CBI Spring-Summer 2022 – 2nd edition by BLS Media

CITIZENSHIP BY INVESTMENT

Discover a new future What next for you and your family?

ISSUE 22

SPRING/SUMMER 2022

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Contents Spring/Summer 2022 A legal perspective on investing into the USA from Turkey

After EB-5 reauthorisation… What comes next?

Turkey’s Investment Immigration potential remains untapped

What do the changes to EB-5 mean for global investors?

Considering emigrating for educational opportunities?

A diversified approach to a changing world

What is the US E-2 Visa?

Montenegro Country Spotlight

Vanuatu Country Spotlight

Why not make your Plan B Antigua & Barbuda?

Remaining client-focused in the face of unprecedented change

Portugal Country Spotlight

USA Country Spotlight

Malta Country Spotlight

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Spring/Summer 2022

2022

Istanbul

ISTANBUL 4

Citizenship By Investment

FOREWORD

Editor’s foreword

elcome to the 22nd issue of Citizenship by Investment – your one-stop resource for what’s new and topical in residency and investment migration around the globe. Firstly, I am pleased to confirm this year we are back with in-person events. BLS organised the first ever Global Investment Immigration event that took place 21st May 2022 in Istanbul, Turkey at the Hilton Bomonti. There were presentations from a selection of hand-picked sponsors outlining the routes to US immigration via the E-2 and EB-5 Programs. In this issue we review the biggest stories and news updates in the residency and citizenship industry. The investment migration landscape is fast evolving, with a greater number of countries launching residence, entrepreneur or citizenship programmes – and on the other hand a number of countries, such as the UK, have rearranged or scrapped their investment programmes. The UK Government has permanently closed the Tier 1 (Investor) Visa route for foreign nationals. The closure took effect from February 2022 and applies to all new investor visa applications from applicants of all nationalities. This time we have industry experts discuss the legal perspective on investing into the US from Turkey;

upcoming BLS Global events; how education is a key factor for migration; what comes next after EB-5 reauthorisation; why not make a plan B; a city spotlight on Istanbul; and why BLS envisage Turkey is untapped market for residency and citizenship. With the outbreak of hostilities between Russia and Ukraine we anticipate a number of countries will make changes to their programmes to facilitate Ukraine nationals fleeing the war. After Russia invaded Ukraine, thousands of Russian STEM (Science, Technology, Engineering and Math) professionals left the country. Many sought temporary respite in other regions, such as Georgia, while weighing their options. Those unable to find a permanent place to live and work are likely to return to Russia. Russia has been the most talked about topic this year, but we must look forward and build a sustainable investment migration industry globally. The industry can become hugely beneficial, and not just commercially, for the companies in this sector. Investment in residency and citizenship has the chance to help shape future societies, redefine global mobility and reposition our understanding of where we are from, in favour of a more fluid concept. ●

Spring/Summer 2022

OPINION

A legal perspective on investing into the USA Dr. Yavuz Selim Sarıibrahimoglu, Founding Partner of the Sarıibrahimoglu Law Office, advises Turkish companies and individuals looking to expand their interests in the USA.

usinesses aim to make a profit and achieve sustain– “Brownfield Investments” are a mix of greenfield able growth by providing economic stability. For investments and mergers and acquisitions. One of the this reason, investment decisions are made by parties would typically be a local company operating taking into account the political, legal, geographical, in the investee country, and a new venture formed by demographic structure of the country, and financial including a partner from another country. This structure market conditions. The stability and future of the invest– is compulsory in some jurisdictions and it’s purpose is ment should be secure as well as the investor’s profit. This for foreign investors to create ongoing relationships with stability is most possible in states that provide a strong domestic investors. economic and democratic tradition, such as the USA. “Merger & Acquisitions” is a form of investment Looking at investments on the made by acquiring or merging with global scale can create a blindness to a company in an investee country. the conditions and business practices With a merger, two companies, one Where longof the particular relevant country. of which is foreign, come together term strategies and Extensive knowledge of local laws, on equal terms and become a single business culture and practices for the company. The acquisition of a investments are country is very critical. company, on the other hand, means made, this creates a When a foreign invest ment is that the investing company buys network effect and considered, the determination of all or most of the shares of a local strategies, investment type and financ company in the country where the opens the door to new ing, market-entry, market research, investment will be made and alienates investments. various feasibility reports on the the company by incorporating it. product, consumer, and market, the This form of investment does country’s political and economic not cause a capital increase in the structure, mutual agreements between the country and country. However, it does involve less risk and cost for Turkey, tax, and other incentives provided by the country, the investor and is more advantageous when the rate of will also be on the agenda of any decision-makers. return is taken into account.

Forms of investment

Developing a strategy

We can define the investment methods in three ways as “Investments from Scratch”, “Brown Field Investments”, “Mergers and Acquisitions”. “Greenfield Investments” are a form of investment created entirely from scratch by bringing outside capital to the country and acquiring a production facility. The hardest part is – while the return is obtained in the long term, the risk and costs are high.

Long-term strategies should be drawn up for sustainable investment abroad. Where long-term strategies and investments are made, this creates a network effect and opens the door to new investments. There are three main issues with foreign investments. The first is to grow in value chains, to be closer to the source of raw materials and export markets. The second, is competitiveness. Here, too, both cost

Citizenship By Investment

OPINION

and innovation come to the fore. Cost-effective labour is important. For this, they turn to underdeveloped and developing countries. With more innovative businesses, on the contrary, more investors will opt for developed countries, like the USA. The competitiveness comes from the uniqueness of a different product, a different technology. The third is the issue of market access. At this point, any legal regulation advantages which the jurisdiction can provide are useful. Some countries put legal benefits in place to attract foreign direct investors. It is foreseen that three motivations will come to the fore for Turkish companies after the pandemic. These are market and portfolio diversification, the convergence of supply chains and digital transformation. In market and portfolio diversification; market, product/service, and sector diversification is important. Again, there will be efforts to bring supply chains closer with factors such as proximity to raw materials and markets, and ease of logistics. Right now, everyone is questioning the new normal way of doing business. Automation in production, online channels and digital infrastructure in sales. It

is highly important to identify regions that can attract investment even during the pandemic period, and where you can develop the further investment plans.

Moves towards globalisation Turkish companies, which have successfully navigated their way through the shocking effects of the pandemic, have accelerated their steps towards globalisation. According to data from the Ministry of Commerce, foreign direct investments increased by 62% in the third quarter of 2021 when compared to the same period of 2020, reaching a peak of US$560m. The total amount of direct investments made by Turkish investors abroad almost reached US$50 billion from 2003 to 2020. In 2021, there were remarkable increases in investments in the industry and manufacturing sectors, where the service sector was previously far ahead. Investing abroad requires a certain level of capital and experience, and needs to be planned correctly depending on regional needs and market conditions. Government incentives and tax concessions also

Spring/Summer 2022

OPINION

facilitate this process. In particular, the US Government shapes the foreign investments of Turkish companies with its strong economy, developed sectors, educated workforce, and the different opportunities offered.

International law companies provide opportunities Residence and immigration opportunities, investment incentives, and tax advantages make it attractive to invest abroad. Companies prefer direct investment to get a larger share of commercial traffic in global markets. Law firms also have a big role to play in terms of which country will be more advantageous to invest in. International law firms, especially those which specialise in investment planning, tax optimisation, and international commercial disputes, open doors of opportunity all the while helping Turkish companies avioid the worst of the risks. As an experienced and innovative international law and consultancy company, we direct the investments of Turkish companies in many countries with an experienced team that pulls together lawyers from the different parts of the world. Our dominance of the 21st century legal industry enables us to comprehensively evaluate both regional and multinational agreements. We have provided consultancy to help with the overseas investments of Turkish companies, and we have provided business opportunities for many others. Investing abroad is now an important agenda item for many of the firms who are based in Turkey. This is especially the case for large-scale groups that have reached a certain capital power and are the leading companies in their sectors and so are actively evaluating foreign investment alternatives with the aim of becoming

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a regional power. The foreign acquisitions of Turkish companies are increasing every year. In the last ten years, Turkish companies have made 250 acquisitions in foreign markets with a total value of approximately US$50 billion. Infrastructure, energy, tourism, food, chemistry and retail were the sectors that made the most investments. While the foreign investment flow to the USA, one of the top countries in the index, was US$156 billion in 2020, the period US foreign investment stock reached US$10.8 trillion. While the investment rate in finance and wholesale trade decreased significantly, the greatest investment inflows occurred in the chemicals sector. M&A sales of US assets to foreign investors reached almost US$100 billion in 2020. The country has remained the largest foreign investment destination over the past few years, thanks to its broad consumer base, a predictable and transparent justice system, a productive workforce, a highly developed infrastructure, and a business environment that encourages innovation. In addition, the Foreign Investment Risk Assessment Modernisation Act (FIRRMA), passed in mid-2018, significantly expanded the Foreign Investment Commission’s (CFIUS) review mandate on national security grounds.

Important agreements for investors to be aware of There are two important agreements which investors should be aware of, which will be different depending on which country they are based in. One of these is the double taxation avoidance agreement, which includes taxation conditions, and the other is the mutual promotion and protection of investments, which includes legal rights and conditions.

OPINION

1. Double taxation avoidance treaties Double taxation is when a taxable income is subject to taxation in more than one country, the same income is taxed both in the country where the income is derived and in the country where the income-earner is a resident. In order to eliminate this undesirable situation, countries agree a Double Taxation Agreement (ADR). Since taxes on income are included in the scope of the agreements, the taxes that are the subject of application for Turkey are income and corporate taxes. 2. Agreement on mutual promotion and protection of investments In addition to commercial risks, investors may also encounter legal and political risks in the countries they invest in and may incur losses accordingly. Bilateral agreements with important provisions have been signed between states in order to reduce risks and to protect and encourage investments by creating a reliable investment environment. The Mutual Promotion and Protection of Investments (YKTK) Agreements, are of great importance for investors in a foreign countries. Containing indispensable pro visions such as determining the limits of the treatment be applied to the investor by the host country, protecting the fundamental rights and interests of the countries in which they invest on the basis of international law, securing profit transfers, determining the conditions of possible expropriation transactions by the host state, and resorting to international arbitration in case of a dispute. Turkey signed the Agreement on Reciprocal Promotion and Protection of Investments with the US in 1990, which makes Turkey a part of the E-2 Treaty and allows Turkish citizens to obtain the E-2 nonimmigrant classification, and be admitted into the United States when investing a substantial amount of capital in a US business. Increasing the exports of companies, investing abroad, recognition of Turkish brands in the world, and gaining a place in the world… all are important matters, high on the agenda of the Turkish Government. For this reason, many governmental incentives have been created and successful practices have been developed over the past few years in order to support the private sector by paving the way for strengthening and growing the economy. These range from help for companies doing initial market entry research and those spreading to many countries across the world. ●

TURKISH GOVERNMENT INCENTIVES FOR INVESTMENTS ABROAD: Increasing the exports of companies, investing abroad, recognition of Turkish brands in the world, and gaining a place in the world… all are important matters on the agenda of the Turkish Government. For this reason, many incentives have been created and successful practices have been developed in order to support the private sector by paving the way for strengthening and growing the economy. These range from help for companies doing initial market entry research and those spreading to many countries across the world. • Report Support: This is to support the sector, country, and brand-oriented reports that companies purchase in order to create their market entry strategies abroad. • Overseas Company Acquisition Support: Expenses related to financial and legal consultancy services for investors to acquire companies residing abroad are supported. • Advanced Technology Company Acquisition: In order to increase the share of high-tech products in exports and our technology capacity, and to ensure technology transfer, expenses related to financial and legal consultancy services for the acquisition of companies residing abroad with advanced technology are supported. • Overseas Unit, Brand Registration, and Overseas Promotion Support: In order to enable companies to establish their own distribution channels and carry out promotional activities abroad, the promotional and trademark registration expenses of the companies abroad and the rental expenses of the units opened abroad for the purpose of trading goods. • Net Rental Expenses • Promotion Expenses • Trademark Registration Expenses • Branding and Turquality These incentives are closely monitored and provided by the Ministry of Trade with extended services to minimise the risks for Turkish companies and citizens for their further investment plans abroad.

Spring/Summer 2022

INVEST IN TURKEY

Turkey’s Investment Immigration potential remaining untapped Is this the new Dubai for the Investment Immigration Industry? BY SUPRIYA SHETTY, STAFF WRITER Global Investment Immigration firms have an opportunity to tap into the Vibrant Turkish Investor Markets. BLS is seeing an increase in representatives and offering of Citizenship By Investment to the current expat community.

GIIS ISTANBUL 2022 will bring together investors, investment immigration agents, legal experts, real estate and property developers, global mobility managers, financial planners, wealth managers and government officials. There is a large HNWI community in and around Istanbul.

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This Exhibition programme will deliver presentations on the latest developments and policy changes in the fast changing immigration investment industry, as well as offer offshore real estate investment opportunities.

INVEST IN TURKEY

The presentations and lively panel discussions will be delivered by leading influential industry experts and educational thinkers in the migration/investment marketplace. The dynamic conference programme has been structured around globalised migration/investment countries and regions, including the USA, Canada and the Caribbean together with the UK, the Republic of Ireland and the Mediterranean region. Please see the conference programme for full details. The structure of the event allows for premium VIP networking sessions outside of the conference sessions, providing the opportunity for delegates and invited industry experts plenty of time to make those vital connections and undertake private meetings in an exclusive exhibitor zone. Additionally, the GIIS / IRES 22 Istanbul, Turkey Evening Reception will also take place at an exclusive location in Istanbul.

Why Turkey? •

Successful interest and conversion from BLS Turkey Road Show

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Turkish citizens want visa-free travel to Europe with the right to operate businesses, with the USA also being a popular option.

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825,589 E2 Visas have been issued since 2012

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Property sales to foreigners surged 77% annually in December 2021 to 7,841 properties via the Turkish Citizenship Program

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Over 7,000 foreigners received Turkish citizenships via home purchases between 2017 and 2020

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Foreign nationals who have an obtained Turkish Citizenship are either opting are seeking alternative options

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Foreign nationals can take an unsecured loan against property to fund their next migration move

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Foreign home sales – mainly to Iranians, Iraqis, Russians, Pakistani and Afghans – reached an all-time high, official data shows, as a sharp falls in the lira made Turkish property more attractive to foreign buyers.

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Turkish brokers and agents are looking for international partnerships to offer alternative options for their client

Immigration to USA and Europe was a top priority to Investors in the light of currency depreciation and concerns from the Turkish Expat Community where their Turkish Citizenship can be revoked. GIIS / IRES 22 Istanbul, Turkey is the must attend event for investors, immigration investment industry professionals, real estate and property developers, legal experts and wealth managers. Register your interest today www.giisummit.org

Plan B, Children Education and long term secure settlement are the main motives for Investors based in Turkey.

Spring/Summer 2022

CITY SPOTLIGHT

Istanbul Istanbul has it all: over 2500 years of history, culture, and traditions, amazing landmarks, vibrant nightlife, and breathtaking views. This transcontinental metropolis is a fast-paced cultural melting pot you can’t afford to miss.

Citizenship By Investment

CITY SPOTLIGHT

Istanbul, the city of incredible monuments stanbul exudes an enduring allure that stems from Istanbul offers everything. There are numerous reasons to its long history. Byzantium and Constantinople visit Turkey’s greatest metropolis, ranging from physical were historical names for the city. Several ancient remnants of bygone empires to the sights and sounds of empires used it as a hub. In the centre of the city, several a modern city as experienced through its up-and-coming architectural marvels, remains of ancient dynasties, still neighbourhoods. stand tall. Despite the city’s antiquity, many relics of Istanbul’s Istanbul’s famous historic walled city sits on a triangular wealthy past have survived. The city’s cultural legacy peninsula that connects Europe and Asia. Istanbul has is amazing. There are historical sites all across the city. stood amid clashing surges of religion, culture, and Ottoman palaces, Byzantine castles, and Roman-era imperial power for over 2500 years, serving as both a obelisks are just a few of Istanbul’s ancient landmarks. bridge and a barrier. It was one of the world’s most coveted The East Roman Emperor Justinian I built the Hagia cities for most of those years. There is no other city on the Sophia, which means “holy knowledge,” as the Christian planet that is situated on the crossroads of two continents. cathedral of Constantinople for the state church of the It was not just old, but it was also for centuries Europe’s Empire in the 6th century. Following the conquest of most heterogeneous city, with over a dozen languages Mehmed the Conqueror in 1453, it spoken on its streets, ranging from was transformed into a mosque and Italian to Persian, Greek to Arabic. fortified. The marbled framework It was, above all, a city designed for For centuries of this architectural marvel, as well trade and commerce. Istanbul can Europe’s most as its dreamlike interiors, can be be described as a fusion of old and seen. Calligraphic panels and bronze new cities, as well as an Islamic and heterogeneous city, lamps adorn the walls, which are Mediterranean cultural blend in a with over a dozen mostly covered in exquisite mosaics compelling ambiance. Only a few made of gold, silver, and colourful places in the world can compare to languages spoken on stones. Istanbul in terms of how enjoyable it its streets, ranging And the Blue Mosque, built in is to visit and experience. the 17th century by Sultan Ahmed. Istanbul provides visitors with an from Italian to Persian, It is a must-see historical attraction. amazing experience with its colourful Greek to Arabic. It The thousands of blue handcrafted daily city life and vibrant nightlife. was, above all, a city iznik tiles that adorn the inner The city’s stunning silhouette blends walls are where the mosque gets its historical sites and monuments from designed for trade and name. Traditional Ottoman designs, the Byzantine, Ottoman, and Turkish commerce. flowers, fruits, and other scenes periods, such as Roman aqueducts, are shown on the tiles. The Sultan Byzantine churches, Venetian towers, Ahmed I mausoleum, six beautiful and Ottoman palaces. minarets, and the 43-metre central dome are also visible. The skyline also includes skyscrapers and plazas, as well It’s critical to follow the regulations and not make too as majestic minarets. The Historical Peninsula and the much noise in a fully operating religious facility. Men Bosphorus, in particular, will make you fall in love with and women must cover their knees, shoulders, and upper the city. arms, as well as their hair in the case of women. Plan your Visitors can take a public boat trip or charter a private visit around the five daily prayer periods unless you want boat to see some of the city’s most breathtaking sights. to pray. Istanbul is also one of the world’s most vibrant The Basilica Cistern is the largest of several hundred metropolises, with a diverse range of intercontinental ancient cisterns that lie beneath the city, built to provide events, international film, music, and theatre festivals, water for long sieges behind the impregnable walls. international biennials, and more than 80 museums Then there are the lesser-known but equally gorgeous and numerous art galleries showcasing all aspects of Süleymaniye Mosque, Galata Tower, and several other culture, arts, and history, including painting, sculpture, Byzantine churches. photography, and more.

Spring/Summer 2022

CITY SPOTLIGHT

The diversity of Istanbul “If the globe were only one country, Istanbul would be its capital,” Napoleon is reputed to have stated. Travelers throughout history have agreed with this notion in numerous ways. Istanbul has long been a melting pot of cultures, religions, and people. “Everything meets everything else” might be a better way to define the city than the outdated East meets West term. Churches and mosques share space with synagogues. Walking the streets is an exercise in figuring out what language you’re hearing at any given moment, with diasporas from Georgia, Armenia, Syria, Egypt, Korea, the Philippines, and dozens of other nations contributing to the city’s vibrant fabric. If you want to avoid the tourist hordes, day travels in and around Istanbul are ideal, especially during the summer months when temperatures spike. Take some time to visit the Black Sea’s little towns and beaches, the Princes’ Islands in the Sea of Marmara, or the Belgrad Forest (north of the city). Bring some snacks and a speaker to see a different side of Istanbul.

A holy month in the city Ramadan (or Ramazan in Turkish), the holy month of fasting, is one of the most beautiful periods to visit the city. The city comes alive after sundown, even if it is fairly quiet during the day. Local governments host iftar feasts each night, where tens of thousands of worshipers gather to break their daily fast at sunset, and public spaces around mosques are transformed into picnic fields for feasting after prayers. During this month, enjoy the best of hospitality, with a sense of camaraderie and connection that extends to everyone who sits at the table.

Eastern and Western cuisine in harmony The centuries-old mingling of cultures has had a significant impact on the culinary landscape. Istanbul is a hotbed of gastronomic innovation, with chefs renowned for inventing fantastic new dishes based on classic Turkish recipes. Therefore you may sample a variety of foods, ranging from authentic Ottoman cuisine to traditional Turkish cuisine with delectable mezes and meat or fish dishes to modern Western cuisine. If you still have room in your stomach, sample one of the various Turkish desserts. You can order raki, Turkey’s national anise drink, or select from a variety of high-quality Turkish wines or fresh juices. Because there is so much to see in Istanbul, practically any rooftop bar or restaurant will provide you with a pleasant view of the city. 5 Kat, located in the popular Taksim-Cihangir district, offers some of the best views of both continents, as well as superb service, food, and drinks. Alexandra Cocktail Bar serves excellent drinks and has a view of the Bosphorus, which is not often easy to come across in the city. Like the rest of the neighbourhood, the pub has a more laid-back vibe, making it ideal for escaping the throng. Once you’ve finished your drink, you can get lost in the area’s many small backstreets dotted with cafés and eateries.

Shopping in Istanbul Istanbul is known for its serious shopping. Istanbul has a plethora of shops. A visit to one of the city’s many modern retail centres can take you from opulent to the mainstream. You can also look in less touristy areas of town for genuine, handcrafted items by local designers and craftsmen.

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CITY SPOTLIGHT

If you enjoy haggling, the Grand Bazaar is unquestion ably heaven on Earth. Bazaars are an important aspect of Istanbul’s culture, and the Grand Bazaar, with more than 30,000 square metres of space, is one of the world’s largest. Decorative tiles, handwoven rugs, antiques, and other items might take up hours of bargaining. The neighbouring Spice Bazaar is almost as large, with a vast selection of spices, herbs, and tea. Most Istanbul neighbourhoods also have their own weekly food market, selling fresh fruit from the countryside, cheeses, and fish from the adjacent seas.

The street cats of Istanbul Thousands of cats wander Istanbul’s streets and are jointly cared for by locals, making them one of the city’s success stories. During the Ottoman Empire, cats were supposed to have arrived on ships anchored in the city. These ships were equipped with cats to combat rodents and other minor pests, and they thrived in the metropolis. Some believe this is due to the influence of Islam (the country’s primary religion) and its affection for cats, which stems from an apocryphal incident in which the Prophet Muhammed ripped a piece of his tunic away to avoid disturbing a sleeping cat.

Study in Istanbul Istanbul is home to five of Turkey’s top universities. Because of the vast array of possibilities available at these top-ranked colleges, Istanbul is an excellent place to begin your search for a degree in whatever field you desire. Istanbul’s universities have a large number of highly qualified faculty members, ensuring high-quality education. Professors and staff workers, notably at Sabanci University, are always available to students. After graduation, the degree’s value is recognised locally and internationally, making it easier to pursue employment or further education overseas. Istanbul is one of the world’s most cost-effective metropolises. Money goes much further for students, who are eligible for discounts throughout the city. Many international students from all over the world have registered to study in Istanbul, seeking undergraduate, master’s, and doctoral degrees. It also boasts the most exchange students from Europe, the United States, South America, and Asia in Turkey because it has the majority of Turkey’s top universities and the most agreements with overseas colleges. There are numerous festivals held throughout the year, ranging from private university festivals to Turkish music festivals, Holi festivals, Halloween celebrations, and other annual fests lasting several weeks. In terms of genuine investment prospects, there are tax benefits for young entrepreneurs who seek to open a cafe, shop, or do other businesses. All students with a bank account can invest in the stock market. Investment prospects in Turkey extend beyond Istanbul. New investors are constantly welcome in real estate, farming, and other businesses.

Spring/Summer 2022

CITY SPOTLIGHT

Turkish citizenship Turkey is a potential country with a long history, serving as a link between Asia and Europe, and a vibrant population. Foreigners can obtain Turkish citizenship quickly and with several benefits. First and foremost, the general requirements for Turkish citizenship must be mentioned. Foreigners can get citizenship by marriage, birth, employment, or the acquisition of property in Turkey. A child born to a Turkish mother receives citizenship at birth, and also after the father formally acknowledges his child or a paternity process is concluded. Marriage to a Turkish citizen for at least three years is required to get citizenship by marriage. Another alternative is to obtain citizenship through employment and investment. Having a particular amount of money in the bank, purchasing real estate, starting a business, or becoming a partner in Turkey can all assist you in obtaining citizenship. After meeting the requirements for citizenship, you can take advantage of the social, economic, and political benefits that Turkish citizenship provides.

Benefits of obtaining Turkish citizenship Obtaining Turkish citizenship opens several doors because Turkey is a social rule of law country. To begin with, if you gain Turkish citizenship, you will be able to travel

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visa-free to over 100 countries across the world and will be able to apply for visas and travel permits online in seven countries, including Australia and Oman. You can keep your Turkish citizenship even if you have citizenship in another nation since Turkey allows dual citizenship. You can continue to live in Turkey with a blue card if your home country does not allow dual citizenship. After getting Turkish citizenship, you and your children will be eligible for free health care in public hospitals and free education at all levels. You can join political parties, organise new parties and associations, and vote in elections once you have earned citizenship. You can start a business in Turkey or in the nation where you live. Turkey’s location at the crossroads of Asia and Europe, as well as its young and educated population and status as a pioneer in agriculture and tourism, make it easier for you to invest in these sectors. Turkey is also attractive and privileged because it has an advanced infrastructure and highways, tunnels, bridges, and other big engineering projects are routinely built. Turkey is one of the few countries in the world where dual citizenship is freely available. With its prospective young workforce and liberal rules for international investors, Turkey may be preferred. You can apply for Turkish citizenship to boost your investment returns, take advantage of Turkey’s social rights, and take in the country’s natural and historical splendours. ●

CHARACTER | LEADERSHIP | INNOVATION

ois.edu.my

FEATURE

Education, education, education “No other investment yields as great a return as the investment in education. An educated workforce is the foundation of every community and the future of every economy.” – Brad Henry

many indices. The tech giants of Silicon Valley generate hile it was a definite focusing of priorities, this world-altering levels wealth and technological innovation was far from a new idea. A good education that other countries can only dream of – and inevitably system is a key factor in human, social and they also suck in top talent from across the globe. Wall economic development. Through education, an individual Street and the financial markets deal with fortunes on can increase the chances of having a good choice of better a daily basis. The US military budget by far outstrips all quality life opportunities, and societies reap the benefits its competitors, offering huge opportunities in cutting of an informed and flexible populace, keen to learn and edge R&D, computing and engineering. Hollywood improve themselves. and the entertainment industry sets As a recent academic report stated the popular culture – across music, “Better education leads not only to movies and television. The US also higher individual income but is also a Better education spends far more on healthcare than necessary precondition for long-term leads not only to any other G7 nation, meaning economic growth.” opportunities and salaries are also Most fast developing countries higher individual unmatched elsewhere. in particular will have this deeply income but is also a The attractions of these sectors are ingrained in their family structures necessary precondition obvious. Established professionals and cultures – from nineteenth and will want to move there, and young early twentieth century America, for long-term people will want to be educated to India and China today – building economic growth. there, to be on the spot to take on long-standing traditional and advantage of any and all of the religious belief structures. A society opportunities on offer. will become wealthier, and parents Additionally, the US is culturally and racially diverse will want to offer their children opportunities which they and was shaped by large waves of immigration from might have missed out on – thus completing a virtuous Europe and beyond, so this is a well-trodden path, with circle where economic improvement and life chances are many long-standing ethnic and religious communities. closely linked, for the majority at least. The country has some of the top rated universities in It’s a cliché, as well as an innate biological imperative, the world, dominating the top twenty and making up half that parents will want their offspring to get on in life. For of the top hundred on many lists. These include Harvard some, that might involve looking to make an international University, Massachusetts Institute of Technology (MIT), move, to take advantage of a better standard of living, Stanford University, University of California – Berkeley, a wider range of opportunities, or a specialism not catered Columbia, Johns Hopkins, Princeton, and these, of for locally. The options for primary and secondary level course, take large numbers of foreign students. education across the world are endless, and a vitally Each have their own specialities. MIT, for example, important basis for further study, but for now we will is best known for lab based R&D, including a Nuclear focus on tertiary, higher level education. Reactor Laboratory. More than $675m was spent on Top educational destinations research at MIT in a recent year, with additional federal The United States consistently tops surveys of education funding going to MIT’s Lincoln Laboratory, a Department rankings. As an economic and cultural powerhouse, with of Defense research and development lab focused on the world’s largest gross domestic product, it leads on technological solutions to national security issues.

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FEATURE

The United Kingdom also rates highly on educational rankings. Long established and globally recognised institutions, such as Oxford and Cambridge Universities, Imperial and UCL, attract students from all over the world. Major factors in creating that interest are language and cultural links with the US, the Commonwealth and the EU, as well as a tradition of educational excellence. UCL, for example, concentrates on arts and humanities, engineering, mathematical and physical sciences, and different aspects of the medical sciences. The university is affiliated with several hospitals and medical centres, such as the University College Hospital and the Royal National Throat, Nose and Ear Hospital. The university has been associated with many research accomplishments throughout its history.

The UK is known for its economic, political, scientific and cultural influence, with London in particular as the second-largest international financial centre and one of the most visited cities. It also leads in sectors such as medical research, aerospace technology, artificial intelligence and electronics, music and the arts, which attract many to the capital and specialist hubs. Canada is another country, well known for the quality of life, and a long history of welcoming a diverse range of migrants. Canada is a high-tech industrial society, a significant exporter of energy, food and minerals, with a high standard of living, well positioned next to its larger neighbour to the south, with traditional close links to Asia and Europe – the former colonial powers the UK and France in particular.

Spring/Summer 2022

FEATURE

Top-rated educational establishments include the University of British Columbia and the University of Toronto. Toronto attracts thousands of foreign students from more than 160 countries, especially India and China. It focuses on disciplines such as applied science and engineering, management and public health. A major innovation that the University of Toronto is responsible is insulin, which researchers discovered in the 1920s. The university’s Banting & Best Diabetes Centre is named after two of these researchers, one of whom won the Nobel Prize for this work. The Caribbean, as well as offering beautiful islands and a relaxed pace of life, is also home to internationally renowned education institutions, closely partnered with Canada, the US and the UK, which give their students the chance to gain internationally accredited training and qualifications. This is especially true, for those seeking professional medical qualifications. Those looking for the best medical education options in the Caribbean can opt for the American University of Antigua College of Medicine. The AUA is an international medical school, with a curriculum is comparable to the

Citizenship By Investment

UK, Canadian medical schools and the US. Through the AUA International Track, high achieving students have the opportunity of a clinical and teaching placement in the UK. Another well respected option is St. George University, located in the Grenada. Here again, is a competitive international environment where you can choose fields such as medicine and veterinary medicine, among others, and students can build on their education by pursuing a degree in the School of Graduate Studies. SGU has been the number one provider of doctors into first-year US residencies for the last 12 years combined, amounting to 1080+ as of April 2021. For those searching for similar opportunities, while enjoy ing a Mediterranean experience, there is the American College in Cyprus. The AEC was founded in 1975 in Nicosia and is based on the American curriculum and system. At the AEC you can develop many skills, from business administration, marketing and hotel management to culinary art and computer sciences. The school is well known for its transfer opportunities to many prestigious American, British, Canadian, Australian and European universities. ●

The City Is Our Classroom At Bennett Day School in Chicago, students learn by doing through dynamic project-based learning experiences. Recognized Nationally for Innovation Excellence in School Business Operations

Chicago, IL (United States)

+1 312.236.6388

www.bennettday.org

E-2 INVESTORS VISA

What is the US E-2 Visa? The E-2 non-immigrant classification allows a national of a treaty country to be admitted to the country when investing a substantial amount of capital in a United States business. The current E-2 Treaty countries can be found on US Government website https://travel.state.gov/content/travel/en/us-visas/ visa-information-resources/fees/treaty.html

Citizenship By Investment

E-2 INVESTORS VISA

The E-2 Visa allows non-US nationals to start up or invest in an existing US business. If you are citizens of an E-2 Treaty country you can apply for an E-2 Visa or you may alternatively need to look at obtaining a citizenship from one of the E-2 Treaty countries that allows citizenship such as Turkey, Grenada, Montenegro to name a few. We look at the most frequent question asked by investors for seek to obtain an E-2 Visa.

What are the requirements for an E-2 Visa? The E-2 visa requires the applicant’s intent to make a substantial investment and at least be a majority owner of the US business. The investment must be substantial and sufficient to sustain the business and employee US citizens. Two key points are no minimum investment is needed, but the investment must be substantial enough to sustain the business.

Can my children work in the United States with an E-2 Investment Visa? No. As they are dependent we ask you to seek special advice if your children are very close to being 21 or over.

What happens to my children when they turn 21 years of age?

What are the key benefits of an E-2 Visa?

When your children turn 21 they are no longer permitted to stay in the us as dependents. your children either have to leave the US or change their visa status.

You are allowed to travel in and out of the US without restrictions. • You can bring a spouse and children that are below 21

What document do I need to submit an E-2 Visa application?

• It is possible to obtain E-2 Visa via self-owned business • No annual limits on the number of E-2 visas that can be issued to qualified applicants • The main applicant’s spouse can work in the US • The main applicants’ children under 21 may attend the school of their choice in the US, but they do not qualify for a work visa • You can move an E-2 Visa to an EB-5 Visa, but speak with an immigration expert to structure it for you.

Is it better to start your own business or invest in an existing business?

The really depends on the US Consulate. When it comes to applying for an E-2 visa its advisable to use an experienced US Immigration lawyers so they provide the detailed information needed from source of funds, business plan, documentations etc

What will they ask in the interview? The interview should be straightforward as long as you have the correct documents and they might ask questions such as explain your business plan, your intentions and why do you want to apply for an E-2 Visa. The company you appoint should help you through this process.

What happens if I get denied an E-2 Visa?

Doing business in the US can be challenging as your need to meet the rules and regulations, if you have been operating a business overseas, it’s advisable to invest in an existing business that meets the criteria

If your application is denied by the local consulate, the office should give a reason for the denial. You should be able to present your E-2 visa application again if it is refused, as generally E-2 visa have a high success rate.

Do I need to recruit and employee with an E-2 Visa?

How to convert my E-2 Visa to a Green Card?

Simply, yes. US Immigration is issuing you a visa to benefit the US economy and recruiting US employees is a key factor to renewal for your E-2 Visa.

There are options available, but it’s advisable that you consult with an immigration lawyer from the beginning, so they can structure everything from day one. ●

Spring/Summer 2022

COUNTRY SPOTLIGHT

Vanuatu Vanuatu is a country in Oceania made up of 83 islands, of which around 65 are inhabited. It is believed the first inhabitants of Vanuatu were the Melanesian people of the Lapita culture, arriving from around 1300BC. The first Europeans to see Vanuatu believed they had discovered Australia. In 1774, British explorer Captain Cook charted the islands and named them the New Hebrides.

Citizenship By Investment

COUNTRY SPOTLIGHT

he Republic of Vanuatu is an archipelago in the South Pacific Ocean comprising over 80 relatively small islands. It is situated 1,750 kilometres east of northern Australia southeast of the Solomon Islands and west of Fiji. The islands are of volcanic origin and volcanic activity is still fairly common. 65 of the islands are inhabited and only 14 have surface areas larger than 100 km². The largest of these is Espiritu Santo, which has an area of 3,955 km² and a population of around 40,000. The capital and largest city is Port Vila, which has a population of around 45,000 and is situated on the island of Efate. Vanuatu is considered one of the most eco-friendly countries in the world and is a popular tourist destination for scuba divers wishing to explore the coral reefs which are rich in marine life. Roughly 36% of the land is covered with tropical forests and there are plenty of nature trails, waterfalls, caves and freshwater blue holes to explore inland from the white sandy beaches. The islands have a tropical climate with quite a long rainy season from November through March when conditions are generally hot and humid. Between April and October, temperatures are generally a pleasant 18°C to 28°C, whilst the water temperature maintains a mild year-round 22°C to 28°C. It can be reached by plane from neighbouring countries such as Australia and New Zealand in approximately four hours. The sandy beaches, crystal waters, local cuisine, remnants of the chic French cuisine, a colourful heritage, waterfalls and many more attractions make Vanuatu rank as one of the happiest places in the world.

Fast facts: Vanuatu • Vanuatu introduced its Citizenship by Investment programme in 2016, effective from 2017, and is currently the only country in the region to operate one. • Also known as the Vanuatu Citizenship Development Support Program (DSP), it is the fastest route to alternative citizenship by investment acquisition. • For a minimum investment of $130,000 into a local development fund you receive your passport within a month of applying, enabling visa-free travel to over 100 countries, including the UK, Singapore and many other valuable destinations. • Vanuatu citizenship is a desirable option for those seeking to increase their global mobility and lower tax burdens. • Vanuatu is a favourable tax regime with no taxes imposed on income, inheritance or gains.

PAPUA NEW GUINEA SOLOMON ISLANDS

Port Vila

FIJI

VANUATU

AUSTRALIA

NEW CALENDONIA

Economic life Vanuatu continues to hold strong economic and cultural ties with France and the UK, as well as with Australia and New Zealand. For its size it has a large financial and banking sector, with other main elements of the economy being agriculture, fishing and tourism. 73.5% of the population live in areas defined as rural and agriculture provides a living for nearly 60% of adults. A lot of agriculture is for domestic consumption but the production of copra, coconut oil, cocoa and fishing brings in significant revenue from exports. Tourism has had significant promotion in recent years, from a base of 100,000 visitors annually 20 years ago to 350,000 in 2018. Five-star resorts and hotels have been built aimed at attracting high-end tourists without detracting from the natural wonders of the islands. ●

NEW ZEALAND

Citizenship by Investment programme at a glance: • Non-refundable contribution from $130,000 • $130,000 – for a single application • $150,000 – married couple application • $165,000 – married couple with 1 child • $180,000 – married couple with 2 children • Applicants must provide proof of funds no less than $250,000

Spring/Summer 2022

INTERVIEW

50, not out Mark Stafford, Partner, SFAI Barrett & Partners, talks cricket, and fields our questions about Vanuatu’s CBI programme and the reasons why SFAI Vanuatu is celebrating its half-century.

Mr Stafford, please introduce yourself to our readers.

exceptional all-rounders in our team that will help our I moved to Vanuatu from Australia in 1986. Initially clients get runs on the board. I was with the Vanuatu Auditor General’s Office. I also SFAI is one of the oldest and largest firms in Vanuatu, managed cyclone relief and recovery after Cyclone Uma and has a very strong relationship with the Government. in 1987, Cyclones Anne, and Bola in 1988. Thereafter, How does that separate SFAI from the rest? I took the position as the Finance Manager for the Our Firm’s relationship with the Government has been Development Bank of Vanuatu until I became a Director built up over the 50 years that we have been doing of the South Pacific Mini Games in 1993. That same year, business in Vanuatu. We have dealt closely with most I established Stafford & Associates, which merged with government depart ments, particularly with Immi my present firm in 1997. gration, Labour, and, Lands in the I have been involved in many past decades. I have been on many professional and community activities advisory boards working with many in Vanuatu. This ranges from a couple Our performance senior bureaucrats and government of stints as the Chair of the Finance over time has given ministers. Our performance over time Centre Association of Vanuatu; has given the Government confidence being part of the Prime Minister’s the Government that we play with a straight bat and Advisory Group under PM Edward confidence that we act without fear or favour to ensure Natapei, and, a return as Chairman play with a straight our clients are properly served. of the Pacific Mini Games in 2017. I have recently celebrated 30 years bat and act without SFAI have invested in human capital as President of Vanuatu Cricket and have a very strong team to fear or favour to Association. I have been able to take facilitate the international market. Vanuatu Cricket from obscurity to a ensure our clients are What was the reason behind having very well respected global unit. I have properly served. such a large team? played a long innings and still remain at the crease, undefeated. SFAI seems to be a one-stop-shop solution for investors. What other services does your company provide to investors and agents? Besides assisting with citizenship and immigration matters via AAA Citizenship & Immigration, our firm provides many other services to our clients including:– audit and assurance; accounting; consulting; business advisory; company and trust formation; corporate governance; strata title and body corporate management; government liaison; land matters; and trustee services. We have wonderful staff who can manage enquiries in English, French, Chinese and Bislama. We have some

Citizenship By Investment

Our team has been solidly built up over many years to enable us to properly serve our clients, both locally and internationally. Our range of services are extensive. Many of our team have been with the firm for over 20 years. Client service is our prime focus. Our great team enables us to give great client service. What was the reason behind offering Vanuatu Citizenship to our readers? I was one of the first to obtain “dual citizenship” in Vanuatu in 2014, as soon as the Vanuatu Constitution was amended to accommodate dual citizenship. Our firm had been dealing with Vanuatu Residency Visas and other

INTERVIEW

Immigration related matters since the 1980s. The move to become a registered agent for CBI matters was a natural progression for us. We already had a strong infrastructure to enable us to enter the field. We are confident that we are very thorough and well-disciplined and ensure our client’s needs remain a priority at all times. What advice would you give to investors that looking to investment in a second passport/citizenship? My best advice for anyone considering acquiring Vanuatu Citizenship is to ensure that you deal with a reputable agent that has a strong set-up, like ourselves. This will ensure that your needs will be properly served. Vanuatu CBI programmes have the runs on the board now. They are relatively inexpensive and the general processing time is favourable compared to other jurisdictions.

Barrett & Partners

Chartered Accountants & Consultants

Vanuatu

Please ensure that you spend time in putting all of your required information and documents together so that the application process runs as smooth as possible. Vanuatu Citizenship Commission is enhancing its due diligence process, how will that impact the program? The fact that Vanuatu Citizenship Commission has decided to enhance its due diligence process has to be seen as a positive move. If anyone has any reservations about going through a rigorous due diligence assessment then I do not want to deal with them. We must strive to ensure that Vanuatu is transparent and respected to ensure that the CBI programmes maintain a high degree of credibility. This is particularly so when we are all being closely scrutinised by the global market and many other organisations throughout the world. ● PO Box 240, Port Vila, VANUATU Tel : +678 22280 Email : service@bap.com.vu / service@aaacitizen.com.vu

Spring/Summer 2022

Q&A

Vanuatu Unlocked Catherine Boudier-Contant, Managing Director of First National Real Estate, provides the key to unlocking the Vanuatu property market, how to invest, and what to expect when you get there.

What are three routes of citizenship by investment which Vanuatu allows? • VCP (Vanuatu Contribution Program) • DSP (Development Support Program) • Citizenship Real Estate Option Program At present there is some talk around this third option, but it has not yet launched.

Can you give a brief overview of the programme and what role your company plays in this space? The Government of Vanuatu offers foreign applicants access to citizenship through the Vanuatu Citizenship Development Support Program to help promote economic development in Vanuatu. Nominated candidates receive a citizenship certificate as well as a biometric passport. The main benefits are:– • Visa-free tavel to 129 countries worldwide (including the 26 countries of the Schengen Area). • As part of the Commonwealth, citizens are entitled to extra assistance from UK embassies. • No income, corporate, capital gains, estate, wealth, withholding, gift, and other personal income taxes. • Hereditary citizenship. • No physical residence or language competency required. • Citizens can apply for a National ID card, a driver’s licence, and a birth certificate. We are registered agents who process applications and assist throughout the process. We have an experienced, multilingual team and we are able to assist our clients in French, English, Mandarin, Cantonese and Russian.

Why should investors consider putting their money into the Vanuatu property market? Investing in Vanuatu property offers plenty of perks, including owning a second home in paradise, no property or personal income tax, a stable property market with the opportunity to earn back on your investment in returns.

Citizenship By Investment

How can international investors access the Vanuatu property market through a real estate investment and enjoy a place in the sun? Investors can access the market through First National Vanuatu website (www.firstnationalvanuatu.com) and we can also organise online viewings as well as virtual tours, floorplans, etc. We go above and beyond to assist investors as we are their first point of contact with Vanuatu.

Can foreigners purchase real estate in Vanuatu, and what are criteria for Citizenship via Real Estate investment? Yes. There are no restrictions on foreign nationals buying property. A non-citizen may be required to provide a ‘financial reference’ and a ‘professional reference’ from a local firm for urban purchases, but that is the only distinction made between citizen and non-citizen buyers. You do not need a Vanuatu Investment Promotion Auth ority (VIPA) Investor’s Certificate or a business licence to buy property in Vanuatu. If your purchase also requires a business licence (for example, when you buy an existing business) then you would need a VIPA approval and a business licence in your name, or in the name of a local company. The Citizenship via Real Estate Investment scheme has not yet started, as mentioned above.

What is the process for buying Vanuatu real estate? All land in Vanuatu, as it is around most of the South Pacific, is leasehold. When a property is registered it is registered as a leasehold title, and the maximum term of a lease is 75 years. When you buy an existing lease, you purchase the remaining term.

What other costs are incurred? You will generally have lawyers fees of around 0.5% of the purchase price or by negotiation. Stamp Duty is 2% of the purchase price and Government Registration fees are 5% of the purchase price. If buying a business or

Q&A

We have an experienced, multilingual team and we are able to assist our clients in French, English, Mandarin, Cantonese and Russian. Spring/Summer 2022

Q&A

property in a company name it is possible to reduce these down to 4% in total. Your lawyer or accountant will advise you of this at the time of purchase.

Can buyers borrow money from local banks to purchase a property? Yes, you can. Currently ANZ, Wanfuteng, BSP, BRED Bank, and the National Bank of Vanuatu operate here. Usually on residential property you will require a 20% deposit and on commercial property it’s a 40% deposit. The bank lending criteria is generally on the same basis as in Australia or New Zealand.

Would they need to use a local lawyer? A property transaction, especially when you live in another country, is a significant transaction. We strongly recommend using a Vanuatu based lawyer to handle your property purchase and give accurate advice if needed. First National Vanuatu can recommend several reputable lawyers to meet your needs.

What are the building codes in Vanuatu? In Vanuatu you can build a house with thatched roof if

Citizenship By Investment

you choose! The main thing to remember is that you will need a building inspection and certificate provided to insure against cyclone damage. This will also determine what can be built, ie. residential or commercial, setbacks from boundaries, standards fo construction, methods of waste disposal, etc. Generally, the rules are all designed to protect the buyer by maintaining reasonable standards. The key requirement is to submit plans to the local council for approval, which is a simple process, and then receive the building permit number.

What after-sales support service is provided by First National Real Estate? The Team at First National will not only assist you with purchasing your new property but we are here to assist with contacts and living in Vanuatu. We have a wealth of local knowledge within our team and we can assist with contacts and information on subjects such as:– shipping; building; banking; schooling; shopping; lawyers and accountants; medical, etc… Please ask us anything and everything about buying real estate or Vanuatu in general as our team is happy to share our knowledge and experience with you. ●

Q&A

For citizenship: VANUATU UNLOCKED https://vanuatuunlocked.com/

For real estate: FIRST NATIONAL VANUATU REAL ESTATE https://www.firstnationalvanuatu.com/

Managing Director: Catherine Boudier-Contant Email: catherine@firstnationalvanuatu.com Mobile: +678 7773060 WhatsApp: +678 7773060 WeChat: catherineboudier

Sales Consultant: Natalie So Email: contact@vanuatuunlocked.com / natalie@firstnationalvanuatu.com Mobile: + 678 7768008 WhatsApp:+678 7768008 WeChat: Bellejasper

Sales Consultant: Abigail Pardoe Email: abi@firstnationalvanuatu.com Mobile: +678 7749478 Sales Consultant : Sam Lewis Email: sam@firstnationalvanuatu.com Mobile: +678 7799252

Ex Post Office Building, Ground Floor, Lini Highway, Port Vila, VANUATU Tel: +678 29014 Fax: +678 29041 Email: property@firstnationalvanuatu.com

Spring/Summer 2022

INTERVIEW

Hope for the future We speak to Nazario Fiakaifonu, CEO of Vanuatu Hope Investment Consulting, about the many benefits of island life, and what is on offer for investors seeking an idyllic bolthole in the South Pacific.

Hello Mr. Fiakaifonu, tell us about your company, Vanuatu Hope Investments Consulting. We are a firm based in Port Vila, dedicated to helping people invest in sustainable businesses and developments across the islands of Vanuatu. We are dedicated to low impact high return businesses which add benefit to not just the local economy but also to the Ni Vanuatu people and their land and waters. We are licensed by the Vanuatu Government to help investors gain Vanuatu Citizenship through the Development Support Program. Whether you are someone who has made your money through inheritance or through cryptocurrencies, we would like you to consider investing in environmentally sustainable developments in our country in the future.

What are the main attractions of Vanuatu for entrepreneurs and investors? Well, not having any corporate or income tax is obviously one of the standout benefits to people wanting to live in Vanuatu. We are one of the most appealing countries in the southern hemisphere for banking and offer many benefits for people wanting to run online businesses. Our location in the South Pacific means that in 2-4 hours you can be in either Sydney, Auckland, Brisbane or Melbourne.

And the other attractions as a place to live and work? Vanuatu is a wonderful place for couples and families with children. The Port Vila International School has an excellent reputation. There is a lively expat community and a growing middle class here that is very welcoming to new arrivals. People live a very wholesome life. It’s very much suited to families who enjoy doing activities together outdoors. Whether it is snorkeling, scuba diving, hiking, sailing or fishing there are endless activities to choose from. There have been wonderful French restaurants here for decades but now we have everything. Japanese, Thai or Chinese, you can find almost everything here.

Citizenship By Investment

Being such a small country it offers a level of safety for children which you rarely find in many other countries. I have newborn twin boys myself and I am grateful that they will grow up in this paradise playing outdoors without the same constraints that they would have elsewhere.

You are a former Olympian, and competed in the Judo heavyweight division at the 2012 Summer Olympics in London. How does your sporting background affect how you do business? It was a great honour to represent my country at the Olympics and I now take great pride in the way that I run VHIC. The dedication I put into my sporting career is now geared towards by business. I still run on the same principles of strong ethics, hardwork and dedication being the key to success.

What are the future plans for Vanuatu Hope Investments Consulting, and the opportunities available for any high-net-worth individuals looking to invest? We are involved with several beachfront land subdivisions on the main island of Efate. We are also working on a low impact residential beachfront development that will run off solar energy but will also have access to government electricity as a backup. This development will be marketed towards the end of the year but we are asking people to register their interest with us now. Especially people who would like to relocate to Vanuatu or would like to have a base here in the future. Rental returns in Vanuatu are around 7% per annum. We can also help potential investors find and purchase off market properties that would in turn offer a higher yield. This year we expect most of our clients to come from first world countries who are looking for a slower pace of life and also want to make the most of our tax system and strong banking sector. But we’re interested in speaking with anyone who may be considering making Vanuatu their home.

INTERVIEW

What measures does Vanuatu Hope Investments Consulting undertake to ensure your clients receive a dedicated and personal service and more to the point, how does your firm help HNWIs and their families obtain citizenship? We have a very personalised service that connects our clients directly with a liaison officer to hold their hand through the entire process. Often the most time consuming part of the process is obtaining all the relevant documents required and making sure of their validity. We help our clients to obtain these documents depending on their place of residence. We stay in constant contact with our clients, giving them weekly updates on the progress of their applications. Once they have obtained Vanuatu Citizenship, we help them apply for passports and can help with everything from residency documents to importing personal belongings and cars tax free, to advising on and purchasing real estate.

What regions do you find interest is currently coming from? At the moment the majority of interest is coming from New Zealand, Australia and Taiwan. Clients living in places that experienced strict lockdowns over the last two years are showing the most interest in having an alternative base in Vanuatu.

What are the usual fees and timescales involved? The cost of gaining citizenship starts at AUD $180k for an individual and AUD $240k for a family of four, which can be added to. As an example, a family unit consisting of a main applicant and his wife, their two children and

two grandparents would cost AUD $270k, working out at under AUD $50k per person. The process takes approximately two months. Firstly, there is a check by our financial intelligence unit to screen applicants for financial crimes. Once this is completed the applicant can apply for citizenship through our firm and we manage the rest.

Are there any particular business sectors which tend to prefer Vanuatu as a base? The range is very wide. Obviously online businesses are popular. Online gaming, insurance and cryptocurrency trading are sectors that are strong. As a popular cruise ship destination, the tourism sector is increasing. It has been very slow during the pandemic but is about to start again when quarantine is dropped in May.

With the recent pandemic and new technologies now allowing people to work from anywhere in the world, do you think that this will be a trend that has a positive impact for Vanuatu? We have definitely noticed an increase in people from Australia and New Zealand who would like to work remotely from Vanuatu. We don’t see our country as a typical digital nomad paradise where people pass by for a few months. We see ourselves as a place where a digital nomad would be interested in putting down roots and building a long term future here. There was already an increase in people working remotely from Vanuatu, but the pandemic has had a major impact. It really is appealing for people to be based on an island paradise where they have access to all their needs but also don’t have to pay income tax. ●

You can contact us on +678 7735758 (Vanuatu) or register your interest at https://officialcitizenship.vu

Spring/Summer 2022

COMPANY FOCUS

Remaining client-focused in the face of unprecedented change Cindy Emmanuel-McLean explains how her philosophy guides her through changing times in her role as Consulting Partner at TM ANTOINE Partners.

ver the last few years, we have seen unprecedented change in the world triggered by a prolonged pandemic, record high inflation, supply chain disruptions and geopolitical turmoil. These changes have of course impacted the Citizenship by Investment Programme in Saint Lucia and I am sure in the rest of the world. More scrutiny has come to bear with world powers aiming their scrutiny at small island states as a way of consolidating their borders and promoting the nationalism that seems to permeate the politics of the day. Through the changes and the consequent adjustments, we have had to make to our process, TM ANTOINE Partners Advisory remains committed to its role in promoting access to citizenship for its clients by curating targeted solutions that suit each circumstance. While we are not a fit for everyone, those we do work with can count on us making a conscious effort to make their experience one that is focused not only on the outcome, but on the experience.

Our inspiration Since starting our Citizenship by Investment Advisory more than six years ago, we have seen the many changes that have occurred in the industry. We have had a front row seat to the devaluing of the citizenship product to a point where some conversations seem more of a haggle than a serious discussion around what is best for client and country. Despite the continued commercialisation of citizenship by investment happening around us, our inspiration remains rooted in the need to provide a fivestar service to our clients while honouring our country and ourselves. Every client is subjected to a free PreApplication Assessment as our way to ensure that they

Citizenship By Investment

are a fit for us as a company and more importantly, a fit for Saint Lucia. Our willingness to say no and to provide each client with an honest assessment of whether they are a fit for the programme is what we think sets us apart from any other agent in the Caribbean. For us, citizenship by investment is not merely transactional. It is far more. Offering to help clients gain citizenship of the country is fundamentally a serious and impactful undertaking that will have indelible effects both on the new citizen and their newly adopted home of Saint Lucia. We take our responsibility very seriously.

Finding the perfect fit The Pre-Application Assessment involves conducting an initial due diligence background check on the prospective applicant. Any areas of concern are immediately pointed out to the client and we discuss how might affect their citizenship application. When a background check reveals issues that legislatively would prohibit the prospective applicant from obtaining citizenship, TM ANTOINE Partners Advisory advises the client that the application cannot proceed. This is a clear example of putting the interests of the client ahead of those of the company. Another key feature of the Pre-Application Assessment is providing clients with a comprehensive estimate of the costs of obtaining citizenship of Saint Lucia, as well as the other four countries offering citizenship by investment in the Caribbean. Cost is perhaps the most significant factor for some clients and there is value in giving the clients the full range of options available to them. The result of that practice is that each client gets to apply for the Caribbean programme that best suits them. That is important to TM ANTOINE Partners Advisory, more

COMPANY FOCUS

critical than persuading every client to subscribe to ordinarily required by the Citizenship by Investment Unit. any single programme. We are always happy to meet the We do so because a complete application should answer clients’ needs either on our own or through our trusted all questions that are likely to arise about our clients. partners throughout the Caribbean. This approach has resulted in an almost 100% success TM ANTOINE Partners is rate for the applications we submit committed to guiding prospective to the Unit. applicants who, after the completion Our TMA Online Tool is used to Offering to help of the Free Pre-Applicant Assessprovide Assessment Feedback to clients gain citizenship ment, have determined that they clients who can provide corrections, will proceed with their application. additional information and expla– is fundamentally a We design a customised checklist nations online in real time. This has serious and impactful for each applicant detailing the reduced the time it takes to get a file undertaking that will documents and forms that they will ready for submission by over 65%. need. Clients who follow the TMA Our Assessment Feedback is detailed have indelible effects Checklist save time by focusing and lets each client know exactly both on the new their efforts on only what is actually what must be done to bring their needed to complete their application. application into compliance with the citizen and their newly We will often include a request for requirements of the Citizenship by adopted home. additional supporting documents not Investment Unit.

Spring/Summer 2022

COMPANY FOCUS

Meeting client expectations At TM ANTOINE Partners, we do a great job of meeting the expectations of some clients, while failing miserably to meet the expectations of others. Where our goals match, and our clients are looking to obtain citizenship of Saint Lucia for the right reasons, while following the high standards set by the Unit and our firm, there is none better than us in delivering. However, often, we are faced with expectations of quick results, taking shortcuts and disregard for the rule of law. Saint Lucia and TM ANTOINE Partners values our reputation and therefore we put a premium on the due diligence background checks for all applicants. We do not take risks and take the time that is needed to ensure that everyone who applies and for, and is eventually granted, citizenship has passed the highest test available. That does not mean that we do not adjust to respond to wider changes across the globe. All it means is that our changes will not be merely aimed at joining the many who throw out the basic tenants of good governance of their programmes, but instead is aimed at meeting the needs and expectations of our clients, in a way that maintains the integrity of our firm.

The desired future At TM ANTOINE Partners we still concur with the findings of the Task Force on Citizenship by Investment who proffered that there are five important decisionmaking factors for persons considering investment in a CIP programme.

• Cost – measuring the costs pertinent to the application and the net investment that the applicant is required to make. • Speed – the time it takes to citizenship • Global Mobility – the total number of countries accessible visa-free on a passport as well as access to the most desirable places to visit • Simplicity – clarity and seamlessness of the application process • Quality of Life – based on external quality of life indices.

Citizenship By Investment

The Unit has done a great job in reducing the time it takes to decide on each application. This needs to be constantly improved, as we find ways to make use of new technology and access information. We continue to lobby for simplifying the application process, so our clients have fewer forms to complete, more ways to support the claims they make on their applications and a wider range of investment options.

Saint Lucia – Let her inspire you As always, we respond the very same way to the question, why Saint Lucia? Because Saint Lucia is simply good. Saint Lucia is simply good for business, with a diversified economy, diversified and skilled labour force and a diversified investment portfolio. Saint Lucia is simply good for life. Life expectancy is 74.5 years for men and 79 for women. We have a rich and vibrant culture that caters to every lifestyle. Saint Lucia is simply good for fantasy. Oprah Winfrey described Saint Lucia as the number one location to see before you die. Saint Lucia is simply good for governance. Our government is progressive and genuinely invested in making Saint Lucia simply good for all its citizens.

Contact us TM ANTOINE Partners wants to give you your passport to Saint Lucia, to freedom. Please contact me to discuss your options. ●

Tel: 1 (416) 727 1648 1 (758) 519 2917 1 (758) 453 2000 cmclean@tmantoinelaw.com https://cip.tmantoinelaw.com

World Heritage Site ‘The Pitons’, located near the town of Soufrière, Saint Lucia

COUNTRY SPOTLIGHT

United States of America (USA)

Citizenship By Investment

COUNTRY SPOTLIGHT

he United 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.

Thinking of living the American Dream? 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.

Fast facts: USA 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 There are new rule changes that have been implemented to the EB-5 program as of 11th March 2022. 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.

CANADA

Washington, D.C.

USA

MEXICO CUBA

ALASKA

HAWAII

Who is looking for EB-5? • • • •

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.

Spring/Summer 2022

PRESENTED BY:

INVESTING IN A GREEN CARD. INVESTING FOR THE FUTURE… Healthcare costs for the treatment of Alzheimer's alone in the US

in 2020 was $305 billion, which is expected to rise to over $1 trillion with the aging “baby boomer” population. The US assisted living

facility market was valued at $83.2 billion in 2020 and is expected to grow by 5.3% annually 2021 to 2027. By 2035, 78 million

people in the US will be 65 or older, with those 85 or older growing at an even steeper rate. According to the data published by Aging.

com, 2 million housing facilities will be needed for senior residents for adequate living space by 2040. In 2019, there were over 10,000

nursing homes and 15,000 independent and assisted living facilities in America of investment grade quality, providing options to support seniors’ changing needs.

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Recession resilient (the growing aging population’s needs are separate from the economic cycle) As senior living projects attract more investment asset valuations are rising Necessity based / crisis driven (the need is not discretionary and depends on long term factors) The financial burden is on the client (paid from their assets, not disposable income)

CERTUS PREMIER CARE LIVING IS MAKING MEMORY CARE BETTER WE WANT GIVE TO EVERY PERSON, A FULL, HEALTHY LIFE TO THOSE LIVING WITH ALZHEIMER’S AND DEMENTIA. NO MATTER WHERE THEY ARE ON THEIR JOURNEY. Employing a variety of innovative, research and evidence-based programs, CERTUS Premier Memory Care Living communities are dedicated to offering outstanding Memory Care services and support for both you and your loved one. By working closely with each resident and their family, our highly trained team of Memory Care professionals provides holistic wellness, encouraging residents to thrive in body, mind, and spirit. Give your loved one the life they deserve, contact the CERTUS Premier Memory Care Living community nearest you to learn more. CERTUS footprint

locations

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Vero isBeach CERTUS privately owned and operated in Florida. We believe in a small, locallybased approach to Vero provide exceptional 5380 US Hwy 1, Beach, FL 32967hands-on service. Assisted Living Facility License #13610

CERTUS Premier Memory Care Living at Vero Beach, 5380 US Hwy 1, Vero Beach, FL CERTUS 32967 •atAssisted Facility License Vero BeachLiving is located near the corner#13610 of U.S. Highway 1 and 53rd Street in North Vero Beach, across the CERTUS at Vero Beach is located near the corner of U.S. Highway 1 and 53rd Street street from Point mall and medical Point mall and Publix. Nearby in North VeroHarbor Beach, across the Publix. streetNearby from Harbor centerscenters include Cleveland Indian River Hospital andRiver Hospital and Encompass medical include Clinic Cleveland Clinic Indian Encompass Health Rehabilitation and more. Health Rehabilitation Hospital, Hospital, and more.

Mount Dora Contact 0044 7782 103 9564901 (Tel/WhatsApp) or click HERE Lake Park Court, Mount Dora, FL 32757 Assisted Living Facility License #13185

INSIGHT

We achieved long-term reauthorization… What comes next? By Aaron Grau, Executive Director, IIUSA (Invest in the USA)

wanted to end this article with a flourish. I wanted to describe a scene where lobbyists and Congressional staff were sitting around a large conference table in an ornate Capitol Hill office. Everyone was wringing their hands and asking each other, “What are we going to do?” Finally, a hero slowly stands and with both hands pressed against the mahogany table, leans into his colleagues and answers, “We’re going to pass the damn thing. That’s what!” The final sentence would say, “…and we did.” [Cue the orchestra. Fade to black. Roll credits.] However, that’s not how it happened and, in fact, how we achieved the EB-5 Regional Center Program’s fiveyear reauthorization (although the lessons and stories are valuable and worth remembering) is not nearly as important as what we do next. The federal government endorsed the Regional Center Program. New integrity measures debride everything rotten, and investors are protected. It’s an incredible EB-5 milestone reflecting the Program’s continued maturity toward permanence and our next steps are critical. Consider these five.

1) USCIS and Processing Times Now that Congress has re-established and revamped the Regional Center Program, it should no longer suffer backseat status. Congressional endorsement means federal policymakers not only want the Program to work, but they expect it. That reality creates an opportunity for renewed dialogue with the U.S. Citizenship and Immigration Services (USCIS) about its ability to effectively process immigrant investor petitions. This leverage is not our silver bullet. IIUSA and its industry partners, including the U.S. Chamber of Commerce, will have to work as

Citizenship By Investment

hard to productively engage USCIS on this matter as we did with Congress to reauthorize the Program. The difference now is that we can do so with sure footing. The Program is no longer in limbo and now has a five-year runway.

2) White House Conversations The White House recently succeeded in bringing on one of Congress’ most knowledgeable and level-headed immigration professionals. Betsy Lawrence, who a month or so ago was the House Judiciary Committee’s chief immigration counsel, is now influencing White House business immigration conversations. She was recently named deputy assistant to the President, replacing the retiring Esther Olavarria. Before Ms. Lawrence’s tenure at the House Judiciary Committee, she was the American Immigration Lawyers Association’s director of government relations. IIUSA’s interactions with Ms. Lawrence during the reauthorization process were always positive and her professionalism is a big reason the reauthorization happened. We look forward to fully engaging not only with USCIS, but the White House itself on matters that support the Administration’s and the Legislature’s decision to improve the Regional Center Program – make it more effective not just during this fiscal year, but during the next five.

3) Capacity Relief Aside from petition processing times, increased visa numbers is the most critical stone left unturned. Again, the Program’s Congressional blessing provides an invaluable place to begin. We no longer need to worry about the program’s continuation which allows us to train considerable energies on protecting and expanding

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I cannot predict the coming twists and turns. What I do know is that we are stronger now than we were.

EB-5 visa numbers. However, many federal legislators consider visa numbers a political hot-potato, making our reauthorization here less a foundation and more a sure foothold. Nevertheless, we have it and not all Members of Congress are wary of engaging the topic. Chairman Dick Durbin (D-IL) recently introduced a bill to expand visa numbers. Our new life is a powerful argument to be sure EB-5 is included in his initiative.

4) A Congressional EB-5 Caucus Wikipedia defines “congressional caucus” as a “group of Members of the United States Congress that meet to pursue common legislative objectives.” Think of the Congressional Black Caucus and the Congressional Hispanic Caucus. There are other lesser known groups too like the Air Cargo Caucus, the Aluminum Caucus, the Bourbon Caucus, the Buy American Caucus, the House Paper & Packaging Caucus, the Specialty Crops Caucus, etc. However, today there is no EB-5 Caucus but there can be. Most caucuses have two chairs: one Democrat and one Republican. Thanks to IIUSA, the EB-5 ecosystem has bipartisan and bicameral champions including Representatives Fitzpatrick (R-PA-01) and Stanton (D-AZ-09). An EB-5 Caucus led by these men – the same Members who introduced the House version of the Grassley/Leahy EB-5 integrity bill – can focus on economic impact realities, gaining new caucus members and bedrock support congressional district by congressional district. The caucus’s legislative objectives may simply be increasing visas and making the Program permanent.

5) Technical Corrections Finally, the new law reauthorizing the Program is good – no, it’s great – but it’s not perfect. There are a handful of technical corrections that need our continued attention to help keep the Program running smoothly and IIUSA looks forward to ironing those wrinkles with as much verve and promise as we do everything else. When I joined the IIUSA family I could never predict the extremes of the reauthorization roller coaster ride. All I knew is that sooner or later we would bring the cars safely back to the platform. Likewise, I cannot predict the coming twists and turns. What I do know is that we are stronger now than we were. We have more opportunities now than we did and IIUSA has an obligation to its members and the Program’s investors to continue to improve… and we will. [Cue the orchestra!] ●

Spring/Summer 2022

INSIGHT

How global investors are affected by the US’s new immigration law EB-5 has gone through enough changes in recent years that investors can be forgiven for being unsure where they stood. With some certainty now being returned to the Program, Mona Shah of Mona Shah & Associates Global can unpick some of the complexities for us.

arch 15, 2022 was a crucial day for the Immigrant Investor program in the United States. After a five-year battle, Congress finally passed the EB-5 Reform and Integrity Act of 2022 (RIA) – one of the most extensive pieces of EB-5 legislation in recent history. The EB-5 program was originally created in 1990 under the Immigration Act of 1990 (IMMAC1990). In many ways, RIA is a broad overhaul of the existing EB-5 program, significantly reforming the program to include extensive integrity measures to prevent fraud and protect investors. RIA also amended (and replaced) existing laws and Regulations regarding project type, job creation, filing procedures and more. Several big takeaways from RIA include the long-awaited reauthorization of the Regional Center program and increased minimum investment amounts of US$800,000 and $1,050,000 for Targeted Employment Areas (TEAs) and non-TEAs, respectively, along with the surprise abolishment of pooled direct projects. The industry has been waiting years for reforms, and consequently, the new legislation is densely jampacked and requires additional guidance through Regulations and Rulemaking, though official USCIS regulations should clarify some of the open issues that currently exist. Under the new law, Regulations must be published within 270 days of enactment.

Below is a summary of the new important measures relating to investors: 1. Investment amount increased The minimum investment amount (if the project is located in a Targeted Employment Area (TEA) is now $800,000, increased from $500,000 (and decreased from the $900,000 required in late 2019). For non-TEAs, the base amount is $1.05m, increased from $1m (and decreased from the $1.8m required in late 2019). The investment amounts will be adjusted for

Citizenship By Investment

inflation every five years, starting January 1, 2027. The new investment amounts and TEA definitions are effective immediately “on the date of enactment of this Act.”

2. New! Annual Reserved Visa categories This was a significant change as the law now allows a percentage of visas to be allocated to certain defined areas. For investors from backlogged countries, this is significant as it allows the investor to jump to the front of the line! Under the new law: a) 20% allocated for investments in rural areas (approx imately 2,000 visas) b) 10% allocated for investments in areas designated by the secretary of homeland security as high employment unemployment areas (approximately 1,000 visas) c) 2% allocated for investment into infrastructure projects (approximately 200 visas) d) Unused visas from the reserved categories in any given year will carry over to the following year

3. For existing investors: Grandfathering and Innocent Investor Protection Much to the relief of previous investors, RIA states that cases filed prior to the enactment of the Act will be adjudicated under the existing law at time of filing, not the new law. More importantly, the expiration of the Regional Center Program on June 30, 2021 would not impact the cases that were timely filed and pending on June 30, 2021. The pending cases are grandfathered for completion. No increased investment or new TEA rules will apply to pending grandfathered cases. If the Regional Center program sunsets in the future, investors will not suffer uncertainty and pauses in processing. Finally, and most importantly, cases timely filed before the new sunset date of September 30, 2026 will be grandfathered to completion, notwithstanding program expiration.

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For investors from backlogged countries, this is significant as it allows the investor to jump to the front of the line!

Spring/Summer 2022

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RIA adds some protection for innocent investors who suffered from termination or debarment of any element of their project. Investors can associate with replacement entities and even make an additional investment to meet investment and job creation requirements without losing priority date or child status protection. Children of investors who gained conditional residence and then lost it by entity termination or debarment or I-829 denial may keep their child status with a second petition filed by the parents within one year.

single EB-5 investor. There is, of course, no limitations on the amount of non-EB-5 investments, such as a private equity investment. RIA has now forced a developer, with an operational project who is looking for multiple investors, to raise capital only through a regional center even if all ten employees per investor are directly hired on payroll by the project, while single individual investments may not utilize regional center employment creation provisions.

4. Source of Funds (SOF) RIA has imposed stricter standards regarding SOF. All loans which do not originate from the bank must be made in good faith and lawfully sourced – and cannot be gifted/ loaned to circumvent any legal requirements. Further, RIA requires seven years of tax returns, whereas only five years were required under the previous legislation. Investors found difficulty even meeting the old requirements, so it is important for investors to be exhaustive and provide credible explanations and summaries.

5. Concurrent Filing or Adjustment of Status (AOS) Certain investors can now concurrently file for a change in their status to one of permanent resident alongside (or concurrently) with the initial petition. The caveat to this popular change is that the investor must be lawfully in the US and QUALIFIED to file.

RIA has now forced a developer, with an operational project who is looking for multiple investors, to raise capital only through a regional center even if all ten employees per investor are directly hired on payroll by the project.

6. Direct Projects

7. The “at risk” element

RIA ensured an abrupt cessation of what had been dubbed: the “Golden Era” of direct pooled projects. Direct pooled projects have been in existence ever since the implementation of the EB-5 category, however, with the lapse of the Regional Center program in June 2021, direct pooled projects took center stage as a viable alternative for developers looking for EB-5 funding. Rather than encompass the much-favored construction project as the EB-5 investment vehicle, direct pooled projects allowed developers of operational businesses hitherto overshadowed, to seek EB-5 capital. Projects in sectors such as healthcare, pharmaceutical, assisted living homes, dental offices, animal clinics, cloud-kitchens, manufacturing, IT software and transportation emerged. RIA did not make any changes to the basic rules governing direct EB-5 investment. What RIA did change was to abolish multiple investments into a direct EB-5 project. Direct EB-5 projects can now only consist of a

Prohibited Redemption and debt arrangements continue to be locked into the statute. This includes any right granted to the investor to redeem the investment at a fixed amount. There is no change in the regulation that the investor is permitted the return of his/her investment secured by the assets of the enterprise (NCE/JCE/project). Finally, the purchase of publicly available bonds (municipal or for profit) no longer qualifies.

Citizenship By Investment

8. Regional Center ownership, control and manage ment: No foreign ownership No foreign persons may be “involved” with ownership, control, and management of regional centers. No foreign governments are permitted.

9. Partial investments by the EB-5 investor At the I-526 stage the investor may submit the petition

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with a partial investment, thereby be “in the process of investing.” However, upon admission as a conditional resident, the investor must have already invested the full amount.

10. I-829 Removal of Conditions Petition There are some interesting changes here. The investor filing a Form I-829 Petition may still be “actively in the process of creating the employment required,” but the investor must submit an additional filing one year after their initial submission to show that the jobs have been created. Further, as a possible reference to recent excuses following COVID-19, even “Acts of God” such as weather events and pandemics may not justify delayed job creation.

In summary: While some of the changes have been welcomed, others have not. The changes discussed in this article refer more to the investor. There are many changes to the governance of the Regional Center and project that include mand atory site visits and fund administration, among other integrity measures. Interestingly, the statute even refers to direct communication with USCIS, stating that: “Parties are prohibited from communicating with USCIS directly in person.” And that “Any communication must be conducted under very rigid recording and reporting procedures”. With all these new changes, the next few months are guaranteed to be an interesting period in this ever-evolving industry. ●

Mona Shah, Esq.: Mona Shah & Associates Global UK born, Mona Shah is a dual-licensed attorney and former British Crown Prosecutor. Mona is the managing partner of MSA, headquartered in Manhattan, with an office in the UK. MSA has an advanced global corporate immigration practice and Mona has been instrumental in raising hundreds of millions in investor capital. Highly proficient, recognized 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, amongst others. Mona has written numerous articles and blog pieces about all aspects of EB-5 immigration law as well as the corporate and securities aspect. She is a published author and Lexis Nexis Practice Advisory Editor, and has

spoken extensively nationally and overseas. She has been interviewed by news channels, including Fox Business News, Al Jazeera, and has featured in international magazines and newspapers, including the New York Times, Axios, Bloomberg. Mona also pioneered and hosts the first and longest running podcast series (spanning almost six years) that focuses on foreign direct investment and EB-5. She is also a part-time adjunct professor at Baruch College, City of New York University. Mona has extensive knowledge of all facets of EB-5, her practical expertise ranges from specialist business petitions to complicated, multi-issue corporate and securities issues. Her firm, Mona Shah & Associates Global, represents individual, high profile and corporate clients from all over the world.

232 Madison Ave, Suite 1001 New York, NY 10016 (212) 233-7473 info@mshahlaw.com https://mshahlaw.com

Mona will be speaking at the Global Investment Immigration Summit, Istanbul, on Saturday, 21st May 2022 (16:00-22:00) Hilton Istanbul Bomonti & Conference Center. See pages 8 to 11 for more information.

Spring/Summer 2022

COMPANY FOCUS

Potential Expedited Processing For I-526 Petitions!* > EB-5 INVESTMENT OPPORTUNITY: > Investment: $800,000 > TEA Qualified > Admin Fee: $75,000 > Multiple addiction treatment centers serving patients suffering from mental health and substance use disorders. *Granting of expedited processing for prior investors does not guarantee that your petition will be expedited.

HELPING INVESTORS IMMIGRATE TO THE USA SINCE 2011 THE PROBLEM… > USCIS has recognized the opioid

epidemic to be a “humanitarian crisis of national interest”.

> Drug overdose deaths have become

the leading cause of death in the US. Over 100,000 overdose deaths from April 2020 to April 2021.

> US government at all levels recognize this as a national crisis. See President Joe Biden’s opioid plan at https://joebiden.com/opioidcrisis

> While demand for treatment has

skyrocketed, the supply of available services has not kept pace.

Citizenship By Investment

THE SOLUTION… > Multiple new addiction treatment

centers (ATC or clinic) spread across many states, starting with West Virginia, New Hampshire, and other mid-west and northeastern states.

> Schedule of clinic openings: – Laconia, NH – NOW OPEN – Williamson, WV – Opening April ’22 – Charleston, WV – Opening Summer ’22 – Morgantown/Camp Rd., WV – Opening Summer ’22 – Morgantown/Cheat Rd., WV – Opening Summer ’22 – Mt. Morris, PA – Opening Early ’23

> More clinics will be opened nationwide as appropriate locations are identified.

COMPANY FOCUS

Come to the USA in only a matter of months instead of many years! Over 400 EB-5 investors with 100% approval rate. 30+ years in the real estate development and construction industry – $1 billion track record.

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HELPING INVESTORS IMMIGRATE TO THE USA SINCE 2011

Potential Expedited LIMITED ARE SLOTS AVAILABLE – CONTACT US TODAY! Processing For Your EB-5 Investment Opportunity: I-526 WHAT Petition!* WE DO… CONNECT WITH US… HELPING INVESTORS IMMIGRATE TO THE USA SINCE 2011

Multiple addiction > Operate EB-5 regional centers in 41 states treatment > info@EB5coastToCoast.com centers serving patients > Find the best and safest real estate > +1 206-774-8320

EB-5development Investment projects for investorsfrom mental health suffering > www.EB5CoastToCoast.com / > Sponsor EB-5 investorsand and substance guide them use disorders. Opportunity: www.EB5VisaFast.com through the process

MMIGRATE TO THE USA SINCE 2011 > Facilitate EB-5 capital deployment.

ent :

Multiple addiction treatment Investment: $800,000 centers serving patients TEA Qualified suffering from mental health and substance use disorders. Admin Fee: $75,000

*Granting of expedited processing forSuch prioraninvestors does not guarantee that yourtopetition willthrough be expedited. ment Investment: DISCLAIMER: This is $800,000 neither an offer to sell nor a solicitation to buy securities. offer or solicitation can only be made investors a complete Private Placement Memorandum (PPM) describing risks and uncertainties. This document contains forward looking statements that are nts subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Investors could lose some or all of their TEA Qualified capital and could fail to achieve immigration benefits. Please rely only on the Private Placement Memorandum before making a decision to invest. ealth rders. Admin Fee: $75,000

000 *Granting of expedited processing for prior investors does not guarantee that your petition will be expedited.

Spring/Summer 2022

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A diversified approach to a changing world 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.

aniel Ryan joined Atlantic American Partners Daniel’s interest and understanding of real estate (AAP) in 2018 as Managing Director of Emerging investment and development started at a young age. He Markets. In this capacity, he oversees the firm’s was raised by a local building contractor in California, EB-5 investor visa private equity fund marketing activities which helped him to navigate some of the realities of in emerging countries, with a focus on on EB-5 foreign ever-changing markets. investment immigration opportunities into the USA, “My father was a small-time home builder/general with a current focus on India, Middle East/UAE, Eastern contractor, and growing up I experienced the ups and Europe, and Africa. downs of real estate investment and Prior to joining Atlantic American, development. During up markets, Daniel lived for 10+ years in when homes were selling and my What motivates Lilongwe, Malawi, where he cofather was doing well we were eating me is working hard founded and served as Executive steak once a week as a treat. When Director for Development Consulting the market was down, and my father for a cause, task, Solutions, a management consulting was not doing well, we ate meatloaf or project that will and organisational development firm or macaroni and cheese every day make the world a based in Africa. for weeks at a time. I understand Living and working in Malawi the risks and rewards of real estate better place and help for over a decade, Daniel acted as investment.” improve lives. a bridge for Africans wanting to This close connection to the real immigrate to the US. He began his estate investment industry prompted career in commercial banking, first Ryan to study for a Bachelor Degree completing the management training programme at Bank in Business Administrative-Finance and a Master’s Degree of America, then working as the real estate lending officer Organisational Development/Corporate Education. Ryan for the multinational investment bank. Later, he shifted believes in the value of continuing education within the his focus to concentrate on larger commercial real estate field, so recently (during the COVID-19 pandemic period) construction and mini-perm lending activities throughout completed the MBA Essentials programme from the southeastern United States for Sun Trust Bank. London School of Economics, and the Venture Capital & Ryan then worked as Vice President of Real Estate Entrepreneurship executive education programme from Development for Green Street Development in Orlando, Said Business School at the University of Oxford. before relocating to Denver, where he worked as Into Africa Director of Land Acquisition/Government Entitlements In 2006, Ryan left the US to work in Malawi for a World for D.R. Horton, a NYSE-listed national home builder. Bank consultancy, initially on a three months contract. In 2008, Daniel returned to Florida to work for Forge The three months turned into a 12 year journey, which Capital Partners, where he focused on pre-development Daniel describes as his most significant professional entitlement and permitting approval processes for the achievement to date. While in Africa, he started a firm’s development initiatives.

Citizenship By Investment

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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 crossing 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.”

About the EB-5 Investor Visa 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.

Spring/Summer 2022

INSIGHT

Daniel Ryan’s top 10 tips for investors: 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

Citizenship By Investment

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.”

A diversified fund approach to EB-5 investing 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

INSIGHT

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

AAP’s EB-5 Track Record: • A Leader in the EB-5 Industry for 13 Years • 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

Spring/Summer 2022

First-Class Food Hall & High-End Rental for Restaurants Feria is a new application of the “Sharing Economy” business model to the real-estate trade. It is a property business; It is the perfect solution for restaurateurs or chefs looking to open their first independent operation. There are 16 spaces for rent that will have chef-driven, high-quality culinary operations. Feria incorporates a hybrid take on retail/restaurant operations, increasing the profit ratio while allowing the operators to serve everyone in the premises without lines or barriers. The Opportunity The Feria EB5 Proposal: • You could get the Green Card in 18 months (Approximate) • Pathway to US Citizenship • EB5 Program Investment requirement: US$ 800.000 • 5% Interest Rate (Annually) for a 5-year period; • Projected to be US$ 40.000/year; US$200.000 after 5 years

Why is this different than others EB5 Projects • Very Fast time-to-market (and proof of job creation as required by the EB5 Program) • Great Projected Returns. • Experts in Food and beverage management and logistics. • At least 90% of the space will be occupied at the start of operations.

Capitalization and Use of funds • Total Cash Requirement: US$ 8.8 MM • Project Design & Engineering, Consulting, Lease, Legal Fees: US$ 1.2M • Project, building, construction& equipment: U$5.4 MM • Initial Working Cap: US$ 1.8 MM Funding • Tenant Allowance: US$ 1.67 MM • Friends and Family: US$ 2.0 MM • EB-5 Funding Process: US$ 6.4 MM

Union Station

Primary Sources of Revenue • Leasing; For each sub-tenant: • Fixed lease • Percentage rent based on sales • Increase sales potential through offpremises sales. • Bar sales & operations • Events & Catering Market Segment The concept is part of a surge in ‘sharing economy’ businesses such as Airbnb* and Uber*.

Feria DC

Culinary Halls like Feria have become the fastest growing retail niche in the food industry according to GlobeSt.com.

Location (within a 15 min. walk) • Downtown D.C. and its national mall receives more than 26 million visitors annually. • World’s biggest Apple Store located across the street. • The area has more than 7,000 hotel rooms. • The CapitalOne Arena with approximately 220 events yearly. • DC Convention Center has approximately 220 more (across the street). • The Area has a population of 100,000 daytime employees.

Project Status • Lease Signed • Architecture & Engineering project on course • EB-5 funding process is underway (US$ 6MM) • Friends & Family funding (US$ 1.7MM): US$1.2MM received, $500,000 signed and pending. • Landlord Improvement Allowance agreed and signed (US$ 1.68M) • Apple Inc., Baker Botts LLP., We Work and Equinox Gym amongst other building tenants If you would like to receive additional information about this investment opportunity, please contact :

info@FeriaDC.com +1 (954) 632-4489

*Registered trademarks by their owners and not related to the Feria DC Business.

COUNTRY SPOTLIGHT

Montenegro This young Adriatic state, tucked between BosniaHerzegovina, Serbia and Albania, enjoys a reputation for being safe and friendly. You can view Roman floor mosaics, Illyrian grey castles, Venetian stony walls, vibrantly painted Orthodox monasteries, ornamental Catholic churches, modest and minimalistic mosque minarets and plain socialist style buildings, telling you all about the nation’s rich cultural history.

Citizenship By Investment

COUNTRY SPOTLIGHT

ontenegro is a small but proud country in Southeastern Europe, located on the Adriatic coast. A former member of the Socialist Republic of Yugoslavia, Montenegro is bordered by Croatia to the west, Bosnia and Herzegovina to the northwest, Serbia to the northeast, with Kosovo to the east, and Albania to the south. The country has a picturesque coastline stretching for 293 kilometres, including 75 kilometres of popular beaches and many well-preserved ancient towns and fishing villages. By contrast, the north of the country features some of the most rugged terrain in Europe, with mountain peaks averaging more than 2,000 metres above sea level. Montenegro enjoys a Mediterranean climate and averages 240 days of sunshine a year. The country’s name actually means ‘Black Mountain’ and is reputed to derive from the appearance of Mount Lovcen (elevation 1,749m) when covered in dark dense forests. Having passed the one million mark in 2008, the number of international tourists arriving into Montenegro continued to rise each year until 2019, averaging 63,000 people per month from 2010 until 2022, reaching an all time high of 2.6 million in 2019.

A land of history Montenegro has seen many diverse cultures and political regimes. Between 1496 and 1878, large parts of the modern-day country were under the control of the Ottoman Empire, while the Republic of Venice controlled much of the coastal region until 1797. Montenegro’s parliament declared its independence in 2006 and it was admitted to the UN in its own right. Montenegro has been negotiating with the European Union since 2012 to become a full member, having been granted candidate status in 2010. The country enjoys a widespread support among EU officials, and accession is considered possible by 2025. Montenegro has been unilaterally using the euro since 2002. The country is divided into three regions and 24 municipalities. The Central region is the most populous and now has five municipalities including Podgorica, which is not just the administrative centre of Montenegro, but also the main economic hub. The biggest region by area is the Northern region with 13 municipalities, while the Coastal region has six municipalities including Bar, which is a major tourist destination with its 20 beaches stretching over 9 kilometres, mostly surrounded by pine forests and olive groves.

Although the country has an extensive rail and road network, Montenegro lacks a proper motorway network and the construction of new motorways is a stated priority of the government. One of its biggest and most ambitious projects is the construction of a 165 kilometre highway with a permanent supply of electricity linking the seaport of Bar to Boljare, Serbia, through the imposing mountains north of Podgorica. The government hopes that the new highway, the first phase of which has been funded by China, will provide an economic boost to the northern region and bolster trade with Serbia. In addition, the EU has contributed millions of euros in aid for transport and environmental projects as part of its pre-accession assistance programme for EU candidate countries.

Economy and tourism Following one of the worst contractions in the The European Bank for Reconstruction and Development (EBRD) regions in 2020, the economy of Montenegro has recovered strongly. GDP expanded by 19% in the second quarter of 2021. Tourism is very important to many regions of the country. By summer last year tourism had bounced back strongly, and the number of incoming foreign tourists and overnight stays in collective accommodations reaching around 85% of 2019 levels in July/August. While these results are largely due to visitors from the near region, some tourists are coming from further afield. On the back of this result, the government’s budget recorded a surplus of €105 million in June-August, propping up the fiscal accounts. Retail trade has been 40 growing since April 2021, reaching over 50% growth in peak summer months. GDP is forecast to grow by 12.3% in 2021 and by 5.7% in 2022. The contribution of travel and tourism represented 23.7% share of GDP in 2017 and has been forecast by the World Travel & Tourism Council to rise to a 27.9% share of GDP by 2028. The sector is also a major employment contributor, directly supporting 14,500 jobs in 2017 (equating to 7.6% of total employment) plus a further 22,000 jobs indirectly supported by Travel & Tourism. By 2028, the WTTC forecast that the contribution will rise from 19.3% in 2017 to 21.5% of total employment. Montenegro has one of the lowest corporate tax rates at just 9%-15% and foreign companies receive equal treatment to domestic companies, making Montenegro an attractive proposition for investors. ●

COUNTRY SPOTLIGHT

A permanent address in Porto Montenegro

YOUR PATH TO CITIZENSHIP Montenegrin Citizenship by Investment

The opportunity to invest overseas has many benefits, but what if there was an option to strategically contribute to a burgeoning European destination, purchase a state-of-the-art home and become a citizen of a business-friendly, entrepreneurial country? An Adriatic hidden gem, Montenegro is a Ask us about thehotspot national Citizenship by Investment (CBI) and flourishing European for tourists and businesses alike, and itsProgramme Citizenship by Investment become part of a welcoming community in one of Europe’s best kept secrets programme provides individuals the attractive opportunity to become a Montenegrin citizen.

Porto Montenegro.

What is the Citizenship by Investment programme?

To be eligible for the programme, individuals are The Montenegrin Citizenship by Investment programme to invest a minimum of €450,000 into real estate Request required Details was designed to stimulate the economy, encourage in the country and contribute €200,000 to Montenegrin development in the region and support residential government initiatives towards local economy, innovation developments such as Boka Place within Porto and infrastructure. Montenegro. First launched in December 2018, the With an average processing time of under six months, Montenegrin government announced in December 2021 the CBI programme accommodates remote applications, it would extend the programme for another year with with no relocation or language requirements, obligatory additional increments of Government contribution costs. interviews or renunciation of existing citizenship. The These additional twelve months allow for savvy investors programme will close at the end of this year, which means to take action and invest in this opportunity. there are just nine months remaining to apply.

Citizenship By Investment

COUNTRY SPOTLIGHT

What are the benefits of the CBI programme? Montenegro has one of the fastest growing tourism economies in the world and investors from across Europe are increasingly seeing it as a lucrative business proposition. It is a member of the NATO alliance and has an impending EU candidacy, and the Montenegrin government is committed to fostering international relations, trade, and security for its citizens. With its strategic European location and burgeoning appeal as a luxury tourist hotspot, the time to invest in the country has never been better. The benefit of Montenegrin citizenship offers a safe and secure investment with global access opportunities from the heart of the Mediterranean. To encourage economic growth, Montenegro has a tax and business-friendly environment. There are no restrictions on foreign ownership and low personal, corporate and capital gains taxes up to 15% – making it one of the most favourable tax economies in Europe.

Furthermore, thanks to its location within Europe, investors can operate with ease of access to other international markets.

Porto Montenegro as an investment Porto Montenegro sets a new standard for coastal living in the Adriatic. Situated in the Bay of Kotor – a UNESCO World Heritage site – the region has recently been named ‘the golden triangle’ due to the significant amount of investment in luxury facilities. Over €5 billion has transformed this area of outstanding natural beauty into an even more extraordinary investment location. As a catalyst for development and growth, the Bay of Kotor has welcomed a number of luxury developments over the years including the renowned Porto Montenegro, where property prices per square metre rose by 62% between 2009-2019 and resale prices have increased by 25% in the same period.

Porto Montenegro’s newest neighbourhood: With construction underway and due for completion by 2023, Boka Place brings not only monumental investment value, but state-of-the-art infrastructure, hotel facilities of the highest category, and an inventory of designer open-plan homes.

Spring/Summer 2022

COUNTRY SPOTLIGHT

Porto Montenegro is one of the most sophisticated immersive lifestyle concept from Kerzner International, addresses in Montenegro – a leading, luxury residential the award-winning company behind One&Only, Atlantis and retail village with a world-class marina and a Resorts & Residences and Mazagan Beach & Golf Resort. 450-berth capacity, and is the flagship development of This new hospitality experience will be a pioneer for luxury the Bay of Kotor. It was one of the first developments in living, with a blend of fitness, health, wellbeing and travel. the south of Montenegro to be confirmed as part of the There are 144 SIRO-managed properties that range CBI programme. Porto Montenegro’s close proximity from studio apartments to three-bedroom duplexes and to many European yachting hubs means that the marina penthouses, which are all eligible for the Citizenship by provides an easy launching pad for travel all around Investment programme. The SIRO collective will create the Mediterranean coastline, and nearby Tivat benefits a community focused on wellbeing and holistic health. from a bustling international airport Residents will have access to fitness with daily flights. Owned by the and wellness support, as well as Investment Corporation of Dubai, state-of-the-art facilities that are By investing in this world-class project has helped specifically designed to create an Porto Montenegro, transform the Bay of Kotor into a immersive lifestyle experience. high-end tourism destination. you’re joining a

Investing in Boka Place

thriving international community of individuals from across the world.

The latest urban community in Porto Montenegro, Boka Place will appeal to investors with its welcoming village feel, cafés and restaurants, entertainment spaces, cinema, art gallery and lush green environment. Boka Place sits on an elevated bank that overlooks Porto Montenegro’s waterfront and marina below. Set back from the Bay of Kotor, residents can take in the beauty of the Adriatic coast while nestled in the hilltops. Individuals who choose to invest in a hotel-managed unit in Boka Place will be residents of the world’s first SIRO Hotel experience. Expected to open in 2023, SIRO is the

Citizenship By Investment

Life at Porto Montenegro

By investing in Porto Montenegro, you’re joining a thriving international community of individuals from across the world. There are over 40 different nationalities in Porto Montenegro’s Owners’ Club and the social programme includes frequent invitation-only events and kids’ clubs days in the summer; a chance to offer an opportunity to connect with other residents and their families in a relaxed, informal environment. Access to the internationallyrenowned Porto Montenegro Yacht Club is just one of the possibilities that investors and residents can appreciate. An exclusive venue located directly on the water, the club’s

COUNTRY SPOTLIGHT

facilities include a sports and fitness centre, tennis courts, a 64m outdoor swimming pool, a private members’ lounge, a nightclub and a new Buddha Bar Beach concept. For guests and visitors, the well-established Regent Porto Montenegro is a luxury 5* hotel with 216 rooms and penthouses. Guests and residents enjoy exclusive access to a plethora of facilities, including various swimming pools, restaurants, a patisserie, an onsite gym, and a signature Regent spa. For full-time residents, Porto Montenegro works in conjunction with Knightsbridge Schools International (KSI) to cater to families who wish to take full advantage of this year-round luxury destination. Accommodating boys and girls aged 3-19 years, the school offers the International Baccalaureate programme, as well as boarding and modern sports facilities. There are just nine months remaining to apply for the Citizenship by Investment programme in Montenegro and with limited residences left in Boka Place, the time to take action is now. To get started on your citizenship journey and secure your place in this growing destination, email Porto Montenegro at BokaPlace@portomontenegro.com or visit www.montenegrocbi.com. ●

Montenegro at a glance: • • • •

• • • •

Visa-free travel to 124 countries A strong & reputable passport (ranked 41st worldwide) Hassle-free visa application process where required E-2 Treaty Programme between Montenegro and the US allowing Montenegrin citizens to apply for E-2 investor visas to work and reside in the US Favourable taxation regime No taxes on capital gains, gift or wealth inheritance No taxes for non-residents Access to a global banking network

www.BokaPlace.com www.PortoMontenegro.com

Citizenship by Investment programme at a glance: • Minimum of €450,000 real estate investment • €200,000 donation to Montenegro government initiatives • No relocation requirements • No requirement to renounce existing nationality • Investment is payable only upon approval of citizenship • No interview, language test, education or management experience required • European passport with EU membership planned by 2025 • Citizenship to a multinational, multicultural and multilingual European society promoting strong ecological, fair trade and human values.

Spring/Summer 2022

INTERVIEW

Why not make your Plan B for “Paradise”? Even an escape to the idyllic islands of the Caribbean needs proper planning. Sharon Cort-Thibou, Licensed CIP Agent for Antigua & Barbuda, discusses your options. Please tell us about Cort and Cort. Cort & Cort was established over 30 years ago, by Dr. L. Errol Cort who is a qualified Barrister and holds a PHD in Economics from Dalhousie University, Canada and a Masters Degree in law from Oxford University, England. It is one of the leading law firms in Antigua and Barbuda comprising of highly qualified attorneys and other professionals. I am an Attorney-at-Law by profession and a partner in the firm of Cort & Cort. I have been in the practice of law with Cort & Cort for 23 years. I was called to the Bar in England & Wales in 1997. My prior education includes a Bachelor of Commerce Degree from St. Mary’s University, Canada and a Masters Degree in Law with a specialty in Public Law from the University of London (University College London), London, England. At Cort & Cort we offer a range of professional and legal services which includes citizenship application services together with property conveyancing, company incorporations and other corporate services. I became a Licensed Agent for the Antigua & Barbuda Citizenship by Investment Programme when the programme commenced in 2013. As a Licensed Agent and through our firm, I successfully processed the first CIP application in Antigua and Barbuda. Our group of associated companies includes Antigua and Barbuda Sotheby’s International Realty which offers among other services: property sales and rentals to include luxury accommodation bookings. They also offer property management and concierge services. Antigua and Barbuda Sotheby’s International Realty also has listings for various properties which are approved for sale under the property investment option of the Antigua and Barbuda Citizenship by Investment Programme.

Citizenship By Investment

We are able to offer a seamless service to our clients who obtain the benefit of the convenience of leveraging the combined professional services of our group. Our clients are also assured of confidentiality in that their needs can be met without having to outsource services.

How would you describe your personalised approach for applicants and investors? Being involved in the CIP from its inception has given me a good understanding of not just the programme itself but it has also provided an in-depth knowledge of the requirements to successfully navigate the application process. Years of experience has proved useful in understanding the needs of the applicants and being able to respond to such needs in an efficient and bespoke manner. Through Cort & Cort and our associated companies, we are able to facilitate both the processing of the applicant’s application and other business requirements that applicants may have after they have attained Antigua and Barbuda citizenship via the successful processing of their CIP application. Successful applicants are required to spend five days in Antigua and Barbuda during the first five years of citizenship. While this requirement has been temporarily suspended (until 31st August 2022), it is anticipated that most new citizens will want to visit Antigua and Barbuda as soon as they are able to. Good air links exist to and from Europe, the United Kingdom and the United States of America, and our ideal location makes the trip easily achievable. A personalised approach to the applicants’ needs, including the provision by our associated company of booking accommodations, airport fast-track and pickup any required concierge services during their visit to

Antigua extends our services to applicants beyond just the processing of their application. Our clients are not only guided through the application process from start to finish, but we can also assist in navigating any other investment opportunities that successful applicants may wish to pursue.

Do you agree that the COVID-19 pandemic has more than ever exposed the need for investors and families to have a plan B? The COVID-19 pandemic has amplified the need for flexibility when applicants are considering options for their personal welfare and that of their family. The ability to quickly relocate before possible border closures is a benefit arising from a second citizenship. Particularly, investors and their families would wish to place optimal value on their health, and as such, may want to consider that Antigua and Barbuda has managed to keep the COVID-19 virus under control. This offers the chance for investors and their families to escape the stresses of isolating in less than optimal environments that may exist in their country of origin and to do so in “paradise”. Significant investment has also been made by our government in medical resources and infrastructure to cope with any possible rise in infectious diseases. Further, Island Academy International School located in Antigua offers the International Baccalaureate programme and is able to facilitate the continuation of the educational process for children of families of new citizens wishing to relocate to Antigua and Barbuda.

What is your track record in obtaining approvals? Our firm has an outstanding track record in obtaining CIP approvals. Our knowledge and experience in processing applications and the very experienced and competent team that is involved in supporting the process via myself as Licensed Agent, assures that all viable applications are successfully processed in a very efficient manner.

There will be some major changes to the Antigua and Barbuda Citizenship Programme, what is Cort and Cort view on this? The CIP must respond to the dynamic nature of the industry and the needs of potential applicants. Global events such as the COVID-19 pandemic and its farreaching effects also inevitably impact upon this as well. Change is therefore not just inevitable but also very necessary to ensure the continued viability of the CIP.

Should investors reach out to an approved Local Agent first prior to making a comparative analysis or decision between the National Development Fund or Real Estate? And if so why? Thorough research always assists investors in arriving at an informed and sound decision. Reaching out to a Licensed Agent for information would not only present an investor with more specificity from someone who would have more knowledge and expertise in the local market, it may well present opportunities that would be a good fit for the investor’s personal investment plan, whether short term or long term. The intricacies and nuances involved in making a decision that would best suit the objectives of the investor may be lost if he/she relies only on a general presentation of the options by someone externally who may not be aware of all of the information and knowledge that would assist the investor in arriving at the most suitable decision. As a Licensed Agent, I remain available to assist in any comparative analysis that an investor may wish to obtain and to facilitate the efficient processing of proposed CIP applications. ●

For more information email legal@cortandcort.com

Spring/Summer 2022

All that you wished for at your finger tips

INVESTING IN SAINT LUCIA COULD NOT BE EASIER…

 isa@citizenshipsaintlucia.com / peter@fosters.law  Tel +1 758 452 3145 / +1 758 729 1561 Robin Kelton Building, Choc Bay, Castries, Saint Lucia

SAINT LUCIA SIMPLY BEAUTIFUL! Saint Lucia is the most developed of the five islands in the Caribbean offering Citizenship by Investment to global citizens. Located in the Eastern Caribbean Saint Lucia boasts a stable economy that is fueled primarily by the tourism industry. This emphasis on tourism has led to the development of an international airport with daily flights from major cities in the United States of American and Europe. Saint Lucia launched its Citizenship by Investment Programme in 2015. Since then, the programme has grown by leaps and bounds and introduced several changes aimed at making it more accessible and attractive to prospective applicants.

CITIZENSHIP OF SAINT LUCIA YOUR BENEFITS • You become a citizen for life and enjoy all the rights and responsibilities of other citizens. • You can enjoy visa free and visa on arrival travel to 146 countries including Schengen Countries. • You are permitted to hold dual citizenship as a citizen of Saint Lucia. • You are NOT required to visit Saint Lucia to obtain citizenship by investment. We however encourage you to visit the most beautiful place on earth, which you can call home as a new citizen. • You don’t pay wealth, gift, inheritance, foreign income, capital gains taxes, nor tax on dividend income. • You can pack your bags and move to paradise whenever you are ready to do so. • You can apply for and receive a Saint Lucian Social Security Number, Tax Identification Number and Passport. Passports are valid for five years and can be renewed thereafter.

FOSTER CITIZENSHIP CORPORATION YOUR AUTHORIZED AGENT Our Team at Foster Citizenship Corporation has a wealth of experience in the Citizenship by Investment Program, having handled a significant number of applications. We are poised to provide you with quality service to make your application process seamless and hassle free. As an affiliate of FOSTER’S, one of the leading law firms in the region, we have access to some of the best and most knowledgeable attorneys in the field to represent you. Confidentiality, professionalism and efficiency are our guiding mantra as we strive for excellence. For superb customer service and exceptional representation Foster Citizenship Corporation is all you need!

COUNTRY SPOTLIGHT

Portugal

Citizenship By Investment

COUNTRY SPOTLIGHT

ortugal 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.

Living in Portugal 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.

The Portuguese Golden Visa at a glance: Option 1: CAPITAL INVESTMENT • 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 Option 2: REAL ESTATE OPTIONS • 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.

PORTUGAL

SPAIN

Lisbon

THE AZORES MOROCCO

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.

Spring/Summer 2022

COUNTRY SPOTLIGHT

Portugal – the destination with everything you need Dr. Hugo Santos Ferreira, President, Portuguese Association of Real Estate Developers and Investors (APPII) gives us a brief recap why Portugal is excellent locality to live and work. Portugal has been in the spotlight business-wise over the past few years – and there are very good reasons for that. Since 2012, when the Residence Permit by Investment programme first launched, it has been proven time and again that Portugal is one of the best choices for those looking for either another temporary residence or another place to live that combines everything you need. COVID-wise, Portugal amazed the world with the highest vaccination rates in Europe. It is without a doubt one of the safest countries to live in – currently ranked as the third safest country in the entire world, according to the Global Peace Index. Portugal is located in a very privileged part of the globe as it one of the best getaways to many destinations, located just between Africa, Europe and America – making it the perfect mid point for anyone who needs to travel frequently for business or pleasure. As for other Golden Visa programmes, it is very hard to compete with Portugal. The Portuguese programme offers a lot of investment options, with minimum investments

significantly lower than similar schemes. It is also one of the best countries to invest in – offering a lot of tax benefits for foreigners – as well being as one of the easiest paths to citizenship in Europe. There are not strict language requirements for Portuguese Citizenship, and you don’t even need to actually live there to be able to qualify. Like that wasn’t enough, Portugal is a front-runner for the best quality of life, ranking ‘very high’ on the United Nations’ Human Development Index, which considers factors such as health, education and income. Portugal is also excellent for investing or running a business, ranking 31st in the 2022 Index of Economic Freedom, which includes factors such as rule of law, government integrity, property rights, tax burden, government spending, fiscal health, regulatory efficiency and market openness. In Portugal, you will find that almost every single day of the year it is sunny! You will find a very diverse country where you can go surfing, boating, hiking, and even skiing! Get ready to meet one of the most friendly communities out there and to taste the best fresh homemade food you have ever had.

an the other programs. It is o About APPII: 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

Rua Tierno Galvan | Amoreiras | Tower 3 | 6th floor |

in Portugal, it is considered one of the main entry gates

room 607 | 1070-274 Lisbon | PORTUGAL

for real estate investors in the country.

geral@appii.pt | +351 213 877 749 | https://appii.pt/en/

Citizenship By Investment

COUNTRY SPOTLIGHT

The Portuguese Algarve coast (near Lagos) offers a nice contrast between the blue sea, and the orange rocky cliffs. In summer, many boats offer tourists a sea trip to explore Ponta Da Piedade.

Q&A

Dixcart – Providing effective Golden Visa solutions Dixcart Portugal’s Lisbon and Madeira offices offer help with international corporate formation, ship and yacht registration, and expertise to assist individuals to relocate to Portugal and structure their wealth tax efficiently. We learn more… Dixcart has been providing professional services to high and ultra high-net-worth individuals (HNWIs and UHNWIs) and their families for 50 years. What makes you unique? One reason for our uniqueness is that we are an indep endent firm and have been in existence for 50 years, which means that we have experience in these fields. We believe there is no single approach to businesses, families and HNWIs. Each client is different and we have the right staff to create the best solutions.

Can you tell us about the recent changes to the Golden Residence Permit Programme in Portugal that have been made for 2022? The Golden Visa Residency Programme changed as of the 1st of January 2022. The changes that came into force at the beginning of this year included limitations on where investment properties can be located and an increased investment threshold for some investment routes. Currently those routes are as follows: • There are various investment routes in property starting from €280,000 up to €500,000. Madeira and the Azores have become popular locations for individuals obtaining their Golden Visa. • You can invest through investment funds or venture capital funds which are designated for the capitalisation of companies, at the amount of €500,000; • Other routes are also available, starting from €500,000, in the research or corporate front.

Why do you think Portugal has become such a popular destination for US citizens and those from non-European countries? Portugal offers a warm and temperate climate, beautiful scenery, excellent food, great culture and entertainment. Living costs are relatively inexpensive, there is a good health service and daily flights to over 250 international destinations. The country is being re-discovered as a family and business friendly destination to relocate to, with iconic cities such as Lisbon and Porto, and stunning coastal areas, such as the Algarve. It also offers very easy

Citizenship By Investment

access to the rest of Europe. Thousands of HNWIs have made Portugal their home, attracted by the lifestyle, the Non-Habitual Resident tax regime and the Golden Visa residency programme. Portuguese companies have enjoyed an internationally competitive tax framework that is also transparent, compliant and in line with best international practice.

UHNWIs tend to expect the Earth when investing in residency and citizenship. What makes Dixcart stand out to those clients? The prospect of moving to another country can be daunting but it does not have to be. It is vital that our clients make the right decisions for themselves and their families. Our aim is very clear – to provide services and professional expertise to meet the specific needs of each client, whether an organisation or an individual. We have members of staff actually living in the main countries where we offer our services and these Dixcart employees are experienced professionals. It is this, and the quality, depth and range of the services we provide, with our exceptional trained professional staff force, that makes us different. We have offices around the world, in Cyprus, Guernsey, the Isle of Man, Malta, Nevis, Portugal (Lisbon and Madeira), Switzerland, and the UK. We are the professionals with the caring touch. ●

Contact us for further information: Dixcart Portugal Lda Rua Serpa Pinto 14 1º andar | 1200-445 Lisbon | PORTUGAL +351 210 506 320 Av. do Infante, n° 50, 9004-521 Funchal | Madeira | PORTUGAL +351 291 225 019 www.dixcart.com www.dixcart-domiciles.com

COUNTRY SPOTLIGHT

St Kitts and Nevis 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.

Spring/Summer 2022

YOU AND YOUR FAMILY CAN ENJOY FULL CITIZENSHIP FOR LIFE Unit C5, P.O. Box 1425, Bay Road & George Street, Basseterre, St. Kitts. Phone: 1 (869)–466–1186 | 466-4295 662-2363 • Fax: 466-4253 Email: rch@htlawskn.com Website: www.htlawskn.com

THE BENEFITS OF ECONOMIC CITIZENSHIP • Citizenship for life, for applicant and all eligible family members. • Dual Citizenship is permitted, without the requirement for the applicant to reside in St. Kitts/Nevis. • Full Residency Status and the right to work in St. Kitts/Nevis. • Tax Free Status on foreign income, capital gains, gift, wealth and inheritance tax. • Passports will be issued to the applicant and all eligible family members, and are easily renewed. • Visa-Free Travel to over 157 countries including :- Austria, Belgium, Britain, Denmark, Finland, France, Germany, Iceland, Italy, Greece, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and most British commonwealth countries – https://www.foreign.gov.kn/travel/ • One of the strongest citizenship by investment programs and one of the most powerful passports. • Well-developed infrastructure, international transport links and reliable internet connectivity. • Efficient and timely application process. • A stable and prosperous haven in the Caribbean.

WHO WE ARE, AND WHAT WE DO… The St Kitts and Nevis Citizenship by Investment Program was established in 1984 and is the oldest and one of the most respected citizenship by investment programs worldwide. The citizenship program is governed by sections 90-95 of the Constitution of Saint Christopher and Nevis and the Citizenship by Investment Regulations with amendments thereto. HT is a Full Service law firm located in downtown Basseterre in the tropical twin island Federation of Saint Christopher (St. Kitts) and Nevis. The Firm opened its doors in 2002 and has steadily grown into a premier firm in St. Kitts and Nevis. The firm has over eighteen years of experience in the practice areas of citizenship by investment, corporate law, financial services and real estate. We provide result oriented service and over the past eighteen years have successfully helped numerous applicants, from different continents, obtain second citizenship in St. Kitts and Nevis.

SEAMLESS SECOND CITIZENSHIP SOLUTIONS: INVEST IN YOUR PIECE OF PARADISE

1 (869)–466–1186 | rch@htlawskn.com | www.htlawskn.com

COUNTRY SPOTLIGHT

Malta 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.

Citizenship By Investment

COUNTRY SPOTLIGHT

alta is 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.

Nomad Residence Permit 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 entre preneurial 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.

Fast facts: Acquisition of Citizenship for Exceptional Services by Direct Investment in Malta: • 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

CROATIA BOSNIA AND HERZEGOVINA

MONTENEGRO CORSICA

ITALY

ALBANIA

SARDINIA

SICILY GREECE

TUNISIA

Valletta

Eligibility criteria for MEIN programme: • 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

Spring/Summer 2022

INTERVIEW

New chapters, new possibilities The world is slowly but eagerly easing into to a post-pandemic phase, as lockdowns become a thing of the past and businesses get back into the saddle. In reality, however, we are still reeling from the impact, and families from countries who felt the pinch more than others in a variety of ways are increasingly considering residency in another country, as a Plan B for the peace of mind of their family. Our editor caught up with Charles Mizzi, Chief Executive Officer of Residency Malta Agency, to hear about how Malta has become an attractive place for second residency. What makes Malta an attractive country for second residency? Malta is among the safest countries in the world, with a society built on community and family values. The country boasts excellent educational opportunities with curricula based on the British model. We also boast worldclass healthcare, so people have peace of mind knowing that if they fall ill, they will be well taken care of. Connectivity is strong, with daily air and sea links to Europe and North Africa, and solid connections to the MENA region, so travelling for business or leisure is easy. Most locals are fluent in English, which is the primary language of operation for most businesses, and this makes communication a breeze. Couple these attractions with our gorgeous Mediterr anean lifestyle and the choice becomes that much easier. The mild southern climate is great for outdoor events, dining al fresco and meeting people. One in five residents is an expat, and this has added value to our melting pot of cultures and our community-based lifestyle. We have a wealth of historic and heritage sites and Malta is often hailed an open-air museum. From the fortifications of the Knights of St John to the military architecture of the British period, the Neolithic temples that are the oldest in the world and baroque churches, visitors and residents alike can enjoy our rich surroundings that are second to none.

What benefits does the Malta Permanent Residence Programme (MPRP) give second residents? The MPRP has a number of unique features. One of the

Citizenship By Investment

greatest advantages of this programme is the fact that permanent residency is granted from the very first day. Added to this is the quick processing time of 4 to 6 months, making it one of the most efficient residency programmes on offer. The option for applicants to lease property instead of purchasing sets the MPRP apart from other similar programmes. Given the substantial invest ment one must make when acquiring real estate, it makes sense to allow new residents to explore different locations before committing to the place where they will eventually settle with their families. The MPRP also makes it easy to relocate large families since one application can include up to four generations. Our culture has very strong family roots and we wanted to create a programme that is family-centric. In fact, fees for additional dependants are very reasonable, and we have found that this is one of the most attractive and sought out features of our programme. Last but not least, you have Malta itself, which offers a variety of attractive features for residents old and new, both as a legal jurisdiction, a place to work, and as a primary or secondary place of residence. There is something for everyone here.

How do you ensure you attract quality investors? Residency Malta’s mantra is quality over quantity, and we apply strict due diligence to every application we receive. This is how we have maintained our strong reputation. We carry out four-tier checks which ensure that only those applicants who are fit-and-proper can qualify for

INTERVIEW

permanent residency, and we screen for adverse media, litigation, crimes, source of wealth and source of funds, among many other checks. At the end of the day, we must be sure that we are opening our doors to residents who will add value to our communities and who are themselves deserving of the added value our country can give to them.

Do you consider doing business in Malta easy? Malta’s eco-system facilitates start-ups, scale-ups and business in general. Our fully developed market makes up for our small size and makes Malta an ideal test base for new products and services. Moreover, the Government offers a number of schemes that support entrepreneurs and encourage investors, with the aim of attracting foreign investment. The economy is uplifted by a number of successful sectors such as igaming, pharmaceuticals, aviation, maritime, hospitality, financial services, film and the knowledge industry, and businesses will find a highlyskilled and dedicated workforce. The fact that English is a national language makes setting up and gaining momentum that much easier.

How has the MPRP contributed to Malta’s sovereign wealth? The MPRP was ideated to attract foreign direct investment to Malta, along with talent, skills and human capital, while facilitating economic mobility for third country nationals and their families who are looking for resettlement. Attracting new residents contributes in terms of initial investment and investment in real estate. Funds derived from the programme go to the nation’s Consolidated Fund and the National Development and Social Fund, both of which divest funds to important projects that come with great benefits for local communities. Residency Malta itself as an Agency also manages its own CSR initiatives. By way of example, last year we contributed to the purchase of tablets for a local support agency, funded a robotics project at the University of Malta, and refurbished a library and science lab in one of our colleges. The Agency also committed a substantial sum to the government’s housing fund, which will assist with the provision of social housing for local families. More information about Residency Malta’s programmes may be found at www.residencymalta.gov.mt ●

Spring/Summer 2022

Multilocalism: Broadening our outlook on life The team at Ace Group, Shahrukh Abbas Gondal, Shireen Kapoor and Lovedeep Singh Arora – local knowledge combined with global coverage.

ho are multi-locals? This is almost certainly your first question, given this word is still not well known. Multi-locals are individuals who spend their lives and carry out fundamental activities such as employment in multiple locations. Some people do it to acquire greater exposure, some to improve their lifestyle, and some just for enjoyment. Globally, citizens’ demands are evolving. Travelling to new areas, seeing new cities with your loved ones, experiencing new cultures, eating delicacies from various nations, speaking different languages, and perhaps even having photos taken in cultural attires – people are willing to try new things. Why do you think they’d pass up the opportunity to obtain citizenship in another nation in addition to their own which could be a chance to learn about something new with limitless potential in terms of employment, security, lifestyle, and so on. The freedom to attain dual citizenship has given this new term, multilocalism, a new and real meaning. People are seeking for more opportunities and benefits to live a happy life with their family, and if they find them in different countries, it is extremely likely that they would seek two or more passports, which is now attainable in today’s world. The number of nations that accept dual citizenship is growing by the day, as countries recognise the importance of this.

Citizenship By Investment

However, it might be a difficult task. You will almost definitely need the assistance of an immigration lawyer because there are several things you should know before applying for a second passport. The first thing you should determine is if your home country permits you to hold a second passport; if it does, you may consult with a dual citizenship specialist who can guide you. Typically, governments will ask for some form of investment in exchange for the privilege to live in their country as a citizen. The advantages of dual citizenship include not simply touristic advantages, but also monetary advantages, such as the ability to earn in two separate nations while also saving tax. Ace Luxury Immigrations Solutions may assist you in obtaining a second passport for yourself. The experienced immigration attorneys are well-versed in the nitty gritty details as well as the rules and regulations of many nations where you may live happily with your family. Many nations, like Dominica, Turkey, Portugal, St. Kitts and Nevis, and countless more, provide perks such as visa-free travel to many countries and the opportunity to invest in gorgeous properties. It may be a chance for you to find a home away from home. ● For details visit https://aceluxuryimmigration.com

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