversity, inefficiency and in effectiveness are being swept aside and the focus is now on creating an environment in which businesses can prosper and promoting outward-looking policies to attract foreign investment and boost trade.
I was recently appointed CEO of Enterprise Greece, the official invest ment and trade promotion agency of the Greek state. It’s an exciting time to join whilst my country is on this transformational journey.
A key aspect of this transformation is tapping into how technology makes us all more mobile, especially in the postpandemic era. It means we are attract ing professionals and innovators to re-locate to Greece. Of course, our great climate, fantastic culture and welcoming Mediterranean lifestyle are great assets in this regard, but to seal the deal we have also put in place a number of financial incentives.
Our flagship initiative is a new tax break, introduced in 2020, for people who transfer their tax residency and relocate to Greece to work for a Greek-based business, or to set up their own business on a freelance basis for
a minimum of two years. The scheme comes with a seven-year, 50% reduction in income tax and solidarity tax, as well as certain other exemptions from local tax rules, such as on annual imputed income deriving from ownership or possession of a residence or a private use vehicle.
In terms of eligibility, this scheme covers EU/EEA nationals as well as nationals with certain other countries with which Greece has a valid agreement concerning administrative cooperation on tax issues, and they must not have already had Greek tax residency for five of the previous six years.
We also offer a non-dom regime for investors, where individuals pay a lump-sum of €100,000 per tax year for 15 years, irrespective of the amount of income abroad. There is also a tax option for retirees with one tax instalment paid every year at a rate of 7% of your foreignsourced income.
A further reform was introduced last year specifically targeted at attracting digital nomads, a rapidly growing sector of the global economy. Under this scheme, third country nationals working remotely by means of digital technology with employers or clients outside of Greece are given legal residence to live and work in my country hassle-free, albeit for a period of one year, potentially extendable for a further year.
In addition to these new schemes, we also have our Golden Visa programme which has been running since
2013 and grants a residency visa in return for an investment in real estate. There is no minimum stay requirement and children up to the age of 21 are included in the family application. The visa is granted for five years and renewed every five years if the property investment is retained. You can find further details on this and information on two other ways that investors can apply for the Golden Visa programme on our website.
Greece has an exciting future – our economy is on the right path after the crisis years with reforms already starting to pay dividends. The new Greece is a country of strong growth, surging exports, massive investment, a vibrant and growing tech sector and a burgeoning green economy, all underpinned by a young, educated and dynamic workforce.
So, what are you waiting for? You are the author of your own exciting future. Perhaps now is the time to make the most of one of the schemes I have set out? There is a wealth of opportunity. ●
Interested in finding out more about investing in Greece? Visit www.enterprisegreece.gov.gr
So, what are you waiting for? You are the author of your own exciting future. There is a wealth of opportunity.
Mary Tsiganou is the Vice President of Synergia SA, and through Golden Visa by Engeropiisi advises clientele from around the globe about the best ways to invest in Greece and become Permanent Resident.
What is the Greek Golden Visa?
The Greek Residency by Investment programme (also known as the “Greek Golden Visa”) is a flexible and fast-track procedure for non-EU/EEA foreign investors who wish to invest in fields of Greek Economy and subsequently obtain a permanent residence permit in Europe.
Within the framework of imple mentation of investment the Immigration and Social Integration Code (Law 4251/ 2014, Government Gazette 1, No 80) contains provisions that facilitate the granting of residence permits to third country nationals and to members of their families, who intend to invest in Greece, for a minimum of €250,000.
Investors have the flexibility to choose among the three investment options running a straightforward procedure and at a minimum cost.
What are the various investment options under Golden Visa law?
Eligible investment options under Greek Golden Visa Law consist of three alternatives, according to each investor’s profile:
• Article 16 A&C:
Residence Permit for General Investments – Article 16A (investment threshold: €250,000). This route was created for entrepreneurial investors who would like to set up or expand their businesses in Greece.
To meet the residency programme requirements the applicant should choose to proceed with an investment that will have a positive impact on national development, economy and society, with a minimum required amount of €250,000/investor.
Real Estate, Energy, Tourism, Food and Beverage, Export-Oriented Manu facturing, Logistics, Life Sciences as well as the ICT Sector are considered as key sectors of the Greek Economy, offering abundant opportunities for investments.
Residence Permit with the purchase of intangible assets – shares, bonds, bank deposits etc – Article 16C (invest ment threshold: €400,000) are for savvy investors who are familiar with investing in mutual funds, equities and the like
• Article 20B
• Residence Permit with the purchase of Real Estate Property / ies (investment threshold: €250,000 as of now), desirable for investors who feel comfortable with bricks and mortar.
Recently, the Greek Prime Minister announced that the that investment amount for Golden Visa through property acquisition will be doubled from €250,000 to €500,000, without providing any additional details when this change will go into effect.
What are the main benefits of the programme for investors?
There are many core benefits and motivation behind families who pursue a Golden Visa in Greece. These include education, a passive income and visa-free travel. For families looking for a high-quality education for their children, Greece is surely a great immigration destination.
When it comes to passive income, this is a very fortunate and popular by-product of the real estate route. Investors are allowed to rent out their property or operate their business from the first day, which means there is no time wasted when it comes to gaining your investment back. On the other hand, the Greek economy has entered a
period of significant growth that puts the country among the top performers in the eurozone. Greece recorded an impressive 74.3% increase in Foreign Direct Investment (FDI) in 2021, which is a new record for FDI inflows and makes her an ideal investment destination.
Golden Visas also help investors’ abilities to move abroad. Visa-free travel, is an undeniable and straightforward benefit. The Greek Golden Visa gives essentially a permanent and unlimited travel permit that’s valid in every Schengen Area country.
Additionally, to the above the EU permanent residence permit can be extended to three generations family members of the main investor, without requirements and
at the same time there is no minimum stay requirement in Greece. There are no nationality restrictions and the Greek residency by investment programme provides a prospect to obtain citizenship after seven years of residence.
Can you explain a little bit more about how the process works?
The simple basis of the programme is complemented successfully by the quick processing time. Successful applicants can obtain their golden visa in as little as two months, and the process is simple; all they need to do is make their investments, compile their files, and submit an application alongside biometrics.
Investors can apply for the programme completely remotely. The investor and their dependants do not have to enter Greece during or prior to the application process.
Starting from December 2020, Greece adopted new measures to facilitate foreign investors’ plans. The potential Golden Visa investors can complete now all the Golden Visa procedures from where they reside, including the application of a Greek Tax Number, opening a Greek bank account, from acquisition of properties to business plans elaboration or intangible investments’ implementation and the submission of their Golden Visa application without traveling to the country, through signing a Power of Attorney at a Greek Consulate that is nearest to their current residence. Investors may go through the Golden Visa journey with ease and reach the finish line, in safety and satisfaction, saving money and effort.
How does the Greek Golden Visa compare to other southern European options in Portugal and Spain?
The Greek investment immigration sector is not expecting that the increase of the minimum required amount of investment for the purchase of a property to €500,000 will be horizontal, in other words it will not apply to all geographical areas of Greece. Moreover, the Greek government has proved that it did honour its commitment to overseas investors, therefore the implementation of the new limit will not work retroactively.
Presently, many onlookers or interested parties tend to compare Greece’s golden visa to other similar options located in Southern Europe, as the countries of Spain, Portugal, and Malta all have their respective RBI programmes.
However, one major difference that is apparent from the start is the relatively low cost of the Greek golden visa. Spain, for example, requires a minimum investment of €500,000 in real estate, double what Greece requires.
PREPARATION IMPLEMENTATION ISSUANCE OF TEMPORARY RESIDENT CERTIFICATE VISIT GREECE FOR SUBMITTING BIOMETRIC DATA ELECTRONIC RESIDENT CARD ISSUANCE Within 10 days after biometric data submissionPortugal is seemingly close in its pricing of a minimum of €280,000 for real estate, but that number does not tell the whole story. At that threshold, applicants are restricted to buying properties older than 30 years that have undergone rehabilitation and are situated in lowdensity areas. Greece does not impose such restrictions on its applicants, as they can choose any property – or conglomeration of properties – they desire.
Though, Greece benefits from having the lowest required amount in Europe, Greece is a country full of alternatives, both in terms of lifestyle and in investment opportunities.
As the Golden Visa Programme is primarily an investment opportunity; therefore, the fast return on investment is high on the performance indicators’ list. The favourable terms of the scheme are combined with the fast-growing Greek economy indexes, provide a promising context for a quick and reliable return on investment as well as lucrative options to re-sell at a higher price in the future.
Apart from all the above, one of the most outstanding benefits of the Greek golden visa is Greece itself.
Greece is among the top 10 destinations of choice of high-net-worth individuals (HNWIs). Why do you think it has proved so popular in recent years?
According to Henley Global Citizens Report 2022 Q2, Greece is among the top 10 destinations for net inflows of high-net-worth individuals.
Greece has attracted large numbers of high-net-worth individuals in recent years. Many gain access via its Golden Visa Programme, is rising in popularity with millionaires from China, Egypt, Lebanon, Russia, and Ukraine and is expected to see a net inflow of approximately 1,200 affluent investors in 2022.
2022
Bolstered by massive funding and ingenious concepts from domestic and international fronts, a new Greek economy is in the making. Investment opportunities are both abundant and attractive, across a wide variety of sectors. Greece’s massive reform efforts are opening new investment frontiers and reward both first movers and established players. As a member of EU and Eurozone, Greece continues to be the economic hub of Southeast Europe, an ideal gateway to the Middle East, Western Europe, and North Africa.
But it is not just about the numbers. More than two years after the pandemic, global migration continues to be impacted by a growing feeling of uncertainty about the future. The current conditions have led many individuals to redefine their home base, with many seeking better locales based on health, education and leisure for their families. Greece has become an ideal destination for relocation.
What is the advantage of working with Golden Visa Greece by Engeropiisi for HNWIs who are interested in investing?
Since the launch of the Greek Golden Visa Programme in 2014, Energopiisi had been chosen by a multitude of highnet-worth individuals from different corners of the world to support and implement their long-term investment plans in the country. Over all these years, Energopiisi has grown itself into a distinguished advisory brand of real estate projects and residence scheme by investment, a brand which investors trusted and could rely on.
We are next to our clients from A to Z and support them through every step of their investment endeavours and beyond by providing high end services.
Our mission is to facilitate international investments in Greece, simplify the complicated processes and ensure sustainable and profitable investments.
Our company is structured to provide expertise from various specialties. Investors can enjoy one-stop shop services from us instead of working with several service providers to save expenses, time and efforts. Our team of top professionals from spheres of legal, tax, real estate, financial planning and engineering, strives to cover every aspect of investing in Greece from the initial consultation
before helping investors make the most out of their investment.
Where are you finding most of you current clients are coming from, and what sectors/projects are currently proving most popular with investors?
Greece was crowned the European champion with 1,035 Greek Golden Visas approvals in 2021. According to Greece’s migration and asylum ministry’s data, a total of 576 permits were granted to Russians last year, up by 79%. Another 304 permits were issued to Lebanese and 605 to investors from Turkey, up 71% and 15.5% respectively. Chinese investors also rebounded with 478 permits, marking a 8% increase over 2020. Individuals from India are also looking to invest in Greece, seeking easy access to EU and Schengen countries provided by the Golden Visa scheme.
Since early 2022, there has been an upward trend in interest in the Greek Golden Visa, that has been mainly driven by Americans and British citizens.
According to Sotheby’s International Realty American inquiries about relocating to Greece are up by 40% compared to April-June 2021, the majority of them bought properties in order to obtain Greek residence through the Golden Visa scheme. Though the US passport is one of
Our mission is to facilitate international investments in Greece, simplify the complicated processes and ensure sustainable and profitable investments.The harbour, Meganisi, Greece
the most powerful in the world, some Americans have started obtaining residences in Europe, which often for them means a reduced cost of living without compromising the quality of life.
On the other hand, many UK nationals are looking at Greece for their post-Brexit EU residency and relocation opportunities, along with Canadian and Australian citizens.
The pandemic restrictions that many states have imposed, political unrest and climate change have marked these trends. As a result, a growing number of investors worldwide are in seeking stability, security and a high standard of living.
As with every crisis, opportunities will arise. The present time is considered to be a ideal time for real estate invest ments in Greece.
The Greek property market retained its pace even through the pandemic, with countrywide apartment prices finishing Quarter 3 of 2021 up 11.6% compared to their levels at the end of 2019 (Bank of Greece statistics).
The value of real estate on average continues to fall by about 20% from the corresponding ones of the year 2007, while the industry is expected to approach the value it deserves in the year 2027.
Bookings for short-term rental accommodation in Greece this summer is increasing at the fastest rate in Europe. So far, there is an annual increase of 232% compared to bookings made in the same period last year.
Among the areas with the largest increase in monthly
income, is the centre of Athens near the Acropolis. This means that high quality properties could generate an income around €4,000 per month.
On the other hand, recent data shows the acceleration of mid-term rentals as the constantly increasing demand for telework as a result of the pandemic has reinforced the strength of longer period accommodations. Mid-term leasing is evolving into the most dynamic trend in the Athens and Thessaloniki property market.
What are some of the best sectors for investment opportunities in Greece?
Greece is appealing as an investment location because it offers businesspeople a wide variety of investment opportunities that take advantage of the country’s strategic geographic location and unique competitive advantages. Greece is a natural gateway to more than 140 million consumers in Southeast Europe and the Eastern Mediterranean, a region with a GDP of almost €1 trillion. As the hub of diverse emerging markets, Greece provides access to populations with a strong demand for consumer goods, infrastructure modernisation, technology and innovation networks, energy, tourism development, and light manufacturing.
At the same time, Greek companies and banks have a strong foothold in the markets of neighbouring states. Investors are discovering that Greece has a combination of characteristics that are unequalled in Europe. Greece is a leading global tourism destination, an emerging regional energy hub, and possesses highly educated and multilingual human capital.
According to the EY European Investment Monitor 30 foreign direct investments (FDIs) were carried out in in Greece in 2021.
Cumulatively, investments made in Greece in the last two years represent 24% of all investments carried out in the country in the last 22 years.
There is also a clear shift towards investments with higher added value, and an emphasis on sectors of the economy where Greece has a significant comparative advantage, such as agri-food, transport and logistics and software and IT services, which absorbed a total of 57% of investments.
Some areas, such as Athens, have seen a large influx of Digital Nomads in recent years. Can you tell us more about how internationals would apply for those programmes?
Greece can officially attract and welcome digital nomads after the introduction of a special visa, called the digital nomad visa, through Law 4825/2021.
This new type of visa which provides permission to third-country citizens to enter and remain in Greece.
These citizens are self-employed, dependant employees or freelancers, who work remotely using Information and Communication Technologies (ICT) with employers or clients outside Greece.
The duration of digital nomad visa is 12 months with possibility of renewal.
The Ministry of Immigration and Asylum recently revealed that they have received so far 2,918 Digital Nomad Visa applications, among which 1,693 cases have been approved. These figures might not seem significant, but show that mobility has begun to take place and more digital nomads are expected to set up their homes in the country in the coming years. On the other hand, from the beginning of 2021, the Greek government has introduced significant tax incentives for those who have active roles to play in the labour force and at the same time like to roam around the globe.
In a nutshell, the Greek government has introduced the following tax incentives to attract investors, retirees and employees:
• a new non-dom regime, providing for an alternative way of taxing income derived abroad for individuals transferring their tax residence to Greece (non-dom);
• a new non-dom regime, enabling individuals entitled to a pension that arises abroad to be subject to a favourable taxation of their income;
• a new regime for the alternative way of taxing income from salaried employment, as well as from business activity arising in Greece, for individuals transferring their tax residence to Greece.
Get in touch with the expert consultants by emailing to info@goldenvisa-greece.com. With their right guidance and support, you will go through the Golden Visa journey with ease and reach the finish line, in safety and satisfaction. ●
Synergia S.A. – Investment Consulting
42 Leoforos Vasilisis Amalias, Athens 10558, Greece
Tel. +30 210 220 1618, +30 210 451 4892 www.goldenvisa-greece.com
Mary Tsiganou is the Vice President of Synergia SA leading the GoldenVisa Greece. Synergia is a leading asset management and investment consulting firm, established over a decade ago, in Athens, Greece.
Mary is a seasoned investment expert with a global mindset and is a genuine believer of having options. She brings substantial experience and an impeccable track record of cooperation, both with institutional and private investors from many countries around the world. Her support in defining and differentiating investment strategies through tailor-made plans has been appreciated and applauded, both by peers and customers.
Mary’s in-depth knowledge of investment portfolios and her emphasis on details has developed through decades of experience in leading positions with National Bank of Greece and more than a decade since she joined the founding team of Energopiisi SA, the firm that initiated and developed the Golden-Visa Greece product before merging with Synergia SA that enhanced the team and the resources to the benefit of the product, but also the customer’s experience.
One of the most magnificent islands in the Windward Islands of the Caribbean, Grenada is renowned for its spice production. Over 2,600 hectares of nutmeg are planted in Grenada, accounting for one-third of the world’s total production. Nutmeg even finds its way to the national badge and flag of the islands.
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. Their 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, an offshore financial centre, is a member of the Commonwealth and also has a commerce, trade and navigation treaty with the United States.
TheCitizenship by Investment Programme came into being in August 2013. There are two routes to citizenship – a donation to the National Transformation Fund (NFT), or a Real Estate investment in a Government Approved Project. Investors can apply for citizenship of Grenada, which also means they are eligible to invest and reside in the United States through the E-2 visa programme
The NTF is a government fund that finances projects that will benefit Grenada’s economy and help its divers ification. Applicants who choose this route must make a one-time contribution to the Fund. Applicants may not contribute to the NTF in person, but rather must use the services of an Authorised Local Agent. Under this route, applicants may either immediately apply for citizenship, or first apply for permanent residence and apply for citizenship at a later stage.
Individuals who choose to apply for citizenship under Grenada’s Citizenship by Investment Programme may take advantage of the following:
• Minimal processing fees.
• No interview, education, or management experience required.
• No requirement to reside in Grenada before or after citizenship is granted.
• A stable and established investment environment.
(Required Contribution Amount)
• Individual Application – US $150,000
• Family of up to four – US $200,000 (plus $25,000 per additional dependant)
(Individual Application Minimum Contribution)
– US $220,000 (joint) or US $350,000
Application Fee – US $1,500 per person
Due Diligence Fee – US $5,000 per person
(Dependant child 0–16 – $0 / 17-25 – US $5,000)
Processing Fee – US $1,500 per person aged 17 and over,
US $500 for persons under 17
Grenada has no foreign income, wealth, gift, inheritance, or capital gains tax. There is no restriction on the repatriation of profits and imported capital. Generous incentive packages exist including corporate tax incentives, full exemption from import duties, tax relief benefits, and export allowance. Grenada’s currency, the East Caribbean dollar (XCD), is pegged to the United States dollar (USD). Lastly, there is duty-free trading in the Caribbean.
Live in the US (E-2 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.
Additional fees will apply from Due Diligence, Government Application Fees.
Fahmida Chowdhury, CBI Channel Manager & Content writer for Hengsheng Group, highlights the top ten attractions for business and investors.
is a stunning Caribbean island with an exotic environment, lovely beaches, and a consist ent moderate climate. It is an English-speaking Commonwealth nation with a stable government and a common law-based judicial system. Synonymous with the production of nutmeg, mace, cinnamon, ginger, cloves, allspice, bay leaves, and turmeric, it is often referred to as the “Spice Island.”
1. Grenada is a tax-free country. A Grenadian resident is exempt from paying significant amounts of income taxes, as well as taxes on gifts, royalties, interest, and dividends.
2. The main applicant can bring children below 30 years old. The applicant’s unmarried siblings are covered under the programme. Apart from that, Grenada is the only Caribbean citizenship programme that allows candidates to add parents of any age as dependants.
3. Processing time is quick. It usually only takes around four to six months to receive a Grenadian passport.
4. It doesn’t require any interview, experience, or degree.
5. You are not required to be physically present in Grenada to get the passport or to travel with the passport.
6. The passport allows visa-free travel to 145 countries, including the UK, the EU, Russia, China, and Singapore.
7. Grenada is the only Caribbean country that shares a treaty with the USA. Every Grenadian citizen is eligible to apply for a US E2 visa through a Grenadian passport.
In 1974, Grenada declared its independence from the UK and is currently a Commonwealth of Nations member. Tourism is at the heart of the nation’s economy. Mace and nutmeg are Grenada’s principal export products; Grenada is the second-largest exporter of nutmeg in the world, behind Indonesia.
There are several advantages to moving to Grenada –10 of the most appealing attractions are listed below.
8. Grenada allows dual citizenship. Some countries have rules that you must relinquish your current citizenship in order to increase your prospects with a second passport. Due to Grenada’s official recognition of dual citizenship, you are regarded as a citizen of both Grenada and your country of origin. In fact, your home country will not be informed of your new nationality, giving you a great deal of privacy.
9. The official language of Grenada is English so communication isn’t a big issue for anglophones.
10. St. George’s University, one of the top medical schools in the world, is located in Grenada. Anyone with a Grenadian passport can pursue higher education there and take advantage of all the amenities. In 2022, SGU students and graduates obtained 990+ first-year US residency positions, more than any other school in the world. In total, 20,000+ School of Medicine graduates have entered the global healthcare system over 40 years.
The Grenada National Resort is a world-class development, located in Levera on the north of the island, covering an area of nearly 1.7km2
The Republic of Malta is made up of an archipelago in the Mediterranean Sea, with only the three largest islands of Malta, Gozo and Comino being inhabited. Malta is a popular tourist destination due to its warm climate and its unique architectural and historical heritage. The islands have been inhabited since around 5900 BC and some of the Megalithic Temples of Malta are UNESCO World Heritage sites.
View from Tal-Mixta Cave, Gozo, Malta
Citizenshipis well located in Europe as a historical hub for trade between Europe, the Middle East, and North Africa. The Maltese islands benefit from a warm Mediterranean climate and over 300 days of sunshine, which make them an attractive destination for many tourists.
Malta is a popular place to study English as it is the official language alongside Maltese. Based on the British model, the education system is rated very highly internationally and is publicly funded.
The islands are also well-known for their safe environment, a very low crime rate, and an excellent public and private healthcare system.
The main industries in Malta are tourism, financial services, manufacturing, and foreign trade. Over the years, Malta has developed a strong business development mindset and managed to attract many industries to establish their operations on the island thanks to competitive government incentives. Successive Maltese governments have sought to conclude double tax treaties with important trading partners, as well as with emerging countries, to encourage the growth of international trade, including that of financial services. To date, treaties are in force with over 70 countries and this policy is expected to continue in the future.
The Nomad Residence Permit enables holders to retain their current employment based in another country whilst legally residing in Malta. The Permit is open to individuals who can work remotely and independent of location.
Digital nomads from the EU currently make up a community of entrepreneurial expats making the most of Malta’s island vibes, a nomadic lifestyle, business networking opportunities and cultural experiences. The Nomad Residence Permit is also open to individuals from third countries, who would normally (but not necessarily) require a visa to travel to Malta.
The Permit is issued for one year and can be renewed upon application at the discretion of Residency Malta, as long as the applicant still meets the set eligibility criteria.
Applicants must prove they either: work for a foreign employer and have a contract of work; are a partner/ shareholder of a foreign business; or offer freelance or consulting services to foreign clients.
An applicant also must reach a gross monthly income threshold of €2,700. Additional eligible family members will have thresholds as stipulated by Agency Policy.
• The Maltese Exceptional Investment Naturalisation (MEIN) programme grants citizenship in 12 or 36 months
• Right to live, work and study in all EU countries (including Switzerland)
• Citizens can enjoy visa-free access to 184 countries, including the UK and USA
• Right to set up a business in Malta
• Lifetime citizenship passed onto future generations
• Residents of Malta who are not domiciled in Malta are taxable on a remittance basis
• Access to high-quality medical facilities
• Relocation up to the applicant’s choice but not mandatory
• The programme is overseen by Community Malta Agency
• The main applicant Government contribution (with 12 months required residency): €750,000
• The main applicant Government contribution (with 36 months required residency): €600,000
• Spouse and dependant children are each required to contribute to the Government of Malta: €50,000 each
• Purchase a residential property (which must be held for five years) for a minimum value of: €700,000
GREECE ITALY SARDINIA TUNISIA Valletta CROATIA BOSNIA AND HERZEGOVINA MONTENEGRO CORSICAKenneth Camilleri, Managing Director, Vertex Advisory Ltd (AKMVERT-22) explains the process for applying for Maltese Citizenship by Naturalisation for Exceptional Services by Direct Investment.
Granting of Citizenship for Exceptional Services by Direct Investment, allows for, following a residential period, the granting of Citizenship by Naturalisation to foreign individuals who contribute to the economic development of the country.
Introduced at the end of 2020 by virtue of the Granting of Citizenship for Exceptional Services Regulations (S.L. 188.06), the regulations set out an application process for obtaining Maltese citizenship, which includes the requirement of the applicants to reside in Malta for a period of three years, or by exception, one year. Applications may only be submitted by licensed agents, so prospective applicants need to appoint a licensed agent and give them power of attorney for the entire application process.
There are three main application submissions required as part of the process: the residency application, the eligibility application, and the citizenship application.
The first part of the process involves the applicant and financially dependant family members applying for residency in Malta.
Applicants and their dependants are required to start the process physically in Malta and submit their residency application informing Community Malta Agency, the entity responsible for implementing all Maltese citizen ship-related matters, of their intended residential period of stay, three years, or by exception, one year. The licensed agent submitting the application is responsible to conduct preliminary checks and due diligence.
At this stage, residency Government fees need to be settled and a €10,000 non-refundable payment is required to be remitted to the Agency. This is non-refundable but forms part of the overall contribution that is required to be paid if the citizenship application is subsequently acceded to. Other residency related fees apply. All the applicants will also need to take out health insurance.
Applicants and their dependants need to visit the offices of the Agency for their biometrics to be taken before their residency cards can be issued. The date the cards are issued marks the beginning of the residential period, unless they have been authorised to reside in Malta on other basis. Investors need to have a residential property in Malta to apply for residency cards.
Investors and their adult dependant family members need to demonstrate their eligibility to apply for citizen ship. In this regard, the principles of eligibility for all members of the application are to prove their identity, status, and the origin of their wealth; to prove that they have a clean criminal record; and to provide a proposal for developing connections and close ties to Malta.
Applicants must be in good health and are not suffering from any contagious disease and not likely to become a burden on the Maltese public health system.
To be ‘fit and proper’, each applicant and dependant family members aged 16+ are required to provide clean police conduct certificates from all countries where they have resided for six months or more over the last ten years, and from every country of citizenship.
There are three main application submissions required as part of the process: the residency application, the eligibility application, and the citizenship application.
Upon submission of the eligibility application, the applicant must remit the administrative and due diligence fees to the Agency. Due diligence checks are then carried out and cross-checked with international records ensuring the suitability of the applicants. Such checks will also ensure the source of funds and source of wealth of the applicant is legitimate also with regards to anti-money laundering and the financing of terrorism legislation. This stage needs to take place during the residency period selected by the applicants, that is three years, or by exception, one year from the issue of the residency cards.
If the request is acceded to, the Agency shall issue a letter of approval authorising the applicant to submit the citizenship application, provided that the applicant satisfies the pre-determined residential period. During the residential period of three years, or by exception, one year, applicants are required to develop and maintain close ties with Malta including physical presence.
The third part of the process is for the licensed agent to submit the citizenship application, updating the Agency of any changes in the circumstances of the applicants and demonstrating essential commitments and ties to Malta.
A Government administrative fee of €500 per applicant is due at this point. Further due diligence is carried out and reported to the Minister, who will decide on whether to issue a letter of approval in principle.
Applicants receiving the letter of approval in principle from Community Malta Agency have up to four months to finalise the investment requirements.
There are three main investment requirements: • Transfer of Capital to the Government: Either €600,000 following a three-year residency period or €750,000 following a one-year residency period. €50,000 for each dependant.
• Residential Real Estate Investment: Either purchase property for a minimum value of €700,000 or rent for a minimum of €16,000 per year. The property needs to be maintained for five years.
• Charitable Donation: €10,000 to an approved local voluntary organisation.
Once all the investment criteria are fulfilled, the applicant is required to complete the process and take the Oath of Allegiance within six months from the approval in principle by the Minister, which shall be taken only if the said applicant is in Malta. A Certificate of Naturalisation signed by the Minister responsible for citizenship matters is provided to the successful applicant. A passport can be issued within approximately five working days. ●
With over 15 years of experience in the investment migration industry, Vertex Alliance is an advisory firm specialising in investment migration, corporate, taxation and wealth management services.
Vertex Alliance is registered with both the Community Malta Agency (CMA) and Residency Malta Agency (RMA) and has assisted numerous families across the globe to achieve their residency and citizenship goals. Vertex Alliance also specialises in the Malta Permanent Residence Programme (MPRP), Nomad Residence Permit, Portugal Residence Permit for Investment and the Montenegro Citizenship by Investment Programme.
Portugal is ocated on the Iberian Peninsula, bordered by Spain to the north and east and by the Atlantic Ocean to the west and south. It is one of the most geographically diverse countries in Europe with mountain ranges, valleys, national parks, beautiful beaches and abundant wine regions. The annual average temperature varies from 12°C in the mountainous northern highlands to 22°C in the southern coastal areas, with average high temperatures in the popular Algarve region ranging from 16°C in January to 29°C in July.
Portugal is one of the safest countries in the world, and for the past ten years it has also consistently been listed as one of the 30 most prosperous nations. Portugal offers investors a warm and friendly climate, an easy going lifestyle, gorgeous coastlines and vibrant cities. Diverse, beautiful and culturally arresting, Portugal, in many ways, offers bits of the best of all of Europe.
The Portugal Golden Visa programme has proven to be the most popular scheme in Europe with investors attracted to its flexibility and benefits. An investment of €500,000 in real estate (or €350,000 for rehabilitation projects) in Portugal will gain a residency permit for a family including dependant children. The Golden Visa can be renewed every two years providing the applicant spends two weeks in the country every two years.
One of the most attractive options is the ability to apply for permanent residency and citizenship after five years without the need to reside in Portugal. In fact, the applicant and their family need only visit for two weeks every two years in order to renew the Portuguese Golden Visa. In Portugal citizenship can be granted without the applicant having resided in the country. However the investor having acquired residency through the Golden Visa programme will need to demonstrate ties to the country and pass a basic language test. Citizenship of Portugal and a second passport conveys the right to live, work and study anywhere in the European Union. The Portuguese residency card granted through the Golden Visa programme allows the holder to travel throughout the EU Schengen zone.
Other options include the D2 (entrepreneur) Visa, the D4 (student) Visa, and the Tech Visa, for highly skilled/ qualified workers. The Portugal Passive Income Visa, or D7 Visa, provides residency to non-EU/EEA/Swiss citizens, including retirees, who intend to relocate to Portugal and are in receipt of a reasonable and regular passive income.
• Transfer of funds: €1,500,000
• Transfer of funds (for research activities): €500,000
• Transfer of funds (for corporate investment): €500,000
• Transfer of funds (for investment in venture capital funds): €500,000
• Acquisition of property*: €500,000
• Acquisition of property (for properties over 30 years old, suitable for refurbishment): €350,000
*As of 2022, real estate classed as residential property will only be granted access to the Golden Visa residence card if it is located in pre-selected interior and rural regions of Portugal. If the real estate has any other purpose other than housing (i.e. services, offices, commerce), its location will be irrelevant, and the investor can still apply for the Golden Visa if the property is located in more metropolitan areas, such as Lisbon or Porto city centre.
In general, all investors need to comply with the following:
• The creation of a minimum of 10 jobs
• Keep the investment for a minimum period of five years
• Minimum stay in Portugal: seven days during the first year and 14 days during each subsequent period of two years.
MOROCCO SPAINPORTUGAL LisbonDr. Hugo Santos Ferreira, President, Portuguese Association of Real Estate Developers and Investors (APPII) talks about his tenure in the role, and how he sees the role of organisation developing.
How has your first year as President been?
It was a challenging year! For the most and less obvious reasons. To lead an Association that represents the real estate sector is – obviously – always challenging… But this big challenge was overlapped by the fact that it was a year marked by the post-COVID recovery phase and by a governmental crisis followed by elections. The main challenge was to maintain a close relationship with investors and political power, creating at every moment the best conditions for encouraging foreign investment.
Portugal is a unique country which, for some years now has had great investment opportunities for those who wish to invest in this market.
What is the current state of the property market in Portugal?
Although we are living uncertain times due to the war in Ukraine, the real estate sector in Portugal is growing. We are experiencing a moment of economic growth: of the sector, in the number of transactions and an increase in the values invested. In 2019, in the pre-Pandemic period, we reached a value of investment in real estate of €30 billion in all market sectors, about 15% of the Portuguese GDP. For 2022 we may expect a similar number or even above 2019, but still we have to be cautious because of the war in Europe as I said before.
Has the market bounced back from the travel and movement restrictions imposed by the Pandemic?
Real estate has been one of the most resilient sectors, as acknowledged by the Bank of Portugal itself. Over this period we did not stop – we continued our activity and we managed to maintain our attractiveness and assets continued to appreciate. There was a natural decrease in commercial activity, especially in the residential market.
What have been the effects of the changes to Portuguese Golden Visa programme that were introduced in January this year?
The first and expected effect was an immediate decrease in demand in the cities of Lisbon and Porto. The changes were a political decision which in our opinion has no practical effects. Until now, even with the climate of greater economic uncertainty that we are experiencing, we have not noticed that there has been an increase in the supply of houses in these cities with a consequent decrease in prices.
We are currently working with the government and municipalities to create conditions that will allow more housing to be placed on the market, and we believe that in the medium-term good investment opportunities will arise for middle-class housing.
Do you think the revised legislation will succeed in its purpose of spreading investment more evenly across the country?
Not at all, and the numbers prove it.
Where are you currently finding most foreign interest is coming from?
Currently the counties with a higher demand are Brazil, France, United States, Sweden, and Israel. From the beginning of this year, we have seen a greater demand from the US market.
Other than COVID, have any other geo-political events had an affect on investment, either positive or negative?
Naturally. We are living in an economic, social and inter national political context marked by uncertainty. The construction and real estate industry in Portugal were
already dealing with rising construction costs in the prewar period, later with the Ukraine war there was a general costs rise. Now we are facing a possible recession period, which was pointed out by the G7 Finance Ministers, who were all very concerned with this potential risk, which is also derived from inflation and interest rates.
When you became President you replaced Henrique de Polignac de Barros who had been at the helm of APPII for 30 years and presided over a huge growth and internationalisation of the organisation. What is your new leadership team’s plan up to 2024 and beyond?
Our Association is recognised both at home and abroad as the gateway for foreign investment into Portugal, and of course we want to be increasingly recognised as such.
Part of our work is to make ourselves known at the major international events where we are already present and in which we are going to invest more and more in the future. Then we do exhaustive work with the government and local authorities to facilitate foreign investment. I would like to say that everything is already done but no, we have a long way to go, the Portuguese tax system and legislation is still very complex for foreign investors, we will continue to work to break down these barriers. Currently, almost 50% of our associates are foreign investors, I believe that they join us naturally because they recognise our work in the sector, but also because we make available to them our associates and a network of services which supports those who want to invest in our country. We are the diplomats of foreign investment in Portugal and that is how we want to continue to be seen! ●
APPII – Associação Portuguesa de Promotores e Investidores Imobiliários (in English Portuguese Association of Real Estate Developers and Investors) is a non-profit association in existence for over 30 years, which represents real estate developers and investors in Portugal, both national and international, representative of an annual volume of investment corresponding to 15% of the national GDP. Representing all real estate investors in Portugal, it is considered one of the main entry gates for real estate investors in the country.
an the other programs. It is oAbout APPII:
All that glitters is not gold, but the Portuguese Golden Visa is an exception to that rule. Safak Nervo and the team from OptylonKrea have helped over 500 families from all around the world to invest in their golden dream.
Safak takes time to explain how they go about doing that and what they can offer investors.
OptylonKrea is an investment management and real estate development company that caters to the needs of international Golden Visa investors. Can you briefly expand on who you are?
It all started out with Charles Wanecq and William Tonnard, who are now our CEO and President/COO, respectively. Charles and William started out as innovative investment bankers, one specialised in derivatives, struct ured finance and the other global equities, and commodity derivatives in major markets such as New York and Hong Kong.
In the mid 2010s, Charles moved to Portugal and quickly saw that the market was an excellent one for short term rental projects, a subject he and William had already mastered. So in that instance, their interest in Portugal was born with Lovely Stay, and it has never looked back.
While managing third party apart ments Charles and William began investing their own means into build ings and projects because of the good affordability of quality real estate in Portugal, founding the company Optylon in the process. Soon after they would meet Hakan Kodal, the founder of Krea, and one of the leading Turkish developers who was looking to diversify his asset base by investing in the EU. Charles, William, and Hakan quickly saw that together they could build something unique, and Optylon Krea was born.
My name is Safak Nervo, and I’m Turkish. I originally studied urban planning, and I’ve now been in real estate for 16 years in every part of the industry – advisory, brokerage, occupier, retail, valuation, office leasing, residential, and now in the fund advisory. I previously worked for real estate services firm CBRE, and have been in Portugal for the last six years.
It has many advantages compared to direct property acquisition, such as flat fees, and no tax on capital gains. It really is a hassle-free investment.
I am Chief Commercial Officer (CCO) for OptylonKrea, responsible for all the sales and marketing activities such as fund raising, apartments sales, investors and brokers relations.
Why did the company first get involved with Portuguese Golden Visa programme?
We have always been focused on providing returns for our investors.
When we started investing in Portugal, the Golden Visa (GV) was mostly unheard of. When people started to ask us about the GV, we saw the perfect opportunity to provide our investors with an additional benefit alongside the returns.
It allowed us to expand our investor base, which is now more than 500 from 33 countries.
Hakan completed the trifecta that is Optylon Krea’s top management, and together they have been shaping the real estate market specifically for investment immigration products in Portugal through outstanding projects.
You’re also seen as pioneers of the fund model. Can you tell us a bit about the Golden Visa-eligible funds you have advised, and which ones are currently open to subscriptions?
This route opened in 2018, and we were the first one in the market. It has many advantages compared to direct
property acquisition, such as flat fees, and no tax on capital gains. It really is a hassle-free investment.
The first fund we advised, Lig1, made an average distribution of 9%, mainly because of the successful sale of the asset, an old monastery in the centre of Lisbon, and distributed the capital gain.
At that time we saw the opportunity to build a retail portfolio, thanks to the arbitrage opportunities. Local retail units are underpriced when compared to other European capitals and the residential sector. We created NEST and raised €52m during the COVID pandemic. The fund is almost fully deployed in prime retail assets in Lisbon and Porto.
Following this success we wanted to continue this strategy with Next fund, a spin-off of NEST. The Next fund is open until the end of the year and has already raised €60m.
We are very excited about our last fund, PRIMA. It is a very innovative product with capital protection for conservative investors, and the possibility to convert your participation units into an apartment in the projects we are developing. PRIMA is investing in Ando Living branded residences that we are now expanding to several other countries. The subscriptions are open until June 2023.
Venture capital might be seen as higher risk than a conventional real estate buy. Can you explain why a VC fund can be a better option for investors?
Beside the points we raised earlier, one of the main questions GV investors must ask is about the exit strategy. We have a track record of successful exits, and have tailored our fee structure to benefit the investors who exit. It’s also not a pure VC fund, as the underlying assets are property. For the more conservative investors we have PRIMA funds with the conversion, which gives good downside protection.
With your considerable knowledge of what international HNWIs are looking for, why do you think the Portuguese Golden Visa consistently proves so popular?
In short, it is the only residency by investment programme giving you a passive path to EU
citizenship. Indeed, you only have to spend 14 days every 2 years to renew the residency card. After 5 years, you can start your application for Portuguese citizenship
The country has become more and more international, with increasing opportunities, is safe and secure, and is regularly voted one of the best places to live.
Where have most applicants traditionally come from? Have you seen any new trends over the past couple of years?
There is always a flow, that’s why we try to diversify our products and our presence in targeted markets.
At the beginning Lebanon was a big market for us, but vanished suddenly. As the company is part Turkish we have a very good network there.
Our most recent trend is interest from US investors. With the political/economic situation there getting more tense over the last 4 years or so, US citizens have been preparing and investing in a plan B solution, like the GV.
How have the legislative changes to the Golden Visa programme, which came into effect at the beginning of 2022, changed the general picture for investors, and for OptylonKrea in particular?
We anticipated the recent changes by largely focusing on touristic apartments, and the fund was pretty resilient to the changes of regulation. We also have some of the best GV eligible property in the Liberdade region of Lisbon.
OptylonKrea have offices in Lisbon and Istanbul, and your Portuguese team has recently set a target of €300m in new investments. Do you have any further plans for international expansion?
With our Ando Living branded residence we’ll be expand ing to Spain, Greece and Dubai.
We would like the opportunity to sell different golden visa programmes, and to be the one-stop shop for global investors – from visa requirements to hospitality, real estate and investment opportunities. ●
A small selection of OptylonKrea properties:
BELOW: Ando Liberdade and Alfama in central Lisbon
RIGHT: São Nicolau Townhouse, Lisbon
For more information visit us at www.optylonkrea.com
PORTUGAL
Alexandre Herculano 50, 10/11º, 1250-048 Lisboa Tel: +351 212 400 124
Tomtom Kaptan Sokak No. 8/2, 34433 Beyoglu Istanbul
Portugalhas been a popular topic worldwide recently for several reasons. But it is more than just the sunny weather, the low cost of living, the great food, the variety of world winning wines and the charming people, that everyone is talking about. The reason is simple: Portugal is a place where people actually want to live and can see the possibility of raising a family and doing business in. A combination of factors is now encouraging leading entrepreneurs to establish and grow their companies in the country.
Portugal is projected to exceed European economic growth forecasts until at least 2024, and has been ranked as one of the best places to live according to the Global Peace Index (currently ranking 6th). It offers very good healthcare, according to the Health Care Index (with an average life expectancy of 82.47 in 2022), and is ranked highly from an educational point of view. Traditional Portuguese universities have become “Top Ranking” international universities – the “Universidade Católica Portuguesa” and “Nova SBE” were included as two of the best in the world by The Financial Times in 2018. It is without a doubt a place that ticks the boxes when choosing a place to live.
The Golden Visa programme has become increasingly popular ever since its introduction, and has helped attract the world’s attention to Portugal. As the world came to learn about Portugal, having the Golden Visa, which was essentially a plan B; not having to move to Portugal to be eligible, but keeping it as a potential second option for the future if things do not work out where you live, people shifted their attention to choosing it as a plan A; making a permanent move to work and live in Portugal.
Of course, moving to Portugal requires more than just a visa and there needs to be good economic reasons to do so. It is becoming rapidly apparent that the economic potential is vast and powerful, especially when you take into account that it is a small European country on the western tip of the continent.
The D2 visa strikes for gold, as it not only allows you to benefit from living in Portugal, with unlimited access to the Schengen area, but it also provides holders with the opportunity to benefit from access to one of Europe’s best places to establish a business, by living there.
Portugal has become known as the California or Silicon Valley of Europe. High profile events such as the Web Summit have been taking place in Lisbon for several years running – testament to the fact that it is now a place where you can find the right people with the right mindset.
The Portuguese D2 is essentially an entrepreneurial visa. To be considered you must:
• Be a non-EU national
• Have sufficient funds to support yourself during your stay in Portugal
• Incorporate a Portuguese (or Madeira) company
• Prepare a business plan
• Hold a clean criminal record
• Be willing to reside for more than 183 consecutive days in Portugal (or not be absent for more than eight non-consecutive months in each one calendar year)
• Show proof of a place of residence in Portugal
• Be willing to become a fiscal resident in Portugal.
We are celebrating our 50th anniversary this year, with Dixcart having a presence in the Portuguese market, for over 30 years. We have dealt with many processes from start to finish, working with international investors and families from all over the world. As a trusted service provider, we look forward to welcoming you as a client.
In addition to assisting entrepreneurs to select the most appropriate legal route to structure their activities, we have also assisted many families to coordinate their move to Portugal. You are very welcome to reach out to Dixcart Portugal at advice.portugal@dixcart.com ●
Why the Portuguese D2 Visa, known as the Business Visa, is a brilliant option for entrepreneurs
ThePortuguese Golden Visa is one of the most well-known and most successful investment programmes in the world, which has clearly been an asset to the country.
Since its foundation in October 2012, the Golden Visa programme, which guarantees a residence permit to investors who complete a qualified investment, has granted 11,060 permits to investors and 18,193 to their family members, totalling 29,253 residence permits granted in Portugal (as of August 2022).
These figures culminate in a total investment in the country of €6,497,529,571.45 during the decade of its existence. That said, the Portuguese Government decided, at the end of 2020 and for several reasons (mostly geographical and political), to introduce into public discussion some reforms to the programme, resulting in the biggest ever change to the policy of eligible investments.
As a result, the changes announced by the Portuguese Government in the last days of 2020 were officially published in 2021 – embodied in Decree-Law 14/2021 –which came into force on 1st January 2022. As of January, the following two main changes were enacted:
1. Geographical restriction regarding investment in real estate for residential purposes;
2. Increase in the eligible investment thresholds.
In this sense, the reform both restricted and increased the qualifying investments.
With regards to real estate investment, the following rules have applied since 1st January 2022:
• Purchase of real estate for residential purposes of at least €500,000 is only allowed in the Azores, Madeira, or inland areas of Portugal (including some areas within Algarve and Alentejo);
• Purchase and rehabilitation of real estate for residential purposes of at least €350,000 is only allowed in these areas.
As relevant notes to the new framework for real estate investment qualifying for Golden Visa, we would like to highlight the following:
• Real estate investment in nonresidential properties is allowed any where in Portugal, including Lisbon and Porto (both for the options of €500,000 and €350,000).
• You should also be aware that nonresidential purposes include commercial/ retail stores, offices, and properties used for services;
• The concept of non-residential property covers tourism projects, as well, such as buildings or parts of buildings that are intended to provide accommodation services for a fee, having, for their operation, an adequate set of structures, equipment, and complimentary services;
• Tourist properties (mainly tourist apartments) should not be confused with properties intended for housing and have special authorisation for temporary accommodation (i.e. local accommodation or short-term rentals). The latter are regarded as residential properties and, therefore, not eligible for the Golden Visa programme;
• Thresholds for real estate investment have remained unchanged at €500,000 and €350,000 (the new restrict ions refer to location and usage, in the terms mentioned above), and the 20% discount in lesser populated regions still applies.
In reference to other popular qualifying investments for the Golden Visa, thresholds increased to the following:
• Subscription of Units of Investment and Venture Capital Funds: increased from €350,000 to €500,000;
• Investments in setting up a Portuguese company (or increasing share capital) that creates and keeps 5 new
permanent jobs for a minimum period of 3 years: increased from €350,000 to €500,000;
• Bank Deposit and Bonds and Securities Investments: increased from €1m to €1.5m.
This new chapter of the Golden Visa programme is undoubtedly a significant change to the investment landscape, but is, simultaneously, a breath of fresh air.
The limiting of investment for residential purposes to the Azores and Madeira islands and the inland of Portugal has opened exciting investment opportunities in areas that have been increasing in value and are now a target of unprecedented investments.
Investment in private equity funds, which has been growing exponentially since 2020, remains firm, largely due to the great offers on the market and the diversity
of funds and investment structures/proposals that have captivated investors from all areas of the globe, especially from the USA, UK, Turkey and the Middle East which are new, emerging markets. US investment has surpassed Chinese investment for the first time in 10 years.
With these changes, the Portuguese Government clearly showed its interest in maintaining the Golden Visa programme for the coming years, trying to diversify the eligible investments opportunities with the purpose of making other areas of Portugal the destination of Golden Visa investment, sharing these funds more widely, beyond the well-established regions of Lisbon and Porto.
While this is the law that we have in force today, and we do not anticipate changes in the near future – as there are no domestic indications in this regard, nor are the current government or the major opposition parties expressing any signs of political will to further reform
Praia da Ursa, Portugalthe programme – it’s also factual that there are signs of political initiatives at the European Union level aiming to restrict residency by investment programmes within EU and Schengen space, initiatives that may evolve into legal reforms in the coming years.
In fact, the winds of change are pointing in the direction of raising additional restrictions and/or barriers to residency by investment programmes, as evidenced by the recent Greek initiative (the Greek government just recently announced an increase in real estate investment threshold to double – from €250,000 to €500,000).
Being a leading player in the sector, Portugal decided to act in anticipation, going a different route and, instead of simply cutting the programme, implemented an effective reform with surgical restrictions.This was combined with a considerable widening of the scope of investments eligible for a residence permit, without undermining the country’s long tradition of matching the residence by investment programme with the access to citizenship (in terms that do not conflict with any EU regulation while remaining practical for the investors).
It should be noted that a sequence of unfortunate events led to the existing bottleneck, but we see the the government and SEF (Portuguese Immigration Authority) interested in getting things going again.
In short, the delays are a result of the programme being a victim of its own success. The pandemic and subsequent lockdowns, obviously created constraints on the ability to make physical appointments (for biometrics), but things were relatively well on track with the digitalised part of the process (submissions and pre-approvals) until early this year.
With the law changing the scope of the Golden Visa Programme at the end of last year, the Government was about to issue the updates to the regulation (a regulation that details the Golden Visa application procedures) before the end of 2021 – but then the country went into general elections unexpectedly.
As the Government failed to pass a budget in 2022, the President decided dissolve the Portuguese Parliament and
to call elections. While waiting for elections, the former Government and the Parliament were just allowed to execute ordinary management (but couldn’t change laws). So, the regulation got postponed until the conclusion of the general elections.
That whole process started in November 2021 and dragged into late March 2022, much longer than expected (a small number of votes from Portuguese citizens residing in other EU countries got void, so all these voting had to be repeated – delaying the official final counting of the votes).
Long story short, the country has now a new government (with the same prime minister), in place since late March this year, which has reinforced powers (as the political party from which the current government emerged won an absolute majority of the seats at the Portuguese Parliament).
Just as we were expecting to resume our normal lives – on pause since November 2021 – the Russia/Ukrainian war has put considerable pressure on the EU. Many Ukrainians fled from their country to the EU. Portugal received over 50,000 Ukrainians, and the SEF had to deal with that as a matter of urgency, issuing temporary protection (sort of refugee protection) for those who chose Portugal. This again caused a brake in the GV applications.
The good news is that, after five and a half months being inoperative, SEF’s web portal is active again and has been receiving applications for residence permits for investment (ARI) since June 2022.
It is also true that since June 2022 SEF have been made available around 7000 appointments for citizens who were waiting for appointments to be able to progress with the submission of their process to obtain the Golden Visa residence cards.
It should also be noted that despite the problems that are being resolved, which we hope will be put completely behind us during 2023, returning to the normal timelines we had before the pandemic, and while dealing with all the constraints this year brought, SEF has already issued 806 new residence permits during 2022 and has approved global investment of more than €300 million, to date.
If that isn’t commitment, I don’t know what is. ●
Being a leading player in the sector, Portugal decided to act in anticipation, going a different route and, instead of simply cutting the programme, implemented an effective reform with surgical restrictions.
The St Kitts and Nevis Citizenship by Investment Programme stands as the oldest, and one of the most trusted, successful programmes of its kind.
Since 1984, it has allowed individuals and their families to legally obtain citizenship of one of the Caribbean’s most idyllic locations.
an the other programs. It is oFast facts: Saint Kitts and Nevis
DONATION: Applicants may qualify for citizenship through a contribution to the Sugar Industry Diversification Foundation (SIDF). The SIDF is a public charity tasked with investing in economic diversification and development.
• For a single applicant, a non-refundable contribution of US$250,000 is required.
• For a main applicant with up to three dependants (for example, a spouse and two children), a non-refundable contribution of US$300,000 is required.
APPROVED REAL ESTATE: Applicants may also qualify for citizenship through an investment in a pre-approved real estate project The minimum real estate investment required by law is US$400,000 for each main applicant.
As countries worldwide plan for post-pandemic recovery, we have an opportunity to create sustainable investment opportunities to build back better. Our Foreign Direct Investment (FDI) goals are fully aligned with our sustainable development goals, designed to foster inclusive growth and an environmentally and socially sustainable economy. COVID-19 has reminded us that economic development can no longer ignore the sustainable agenda as outlined in the United Nations Sustainable Development Goals (SDGs).
As countries worldwide plan for post-pandemic recovery, we have an opportunity to create sustainable investment opportunities to build back better. Our Foreign Direct Investment (FDI) goals are fully aligned with our sustainable development goals, designed to foster inclusive growth and an environmentally and socially sustainable economy. COVID-19 has reminded us that economic development can no longer ignore the sustainable agenda as outlined in the United Nations Sustainable Development Goals (SDGs).
As countries worldwide plan for post-pandemic recovery, we have an opportunity to create sustainable investment opportunities to build back better. Our Foreign Direct Investment (FDI) goals are fully aligned with our sustainable development goals, designed to foster inclusive growth and an environmentally and socially sustainable economy. COVID-19 has reminded us that economic development can no longer ignore the sustainable agenda as outlined in the United Nations Sustainable Development Goals (SDGs).
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. At SKIPA, we believe that attracting investment in High Tech Agriculture and Green Energy has strong potential to support the realization of SDGs. 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 will require investment from both foreign and local investors. Our thrust towards achieving the SDGs include well designed incentives for investors.
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. At SKIPA, we believe that attracting investment in High Tech Agriculture and Green Energy has strong potential to support the realization of SDGs. 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 will require investment from both foreign and local investors. Our thrust towards achieving the SDGs include well designed incentives for investors.
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. At SKIPA, we believe that attracting investment in High Tech Agriculture and Green Energy has strong potential to support the realization of SDGs. 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 will require investment from both foreign and local investors. Our thrust towards achieving the SDGs include well designed incentives for investors.
The prospect for growth in Foreign Direct Investment remains optimistic, post the global pandemic. 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.
The prospect for growth in Foreign Direct Investment remains optimistic, post the global pandemic. 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.
The prospect for growth in Foreign Direct Investment remains optimistic, post the global pandemic. 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.
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 US$200,000 (resalable after 7 years) or US$400,000 (resalable after 5 years) for each main applicant.
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 US$200,000 (resalable after 7 years) or US$400,000 (resalable after 5 years) for each main applicant.
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.
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.
The sale of qualifying private homes under the Citizenship by Investment Programme will be allowed for a limited period of two years, starting November 1st 2020 and ending November 1st 2022. All homes having an appraised value of more than USD 400,000 and that meet the other criteria may qualify for sale under this option.
The sale of qualifying private homes under the Citizenship by Investment Programme will be allowed for a limited period of two years, starting November 1st 2020 and ending November 1st 2022. All homes having an appraised value of more than USD 400,000 and that meet the other criteria may qualify for sale under this option.
There are two categories of AIO:
○
○ A Private Enterprise Developer (PED), where the built or funded asset is privately owned. In this option, the minimum Unit of Investment will be USD 200,000.00 and standard real estate government fees will apply.
○
A Private Enterprise Developer (PED), where the built or funded asset is privately owned. In this option, the minimum Unit of Investment will be USD 200,000.00 and standard real estate government fees will apply.
○
A Public Good Project Developer (PGPD), where the State owns the asset at the end of an agreement. These projects are fully funded by the PGPD and locked in “up front”. The minimum Unit of Investment will be USD 175,000.00 and a government fee of USD 50,000.00 will apply for a single applicant or up to a family of four. All other fees will apply as per the real estate option.
A Public Good Project Developer (PGPD), where the State owns the asset at the end of an agreement. These projects are fully funded by the PGPD and locked in “up front”. The minimum Unit of Investment will be USD 175,000.00 and a government fee of USD 50,000.00 will apply for a single applicant or up to a family of four. All other fees will apply as per the real estate option.
For more information visit the Citizenship by Investment Unit website at www.ciu.gov.kn
For more information visit the Citizenship by Investment Unit website at www.ciu.gov.kn
St. Kitts and Nevis ranked the best citizenship investment programme in the world by Professional Wealth Management (August 18, 2021)
St. Kitts and Nevis ranked the best citizenship investment programme in the world by Professional Wealth Management (August 18, 2021)
Typically allows farmers to increase their performance and yields, while improving the quality of products. Greenhouse farming protects crops from external threats such as certain pests. Greenhouse farming has become more and more productive and lucrative agribusiness venture.
Typically allows farmers to increase their performance and yields, while improving the quality of products. Greenhouse farming protects crops from external threats such as certain pests. Greenhouse farming has become more and more productive and lucrative agribusiness venture.
Typically allows farmers to increase their performance and yields, while improving the quality of products. Greenhouse farming protects crops from external threats such as certain pests. Greenhouse farming has become more and more productive and lucrative agribusiness venture.
Currently there are four greenhouses in operation that need investment to reach their full potential.
Wind and Solar Energy
Opportunities also exist for investment in wind and solar energy.
Aquaculture is also referred to as fish farming. Given that overfishing of our oceans and other natural resources is continuously increasing year over year, we need alternate sources for seafood to feed the population and excess for export.
Aquaculture is also referred to as fish farming. Given that overfishing of our oceans and other natural resources is continuously increasing year over year, we need alternate sources for seafood to feed the population and excess for export.
Aquaculture is also referred to as fish farming. Given that overfishing of our oceans and other natural resources is continuously increasing year over year, we need alternate sources for seafood to feed the population and excess for export.
Hydroponics is a relatively recent innovation which challenges us to rethink everything we think we know about what farming has to look like. It proposes the paradigm shift that plants do not actually need soil to thrive - they just need a substrate that can deliver the essential nutrients and water they need to grow.
Hydroponics is a relatively recent innovation which challenges us to rethink everything we think we know about what farming has to look like. It proposes the paradigm shift that plants do not actually need soil to thrive - they just need a substrate that can deliver the essential nutrients and water they need to grow.
Hydroponics is a relatively recent innovation which challenges us to rethink everything we think we know about what farming has to look like. It proposes the paradigm shift that plants do not actually need soil to thrive - they just need a substrate that can deliver the essential nutrients and water they need to grow.
Technologies make a significant difference in vertical farms. New sensors, smart energy systems, and other technologies make growing more efficient. Vertical farms are typically automated to control light, temperature, and water use.
Technologies make a significant difference in vertical farms. New sensors, smart energy systems, and other technologies make growing more efficient. Vertical farms are typically automated to control light, temperature, and water use.
Technologies make a significant difference in vertical farms. New sensors, smart energy systems, and other technologies make growing more efficient. Vertical farms are typically automated to control light, temperature, and water use.
LIGHT MANUFACTURING
Incentives packages to support manufacturing.
Incentives packages to support manufacturing.
Incentives packages to support manufacturing.
Welcome companies at forefront of green technologies.
Welcome companies at forefront of green technologies.
Welcome companies at forefront of green technologies.
Embracing investment in hightech agriculture to build food security.
Embracing investment in hightech agriculture to build food security.
Embracing investment in hightech agriculture to build food security.
Seismic shifts are taking place in the global economic architecture as countries accelerate efforts to transition clean and green economies. The transition to a new green economy will present opportunities for higher paying jobs and economic growth.
Seismic shifts are taking place in the global economic architecture as countries accelerate efforts to transition clean and green economies. The transition to a new green economy will present opportunities for higher paying jobs and economic growth.
We welcome investment in the energy sector from companies that are at the forefront of green technologies.
We welcome investment in the energy sector from companies that are at the forefront of green technologies.
Heavy focus on solar photovoltaics (PV) and wind, two of the most relevant technologies for our Region.
Heavy focus on solar photovoltaics (PV) and wind, two of the most relevant technologies for our Region.
Accreditation
Accreditation
for schools of higher education
for schools of higher education
Laws provide excellent structures for wealth management.
Laws provide excellent structures for wealth management.
Growing film industry and orange economy.
Growing film industry and orange economy.
Kirby Cove, San Francisco, United States of America
TheUnited States is the fourth largest country by total area and the third most populous country in the world after China and India, with over 327 million people from various ethnic backgrounds.
The US is still the largest economy in the world. The country is rich in natural resources, at the forefront of scientific research and technological development, and is host to many top global companies, particularly within the financial and IT sectors.
Often referred to as a nation of immigrants, the USA has a long history of accepting peoples from all parts of the world and turning them into American citizens.
For many of the people in the world, the USA remains top of destination wish list. The United States is a vast country, with vibrant cities, sprawling agricultural belts, Diversity and resurgent post-industrial areas where new arrivals can find affordable homes or attractive investment opportunities. American higher education and healthcare are top notch, the economy is strong and diversified, and the country remains welcoming to investors who hope to secure their own piece of the American Dream.
There are a few options for US investment routes. The EB-5 Visa program was introduced in 1990 to enhance the economy by encouraging foreign direct investment from non-American passport holders in order to create jobs.
The EB-5 Visa is a Green Card, giving foreign investors the opportunity to become US residents. Traditionally the US allocates 10,000 EB-5 Visas every year. They are granted to foreign investors who put a lot of cash in a business, regional centre in the United States that creates jobs as part of the investment. Applicants must identify a suitable, approved project in which to invest; either via Direct Investment or via a Regional Centre Investment.
A Green Card doesn’t provide mobility benefits, other than the right to reside in the US and residents who take lengthy trips outside the country, risk being deemed to have abandoned their US residency and forfeited their Green Card. For investors who gain citizenship, a US passport is one of the strongest in the world, providing visa-free travel to 176 countries.
Another investor route is the E-2 Treaty Investor Visa, which allows an investor, spouse and children to move to the US for the purposes of owning and operating a business. Only citizens from certain countries are eligible –a list of E-2 Treaty current countries are available from the uscis.gov website.
A quick guide to the US investor options:
• EB-5 Program:
Minimum investment TEA – $800,000
Minimum investment amount (Non TEA) – $1.05 million
• E-2 Visa: $150,000 approx. (stock or cash)
• EB-3 Visa: $35,000 in instalments
The new rule changes that have been implemented to the EB-5 program as of March 2022 are now in force.
These changes include: priority date retention to certain EB-5 investors, substantial increases to the required minimum investment amounts, reforms to targeted employment area (TEA) designations, clarification for the USCIS procedures for the removal of conditions on permanent residence, plus there may be other technical a nd conforming revisions to be made.
Other visas are available. You can apply for an L1, B-1, B-2E1, EB1C or an H-1B.
• Frequent travellers
• High-net-worth individuals
• Those looking to establish businesses in the US
• Those looking for better educational opportunities for their children
•
Those looking for safety and security
• Those seeking economic stability and business diversification.
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Investors in the US EB-5 program should only work with agents and brokers who have committed to register as “promoters” with USCIS once that registration program has rolled out, and only with agents who already have registered once the program is active.
The US Congress learned that sellers of opportunities to investors under the US. EB-5 immigrant program have been paying huge commissions, often adding back-end participation interests, to agents and brokers (collectively, “promoters”) originating those investors. Sellers typically disclosed in their private placement memorandums the possibility of such compensation in general, but almost never specifically. Agents have a huge conflict of interest arising from the temptation to steer investors to sellers who pay the highest commissions, and they have a serious disinclination to disclose to their investors just how much they are getting. Often the promoter is being paid multiples of the return on investment the investor can hope for. Congress concluded that this has tended to contribute to investment into poorly run projects that sometimes experienced fraudulent “diversion” of capital into undisclosed projects or into lavish personal expenditures of organizers.
Thus, in addition to requiring independent third-party fund administration by the investment sellers, the EB-5 Reform and Integrity Act of 2022 (RIA) imposes several requirements on EB-5 promoters and the parties who sell through them:
1. Each promoter who participates in offering EB-5 invest ment must register with USCIS using new Form I-956K, in which the promoter must confirm that the promoter has not been involved in certain types of misconduct.
2. The investor’s I-526E petition must include a written disclosure, signed by the investor, of all fees, ongoing interest, and other compensation paid by seller and related parties to any promoters.
3. A promoter and the seller of the securities must have a written agree ment with each other that requires the promoter to register with USCIS and to follow USCIS guidance (yet to be issued). Sellers and sponsoring regional centers are required by the RIA to certify that everyone involved in their EB-5 offerings are complying with securities laws of the US and of the investor’s country of residence and that they have in place policies and procedures to ensure such compliance. Securities laws prohibit any misleading of investors, including failing to disclose conflicts of interest.
In a Federal Register notice, USCIS published a draft Form I-956K with instructions to solicit public comment for 60 days, due November 1, 2022. It is expected that USCIS will finalize and implement the form soon after.
Promoters who want big commissions are going to tend to want to get around these requirements. Investors need to realize that it is in the investor’s interest not to let that happen. First, the investor is required to include in the I-526E with USCIS the written disclosure of promoter compensation.* Failure to include that could result in denial of the I-526E. Why not get that disclosure up front to consider in making the investment decision? Second, USCIS is likely to cross check the promoters whose compensation is disclosed in the I-526E to make sure the promoters are registered with USCIS on Form I-956K, and if not then USCIS is likely to require such registration before the I-526E is adjudicated. Third, USCIS could investigate the failure of promoters of a seller’s and
regional center’s offerings to register with USCIS and use adverse findings as a basis to “terminate” the regional center or “debar” the seller or related party. Such termination or debarment triggers denial or revocation of the investor’s immigration approvals unless the investor quickly associates with another regional center and/or seller and makes amended filings, which could be very complicated and uncertain. So promoters’ compliance is critical to investors’ immigration success.
Investors should be informed clearly and early who will earn what money because of their investment, because this reveals to investors the true extent of the conflicts of interest that may be involved in the advice they are receiving. Investors should require any promoter seeking to sell them an investment to provide copies of:
1. The promoter’s proof of registration with USCIS (once such registration becomes possible).
2. The promoter’s registration with securities agencies, if required, under the laws of the countries where the agent and investor are located.
3. Written disclosure of any fees, interests, or other compensation that everyone involved in the promotion will receive as a result of the investor’s subscription.
4. If the investor senses any hesitation about item 3, the promoter’s actual written agreement with the seller or at least all sections having to do with compensation.
Commissions to securities promoters are normal, just as they are for real estate salespeople. But they should be disclosed. And the promoters should be registered with USCIS and with any securities agencies that local law requires. Failure by investors to insist on these matters could contribute not only to financial loss but also to immigration failure. ●
* USCIS first version of Form I-526E, for investors sponsored by regional centers, does not mention the requirement of the written disclosure of compensation, but this is an oversight that will be fixed in subsequent versions, and meanwhile USCIS is likely to issue Requests for Evidence from investors who use the initial version of the form to have them supply the written disclosure that the statute clearly requires.
Robert C. Divine, leads Baker Donelson’s Global Immigration Group. He authored Immigration Practice (a well-respected national treatise for 15 editions), served a few years as USCIS Chief Counsel and Acting Director, and was elected Vice President of IIUSA (EB-5 regional center association) for 7 years. He syndicates EB-5 project offerings and represents regional centers and investors. You can contact him at https://www.bakerdonelson.com/robert-c-divine
Promoters’ compliance is critical to investors’ immigration success.
EB5 Capital is a $850m+ commercial real estate investment firm headquartered in Washington, DC. Since 2008, EB5 Capital has been providing international investors a path to obtain US residency and citizenship through carefully selected EB-5 investment opportunities. EB5 Capital is one of the few Regional Centers in the industry with a track record of over 30 projects who have taken investors through the entire immigration process and returned funds across multiple transactions. To date, EB5 Capital has a 100% success rate in project approvals.
The EB-5 Program was established by the US Congress in 1990 to benefit the US economy by attracting foreign direct investment from all over the world. The Program has created an overwhelmingly positive impact on the US economy since then. Between 2008 and 2021, the EB-5 Program helped generate $37.4 billion in foreign direct investment and to create and retain hundreds of thousands of US jobs at no cost to the taxpayer. Under the Program, each investor is required to demonstrate that their EB-5 investment came from a lawful source and facilitated the creation of or saved at least ten jobs. As of March 15, 2022, the requisite investment amount is set at $1.6m, or $800,000 if the investment is in a highunemployment or rural area.
The EB-5 Investor Program experienced some turbulence after November 2019, due to multiple attempts by the government and the EB-5 industry stakeholders
to reform the Program. Ultimately, Congress passed new legislation in March 2022, the EB-5 Reform and Integrity Act (the “RIA”). The RIA is focused on investor protection through increased regulatory oversight. The new legislation introduced several changes to improve the stability of the EB-5 industry and increase confidence in the Program’s future. A 5-year reauthorization with a set investment amount helps prospective investors to plan for their immigration and investment timeline with more certainty. Under the new EB-5 Program rules, foreign investors who already reside in the US may be eligible to enjoy the benefits of concurrent filing, such as a work permit and the ability to travel and come back to the US without a visa.
While EB5 Capital already complied with most of the integrity measures required by the RIA, they immediately adopted additional protocols where necessary and expect they are in full compliance. EB5 Capital has a variety of EB-5 investment options at the reduced $800,000 TEA level and looks forward to expanding its investor family.
To learn more about EB5 Capital’s services, please reach out to Ms. Elif Egeli Izmiri, Director of Investor Relations, at eegeli@eb5capital.com. ●
EB5 Capital has a variety of EB-5 investment options at the reduced $800,000 TEA level and looks forward to expanding its investor family.
Roberto Contreras is a former EB-5 investor and the CEO of Houston EB5, an award winning EB5 visa firm that has helped over 1,400 immigrants. What does the re-authorized and renewed legislation mean for the sector?
The EB-5 Immigrant Investor Program is administered by United States Citizenship and Immigration Services (USCIS) to grant investors, along with their immediate families, permanent residence in the US. in exchange for a minimum investment amount in a project which has proven to create at least 10 full-time US. jobs.
Under this recently extended and renewed program, significant capital investment funds have been gener ated, creating numerous jobs which help the US. economy.
To administer and promote the program, the USCIS grants licenses to privately (or publicly) owned entities that authorize them to raise EB-5 funds and promote job creation more effectively. The official name for such an entity is a regional center.
In many cases, regional centers have done what they were intended to do and proved to be a good vehicle for investors looking for a safe and passive investment to achieve permanent residency. However there have also been more than a handful of cases of fraud. These cases oftentimes have invited a large media response, and such negative coverage has affected the reputation of the program over the years.
Recently Congress has taken corrective action. On March 15, the EB-5 Reform and Integrity Act of 2022 was signed. I’m the CEO of an EB-5 Regional Center, and here are four specific policies that I believe industry leaders and investors should pay attention to.
The EB-5 Reform and Integrity Act demands that regional centers keep meticulous records. In fact, every federally licensed regional center will be required to undergo a full audit at least every 5 years, which will be conducted directly by the USCIS. The USCIS will also conduct at least one in-person site visit to every EB-5 project. Through these audits and site visits, accountability has been taken up a substantial notch that could allow investors to feel more secure.
Each project funded through the EB-5 Program must document exactly how their funds were used. Within 30 days of funds being used, regional centers must provide a report to investors detailing where the money was spent. Moving forward, regional centers will also need to have a third-party fund administrator that signs off each time money is taken from escrow to pay for project-related expenses. Requiring a 3rd-party attorney or CPA signoff to release funds provides a new level of anti-fraud protection.
As a further transparency measure, regional centers are now required to disclose how much they are being compensated for raising these funds, including the earnings amount of all their finder agents. Each agent employed or contracted by every regional center –
regardless of whether the agent lives and works abroad or resides in the US – needs to register with the USCIS. Likewise, every time the regional center signs up a new agent, and the agent brings a client to the project, the amount the agent was paid will be disclosed in the client’s application to the USCIS. In turn, the client and USCIS will both be able to see the total amount. This can help guard from potential moral hazard as sometimes the EB-5 projects that were promoted the most in the market were the ones that offered the highest commissions.
The EB-5 Reform and Integrity Act also allows a more forgiving stance for investors in projects where things don’t go to plan. Perhaps the project didn’t take off or the regional center they invested in was later closed up or shut down. I’ve found that occurrences like these are never the fault of the investor. Investors are now allowed to change projects and/ or regional centers – within 180 days of notice—without having to reapply. Additional funds from the investor are required to the extent that they are needed to create the requisite number of jobs.
While these reforms will not impact past investors, regional centers or projects that have already raised EB-5 funds prior to March 15, I believe they will have significant impacts for everybody moving forward. The compliance costs will likely be felt for project offerors; and to a certain extent, these costs could be passed on to investors themselves. Another unintended consequence of increased compliance costs may be that smaller ventures or projects will be priced out of the market thereby only leaving larger projects for investors to choose from. I think the optimistic outlook to all of this, however, is that with more federal oversight will come more credibility, and ultimately more foreign investment dollars and job creation.
Like any new law, much of how it is interpreted and implemented will be up to the regulatory agency responsible for it (in this case, the USCIS). I think history has shown that it is best for EB-5 providers to err on the side of caution and take a conservative approach in following reporting and transparency requirements until the USCIS has seen enough to clearly communicate what is expected in terms of best practices.
Though investors have a lot to celebrate with the new integrity measures in place, some EB-5 providers will naturally look to shift new compliance costs onto investors. These costs can either take the form of higher administrative fees and/or lower returns. It would be wise for investors to look deeper into how regional centers and referral agents are compensated to ensure that the cost is commensurate with the value they provide.
USCIS has been vocal about ramping up the pace of processing times; they have even announced plans for a formal review next year on how to make this happen – and that includes increasing salaries, courtesy of the additional fees they will be getting from requiring regional centers to redesignate.
In addition to investor safety, these changes will help to make the program more efficient by shifting the burden of checking for compliance from the USCIS to the private sector. Thereby the USCIS will not have to spend so much time ensuring the program is properly administered. As an EB-5 firm, we could only hope the USCIS will streamline and improve their record-keeping by utilizing technology. With the volume of additional reporting needed, the creation of an online submission portal would make the process much easier for all parties involved.
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Article reprinted courtesy of Forbes – www.forbes.com.
History has shown that it is best for EB-5 providers to err on the side of caution and take a conservative approach until the USCIS has seen enough to clearly communicate what is expected in terms of best practices.estate with Houston EB5. For more details visit houstonEB5.com
Top 25 EB-5 attorney, Mona Shah, Esq., uses her extensive knowledge of all facets of EB-5, to advise individual, high profile and corporate clients from all over the world how to make the big leap from E-2.
For many entrepreneurs looking to operate a business in the United States, taking the leap to EB-5 can be a daunting and lengthy process. As such, countless investors instead opt for the E-2 visa, another investment visa which offers quicker adjudication times with less stringent application requirements – at the cost of permanent residency status and the benefits that come with.
While EB-5 and E-2 are the two investor visa options available, a third option has emerged: E-2 to EB-5.
E-2 to EB-5 is when entrepreneurs enter the country and begin business operations on an E-2 visa, before applying for an EB-5 immigrant visa based on the same project and investment. It is not always possible to move from an E-2 to EB-5 visa. Preparation from the outset is highly recommended.
What is an E-2 Visa?
An E-2 Visa is a non-immigrant visa that is established through a commercial treaty between the United States and the individual’s nationality, provided their country has a treaty that is still current. As long as the individual can be shown to have active involvement in a commercial enterprise which they have irrevocably committed substantial capital towards, they, their spouses, and their children (under the age of 21) may qualify for this category of visa. Of course, this is simply a summary; there are further, more specific requirements to be fulfilled before the process commences.
What are the benefits of an E-2 Visa?
One of the most prominent benefits of the E-2 visa, and one of its most differentiating features from the EB-5 visa,
is the amount of capital that is required to be committed to the commercial enterprise. There is no set standard for how much capital must be invested for an E-2 investor, so long as it is enough to help develop and direct the enterprise and is not marginal, in that it is enough to create jobs beyond the need of just the petitioner and their family.
Another potential benefit is the increased amount of control that may be held for a potential investor. E-2 visas require immigrant investors hold at least 50% ownership of the enterprise to which they are investing. While this increases the stakes and potential risks, it also helps petitioners establish themselves in the market in a more fundamental way, allowing them to guide the direction of the business far beyond their initial investment.
The E-2 visa also does not have a time limitation, meaning investors can remain in the United States as long as business is operational, and they continually renew their visas so as to not fall out of status.
No, an E-2 visa is a non-immigrant visa and does not lead to permanent residence without another immigrant petition. The holder of an E-2 is not mandated to file for an EB-5, but often, given the investment by the petitioner, an EB-5 application makes sense.
An EB-5 visa is an investment-based immigration visa, that grants the petitioner permanent residency and leads the pathway to eventual citizenship. though it is distinguished from the E-2 visa in several ways. Most prominently, the EB-5 visa has a set requirement for investment capital:
$800,000 for investments in commercial enterprises that exist in targeted employment areas and $1,050,000 in enterprises that exist in all other areas. Additionally, it must be shown that the capital contributed by the EB-5 visa applicant created at least 10 full-time jobs for qualified US citizens. The type of project the investor puts their capital towards, either a direct project or a regional center (RC) project, determines whether the investor will take on an active (direct) or passive (RC) role in the enterprise’s management.
The EB-5 visa may be the simplest method for which an investing immigrant and their family can petition to become lawful, permanent residents of the United States, so long as the source and path of their investment capital can
be proven to be legally acquired and transferred to the enterprise they are investing in. The petitioner does not need to have a business background of any kind (which the E-2 visa does require in some respect), nor do they need to be proficient in English, nor have a minimum education level to apply.
As mentioned above, an E-2 visa does not inherently become an EB-5 visa. Specific steps must have been taken during the E-2 application process to set up a seamless trans ition into EB-5. To petition for a permanent green card under EB-5, the investor must meet have invested equal to or more than the required amount ($800,000 or $1,050,000 depending on the business location) and create at least 10 full time, direct jobs. Under the EB-5 Reform and
An E-2 visa does not inherently become an EB-5 visa. Specific steps must have been taken during the E-2 application process to set up a seamless transition into EB-5.
Integrity Act (RIA) pooled investments under a direct scenario are no longer possible. In addition, under RIA a single direct investor can no longer use a regional center for their own project.
Capital invested at the E-2 stage can be counted towards the EB-5 amount. However, all capital included in the EB-5 petition must meet USCIS’s strict Source of Funds standards. If money previously invested cannot be lawfully traced and sourced, then it cannot count towards EB-5.
If the E-2 and EB-5 businesses are the same, then funds already invested at the E-2 stage must remain in the project to qualify as EB-5 capital.
Profits garnered from an E-2 business can also be used for EB-5 purposes. The E-2 investor can take funds earned by their company and use them towards the EB-5
minimum investment amount, so long as the funds meet the outlined requirements:
• Funds taken from the E-2 business do not result in the business’ demise or loss of viability
• All necessary taxes are paid on the funds taken from the company, ensuring that the funds are considered “distributions” and “retained earnings”
Once funds have been lawfully drawn from an E-2 company, they are free to use as the investor pleases. They can be used to make an EB-5 investment into a new business entirely or be reinvested into the existing business to meet the minimum investment amount for EB5. It is also possible for the EB-5 investment to comprise of both previously invested funds and new funds earned from business operations. ●
Scenario 1: E-2 business and application eventually leading to an EB-5 investment and petition in the same business
A successful E-2 petitioner (named “Rose”) is already in the US and has a continuously viable E-2 business. She has been regularly consulting with her immigration counsel to carefully plan how to turn her E-2 business and investment into a successful EB-5 investment. The E-2 business only necessitated an initial investment of US$250,000 to get up and running. This E-2 business is also still located in a Targeted Employment Area (TEA). Since its start, this E-2 investment has been very profitable and Rose is planning to take $600,000 in distributions, pay all applicable taxes, and then use $550,000 to reinvest into the E-2 business to meet the $800,000 minimum investment amount for EB-5.
Rose’s accountant and immigration attorney work with her to correctly document her company’s profits and distributions which lead to her retained earnings used as the remainder of her EB-5 investment. Her immigration attorney explained to Rose that even though her business is doing well and has a high valuation, she must still withdraw the necessary distribution in order to have her EB-5 investment meet the “investment” requirement. Rose understands that she cannot use her company’s “future profits” as her EB-5 investment. Her investment must be clearly documented as lawful and as her own separate funds, not funds that still belong to her business. In the source of funds section of her I-526 petition she is clearly able to document where her initial $250,000 investment lawfully came from as well as how the remaining
$550,000 became her own personal funds before reinvesting. Rose clearly showed the full $800,000 investment into her company, with no overlap between her initial investment and the final investment. The original $250,000 was left untouched in the E-2 business in order to ensure her E-2 business and visa remained valid. This business plan also includes detailed plans and timelines of when Rose’s successful E-2 business will hire enough employees to meet at least the minimum 10 full-time positions created. Rose’s immigration counsel may advise her to leave and then return to the US (at least 90 days) before she files her I-526 petition. This affords Rose a full 2 years in which her I-526 petition can be adjudicated before she has to worry about dual-intent issues. (Note: E-2 visas do not allow dual-intent.)
Scenario 2: From the start, the E-2 business and petition is structured to meet all EB-5 requirements, petitioner funds the required EB-5 minimum investment amount, and files I-526 petition right after entering the US on E-2 visa
Petitioner (named “Ronald”) works closely with his immi gration counsel to structure his E-2 business and investment to meet all requirements of both the E-2 and the EB-5 visas. Ronald plans to start a successful E-2 company in the US and invests the full US$1,050,000 to meet the EB-5 minimum investment requirement (Ronald’s business is not located in a TEA, so he must invest at least $1,050,000). Ronald’s business plan is Matter of Ho-compliant and details when he will hire at least 10 full-time employees. He enters the US on his E-2 visa and immediately files his I-526 petition.
To help illustrate E-2 to EB-5, consider the following two scenarios:
Deepanshu Pandita, CEO, US at Kïdo prefers to be direct. Here he explains why.
America has always had a special relationship with immigrants seeding businesses. Whether it was Irish farmers fleeing the potato famine or brilliant eastern European inventors escaping religious persecution, the persona of the beleaguered but entre preneurial, challenged but ever optimistic immigrant that founds a new enterprise that succeeds spectacularly despite all odds, is woven into American folklore. The specifics have evolved, but the theme remains the same – bring your unique talents, intellectual capital, hustle and hard work to this country, with immense rewards for future generations of your family. How well has this compact worked for America? Despite imperfections, spectacularly so – accents, cuisines, technologies, art, science, you name it – immigrants have left an indelible mark on every feature of American life. From Tea houses to Tesla, America was, is, and continues to be, a nation built by immigrants – they are the reason why the United States has remained a beacon for innovation beyond its shores, enticing more smart and hardworking people to immigrate – quite the virtuous cycle.
Of course, old immigrants don’t make it easy for aspiring new ones! Which brings us to the USCIS, and the EB-5 immigrant investor visa program. What fits the above image of the enterprising immigrant better? A highnet-worth foreign individual who hands over a check to a regional center that pools many hundreds of such faceless investors, most with very little idea and no interest in the business they are funding? Or the entrepreneur who performs due diligence on a management team and oversees the success of a carefully chosen business, to whatever extent their current geography, skills, life pursuits, and family priorities allow, in the process earning a return on investment that is commensurate with their risk?
When the EB-5 program was originally conceived in the early nineties, it was to support investment into small business by enterprising immigrants, in the process creating full time jobs for Americans. Then came the regional center ‘pilot program’, and the concept was usurped by huge real estate projects using ‘indirect’ jobs to support investment take outs for big construction finance. With big money came a massive, self-serving, global marketing machinery paid for by Regional Centers. That is America at its best too, of course! The point of the above isn’t to criticize the mainstream model, but to point out that because many investors simply do not even come to know a direct option exists and get a chance to invest in a project well suited to their needs, they lose out on a great alternative.
The fact that large regional center projects are less risky than a well-researched and appropriate direct project is of course, a myth. After all, just because there are hundreds of other investors in a project does very little to ensure that the project will in fact succeed, and the relative size of such a project is not necessarily the best for an investors leverage if something goes wrong, as many RC investors have found over the years.
Then there is the economics and the management. Should an investor be resigned to paying the high administrative fees typically charged by Regional Center projects to pay for ‘compliance’, and then to earning negative inflation adjusted returns? Direct projects, when chosen properly, can keep initial costs down, be flexible on investing schedules, provide real income, and be exited with capital appreciation. The direct investor would also, under the rules of the newly passed RIA, typically be the only EB-5 investor in a project, making for a better
The fact that large regional center projects are less risky than a well-researched and appropriate direct project is of course, a myth.
governance structure, with a level of engagement with the local management team that works for their needs.
The unique genius of America is the invisible hand that guides individual aspirations into collective progress. This relationship works especially well, financially, and socially, when a critical sectoral need is married to a business opportunity. What is the best compact today between aspiring EB-5 applicants with financial and human capital, with the needs of their future adopted country? Simple – invest in America’s future – consider investing in underserved, undercapitalized sectors – create jobs in businesses that have been the most deserving, yet the least successful in accessing capital. You and your family could play your part filling a massive social need and earn better returns with an investment in pre-schools, daycares, and other critically important sectors where capacity has been decimated due to the pandemic, and the cycle is ripe for investment. In a direct investment framework, this can even support the immigrant investor as a potential source of business income once their family is in the US.
With Kïdo Preschool as a partner, an investor benefits from the company’s global expertise in siting and a great real estate network. More importantly, Kïdo’s awardwinning curriculum, hiring and HR acumen, and best in class marketing go a long way to increase the likelihood that full time jobs and superior investment returns are created over time. You can find out more about Kïdo’s global operations by visiting www.kido.school ●
If you are interested in learning more about EB-5 direct investing opportunities with Kïdo schools in the US, please contact one of us.
We offer investors a route map through with they can approach the complex and pothole-laden landscape of how to supply evidence of sources of funds for Employment-Based Fifth Preference (EB-5) investments, and a starting point from which to determine the documentation required for each individual’s journey. Everyone thinking of travelling down this road, however, should refer to an attorney for the legal particulars.
The United States EB-5 immigrant visa category was created by Congress in 1990 to facilitate job creation through capital investment from foreign investors and stimulate the US economy. In order to qualify, an investor must put at least US$800,000 into a new commercial enterprise and create at least 10 full-time jobs for American workers.
The EB-5 petition form, the I-526, needs to be submitted with documentation about the new enterprise and the investor’s source of funds for the investment.
The source of funds requirements are the same whether the enterprise is set up as a direct investment or regional center project.
The USCIS requires that investors prove that the sources of the invested capital were “obtained through lawful means” and that the investor has a “level of income” or has accumulated sufficient wealth that would enable the investor to invest. All claims to the source of funds must be properly and thoroughly supported with documentary of evidence of how the money was earned.
There are four categories of documentation required to prove this legality (copies are sufficient):
1. Foreign business registration records;
2. Corporate, partnership, and personal tax returns filed within the past five years;
3. Evidence identifying other sources of capital; or
4. Certified copies of court judgments, pending court cases, and administrative proceedings within the past 15 years.
This all might seem fairly straightforward, but in practice, USCIS requests a substantial amount of docu
mentation to prove lawful source of funds beyond these specified categories. Although EB-5 regulations do not specifically require investors to explain anything beyond the investment capital, USCIS has requested investors to also prove lawful sources of administration fees. Many projects charge such an administrative fee to cover operational costs and marketing expenses.
In addition to proving a lawful source of funds, investors must also prove a lawful path of funds. The path of funds is the method used to document that the investor has possession of the funds and transferred the money to the new commercial enterprise in the US. This must be properly documented to show that the funds arrived in the enterprise by legal means.
The standard of proof for investors’ source and path of funds specified in the EB-5 regulations is the “preponderance of the evidence” standard. USCIS needs to determine that it is “more likely than not” that the claims in the petition are true. It is a lower standard of proof than the “clear and convincing” and “beyond a reasonable doubt” standards used in other circumstances, however, USCIS adjudicators also use these higher standards of proof, so investors must be prepared to provide the appropriate, detailed documentation to pass scrutiny. Failure to reach USCIS standards results in the denial of the investors’ I-526 petition.
While this appears to be daunting, there are a few basic principles that can make the process a bit more manageable.
Each investor is different, so their financial arrange ments will be as well. Some investors have many assets, well over and above the amounts needed for an EB-5 investment. These cases allow for a good amount of flexibility in the ways an investor may prove their source
of funds. To determine the best strategy each investor needs to discuss all the options with an attorney with a considerable amount of similar experience, preferably with lots of experience of working with investors from the same country or region. Attorneys with this sort of background will be much more likely to be aware of the processes and pitfalls inherent to those particular jurisdictions.
There are three basic questions to answer:
1. Where are the funds now?
Investors’ funds may be in their bank accounts, or they may be in form of shares, property, or business investments. These may be located in the applicants home nation, or perhaps a third country where they have business interests. The easiest of the lot for USCIS to deal with is if the funds are already in the United States.
2. Where did the funds come from?
It can be a simple process to document sources of funds, but often funds come from multiple places and the situation is complex. If the funds were obtained from a third party, proof of their sources must also be obtained.
Finances can originate from employment earnings and bonuses; earnings or sale of assets from a business; an inheritance or family gift; share sale or dividends; retirement funds: proceeds from a real estate transaction or from sale of some other goods; or a loan from a financial institution, friends or family, or a business.
Investors who received the funds as gifts need to provide gift letters, tax certificates, and bank statements showing the deposits of the funds, as well as the lawful source of the giftor’s funds. Loan funds must be secured by collateral from the investor, and the source of the lenders funds must also be well documented. If the source of funds was a loan, the lawful source of the lender’s funds and the collateral for the loan must also be documented. If the lender is a well-known bank, then supporting documents will probably not be required. If the source of funds is an inheritance, the deceased party’s source of funds must also be documented.
Each of these categories need to be accompanied by the proper documentation – business contracts, employment contracts, financial statements, appraisal of values, property purchase and sale agreements, loan or mortgage agreements, ownership certificates, tax certificates and returns, and bank statements, and even full details on the companies from which investors received salaries or
other payments must be clearly shown. The devil is in the detail, and every penny needs to be tracked back to its original source. Documents for submission to USCIS must be accompanied by a full and complete translation into English, where applicable.
Investors need to make informed decisions regarding which source to use. If sources of income have become mingled this makes them extremely difficult to trace so they may consequently require multiple layers of documentation. In those cases investors should consider using alternative, more easily documented funds.
If, for whatever reason, full documentation covering all these aspects cannot be provided, declarations can be provided to USCIS, to support the I-526 petition. USCIS can accept declarations from appropriate from professionals to supplement missing documentation if the declarations are credible, but they should ideally only be used as a last resort. Declarations seen to be purely “selfserving” declarations are not enough to satisfy USCIS requirements for proof of either lawful source of funds or sufficient funds to invest.
3. How are the funds to be transferred to the project or to the escrow for the project?
The proof for path of funds must also be clear and unbroken. The path must clearly show that the funds have been lawfully transferred from the investor’s source overseas to the new commercial enterprise in the US. This can be especially difficult for countries, such as China and Bangladesh, which have restrictions in place to limit the outflow of currency. One of the easiest options is to use newly opened bank accounts for each part of the transfer of the money to the US.
Monies will be held in the escrow account, typically in a US bank with facilities to cover such investments, and the funds will only be released when the conditions from USCIS (and the EB-5 project) have been met. The funds in account cannot be used for any other purpose.
It is best practice to provide every document necessary to trace the path of invested funds. The following docu ments may be used to meet this requirement:
1. wire transfer receipts;
2. deposit receipts;
3. bank statements showing withdrawal of the funds from one account and deposit of the funds in another account;
4. letter from the bank confirming the funds transfer.
• Tax returns (both individual and corporate) for the last five years. If earlier years tax returns show higher income, also submit tax returns for three years of highest income;
• Financial statements (personal and business). Audited financial statements are preferred.
• Copies of investment or securities accounts for the last three years (if significant transactions occurred before the last three years, include documentation of those);
• Stock certificates;
• Bank statements for the last three years for any bank accounts in which you maintained a substantial balance.
• Business registration records of all businesses in or outside the US; promotional materials and website addresses;
• Documentation proving your ownership, directorship or officership in each company, including stock records or other official documents;
• Documentation relating to sale of any business;
• Accountant’s valuation of all businesses in which you own a controlling or substantial interest.
• Deeds and mortgage documents for all properties in which you own an interest; documentation of all real estate purchases and sales;
• Appraisals for all real estate that you own;
• Lease documents from which you earn lease income;
• If a loan or mortgage was taken out against the real estate, all mortgage documents from the bank.
• Your resume and educational documents;
• Employment contracts and professional licenses.
• All documents relating to inheritances you have received, including estate settlement of deceased;
• All documents relating to income received from divorce, including alimony, property settlements, etc.;
• All documents relating to income from civil lawsuit, including official judgment or decree of the court;
• All documents relating to gifts, including registration of gift with tax authorities or other documents;
• All documents relating to court proceedings, civil or criminal, and whether as a plaintiff or defendant.
Nicole Kasten. of Entier Wellness Technologies. wants to help us all to be our best selves, with daily universal digital health and wellness software for healthly lifestyles and performance improvement.
What is your background and what inspired Entier?
With a background in law and finance, I practiced as an attorney for a dozen years. Subsequently, I specialized in financial structuring of public/private capital partnerships that created sports facilities such as stadiums and arenas across the US.
My interest in sports performance data and how it could improve health and fitness across the board was mainly inspired by my daughter. My daughter was a field hockey player at a Division I University.
Exposure to my daughters training regime, led me to conclude that enjoying a healthy lifestyle, avoiding injuries, training effectively and maintaining peak performance, is reliant on individuals having a true measure of their physical capabilities. Unfortunately, I found that precise, human performance assessments and data analytics were only available to professional and elite athletes. Commercially available assessments were subjective and imprecise with little follow-up on how to improve.
What was needed was an integrated, consumer-focused, comprehensive human performance assessment that was both technologically sophisticated AND priced for the consumer market. I assembled a world-class team of professionals in the areas of human performance, medicine, finance and marketing to form Entier Wellness Technologies, Inc. This team is responsible for the creation of our sophisticated, evidence-based technology platform.
The team at Entier has a shared mission to provide critical insights for personal advancement in health performance through data collection and analysis throughout the entire human life cycle.
What insights can the data you capture generate?
We collect health and wellness data from both a best-inclass, in-person baseline assessments and from resources such as wearables, electronic medical records and data from activities and workouts from at-home and remote facilities. We then aggregate that data in our database and apply artificial intelligence and machine learning tools to create personalized insights, action plans and guideposts for improvement. This information is made available to our customers on our Connect/Improve app.
For individuals – whether ident ified by sport, workforce or within the general population – Entier’s assessment will collect over 340,000 data points from 25 assessments in eight major health, physiological and biomechanical areas. Using AI and multi-variate analysis, we offer our clients unique and revolutionary insights into their current state and health trends. Our assessment will be able to identify where they stand in relation to population health and athlete standards for their unique demographics (i.e. age, gender, sport or job).
Entier straddles the sports, worksite wellness and population health sectors. Just how big is your market, and what kind of returns do you expect for investors who come in at this stage?
Because of our facility at the ESPN Wide World of Sports complex at Walt Disney World, the initial focus for our business is the youth sports market – where athletes and their parents are prepared to invest substantial economic resources to their children enjoy and perform at the
Our assessment will be able to identify where they stand in relation to population health and athlete standards for their unique demographics.
highest levels in sports while avoiding injury and serious health issues. However, our technology has the same beneficial application for individuals of all ages and activity levels – especially in the areas of fitness, worksite wellness and community healthcare. These verticals have a combined annual market size of over US$200 billion.
We have projected that over the first five years of operations, we expect to collect and analyze over 1.8 trillion multi-variate data points from clients all over the world. With the revenues we are forecasting to generate over five years from operations ($958 million).
Based on projections, Entier expects to be cash flow positive during its first full year of operations. Our year 5 revenue projection is $959,531,000 and our five-year total revenue projection is $1,812,618,000. We expect to turn substantial profits in year two and thereafter. Our Gross Profit in year 5 is $286,886,000. Our Gross Margins are consistently high and exceed 80% in year 2 and thereafter. This results in a five-year IRR of 226% with a terminal value of $3,964,693,000 (9x EBITA).
Entier’s Health Assessment platform has attracted the attention of both Walt Disney and Advent Health, how did this come about and what does this relationship look like in the future?
Through my professional relationships, I was fortunate to meet the key leadership team at Disney Sports, the business unit within the Walt Disney Company responsible for, among other things, the operation of the ESPN Wide World of Sports complex at Walt Disney World –the busiest recreational sports complex in the world. Together we explored the possibility of making available the Entier assessment and online platform to the over 350,000 athletes who compete at the facility. This led to the creation of the Performance Zone – Entier’s initial health, wellness and performance assessment facility which will be located within the ESPN Wide World of Sports complex. There we will assess and collect data on those athletes, Disney cast members and the over 60 million visitors to Walt Disney World who visit our facility there.
Disney has, in turn, introduced us to the senior leader ship at Advent Health – one of the nation’s leading hospital systems and “Official Medical Care Provider” of Walt Disney World – and they have engaged us in discussions to scale both our on-site and on-line platforms into their medical and lifestyle facilities here in Orlando and beyond. We are currently in discussion with both Disney and Advent on the creation of a triparty collaborative venture to promote healthy living through Entier’s assessments and deep learning from the data we will be collecting. The most important and compelling aspect of this relationship will be the ability for Entier to quickly establish and scale our market presence in existing locations with established customer/ patient bases that both Disney and Advent supplies. This results in virtually zero customer acquisition costs for Entier and revenue generation opportunities that are enviable in the startup space.
Entier believes it’s unique position in the marketplace and alliances with both the Walt Disney Company and Advent
Health creates an enviable opportunity for an investor to join with us as we capture top market positions in sports, worksite wellness and population health verticals. An ideal investor would have a personal or professional interest in health technology who could possibly help Entier expand its market beyond the United States.
Because Entier will generate both operational revenues from its assessments and online platform as well as the value of the data it will be collecting, this is, perhaps, the most secret of all sauces Entier possesses – the safety and security of steady and substantial annual positive cash flows from its operations with the extraordinary upside of technology company valuation. Not many companies can boost of such an innovative business model which brings such massive upside potential for its shareholders.
Last, but not least, an ideal investor would also share an interest in real estate development opportunities as Entier grows its footprint in conjunction with Advent Health and their 130 facilities across the US. Many of Advent’s current locations have the potential for a substantial real estate development program comprising Entier standalone data collection and analytics facilities. ●
Kirk D. Eicholtz, President & CEO of Christian Tyler Properties, LLC explains why senior living and EB-5 are such a good combination for investors.
At Christian Tyler Properties, we stand out from other EB-5 pro viders by having a heavy invest ment focus on Senior Living Facilities.
Through utilizing both EB-5 Direct & Regional Center options, we have placed more than 120 investors in 12 different EB-5 senior living projects, with 25 more projects in our pipeline.
Our goal is to match investor families with a project that best suits their specific needs. In addition, our projects are strategically chosen so that EB-5 investor families can be confident in the security of their investment. Senior living projects offer four unique advantages:
The US elderly population is experiencing explosive growth, causing demand to grow faster than supply can keep up with. For example, the 65-and-older population will increase from 56 million in 2020 to 79.2 million by 2035.
Due to a high demand but a low supply, the US government created a policy to incentivize developers to create more senior living facilities in the US. This incentive, called “Section 232”, is a federal law mandating loans to developers in the senior care industry. It is one of the primary repayment strategies that we utilize to return funds to investor families. It is made available through various US Government Sponsored Enterprises, such as HUD, FHA, and FNMA.
According to the rules of the program, these Government Sponsored Entities are statutorily required to refinance the value of the project. This government incentive helps us provide additional exit strategies for EB-5 investors to receive a return of their funds in a timely manner.
In addition to strong supply and demand trends, the industry historically has strong investment performance returns. According to the National Council of Real Estate Investment Fiduciaries (NCRIEF), senior housing has been the number one performing commercial real estate sector for the last ten years. This includes the period encompassing the US 2007 capital market collapse, in which returns among other commercial sectors fell as much as 20%.
We develop senior care facilities in any area of the U.S. that is experiencing a supply shortage. This allows us to develop facilities in rural areas and targeted employment areas. Unlike high rise condominium and retail projects, senior care facilities can be built in nearly any city or town and has a greater chance of qualifying for the lower investment amount than an urban project. ●
Formed in 1996, Christian Tyler Properties, LLC is a real estate investment and development firm, that specializes in redeveloping and repositioning commercial properties into their highest and best use, including a heavy emphasis on senior care facilities and student housing.
We are experienced in both Direct and Regional Center EB-5 projects, and dedicated to finding customized solutions for each individual or family that best suits their needs. We also carefully vet each potential project through our network of EB-5 due diligence professionals.
As founder and CEO of CTP, Kirk D. Eicholtz has grown CTP into a highly successful real estate enterprise. Since becoming the majority owner of an EB-5 Regional Center in 2012, Mr. Eicholtz, through CTP and its partners in its regional centers, has successfully funded over US$475m in approximately 40 EB-5 projects.
Since CTP’s inception in 1996, Mr. Eicholtz has directed all strategic and operational decisions. He has built his business on the foundation of ethics, integrity, and honesty and has always believed in giving back to the community.
You can reach the team at Christian Tyler Properties at info@ctp-fl.com or by visiting the website at www.ctp-fl.com
(ABOVE) Located in the small, scenic, countryside town of Sparta, North Carolina, The Landings of Chestnut Grove –Assisted Living & Independent Living is an exceptional senior living community. (BELOW) Promise Pointe at Tampa Oaks –Assisted Living & Memory Care offers an uplifting, supportive lifestyle with first-class services and amenities.
Daniel D. Ryan of Atlantic American Partners offers his personal thoughts on the opportunities investment immigration to the US can give and why it is life-alterating, generational decision.
DanielRyan joined Atlantic American Partners (AAP) in 2018 and is now Managing Director, Emerging Markets, India, Europe, UAE, MENA/ Africa. In this capacity, he oversees the firm’s EB-5 investor visa private equity fund marketing activities in emerging countries, with a focus on on EB-5 foreign investment immigration opportunities into the USA.
Prior to joining Atlantic American, Daniel lived for 10+ years in Lilongwe, Malawi, where he cofounded and served as Executive Director for Development Consulting Solutions, a management consulting and organisational development firm based in Africa.
Living and working in Malawi for over a decade, Daniel acted as a bridge for Africans wanting to immigrate to the US. He began his career in commercial banking, first completing the management training programme at Bank of America, then working as the real estate lending officer for the multinational investment bank. Later, he shifted his focus to concentrate on larger commercial real estate construction and mini-perm lending activities throughout southeastern United States for Sun Trust Bank.
Ryan then worked as Vice President of Real Estate Development for Green Street Development in Orlando, before relocating to Denver, where he worked as Director of Land Acquisition/Government Entitlements for D.R. Horton, a NYSE-listed national home builder. In 2008, Daniel returned to Florida to work for Forge Capital Partners, where he focused on pre-development entitlement and permitting approval processes for the firm’s development initiatives.
Daniel’s interest and understanding of real estate investment and development started at a young age. He was raised by a local building contractor in California, which helped him to navigate some of the realities of ever-changing markets.
“My father was a small-time home builder/general contractor, and growing up I experienced the ups and downs of real estate investment and development. During up markets, when homes were selling and my father was doing well we were eating steak once a week as a treat. When the market was down, and my father was not doing well, we ate meatloaf or macaroni and cheese every day for weeks at a time. I understand the risks and rewards of real estate investment.”
This close connection to the real estate investment industry prompted Ryan to study for a Bachelor Degree in Business Administrative-Finance and a Master’s Degree Organisational Development/Corporate Education. Ryan believes in the value of continuing education within the field, so recently (during the COVID-19 pandemic period) completed the MBA Essentials programme from the London School of Economics, and the Venture Capital & Entrepreneurship executive education programme from Said Business School at the University of Oxford.
In 2006, Ryan left the US to work in Malawi for a World Bank consultancy, initially on a three months contract. The three months turned into a 12 year journey, which Daniel describes as his most significant professional achievement to date. While in Africa, he started a
What motivates me is working hard for a cause, task, or project that will make the world a better place and help improve lives.
management consulting and organisational development company with his wife, who is a chartered accountant.
“We were well respected and worked with an extensive, highly-respected client list including The Reserve Bank of Malawi, The World Bank, USAID/FHI360, The European Union, and numerous other business organisations, performing various economic development, equity invest ment evaluations, and capacity building consultancies throughout Sub-Saharan Africa. The company was profit able and sustainable for over ten years, competing with large international organisational development, real estate investment and management consulting firms.”
Ryan used the lessons learnt from starting his own business to address wider existing problems within the Malawian real estate sector. “My wife and I built our first real estate investment property from available cash flow and no bank construction loan. It taught me patience, perseverance, and in becoming a watchdog over every dollar/rand/kwacha spent throughout the entire construction process. The residential rental property took three years to build with no debt – we receive positive monthly cash flow from the investment which has given opportunities for my wife and I to build other development projects in Malawi, for affordable rental housing, which in turn helps through additional construction job creation.”
Moreover, Ryan has worked extensively within the property sector across the world and his humanitarian work is his first passion. He spent three years as an active Board of Trustee Director for Partners in Hope, HIVAIDS Medical Hospital in Lilongwe, Malawi, which is recognised as one of the premiere “free” HIV/AIDS fullscale hospitals in the region. He has also been involved in humanitarian-related economic development and educational empowerment activities in other international countries including Indonesia, Taiwan, and Mexico, as well as lower socio-economic areas of the United States.
His vast experience within his field and entrepreneurial skills combined with his goodwill is what drives this humanitarian instinct. “What motivates me is working hard for a cause, task, or project that will make the world a better place and help improve lives. Having positive social and economic benefit to communities and people who live in those communities, while making a reasonable income.”
Daniel Ryan has seen first-hand that there is tremendous opportunity for private equity investment throughout Africa and other emerging markets, in a variety of real estate sectors. This includes student housing, affordable housing for the general public, flex residential mixed-use
developments, infrastructure business industries and highquality hotels in the right locations and market areas –especially in countries that are well governed and have a solid basic infrastructure in place that can adapt and improve as growth occurs.
Atlantic American Partners is part of a 49-year old investment bank (CEA Worldwide) and private equity fund manager headquartered in Tampa, Florida that has completed over 900 investment banking transactions valued at over US$40 billion and managed over US$1.2 billion of capital for institutional investors (banks, insurance companies and pension funds) before moving into immigration-related investments in 2009.
Ryan joined AAP in 2018 as Managing Director of Emerging Markets. Atlantic American facilitates the EB-5 visa programme for investors wishing to immigrate to the US. His time in the role has coincided with a turbulent time for the investment migration industry – the Trump administration, political stasis in the US, and the COVID-19 pandemic.
In 2017, in the wake of President Trump’s travel ban from some Muslim countries, press speculation on subjects around international travel and immigration reached fever pitch. Daniel says this should not dissuade investors and hopeful immigrants. “There was a lot of media attention about America not wanting immigrants and that’s not true. I am a third generation immigrant from Sweden and the UK. 90% of Americans are immi grants to some degree… EB-5 is legal immigration and it is supported by not only the administration, but its supported by 100% of the population at large.”
Despite the heated political background noise the basics for international investment remained unchanged until COVID regulations impacted the US and the rest of the world in 2020.
“Because of our Diversified Fund Approach to EB-5 equity investment, our portfolio of projects have perform ed much better than most. Once again, risk reduction and property type diversification is key to success in real estate development and investment.”
Over the last few years EB-5 has travelled via a winding route which has confused some investors, but Daniel Ryan now feels it has reached a good place which can be built upon for the future.
1. Perform extensive and stringent property due diligence
2. Utilise sound and sophisticated financial models
3. Always include “worst-case scenario” in analysis
4. Location, location, location
5. Extensive criminal and financial background checks of property sponsors
6. Work only with people with high integrity
7. Always do the right thing, even though it may be hard
8. Integrity and credibility are of utmost importance
9. Honesty
10. Transparency
“We welcome the new and more stringent ‘Integrity Measures’ included in the recently approved EB-5 Regional Center Reauthorization legislation. We have been doing what is now required for years, and the industry and our investors will benefit from these adjustments. We welcome the change, and the change will filter out any remaining ‘bad actors’.”
Whatever the status, whatever the programme, Ryan always counsels of the possible perils for investors who do not fully comprehend what they are doing. “If investors do not properly investigate or understand the schemes that are being promoted to them as potential investors, their money could be at risk. Several people have lost significant portions of their investment and have, therefore, not been successful in their Green Card application due to investing in the wrong project with the wrong bad actors.”
Acting as a watchdog and improving lives is what motivated Ryan to join AAP and help investors to earn their Green Cards. “We are not the property developer; but rather a private equity fund money manager and watchdog for EB-5 investor’s investment and in making sure they obtain Green Cards. We have a proven track record with EB-5 Private Equity management and 100% approval rate for our investor’s receiving conditional and permanent Green Cards; return of principal on multiple offerings, received by our EB-5 investor’s by owing a limited partnership position in each of our diversified commercial real estate investment funds made up of 34 properties from mixed property investment types.”
There are many benefits to dual-citizenship. “I would say 90% of the people are doing this for their children
and for their education. This is high quality public education at low to no cost, that’s a huge plus. The money you would spend on private schools here is what you can invest and receive returns on and educate your kids for free.”
Ryan is very proud of the clients who’ve taken advantage of the dual-citizenship awarded by the EB-5 visa programme. “We have some incredible stories of people who have come to America. The folks who end up coming to America have succeeded quite well and so have their kids, they end up becoming PhD holders.”
“Even from personal experience I know the value of the opportunity of immigrating to the US. I lived in Africa, married a Malawian-born woman, then brought my wife and now five year-old daughter, who was also born in Malawi, back to the States. Since arriving back in 2018, my wife has finished a Master’s Degree in Professional Accounting from a high-quality, low-cost public university, and our daughter is now enrolled to start attending highquality, low cost, public elementary school. In essence, doors have opened and and there are many opportunities for a bright future. By contrast, Malawi is the fifth poorest country in the world, so I’ve seen real poverty and what immigrating to the USA (or another developed country) can do help improve a family’s life.”
Atlantic American Partners is dedicated to helping clients and their families achieve their immigration goals, while providing one of the safest investment solutions in the EB-5 industry. The team has well over 100 years of combined experience and have structured, completed, managed and exited investments through multiple business and economic cycles.
With a history of managing capital for banks, insurance companies and pension funds, AAP brings an institutional quality investment option, based on the principles of diversification and asset allocation. They have been sponsoring EB-5 investments since 2009, and mainly focus on the quality of projects rather than quantity of investors.
As a people and investment orientated company, AAP intentionally invests in smaller and more manageable projects which have a higher probability of success and profitability, With 100% project approvals to date this has helped over 700 families with their immigration process.
They are definitely NOT developers trying to raise money for their own projects, but rather a team of real
estate investors and asset managers who source only the highest quality opportunities from some of the best developers in America and then negotiate terms that benefits investors.
AAP’s EB-5 Business Model is different from more traditional models. Clients invest into a diversified fund instead of the more traditional single asset investment entity model, so lowering the risk for investors. EB-5 investors own an equal share of all projects in the fund, and return of capital comes from across the portfolio of assets.
AAP does extensive due diligence of all aspects of these projects, conservatively underwriting and ensuring the key aspects of the programme’s stipulations are fulfilled, in particular the job creation requirements. This due diligence encompasses the absolute need for the projects to be market-driven and set up to respond to a clear need. AAP also stays actively involved in every step of the process and monitors construction and spending in the projects, with transparent, audited financial statements. The company prioritises and makes sure the needs of investors align with its own, the structure being set up to generate profits and incentivise return of capital and a structured exit.
Past successful AAP investments include Yoo on The Park, Atlanta, Nine 15 and 500 Harbour Island, Tampa, all luxury multi-family rental; and Morehouse School of Medicine, Atlanta, Rivers Run, Boone, North Carolina, both purpose built student housing at Appalachian State University.
AAP’s most recent offering is a university campus facility in Gainesville, Florida. ‘The Swamp’. With a record-setting 56,000+ students enrolled for Fall 2020, the University
of Florida is a Power Five university, located in one of the fastest growing states in the country and the third largest state overall. The living space will have 181 one- to fivebedroom units with 604 total student bedrooms – located adjacent to the campus and football stadium. The units will be fully furnished for the students, with individual leases, study rooms, a computer lab, a student lounge, a rooftop amenity deck with swimming pool, a fitness centre and parking garage. With student numbers growing 1.3% annually, a strong market together with constrained land supply translates to 96% occupancy off campus, strong pre-leasing and rent growth.
AAP has made a $13.5m preferred equity investment, bridging 15 future EB-5 investors and the project is estimated to provide 444 jobs (29.6 jobs per investor).
“Our Diversified Fund Approach to the EB-5 foreign investor process has a stellar track record and our portfolio of investments and team that make it all happen are getting stronger as we expand into the future.” ●
Is EB-5 right for you? What are my next steps? Find out more about the options available at www.atlanticamericanpartners.com
• 35 Successfully Completed EB-5 Projects
• Approx. 700 Families Helped with Immigration Process
• 100% I-526 and I-829 Project Approvals
• $350m+ of EB-5 Capital Invested
• Capital and Profits Returned on Multiple Offerings
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.
St. Paul’s Cathedral view from the Millennium Bridge, London, UK
Investment
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 worldclass talent pool and a business-friendly 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.
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, part-time 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.
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.
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.
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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.
REPUBLIC OF IRELANDIn May, the new High Potential Individual (HPI) visa route to the United Kingdom opened for applicants. This is in line with the Government’s stated aim of attracting the ‘brightest and best’ talent to the UK.
TheHPI visa is a short-term work visa for individuals at an early stage of their career, who have shown they have a potential which could benefit the UK. They won’t need to have a job offer to apply. It is available to international graduates and gives permission to stay in the UK for at least 2 years. To qualify, applicants must have been awarded a qualification by a prestigious, Home Office approved university in the last 5 years. UK universities are not eligible. Individuals already in the UK on a student visa may be able to apply via the Graduate visa route.
Individuals must be able to meet the English Language requirement and must also show finances of at least £1270. Those applying with partners or children will need to show they have sufficient funds to cover these dependants as well.
Applicants with a Bachelors or Master’s qualification will be issued with a temporary, non-extendable 2-year visa. Those with a PhD or other doctoral level qualification will be granted a non-extendable 3-year visa. They can work for any employer or undertake selfemployed work in the UK.
The HPI visa cannot be extended and does not lead to settlement however, should an individual wish to remain, they may switch to another qualifying UK visa category providing the rules are met. Spouses, civil partners,
unmarried partners and children under the age of 18 may accompany the main applicant. Unmarried partners are required to demonstrate at least 2 years of cohabitation.
The cost for main applicants and dependants is £715 each. Individuals must also ensure they pay the relevant fee towards the Immigration Health Surcharge – currently £624 per annum for main applicants and dependants. Children under the age of 18 pay £470 per year.
Candidates must apply online, prove their identity and provide documents. They should then usually get a decision within 3 weeks if they are located outside the United Kingdom.
As a temporary immigration route, individuals must ensure they switch to an alternative visa if they wish to remain in the UK after the 2 or 3-year period.
There are concerns this route is fairly restrictive and that North American universities dominate the approved list, over those from Asia or Africa, however the visa may prove popular with employers seeking high quality candidates to cover skill shortages in the post Brexit UK labour market. Employers may initially hire individuals on a HPI visa and then consider sponsoring that individual on a Skilled Worker visa should they wish to retain that employee for the long-term. ●
The Global Business Mobility – UK Expansion Worker Visa is designed for senior managers and specialised staff who want to be temporarily transferred to the UK to work on expanding an overseas business. Sponsors are limited to sending up to five workers at a time.
Would this visa route work for you and your company, and would you be eligible?
The UK Expansion Worker route is only available if the company has not yet begun trading in the UK yet. If a company is currently operating in the United Kingdom, they should instead apply for a Global Business Mobility – Senior or Specialist Worker Visa.
The work visa does not guarantee permanent residency in the UK. Applicants may, however, be able to change their immigration status to one that leads to permanent residence. A partner and dependant children are welcome to join or accompany applicants.
To be eligible for this Global Business Mobility – UK Expansion Worker Visa you must meet UK visa and immigration requirements.
You must be at least 18 years old and currently employed by a business or organisation that shares common owner ship or control with your UK sponsor. You should have worked for the linked business or organisation for at least
12 months outside the UK unless you are a high earner earning £73,900 per year (based on working a maximum of 48 hours per week). You should have a valid Certificate of Sponsorship for the job you intend to do from your UK sponsor. You must earn at least £42,400, which should be compatible and the ‘going rate’ for the position, and generally have sufficient income to support yourself without relying on government assistance.
Depending on your circumstances, the specific stand ards you must meet may differ. You might want to get legal advice from an immigration attorney.
The 12 months of work outside the UK can be accumu lated over time if you worked continuously for the linked business or organisation, in the UK or abroad, for at least 12 months prior to the date of application and any breaks were only for statutory maternity, paternity, parental or shared parental leave, statutory adoption leave, sick leave, or assisting with a national or international humanitarian or environmental crisis with the agreement.
You’ll need a valid Certificate of Sponsorship (CoS) for the particular job you want to do. Your CoS must be from an employer who has been approved by the Home Office to sponsor a UK Expansion Worker. Your CoS must have been granted no more than three months before the application deadline for the Global Business Mobility – UK Expansions Worker Visa.
You must convince the Home Office that you are being sponsored for legitimate employment. They will also want to know if you’ve accepted to work for a third party who isn’t your sponsor on a temporary or permanent basis.
As mentioned, employers must pay a salary of at least £42,400, and must be the “going rate” for the occupation. A list of going rates for qualified Global Business Mobility profession codes has been issued by the Home Office.
The Immigration Skills Charge is waived for employers who are approved by the Home Office to sponsor a UK Expansion Worker.
Applicants must have cash funds of at least £1,270 available, and they must have had the money for at least 28 days, ending no more than 31 days before the application deadline.
Applicants for the UK Expansion Worker Visa do not need to meet an English language requirement.
If your application for a Global Business Mobility – UK Expansion Worker Visa is approved, you will be given entry clearance for one year after the employment start date, or for the time specified on your Certificate of Sponsorship plus 14 days, whichever is shorter.
You can apply to extend your visa for another 12 months if you want to stay longer in the United Kingdom. A UK Expansion Worker Visa allows you to stay in the UK for a maximum of two years.
You may not be permitted to stay in the UK for the full period if you have previously visited the UK on any of the Global Mobility Routes or the former Intra-company routes. This is because you can only stay in the UK for a maximum of 5 years in any 6-year term under the scheme.
During their visit Visa holders may also pursue a degree of education or do volunteer work, although they won’t have access to public funds for these purposes.
The Visa does not lead to permanent residence in the United Kingdom, but you may be eligible to change to a different immigration path that leads to settlement. www.gov.uk has information on all of the major immigration routes.
Visa holders can be joined or accompanied by a dependant partner over the age of 18 as well as dependant children under the age of 18.
Businesses of all sizes can use the Global Business Mobility routes as long as they have a trading presence outside of the UK and a qualifying link to a UK company. The type of work assignment being done in the UK determines the qualifying links to UK enterprises. The UK business must also supply evidence that it intends and is able to establish a new UK branch or a wholly-owned subsidiary of an established overseas business. The international business must have been in operation for at least three years, although there are some exceptions to this requirement.
To apply for a sponsor licence businesses must have a UK footprint, such as a UK address or Companies House registration, but they should not have started trading in the UK yet. The international business must be active and trading, and must also convince the Home Office that it is capable of effectively growing in the United Kingdom. It must present a viable expansion business plan and demonstrate that it can fund its expansion aspirations. The Home Office will usually expect the overseas company to be a steady or growing company that has begun planning for expansion.
Sponsors of UK Expansion Workers must designate someone to be in charge of managing the sponsor licence. If no suitable settled worker in the UK is available the rules allow for a Proposed Authorising Officer to be located outside the UK. In this case, the UK sponsor will receive only one Certificate of Sponsorship and a “provisional rating”. After that, the Proposed Authorising Officer must be the first worker to be sponsored and companies can re-rate to an “A-rating”.
The UK Expansion Worker Visa in detail:Neil Francis, Interim Managing Director, Scottish Development International, explains why Scotland is so enticing to entrepreneurs and global companies.
Despite the ongoing challenges of the past two years, Foreign Direct Investment (FDI) remains critical to the global economy.
According to the United Nations Conference on Trade and Development’s (UNCTAD) World Investment Report 2022, global flows of FDI recovered to pre-pandemic levels last year, reaching $1.6 trillion, while many economists agree that the strong inward investment performance of countries strengthens their supply chains, enhances their R&D spend and expands the base of their exporters.
It’s therefore no surprise that inward investment is a fiercely competitive marketplace. More nations and regions are committing ever increasing resources to secure a limited number of investment projects.
That means locations such as Scotland, where inward investment is vital to our nation’s prosperity, needs to be strategic in its approach to attracting FDI. We need to focus on the strengths that give Scotland a genuine competitive advantage compared to our competitors.
One of these strengths is Scotland’s commitment to wellbeing. And that’s why Scottish Development International (SDI), Scotland’s trade and investment agency and the international arm of Scottish Enterprise, has adopted a values-led approach to attracting inward investment.
Scotland has so many attributes that are attractive to global companies, including our incredible workforce, competitive cost base, world-class universities, supportive business environment and unparalleled natural resources. But one of the factors that seals the deal for entrepreneurs is the outstanding quality of life on offer.
Scotland is a beautiful country. Our scenery, culture, architecture, food and nightlife are second-to-none, while our people are some of the friendliest you will find.
Our compact size and excellent connectivity also mean that you are only ever a few hours from some of our most incredible cities such as Edinburgh and Glasgow to our iconic Scottish Highlands… ‘Coding in the Highlands and meeting in the City’ as one investor recently described it to us.
And don’t just take my word for it. Time Out has just named Edinburgh as the best city in the world and Glasgow 4th best to visit. No other country has two cities in the world’s top 10!
So, the attractiveness of Scotland is clear. But our values-led approach to attracting FDI extends beyond highlighting the quality of life on offer to companies – it’s what Scotland can do to make the world a healthier and cleaner place, too.
For example, a priority sector for SDI in terms of attracting inward investment is highlighting Scotland’s leading role in tackling the global climate emergency and our commitment to net zero. Through the combination of a supportive policy environment, a government fully committed to climate change, outstanding academia, innovative companies and an incredibly skilled workforce, Scotland is a low-carbon world leader.
That’s why Scotland attracts a significant number of inward investment projects that focus on energy-transition. Examples include Dutch-headquartered global health and nutrition company, Royal DSM, choosing Scotland to manufacture its ground-breaking feed additive, Bovaer®, which results in a 30% or more reduction in methane
Scotland has so many attributes that are attractive… but one of the factors that seals the deal for entrepreneurs is the outstanding quality of life on offer.
West Highland Way, Scotland, United Kingdom
produced by cattle, while Japanese firm Mitsubishi Electric Air Conditioning Systems Europe Ltd revealed that it would invest £15m in its manufacturing facility in Livingston to develop the next generation of heat pumps.
Alongside the obvious environmental and social benefits this values-led approach to attracting investment brings, it also places Scotland at the centre of a global move to screen investments based on corporate policies and to encourage companies to act responsibly.
Environmental, Social & Governance (ESG) investment has seen investors showing interest in putting their money where their values are. Also known as Socially Responsible Investing, in 2020 ESG-focused funds broke through $1 trillion in assets under management.
That’s why SDI warmly welcomed the publication of the Scottish Government’s Global Capital Investment Plan in the spring of last year.
The final pillar of the Government’s strategy to inter nationalise Scotland’s economy, Investing with Purpose: Scotland’s Global Capital Investment Plan signals to the market Scotland’s commitment to an open and transparent investment environment, aligned with our values.
SDI is already playing a significant role in delivering the Global Capital Investment Plan’s ambitions, including utilising existing company and investor relationships via
our Growth Investments teams and working with our inward investment specialists to explore private capital opportunities for global companies.
All of this helps SDI build an ‘Investor Ready’ pipeline of opportunities, allowing us to engage with external partners to ensure we maximise the greatest number of opportunities. Together, we can then present our best propositions to potential investors, creating demand for investment in the most internationalised areas of our economy.
So, these are exciting times for Scotland. And we can help your company be part of it.
SDI has a presence in more than 30 locations across the world. Our in-market inward investment specialists work closely with Scotland’s wider international business networks, including our wonderful GlobalScots and the country’s Trade & Investment Envoys to highlight just why businesses choose Scotland for growth.
Alongside this, our TalentScotland team provides support to those who are considering setting up a business or developing their career in Scotland. TalentScotland supports inward investors and entrepreneurs attract and retain the right talent within their workforce.
Scotland has the perfect blend of talent, innovation, financial and renewable resources to help your business prosper, not to mention an unrivalled quality of life for you personally. Get in touch and join us. ●
Edinburgh view from Calton Hill, Scotland, UKFERIA DC is a commercial property play that has unique advantages including several streams of predictable income and unique risk mitigations, making it not just a great investment but a very straightforward way to obtain your visa.
+1 (954) 632-4489 info@feriadc.com FeriaDC.com
