CBI Winter 2020-2021

I S S U E 21

WINTER 2020-21

The future landscape of Uk immigration

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CONTENTS

Winter 2020-21 Features

Country Spotlights Section Index Caribbean Section

The Caribbean is Leading the Way for CBI Industry

6 The Ascendance of Investment Migration in Emerging Markets Dominica’s Citizenship

by Investment Programme remains best in the industry Islands large and small: A sustainable investment in safe harbours Why Grenada should be your Caribbean destination of choice The EU-UK Trade and Cooperation Agreement: The details explained

10

19

32

13

Antigua and Barbuda

14

Dominica

19

Grenada

26

St. Kitts and Nevis

35

Saint Lucia

44

European Section Turkey

48

UK

54

Australasian / North American Section

29

56

Australia

53

Canada

60

USA

66

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Citizenship By Investment 3

FEATURES: INTRODUCTION Welcome to the 21st issue of Citizenship

by Investment, your one-stop resource for what’s new and topical in residency and investment migration around the globe.

This year has been a very challenging year, as it has been the case for many industries. 2020 proved to be investment migration’s most turbulent year yet.

We review the biggest stories, news updates in residency and citizenship industry in the year and what makes us so resilient. The investment migration landscape is fast evolving, with a greater number of countries launching residence, entrepreneur or citizenship programmes.

As always, the various CBI schemes in the Caribbean feature strongly. We have discussions on why the region is leading the way for the industry, despite the challenges of a global pandemic – moving more operations online, and experiencing a greatly increased surge of interest as families raced to find a safe harbour and a Plan B in unpredictable times, especially those coming from emerging markets.

We include two Q&As from Caribbean agents. Sabrita Khan-Ramdhani from Orion Corporate Solutions talks us through how applicants for Grenada can apply for an E2 Visa, especially those who are interested in EB-5.

Shawna Lake, of SL Services Ltd, discusses initiatives launched to make St. Kitts & Nevis Citizenship more affordable, as well as the other advantages of relocating to the islands.

Australia and Turkey also receive a mention this time around. Australia has announced major changes to its popular Business Innovation and Investment Program, cutting five categories and raising capital requirements.

Sami Ghazagh, of Realty Turkey, opens the door on the possibilities of citizenship 4 Citizenship By Investment

by real estate investment in Turkey, the traditional European-Asian crossroads.

Following on from the freshly baked EUUK Trade and Cooperation Agreement, we compare and contrast the new arrangement with EU membership as was, what the new deal might mean for international investment and revisit the existing immigration visa options to the United Kingdom.

Our whistle-stop tour around the world then takes us to North America. With small and medium-sized businesses in Canada looking to invest in tech during the pandemic, does this mean the Startup Visa Program is an opportunity for immigrant entrepreneurs in 2021?

We also ask ‘Shouldn’t you be living the American Dream?’, with a brief history of the EB-5 program, as well as looking at two of the premier opportunities in the market in detail – New York’s Kingsbridge Ice Centre and the Banyan Cay Hyatt Resort project in Florida.

There’s also the BLS Guide to Residency and Citizenship By Investment – for when you are ready to invest and what the next steps might be.

COVID-19 has been the most talked about topic this year, but we must look forward. What with the roll out of several vaccines, once we can overcome the current issues and build a sustainable investment migration industry, the industry can become hugely beneficial, not just commercially for the companies involved in this sector but also globally.

I am convinced that the industry can be a catalyst for global growth and an evolution for the future global citizen.

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.

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NEWS UPDATES... NEWS UPDATES...

Closure of Cyprus CIP programme Cypriot authorities have suspended their CIP programme. It had been in operation since 2013, and had allowed foreign nationals to invest €2 to €2.5m in Cyprus in exchange for citizenship, raising a reported €8bn to sustain the country’s economy during a difficult period following the 2013 banking crisis.

Malta modernises citizenship by investment programme Malta has made changes to their programme with new regulations that are strictly controlled by a code of ethics. Community Malta Agency is the government entity responsible for administering and processing all Maltese citizenship related matters. This includes accepting and processing applications for the acquisition of citizenship by descent, citizenship through merit, citizenship by naturalisation through long term residence and through exceptional service by merit and exceptional service by investment. In December Malta launched citizenship for direct investments, with a limited quota of 1500 investors. Only 400 investors will be processed annually.

EU-UK Trade and Cooperation Agreement signed After intensive negotiations, the European Commission and the United Kingdom reached an agreement on the terms of future cooperation.

The agreement covers not just trade in goods and services, but also a broad range of other areas, such as investment. Even though certain economic issues are still to be agreed, the deal provides for an unprecedented zero tariff arrangement beyond what has been negotiated with any other trading partner.

Move to the UAE and work there remotely for a year Dubai’s new ‘one-year virtual working programme’ will allow remote workers and their families to stay there for up to a year. To apply, workers must prove that they earn a minimum of $5,000 a month and have valid medical insurance and a passport that’s valid for another six months.

Applicants must pay a $287 fee and are required to have medical insurance that’s valid in the UAE as well as a passport that doesn’t expire for at least another six months at the time of applying.

St Lucia’s COVID-19 Relief Bond extended to end of 2021 St Lucia’s COVID-19 Relief Bond Option, which was due to expire on 31 December 2020, will now be extended to 31 December this year. Investment qualifies the applicant for citizenship and guarantees the return of his investment after the prescribed time.

For further information on the news updates above and future news on the CBI programmes please visit www.citizenshipinvestment.org Citizenship By Investment 5

THE CARIBBEAN LEADS THE WAY FOR CBI INDUSTRY

by CS GLOBAL PARTNERS

U

ndoubtedly, 2020 has been a challenging year for most industries, and the Citizenship by Investment industry was no different. With the COVID-19 pandemic triggering global lockdowns and other travel restrictions, life as we knew it had come to a screeching halt. The industry scrambled to move operations online, and with the drastic economic decline, many nations utilised revenue generated under their respective programmes to keep them afloat. Yet, despite the difficulties, the industry quickly witnessed skyrocketing demand as families across the globe raced to find a Plan B before unpredictability reared its head once more.

The industry not only saw an increase in demand but a change in priorities for investors who were applying for second citizenship. Where once global mobility topped the list of motivators for second citizenship, priorities shifted to include access to better healthcare systems, political stability and the safety of one’s family. Additionally, the inadequate management of the COVID-19 pandemic left some of the most developed nations struggling, thus triggering a new wave of economic citizens from the United States and the United Kingdom.

The Caribbean remains an established destination within the investment 6 Citizenship By Investment

immigration realm and is home to some of the oldest longest-standing programmes within the industry. All five of the region’s government-legislated Citizenship by Investment Programmes took the top five rankings of this year’s CBI Index – published by experts at the Financial Times’ Professional Wealth Management magazine. The Caribbean is also the region that has been the least impacted by the spread of the novel coronavirus, with many nations now in the midst of reopening borders and welcoming tourism back to their shores.

This has made the region even more attractive amongst wealthy investors who are eager to escape to a country that has effectively nipped the virus in the bag.

Dominica Leads For the last four consecutive years, Dominica’s CBI Programme has been ranked as the world’s best offering for second citizenship by the CBI Index.

Established in 1993, the Programme has over two decades of experience within the industry and only continues to adapt with the changing needs of the market.

For example, earlier this year, Dominica introduced new regulatory changes to its Programme that would effectively widen the definition of “dependants” under an investor’s application. It is now one of the few countries that allow the inclusion of children aged over 18, parents, grandparents, siblings and the family of

the main applicant’s spouse.

Additionally, the new changes include post-citizenship additions meaning that an applicant can have additional family members even after the receipt of citizenship. The Government of Dominica understands the importance of keeping the family together, particularly in today’s current climate.

After recording zero deaths from the virus, the Commonwealth island reopened its borders to tourism back in August. In fact, its response to the crisis was lauded by the UK Development Director in the Caribbean, praising the country for preventing community spread and utilising its health personnel effectively. Before the global lockdowns, Dominica had enjoyed a thriving tourism sector that saw the country become one of the most popular emerging ecotourism destinations. Investors who are interested in acquiring Dominican citizenship can do so through the real-estate route, which offers a variety of environmentally sensitive luxury properties from the likes of Hilton, the Marriott and Kempinski.

St Kitts and Nevis’ Platinum Standard As the industry’s longest-running programme, St Kitts and Nevis’ CBI offers investors a safe and secure route to second citizenship. It also boasts one of the fastest paths to second citizenship, under the Sustainable Growth Fund, as highlighted by this year’s CBI Index.

According to the special report, St Kitts and Nevis offers the world’s fastest citizenship timeline with application approval possible within three months.

With over thirty years of experience, St Kitts and Nevis’ CBI Programme has come to be recognised within the industry as a Platinum Standard brand.

However, just like Dominica, the twinisland is no stranger to evolving. St Kitts and Nevis is currently offering a limitedtime offer that will enable families of up to four to acquire citizenship for $150,000 rather than the previous US$195,000 and will remain valid until 15th January 2021.

The dual island has also reopened its borders as of 31st October to international visitors after reporting zero

deaths and only 19 cases, all of which have now recovered. The islands were also designated as a “No Travel Notice” required destination by the United States’ Centers for Disease Control. As tourism slowly picks up on the islands, St Kitts and Nevis still has a stellar track record that it can always rely on. Last year, the islands celebrated a significant tourism milestone after it welcomed one million cruise passengers for two consecutive years. It was also named a marquee destination by the Florida-Caribbean Cruise Association.

Due Diligence: the Cornerstone of the CBI Industry As global demand for CBI grows exponentially, so does international scrutiny. With a rejuvenated effort from the European Union targeting the continent’s golden visa programmes, the Caribbean is proving that a robust due diligence framework is pivotal to maintaining the industry’s integrity.

Both Dominica and St Kitts and Nevis have been recognised for their meticulous and thorough vetting procedures that follow a multi-tiered approach and utilise both local and international agencies. This includes the likes of the Joint Regional Communications Centre and Interpol to ensure that only applicants of the highest moral standing are accepted as citizens of either nation. The 2020 CBI Index highlighted that both countries received top scores for their due diligence processes since the report’s inception in 2017.

“If the due diligence is clear, but it gets a red flag from our international law enforcement group, we will deny [granting citizenship by investment to that applicant]” St Kitts and Nevis also has other safeguards in place, for example, it will not allow anyone who has been refused a visa from a country that the islands have a visa waiver with to gain its citizenship.

Similarly, investors coming from nations such as Iran, Afghanistan or North Korea, will be rejected from applying. Earlier this

year, the dual island nation announced that it would be introducing biometric checks as a means of strengthening its due diligence processes.

“Security concerns coming out of international law enforcement is a no-no for us – we will deny that individual. So if the due diligence is clear from our due diligence company, but it gets a red flag from our international law enforcement group, we will deny [granting citizenship by investment to that applicant],” says Les Khan, the CEO of St Kitts and Nevis CBI Unit.

In order to further encourage transparency, Dominica ensures that it publishes the names of its economic citizens in its official gazette and provides a detailed budget into where CBI funds have been invested. This holds the Government accountable to its own citizens who can trace revenue generated under the Programme to the country’s national development.

“Every Dominican is proud of the Programme because we see how well the funds from the Programme are assisting us in infrastructure, in education, in housing, and in many other things. We have a national employment programme, for instance, where young people are given temporary jobs to gain experience.

This is being paid for with funds from the Programme,” says Emmanuel Nanthan, the Head of Dominica’s CBIU. In recent years, Dominica’s CBI Programme has supported the construction of thousands of affordable and weather-resistant homes, bolstered eco-tourism on the island and is currently contributing to the island’s first international airport. Therefore, the tangible impact of the Programme can be seen across the island.

While the industry grapples with growing pains of trying to find its place in a continually evolving and volatile market, the Caribbean stands out as a region that the industry can learn from. From its commitment to upholding the integrity of the sector through robust due diligence or its dedication to finding new ways in attracting foreign investors, it is more apparent than ever that the Caribbean is leading the new dawn for the CBI industry.

Citizenship By Investment 7

GUIDE TO RESIDENCY & CITIZENSHIP BY INVESTMENT You are ready to invest and what are my next steps?

PHASE I: IDENTIFY YOUR MIGRATION GOALS, EXPECTATIONS, AND INVESTMENT CAPACITY The immigration process varies depending on the investment programme chosen and the type of programme you choose, and also may vary in accordance with your migration goals, expectations and access to the funds.

Processing time is also a very important factor to consider: the approval of some programmes can be as fast as four weeks, three to six months, or longer.

You should start by defining your immigration goals.

Why do you want to immigrate to another country?

Some possible reasons include starting a business, providing better education for your children, accessing better healthcare, safeguarding your assets, or any other reasons.

1. Ask yourself the question? Do you simply want to take advantage of global mobility that comes with having a strong second passport that provides visafree travel to over 100+ countries?

2. Other reasons may be to avoid foreign policy blow back, or simply having a Plan B for the security of yourself and your family.

3. The next step involves setting expectations for your immigration.

Having clear expectations will allow you to choose the right investment visa programme.

Here are some questions that will help you set your expectations.

• Do you want to become a permanent resident of the country?

• Are you seeking full residency rights or a living visa is sufficient?

• Is quick, fast track migration a priority for you and your family?

8 Citizenship By Investment

• Do you want to maintain your business in your home country? Do you want to invest into a business in your new country of destination?

• How frequent do you need to travel to your home nation to manage your business?

The most important question is to have a legitimate source of funds for a residency or citizenship to move forward with the investment programme. You or your family must need to understand the financial implication of the entire process before proceeding with the procedure.

PHASE II: COMPARE THE DIFFERENT INVESTMENT IMMIGRATION PROGRAMMES

PHASE IV: CONSULT WITH AN IMMIGRATION APPROVED AGENT / LAWYER TO PROCEED

• Start by preparing a list of investment immigration programmes available. You have to consider factors such as processing time, investment amount, risk and any restrictions associated with the programme (such as travel or relocation limitations).

• The final step is to engage an immigration lawyer from a Government-authorised firm for your application.

• Compare different programmes based on factors relevant to you and your family. It will include processing period, employment opportunities (for the spouse or family members), travel restrictions, permanent residency filing and approval process, investment requirements, and any renewal guidelines associated with a programme.

• Going through these phases will help applicants identify programmes that are suitable for their families, have feasible investment requirements, and offer the best opportunities. Always remember, you should only engage with an authorized immigration agent or developer at this stage.

• Working with experienced immigration professionals has multiple benefits. These professionals can help you through the financial pre-planning, programme selection, and application process. Their experience allows them to offer solutions for investors on any potential issues the applicant might face.

• Only lawyers and attorneys have the statutory right to hold your funds into escrow and maintain a professional insurance.

• Lawyers and attorneys have a statutory duty to always act in your own interest and provide you all the necessary information, whether you asked for it or not.

• Carry out the right due diligence. Try to speak to an investor and get first-hand experience.

PHASE III: DO I GO WITH AN APPROVED AGENT OR DIRECT TO A DEVELOPER FOR REAL ESATE INVESTMENT Have you ever asked yourself, why deal with an agent when you could deal directly with a developer?

Certain Citizenship programmes require the investor to make an application via an approved government agent, this is the case with Caribbean citizenship programmes. These are vetted agents that have gone through a rigorous process to obtain a licence.

There are several reasons why you should continue to engage with a reputable agent, such as local knowledge, taxation and many other factors.

If one is investing in real estate, it’s also important to get a full understanding of the developers’ credentials. Don’t be afraid to speak to the developer.

Citizenship By Investment 9

THE ASCENDANCE OF INVESTMENT MIGRATION IN EMERGING MARKETS

by Dr. Juerg Steffen CEO, Henley & Partners

The first two decades of the 21st century saw emerging markets powering to the fore, and emerging global wealth experienced huge growth. According to New World Wealth’s 2019 Global Wealth Migration Review, China’s wealth growth rate in the decade between 2008 and 2018 was the highest globally at an astonishing 130%, India’s was the fourth highest at 96%, and Kenya was in 8th place with a wealth growth rate of 68%. As emerging markets have advanced, economic power has increasingly shifted towards these regions, but while these markets abound with opportunities in the form of a rapidly rising middle class, higher consumption, and attractive returns, the downside is that there are as many (if not more) risks, such as political and economic instability, inferior infrastructure, and poor market access.

A growing interest in investment migration As wealth has grown in emerging market countries, acquiring alternative residence or citizenship has become particularly appealing to their citizens, as it enables greater flexibility and participation in the world’s leading economies. Having alternatives is an essential part of any 10 Citizenship By Investment

family’s insurance policy – the more jurisdictions one is subject to, the more diversified one’s assets and the lower one’s exposure to country-specific and global volatility. Many affluent individuals from emerging markets across the world have gained access to business, career, educational, and lifestyle opportunities on a global scale, for themselves and their families, by investing in residence or citizenship programmes, thereby expanding their horizons, enhancing their travel freedom, and transcending the constraints imposed on them by their countries of origin.

Covid-19 volatility is a new driver The unprecedented and highly volatile global conditions triggered by the Covid-19 pandemic and the Great Lockdown have forced individuals across the globe to reassess their circumstances, and particularly those in emerging market countries. The disconcerting events of 2020 have also highlighted the unquantifiable value of freedom and having options in times of crisis.

During 2020, the world was abruptly and unbelievably grounded by lockdowns and border closures in efforts to curb the coronavirus, further emphasising

the advantages and necessity of having a ‘Plan B’ to protect against future shocks.

In addition to the organic growth of alternative residence and citizenship, the coronavirus pandemic appears to have evoked a sharp increase in interest in investment migration programmes by citizens of emerging wealth markets, and with Indian, Kenyan, and Nigerian nationals in particular. There has also been a sustained and extremely high level of interest shown by Pakistani nationals over the past two years, and demand is rapidly regaining traction in South Africa.

At Henley & Partners we saw an astonishing 81% increase in enquiries from Indian nationals in the first three quarters of 2020 compared to the same period in 2019. Enquiries from Nigerian nationals rose by 25% in the same timeframe. Both countries also elicited high levels of enquiries last year, so this growth in 2020 is doubly impressive.

The number of enquiries from Kenyan nationals shot up by a remarkable 110% in the first three quarters of 2020 compared to the same period last year, and while Kenya’s 2019 levels were not as high as India’s and Nigeria’s, this strong uptake in 2020 is certainly a significant change in a market that is still being established.

Growth set to resume in 2021 Looking to the future, Knight Frank’s 2020 Wealth Report featured an inaugural Global Wealth Sizing model that predicted strong growth in the numbers of UHNWIs and HNWIs around the world over the next five years, with the biggest increases predicted in Asia. At 44%, Asia’s forecast five-year UHNWI growth was double North America’s projected rate, with India leading the charge by a long stretch with an impressive 73% projected growth.

Africa’s five-year UHNWI growth forecast was predicted to be the second highest globally, at 32%. In terms of projected HNWI growth, Asia came out on top again, with projected growth of 39%, while Africa’s was predicted to be 32%.

Although these wealth growth forecasts will have to be revised in the wake of Covid-19, wealth creation recovered relatively quickly after the 2008 global financial crisis. The IMF’s October World Economic Outlook predicted that the global economy would not suffer as severe a recession as previously forecast, and growth for emerging and developing economies is projected to drop from 3.7% in 2019 to -3.3% in 2020, then rise to 6% in 2021. The IMF also revised its forecast for global growth to fall to -4.4% in 2020, with the 2021 projection at 5.2%. After this, global growth is expected to gradually slow to 3.5% in the medium term, with limited progress in catching up to pre-pandemic projections for economic activity for 2020-25 for both advanced and emerging market and developing economies.

“The volatile political environment is perceived to be a significant risk to wealth preservation in many key wealth markets” With 104 resident billionaires, India ranked 4th in the world after the USA (631 billionaires), China (316), and Germany (129). Despite its strong wealth growth, India lost 7,000 HNWIs in 2019 (2% of its HNWI population), and South Africa and Nigeria each lost over 100 HNWIs. While New World Wealth maintains that India’s steady outflow of HNWIs over the past few years is not a concern as the country generates more HNWIs than it loses annually, the circumstances are different in Africa, as an exodus of wealth is not something that emerging economies can afford if it is not being regenerated at an equal rate.

The changing face of investment migration in India

Emerging wealth distribution and wealth outflows

Until recently, the investment migration industry in India was predominantly centered on Australia, Canada, the UAE, the UK, and the USA, and the primary reasons driving investment migration in India have been education, lifestyle, and affinity with the destination country.

While these five countries are home to a significant Indian diaspora and their investment migration programmes are high in demand despite their complex investment requirements, there is a growing interest in residence programmes in Europe. The top three programmes Indian nationals were interested in during 2020 were Austria, Malta, and Portugal.

The latest Global Wealth Migration Review indicated that by June 2020 there were approximately 13 million HNWIs globally. The table indicates the distribution of wealth in various emerging economies in 2019.

A significant driver of this trend is investors seeking alternative residence or citizenship as a means of hedging sovereign risk. While India is a dynamic place for business activities and commercial growth, with high-

Wealth distribution in 2019

HNWIs UHNWIs Billionaires India 291,274 5,986 104 Kenya 2,900 42 Nigeria 40,142 819 3 South Africa 84,421 1,033 6 Source: Knight Frank’s 2020 Wealth Report

yielding investments, it is less attractive from a wealth preservation perspective.

Onshore private banking has emerged in India in the last 18 years but has yet to prove its sustainability in tough market conditions. India is not alone in facing an unprecedented financial crisis owing to Covid-19, but its financial institutions – while doing an exceptional job – need to build more trust on the longevity of the solutions they offer for generational wealth preservation.

In the past, HNWIs have predominantly sought options that enabled their families to be prepared for unexpected events and that extended their travel freedom.

Cash rich and time poor, they did not necessarily wish to move to the places where they acquired a second residence or citizenship – for most, these options were merely an insurance policy should the need arise. Now, however, investment migration is shifting from being a ‘Plan B’ on paper, or being about HNWIs living the life they desire purely in terms of holidays and business travel, to a more holistic vision that includes the possibility of relocating to a new country that promises access to world-class healthcare options and enhanced safety and security.

Africa on the rise Despite being largely overlooked, African private wealth has been growing every year to the point where it is becoming increasingly globally significant. Despite this growth, the continent is troubled as countries grapple with democratisation and post-colonial recovery. According to The African Wealth Report 2020 published

by Standard Bank of South Africa, the volatile political environment is perceived to be a significant risk to wealth preservation in many key wealth markets, including South Africa and Kenya, while the biggest threat to wealth in Nigeria is cited as being personal safety and security.

African HNWIs are extremely familycentric, and many affluent investors are looking to establish themselves and their families in safer countries that offer more stability, reliable infrastructure, world-class educational institutions, and top-tier healthcare. South Africa remains the biggest wealth market on the African continent, yet over the past few years there has been significant continued engagement in investment migration options from South Africa, and Covid-19 Citizenship By Investment 11

1. Showing interest in migration

appears to have caused another surge in affluent individuals preparing to leave.

The appeal of alternative residence and citizenship options is now extending to other countries across Africa in tandem with wealth growth.

2. Statistics

In 2020 the programmes Kenyans In the first three quarters enquired about most frequently were of 2020 compared to the those offered by the USA, Canada, same period in 2019: Switzerland, and Antigua and Barbuda, while South Africans favored Portugal, Malta, and Montenegro, and Nigerian nationals were most interested in Antigua and Barbuda, Canada, and St. Kitts and Increase in enquiries Nevis, with the St. Lucia Citizenship-byfrom Indian nationals Investment Programme also attracting an increasing level of attention in Nigeria.

81% 25%

A wealth-planning innovation that can reshape your future Increase in enquiries

Nigerian nationals Thefrom two years leading up to 2020 saw investment migration transform from being a luxury lifestyle product to become a sophisticated investment choice.

More than simply being about ease of travel or acquiring a vacation home, Increase in enquiries alternative residence and citizenship from Kenyan nationals

110%

12 Citizenship By Investment

encompass portfolio diversification, global investment and operations, and the creation of a new inheritance and identity for the family, particularly through providing access to exceptional education options. The unexpected events of 2020 have simultaneously exacerbated push factors such as political and economic Number of HNWIs leaving: instability, and reprioritised pull factors, with stability, safety, and access to India becoming issues of greater healthcare concern ever.

2018:than 5,000 7,000 By2019: extending their wealth planning and legacy management strategies to include investment migration, investors Nigeria from countries 2018: >100that are politically and/ or economically unstable are catalysing >100 the2019: transition to new lives in carefully selected countries that offer a better quality of life,Africa where they and their South families feel more comfortable and secure, 2019: >100 and where they envisage a future that is Source: New World Wealth’s 2019 Global better withandtheir aspirations, Wealth aligned Migration Review 2020 Global Wealth Migration Review both now and for generations to come.

Dr. Juerg Steffen is the CEO of Henley & Partners. Juerg has over 30 years’ experience in the financial services industry and is widely regarded as a leader of the investment migration industry.

He has played a pivotal role in growing the firm and, indeed, the investment migration industry at large, improving Henley & Partners’ operational standing and developing key structures and processes that enable the firm to keep the industryleading position it enjoys today.

COUNTRY SPOTLIGHTS Discover the benefits of the various countries that offer Residency and Citizenship by Investment programmes in our Country Spotlights section.

Caribbean Section: Antigua and Barbuda Dominica Grenada St. Kitts and Nevis Saint Lucia

14 19 26 35 44

European Section: Ireland Turkey United Kingdom

47 48 54

Australasian Section: Australia

53

North American Section: Canada United States of America

60 66

Country Spotlight

QUICK FACTS

ANTIGUA AND BARBUDA

A

ntigua and Barbuda is an island nation situated in the West Indies between the Caribbean Sea and the Atlantic Ocean, in the middle of the Leeward Islands chain. The country consists of two major islands and a small number of mostly uninhabited islands. Antigua is the largest island land, with a total land area of 281km² and a coastline of 87km.

Barbuda – land area 160km² – lies just 25 nautical miles (40km) north of Antigua and is easily reached by the Barbuda Express catamaran service (journey time of 90 minutes in nearly all weather conditions) or a 20 minutes helicopter flight.

Antigua and Barbuda’s ideal geographic positioning 17°N of the equator makes the tropical twin-island jewel a regional travel hub, with excellent air links to North America and Europe. Home to over 100,000 people and blessed with 365 powder-white sand beaches, the country is revered as one of the most beautiful places in the world. Both islands are mostly low-lying islands with natural harbours, lagoons and sandy beaches along their coastlines and rimmed by reefs and shoals.

Antigua was first explored by Christopher Columbus in 1493. However, the Spanish never colonised the island due to its lack of fresh water and it wasn’t until 1632 that the British started to colonise Antigua, with Barbuda first colonised from 1678. In 1958, Antigua and Barbuda joined the short-lived Federation of the West Indies and in 1967 became one of the self-governing West Indies Associated States, before being granted Independence from the UK on 1 November 1981. The country also 14 Citizenship By Investment

joined the Commonwealth on that date and was granted admission to the United Nations on 11 November 1981.

Antigua and Barbuda, along with seven other states, is a member of the Eastern Caribbean Currency Union (ECCU), a development of the Organization of Eastern Caribbean States (OECS), which uses the Eastern Caribbean dollar (XCD) as its currency. This has been pegged at 2.7 XCD to one United States dollar since 1976, contributing to long-term financial stability.

Antigua and Barbuda’s political system is based on the British parliamentary system, with general parliamentary elections required to be held at least every five years. The House of Representatives has 19 members which comprise the President, the Speaker and 17 members elected in single-member constituencies using the first-past-the-post electoral system. English is the official language, although Antiguan Creole is also spoken.

Capital city: St. John’s Population: 102,012 (2017) GDP in current prices: USD $1.611 billion (2018) GDP growth: 5.3% (2018) Area: 440 km² Government: Unitary parliamentary constitutional monarchy Monarch: Queen Elizabeth II Governor-General: Sir Rodney Williams Prime Minister: Gaston Browne Currency: East Caribbean dollar (XCD) HDI: 74th (2018) Ease of doing business index: 113th (2020) Time Zone: GMT -4 Dialling code: 1 268 Economy The economy of Antigua and Barbuda is service-based and relies heavily on tourism. Since the outbreak of COVID-19 and the resulting impact on the country’s economy, Chief Executive Officer of the Citizenship by Investment Unit (CIU), Charmaine QuinlandDonovan, has put measures in place to ensure that the Unit remained open for business during the “lockdown” that was put in place. Modifications have been made to the requirements for potential citizens to ensure that the process continues to be a smooth one given the closure of multiple business places globally. The ever dedicated staff of the Unit continues to assiduously process applications, completing applications in as little as six weeks.

The Unit continues to encourage potential applicant to submit applications and has even made changes to its investment offerings to maintain its competitive edge.

Its real GDP growth has tended to fluctuate over the past three decades as the country is more vulnerable than most markets to external economic downturns and natural disasters such as hurricanes.

The country suffered badly from the global recession of 2008 which brought about the collapse of its largest private sector employer, steep declines in tourism and a rise in debt. As a consequence, the government has been diversifying its economy, with financial services, communications and transportation becoming more important.

Bolstered by generous government incentives for businesses and entrepreneurs, foreign investment has contributed to the recovery of the economy, especially with regard to construction and real estate. In addition, Antigua and Barbuda launched its citizenship by investment programme (CIP) in October 2013, raising $33m in its first year alone. Since 2013, the economy has enjoyed a steady return to real GDP growth, with 2017 up by 3.6% and 2018 up by 5.3% to a nominal figure of $1.626 billion (source: IMF).

Currently, Antigua and Barbuda’s economy ranks a lowly 174th in the world, but 50th in terms of GDP per capita. The Caribbean Development Bank (CDB) forecasts a more modest economic growth of 3% for 2019.

Services represented 77.5% of 2017 GDP, with Industry accounting for 20.2% and Agriculture – which includes farming, fishing and forestry – contributing just 2.3%. The total contribution of Travel and Tourism to GDP in 2017 was equal to almost 52% share of GDP in 2017, of which 13% was a direct contribution.

Tourism and trade After falling from 265,187 in 2016 to 247,320 in 2017 (having previously shown steady growth since 2010), the number of stayover international tourist arrivals coming in to V. C. Bird International Airport on Antigua’s northern coast rose by 8.75% to 268,949.

Two-thirds of tourists come from the US or the UK – 39% and 26% respectively of all visitors in 2018 – with Canada next (14%) and showing the highest year-on-year increase. Emphasising how important the US is to Antigua and Barbuda, the net figures from 2015 to 2018 show that arrival numbers from the US grew by 10.0% while numbers from the UK declined by 9.4%. Additional figures from the Ministry of Tourism showed that a record 813,459 visitors came by sea (794,604 by cruise ship and 18,855 by yacht) during 2018, helping to raise the overall number of visitors to Antigua and Barbuda to 1,081,365 compared with 1,059,924 in 2017 and 891,427 in 2016.

In each of the past few years, the country has been registering a significant trade deficit, which in 2017 was $534 million.

Antigua and Barbuda imports most of its products from the United States (34.5% share by value of 2017 imports), followed in 2017 by Poland (21.6%), China (4%) and the UK (3.7%). Most of Antigua and Barbuda’s agricultural production is focused on the domestic market and its exports are currently led by ships and boats (51% by value in 2017), iron products and refined petroleum.

The country’s economy was also knocked

by Hurricane Irma in September 2017, which battered Barbuda with 185mph winds and destroyed 95% of the island’s buildings. The entire population of Barbuda was evacuated to Antigua, which fortuitously was spared by the worst of the hurricane, and it was estimated that over $200m worth of damage had been done to homes, buildings and infrastructure.

Several countries including China provided international aid to repair homes and healthcare facilities, and the foreign direct investment funds raised by the CIP since its inception have been a vital contributor towards aiding recovery.

For more details visit www.cip.gov.ag

Citizenship By Investment 15

CITIZENSHIP BY INVESTMENT The ABCIP Act allows anyone 18 years or above, in good health and with no criminal record, to apply through one of four options. The application process is fairly rigorous and has to be done through an authorised agent licensed by the Citizenship

by Investment Unit (CIU). Because of the due diligence process and depending on the complexity of the application, timelines can vary, but the benefits of acquiring citizenship in Antigua

and Barbuda include low taxation, low residency requirements, no interview requirement, the opportunity to maintain dual citizenship, and visa-free access to over 125 countries.

Antigua currently remains the cheapest CIP for families.

The following important changes have been announced by the Citizenship by Investment Unit, effective from 1 April 2020, aimed at making the programme more attractive to clients.

The National Development Fund (NDF)

Processing fees

Contribution Due Diligence

$30,000

$30,000 for a family of up to 4 persons

Dependants aged 0–5 – $10,000, Dependants aged 6–17 – $20,000 for each additional dependant.

$100,000

$100,000

$125,000 (for a family of 5 or more)

$7,500

$7,500 + $7,500 for spouse, $2,000 per dependant 12-17, $4,000 per dependant 18 and over

$7,500 + $7,500 for spouse, $2,000 per dependant 12-17, $4,000 per dependant 18 and over

$30,000

$30,000 for a family of up to 4 persons

Dependants aged 0–5 – $10,000, Dependants aged 6–17 – $20,000 for each additional dependant.

$400,000

$400,000

$400,000

$7,500

$7,500 + $7,500 for spouse, $2,000 per dependant 12-17, $4,000 per dependant 18 and over

$7,500 + $7,500 for spouse, $2,000 per dependant 12-17, $4,000 per dependant 18 and over

Real Estate Investment

Processing fees

Contribution Due Diligence

* Other fees payable include passport fees. These fees are subject to change. * All fees quoted are in US dollars (USD).

Business Investment The two business investment options are: • A principal applicant making an investment in an approved business of at least $1.5m.

• A minimum of 2 persons making a joint investment in an approved business totalling at least $5m. Each person is required to contribute at least $400,000 to the joint investment.

To qualify under the real estate option, the government requires an officially approved real estate with a value of at least $400,000 plus fees.

Two applications can make a joint investment, with each applicant investing a minimum of $200,000 in order to 18 Citizenship By Investment

qualify. Two or more applicants who have executed a binding sale and purchase agreement may apply jointly provided that each applicant contributes the minimum investment of $400,000.

The University of the West Indies (UWI) Fund Applicants will be required to make an investment of $150,000 for a family of six or more, and participation in the option will entitle one member of the family to a one year, tuition only, scholarship at the University of the West Indies.

The application process is fairly straightforward and application forms can be obtained from a local, and CIUapproved, Licensed Agent.

Country Spotlight

QUICK FACTS

DOMINICA

D

ominica is an island nation situated in the Lesser Antilles archipelago in the eastern end of the Caribbean Sea, just a few miles from Martinique to the south and Guadeloupe to the North.

The island is about 29 miles (47 km) long and 16 miles (26 km) wide.

Dominica’s official name is the ‘Commonwealth of Dominica,’ which is mostly referenced in official communications and to further distinguish the island from the Dominican Republic, its northerly Caribbean sister.

An inclusive island with a rich cultural makeup, Dominica offers a vibrant mix of European and African cultures and serves as the home to the Caribbean’s only remaining population of pre-Columbian Carib Indians. Dominica was also the location for filming much of the 2006 blockbuster movie ‘Pirates of the Caribbean: Dead Man’s Chest’.

History Dominica was given its name by Christopher Columbus in November 1493, the name derived by the Latin for ‘Sunday’ on which day he is said to have sighted the island. However, very few Spanish settlers stayed on Dominica and

Full name: Commonwealth of Dominica Capital city: Roseau Population: 73,925 (2017) GDP in current prices: USD $485 million (2018) GDP growth: -12.0% (2018) Area: 750 km² Government: Unitary parliamentary republic President: Charles Savarin Prime Minister: Roosevelt Skerrit Currency: East Caribbean dollar (XCD) HDI: 98th (2018) Ease of doing business index: 111th (2020) Time Zone: GMT -4 Dialling code: 1 767

it wasn’t until well into the 17th century that French settlements began to grow, attracted by the island’s natural forestry resources. Dominica formally became a French colony in 1727, but was ceded to the British by treaty after the Seven Years’ War of 1756-1763.

By 1805, the British had established a small trading colony with cotton, sugar and coffee plantations. Following the Slavery Abolition Act of 1831, Dominica became the first colony within the British West Indies to have an elected legislature assembly controlled by ethnic majority.

In 1871, Dominica joined the Federal Colony of the Leeward Islands but was transferred to the British Windward islands in 1940 and later joined the West Indies Federation. However, internal politics on how the intended Caribbean state should be governed led to its dissolution on 31 May 1962 and Dominica formally became an associated state of the UK in 1967.

Dominica gained national independence as a republic on 3 November 1978 and joined the Commonwealth of Nations on the same day. Dominica has since flourished as a democracy, modelled the British parliamentary system.

The president is the head of state, elected by the House of Assembly for a five-year

term. The president appoints the prime minister, an elected member of the House of Assembly who commands the support of the majority of its elected members.

Although English is Dominica’s official language and widely used, Dominica has been a member of the International Organisation of the Francophonie since 1979, as the majority of locals speak Dominican Creole which is based on French. Dominica is a beneficiary of the Caribbean Basin Initiative that grants duty-free entry for many goods into the USA, and is also a member of CARICOM and the Organisation of Eastern Caribbean States (OECS).

An eco-tourism paradise The climate is tropical and the terrain spectacular. Its breathtaking landscape reveals rainforests, waterfalls and over 360 rivers. The Morne Trois Pitons Natural Park (meaning ‘Mountain of three peaks’) is in the southern central highlands of the island and encompasses five volcanoes, three freshwater lakes and several fumaroles and hot springs, including the world’s second-largest hot spring at Boiling Lake, where its renowned healing properties are considered legendary.

The park was designated a UNESCO Heritage site in 1997, being the first in the Eastern Caribbean.

Citizenship By Investment 19

Dominica is affectionately known as “The Nature Island of the Caribbean” as citizens of Dominica share their home with many rare species of exotic flora and fauna. The rugged terrain offers adventurous visitors the chance to canyon, bike or swing from new heights.

For those with a love of nature, Dominica is the perfect birdwatching destination.

Additionally, the botanical gardens are home to the Sisserou Parrot, which is the country’s national bird and is featured on the national flag.

Looking out onto the Caribbean Sea, the mountainous green slopes are dotted with exotic tropical flowers, banana plantations and coconut trees. Dominica is also known for its spectacular reefs which visitors can explore while diving or snorkelling. Keen divers should certainly visit the signature Champagne Reef. For the less active visitor, there is the always the option to join a boating tour. From a catamaran, visitors can enjoy whale and dolphin watching.

Economy and trade Historically, Dominica’s economy had been dependent on agriculture but it has increasingly turned towards eco-tourism and offshore financial services. Services currently account for approximately 71% of GDP compared with 16% by agriculture and 13% by industry.

Dominica’s main exports are agricultural and include coffee, cocoa, bananas, citrus fruits, and tropical fruits. Its main exported manufactured products are rum, timber, and soap. However, the economy is highly vulnerable to weather conditions and the last two years have seen a significant decline in real GDP after Hurricane Maria struck the island in September 2017 and wreaked over $900m worth of havoc.

Citizenship by Investment The government launched its Citizenship

by Investment programme in 1993 – one of the first countries to do so – and has raised over $300m in revenue, becoming the main source of foreign direct investment (FDI) into Dominica. The investment funds have helped Dominica to rebuild its infrastructure and build climate resilient housing to help its local communities better manage and overcome adverse weather conditions.

20 Citizenship By Investment

CITIZENSHIP BY INVESTMENT Benefits Dominica’s is one of the most affordable citizenship programmes and has fast processing times of between four to six months, with no interview requirement to visit the country. The Dominican passport allows visa-free travel to over 130 countries including Singapore, Hong Kong, the UK and the EU Schengen zone. Dominica allows dual nationality and citizenship is for life and may be passed on to future generations by descent. Citizenship also comes with free movement of capital, dividends and profits made outside of the island, and no tax on wealth, gifts, inheritance, foreign income, or capital gains tax, and no personal income tax for residents.

Applicants must be at least 18 years of age, with good health and a clean criminal record. Family members may be included and applications must be made through an authorised agent rather than directly with the Citizenship by Investment Unit (CBIU).

Investment options 1. Economic Diversification Fund The Economic Diversification Fund (EDF) was established through the Programme as one component of a national capital mobilisation portfolio towards an ultimate goal of national development for Dominica.

Generated funds are utilised for public and private sector projects where a need is identified. Public sector projects identified for financing under the Programme include the building of schools, a national sports stadium, renovation of the hospital, and promotion of the offshore sector.

With respect to private sector projects, government emphasis is on the tourism,

information technology and agricultural sectors. The Citizenship by Investment programme has been described as an economic and fiscal lifeline.

To qualify for citizenship under this investment option, there are four investment categories with different minimum contribution amounts, based on the number of dependents included in the application, which are as follows: • Single applicant: USD $100,000 • Spouse of the main applicant: USD $50,000 • Sibling of the main applicant or spouse aged 18-25: USD $50,000 • Any other dependant aged 18-25: USD $25,000 each • Family of four: USD $175,000 2. Real estate To qualify for citizenship of Dominica under the real estate option, an applicant must purchase authorised real estate to the minimum value of USD $200,000.

Following approval of a real estate investment application, the following government fees are payable: • USD $25,000 for a single applicant • USD $35,000 for a family of up to 4 • USD $50,000 for a family of up to 6 • USD $70,000 for a family of 7+ • USD $50,000 for a sibling of the main applicant or spouse aged 18-25 • USD $25,000 for a sibling of the main applicant or spouse below 18

In order to qualify for citizenship, you must hold authorised real estate for three years from the grant of citizenship. You may only re-sell that real estate under the Citizenship by Investment Programme after five years.

Applicable Fees The following fees are also payable: Processing fees USD $1,000 per application Due diligence fees Main applicant – USD $7,500 Spouse – USD $4,000 Dependant aged 16 years or above – USD $4,000 (In some cases, an enhanced due diligence may be required, depending on the citizenship the applicant holds and other personal circumstances.)

Other fees Certificate of Naturalisation Fee – USD $250 per person Expedited Passport Issuance Fee – US $1,200 per person Amending the regulations, the Government has expanded the definition of ‘dependant’.The changes now allow main applicant to include a child aged 18 to 30 who is not attending a higher learning institution or living with them.

Under the new rules, demonstrating that the main applicant or their spouse supports the child is sufficient. Similarly, parents and grandparents of the main applicant or their spouse no longer need to show they live with the main applicant. Their support is enough to qualify the parent or grandparent as an eligible dependant.

Citizenship By Investment 21

HOW DOMINICA’S CITIZENSHIP BY INVESTMENT PROGRAMME REMAINS THE BEST IN THE INDUSTRY

by CS GLOBAL PARTNERS

A

fter 27 years in the investment immigration industry and three years of citizenship by investment excellence awarded by the annual CBI Index, it comes as no surprise that the Commonwealth of Dominica has managed to come out on top for the fourth time. However, the wrath of 2020 has presented its fair amount of challenges for the small Caribbean island. As a nation heavily dependent on its tourism revenue and construction of eco-friendly infrastructure, COVID-19 came as an unplanned metaphorical hurricane.

Since Hurricane Maria in 2017, Dominica has been, rightfully so, fixated on climate resilience. Its government and people are seasoned to ‘building back better’ in the most disastrous of situations that mother nature deals their way, and COVID-19 was no different. When borders closed, and economies shut down, Dominicans did not panic. Instead, they shifted their resilience mindset to stay afloat during the pandemic.

Numbers recently shared by the Prime Minister of Dominica embody just that.

Tackling questions in Parliament this week, the Honourable Roosevelt Skerrit disclosed data regarding the country’s Citizenship by Investment Programme which covered the three most recent fiscal years. During the 2017-20 fiscal years, nearly 6,000 citizenships applications were approved. According to the PM, the Programme has witnessed an 8% increase in revenue from the fiscal year of 2017-18 to 2018-19 and a 13.4% increase in 2019-20.

22 Citizenship By Investment

So, how did Dominica’s government and Citizenship by Investment Unit manage an increase in CBI revenue and keep its top spot on the Financial Times’ Professional Wealth Management Magazine’s CBI Index? Let’s break it down.

The Shift Online Soon after the pandemic touched Caribbean shores, the Dominica CBIU announced in March that it would continue to process applications for citizenship by investment even in the face of the Coronavirus by using its online portal. It made sure that staff was working in restricted premises, postponed physical submission of required forms to be “required at a later date”, and relaxed the rules on document expiry.

Dominica had had to process applications remotely in the past – most notably, in the aftermath of Hurricane Maria, which destroyed much of the nation’s infrastructure. Citizenship by investment

processing, however, remained efficient.

The Prime Ministers and the CBI Unit also held multiple webinars and virtual events to continue to promote the Programmes to international investors.

They featured on Khaleej Times, Uglobal’s Virtual Expo, Gulf News, IREX’s virtual conference, and with agents like CS Global Partners, lending confidence to its partners and investors.

Focusing on Families and Reunification In a year where travel became even more challenging than before for those who carried less powerful passports, Dominica took it upon itself to offer families a Plan B. On June 24, the Government of Dominica expanded the definition of ‘dependant’ under its CBI Programme.

The changes now allow main applicant to include a child aged 18 to 30 who is not attending a higher learning institution or living with them. Under the new rules, demonstrating that the

main applicant or their spouse supports the child is sufficient. Similarly, parents and grandparents of the main applicant or their spouse no longer need to show they live with the main applicant. Their support is enough to qualify the parent or grandparent as an eligible dependant.

Significantly, the government introduced a new ‘sibling’ category. Biological or legally adopted siblings related either to the main applicant or their spouse, who are 18 or older, single, and childless can qualify for citizenship.

Lastly, the government now also allows children born – and spouses married – after the main applicant receives citizenship to become citizens of Dominica. These provisions are valid for main applicants and dependants alike.

In a recent webinar with Times of India, the Prime Minister said “[We allow] citizens of other countries the opportunity to be a citizen of our country, providing families with a greater sense of security to ensure that opportunities for their children are better,” said the PM. “[We give] families an added opportunity to explore their dreams and aspirations,” he added.

Due Diligence Often seen merely as a background check, efficient due diligence in the realm of CBI is paramount. This rigorous process of evaluating an applicant’s legitimacy to acquire citizenship from a country is the cornerstone of Dominica’s CBI Programme. This year, the island also tightened its due diligence and barred some nationals from applying. Dominica has had a reputation for being the most open and straightforward Programme amongst its peers. But in a bold and savvy move, Dominica’s CBI Unit set out stricter requirements for its authorised agents, which took effect in February.

Now, all agents must submit a WorldCheck/pre-screen due diligence of their applicant(s) from a reputable due diligence company in both electronic and hard copy. Applicants who have been denied a visa from jurisdictions with which Dominica has a visa waiver agreement (such as the Schengen region and the United Kingdom) should refrain from applying to the program. The CBI

Unit now only accepts clients of Iranian, Sudanese, or North Korean nationality if they have resided outside that jurisdiction for over ten years, have no substantial assets in that jurisdiction, and have not performed any business or similar activity in the stated jurisdictions. Authorised agents are also required to provide the proof of receipt of funds of the full investment and remitter details to match the applicant.

“There is a very robust due diligence process because we have to ensure we protect ourselves as a nation. We also protect the applicant who is applying to become a citizen of Dominica and give [them] the assurance [that they are] applying to become a citizen of a country that respects international law,” says Emmanuel Nanthan, the Head of Dominica’s CBI Unit.

Continuous Construction In light of Dominica’s robust healthcare system and ability to act quickly to the pandemic, construction on CBI projects continued with health screens of workers and protective equipment. Due to this, more families in 2020 received keys to their new homes as part of the nation’s ‘Housing Revolution’ initiative.

In alignment with the PM’s promise to become the world’s first climate-resilient nation, Dominica’s CBI Programme aims to build thousands of hurricane-resistant and affordable homes for middle-income households. All housing units are made to the highest of standards and can withstand natural disasters.

Similar to the homes, progress on the nation’s first international airport has also been continuous. Around 411 acres have now been acquired with rapid progress being made. This includes making several payments to landowners, finalising designs and technical studies.

The government has been earmarking $5 million every month from its CBI Programme for the last few years to fund the project. Once completed, the international airport will improve air access in the country.

Building a Robust Healthcare System CBI has been a tremendous aid in developing Dominica’s health sector. According to a 2019 report curated by the conglomerate firm

PricewaterhouseCoopers (PwC), Dominica’s CBI Programme has helped develop several projects in the country’s healthcare sector. PwC highlights major repairs of three healthcare centres and six hospitals following the hurricane. The Programme also sponsored 16 children to receive necessary medical treatment abroad between 2017 and 2018.

In the 2020-2021 budget address presented on July 28, the Prime Minister revealed the latest updates on a new health facility. The construction of Dominica’s Marigot Hospital will be completed in April 2021, occupying 55,800 square feet. With a 75-bed capacity, the state-of-the-art hospital will feature an operation theatre, in-patient wards, X-ray services, A&E facilities, ICU, lab services, a dialysis unit, and staff quarters, among other services.

The Marigot Hospital “is progressing at a quick pace”, said the PM. “It is in this context of new opportunities in the health sector, that the importance of training and upskilling young Dominicans become more apparent, both for their upward social mobility and as a national development strategy,” he added.

Reopening Tourism For a country reliant on tourism proceeds, closing the borders was not an easy choice to make. However, after ensuring all health precautions were in place, Dominica reopened for visitors in August. It also recently launched its ‘Safe in Nature’ concept, which focuses on encouraging travel from the country’s source markets, including the USA, the UK, Germany, and France, who are currently within the high-risk category of travellers. In doing so, Dominica invites visitors to feel safe isolating in its lush mountains and sandy coastlines.

This managed experience includes transportation services to and from the ports of entry and stay at a certified accommodation like CBI funded ecoresorts where distancing is possible, explained Samantha Letang, the Marketing Executive of the Discover Dominica Authority.

With all this in mind, it is no wonder that Dominica continues to be an investor and industry favourite.

Citizenship By Investment 23

The Power of Online Platforms

2020

has without a shadow of doubt been a testing time for the Industry, however we had to keep the momentum going.

With all the travel restrictions, BLS had to be innovative in our way of doing business. This industry was very much focused on meeting international clients. With lockdowns and travel restrictions we all had to find a way and secure new clients and business.

BLS was pleased to roll out a series of dedicated webinars for the Residency and Citizenship industry.

Webinars are a fantastic platform to provide engaging content to your audience through a live or pre-recorded stream.

We offer a mixture of webinar formats, the most popular being:

LIVE – a small number of people discuss the topics at hand, live, in real time, and presenters can therefore participate with the audience as they go and cater their information depending on audience requests.

PRE-RECORDED – the content has been recorded beforehand and is then played to the audience as if in real time. This allows you to perfect your presentation beforehand so you know your information is being delivered exactly how you have planned.

SIMULIVE – these are a combination of live and prerecorded webinars which can offer the best of both worlds. For example, the presentation is mastered and then a pre-recording is played, after which the hosts can appear live to ask any questions the audience may have in real time.

A View of our Webinars for 2020

CLICK ON IMAGES ABOVE – OR VIEW ALL OUR PREVIOUS WEBINARS <HERE>

At some stages more than 1000+ global attendees.

The Webinars offer high-quality education for highnet-worth individuals, migration agents, developers, immigration attorneys, wealth managers and industry service providers from the convenience of their own home or computer screen.

EUROPE

INDIA USA

MIDDLE EAST &

Once the COVID-19 crisis is over, we will hopefully be back to operating our popular, face-to-face live events.

SOUTH AFRICA

www.c itiz ensh ip in v e st m e n t . o rg

Work permits that allow migration to Germany can be very complex. It requires a

Learn about Greenback Green Cards, investment immigration to the United

valid work agreement and authorisation by the Federal Employment Agency.

States, and obtaining EB-5 Green Cards and E-2 Visas, with renowned U.S.

Immigration counsel Carolyn Lee, Founder of Carolyn Lee PLLC, U.S. Investment

Given Germany’s highly skilled labour force, Covid-19, let alone workers in the

Immigration Law Firm

EU and EFTA countries, migrating to Germany through this route is unlikely.

Carolyn Lee PLLC (CLP) focuses exclusively on U.S. investment immigration, and Learn about how you can gain residency in Germany and Austria from an

is internationally recognised by Best Lawyers 2020, Who’s Who International,

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Learn about Greenback Green Cards, investment immigration to the United States, and obtaining EB-5 Green Cards and E-2 Visas, with renowned U.S. Immigration counsel Carolyn Lee, Founder of Carolyn Lee PLLC, U.S. Investment Immigration Law Firm Carolyn Lee PLLC (CLP) focuses exclusively on U.S. investment immigration, and is internationally recognised by Best Lawyers 2020, Who’s Who International, and Chambers USA.

For more information contact: Email: info@blsmedia.co.uk | Tel: +44 (0)207 241 1589 www.citizenshipinvestment.org

Country Spotlight

QUICK FACTS

GRENADA

G

renada is located in the West Indies at the southern end of the Grenadines group of islands in the Caribbean Sea. The country consists of the main island of Grenada plus the two smaller islands of Carriacou and Petite Martinique, which became a dependency of Grenada in February 1974. The picturesque tropical islands offer the perfect getaway destination for both adventure lovers and those seeking rest and relaxation or a romantic break with a partner.

The islands are of volcanic origin with extremely rich soil. Their natural beauty remains largely untouched by industrialisation. With its lush, fertile landscapes and award-winning white sandy beaches and invitingly clear waters, Grenada has the perfect balance, and visitors may find themselves wishing that they could extend their stay.

Before the arrival of Europeans, Grenada was inhabited by the indigenous Arawaks and the Island Caribs. Christopher Columbus sighted Grenada in 1498 on his third voyage of discovery to the Americas, but there is no evidence to suggest the Spanish ever settled there.

Grenada became a French colony from 1649 until it was formally ceded to the British in 1763. The country achieved its full independence from the UK on 7 February 1974 but has remained a member of the Commonwealth.

Its official language is English. Grenada’s islands feature some of the most diverse terrain in the Caribbean, from crater lakes and verdant rainforests to sunkissed swaths of beach and unspoiled underwater ecosystems. Almost one quarter of Grenada is preserved as national parks or wildlife sanctuaries.

Nature trails criss-cross the terrain, 26 Citizenship By Investment

offering visitors and locals alike the chance to drink in the spectacular views of mangrove-fringed coastlines and experience the islands’ splendid array of fruits, spices, and tropical plant life.

Economy and trade Grenada has a largely tourism-based, small, open economy, which has gradually shifted from agriculture to services. Since 2008, the Services sector has grown from 69% share of GDP to 77%, while Industry has dipped from 20% to 14% and Agriculture from 11% to 9%. The country was badly hit by two devastating hurricanes in 2004 and 2005 and again in 2009 by the global recession, but since 2013 the economy has been growing at an average rate of 5% a year.

With 5.1% real GDP growth in 2017 and an estimated 4.8% in 2018, Grenada is currently one of the fastest growing economies in the Caribbean.

Manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export.

The Grenada Chocolate Company has pioneered the cultivation of organic cocoa, which is also processed into

Capital city: St. George’s Population: 111,454 (2018) GDP in current prices: USD $1.801 billion (2019) GDP growth: 3.14% (2019) Area: 340 km² Government: Unitary parliamentary constitutional monarchy Monarch: Queen Elizabeth II Governor-General: Cécile La Grenade Prime Minister: Keith Mitchell Currency: East Caribbean dollar (XCD) HDI: 78th (2018) Ease of doing business index: 146th (2020) Time Zone: GMT -4 Dialling code: 1 473 finished bars. Since 2014, Grenada has been hosting an annual Pure Chocolate Festival, which takes place around the end of May. The country’s principal export crops are nutmeg and mace, with nutmeg represented on the national flag. Grenada is the world’s second largest producer of nutmeg and provides roughly 20% of the world supply. Grenada is known as the “Island of Spice” as it is reputed that travellers can taste a faint flavour in the air. Spices aren’t the only natural bounty that Grenada shares with its guests; cocoa beans, bananas, avocados, cloves and cinnamon are also grown in abundance throughout the islands. The Grenada Carnival, which takes place every summer, culminates in two official days of ‘Spicemas’ on the second Monday and Tuesday of August to the sound and pageantry of the local Jab Jab music.

Tourism Large-scale tourism is a recent phenomenon, and Grenada is largely undiscovered, unspoilt and full of opportunity. 2018 saw a 12.9% increase in tourist arrivals with 528,077 visitors; of these, 160,790 (30.4%) were stayover visitors compared with 146,375 in 2017.

Tourism Large-scale tourism is a recent phenomenon, and Grenada is largely undiscovered, unspoilt and full of opportunity. 2018 saw a 12.9% increase in tourist arrivals with 528,077 visitors; of these, 160,790 (30.4%) were stayover visitors compared with 146,375 in 2017.

Beach and water-sports tourism is largely focused in the southwest region around St George’s, the airport and the coastal strip. The Grand Anse beach in St. George’s is regarded as one of the 10 most beautiful beaches in the world. Ecotourism is also growing in significance. Most small eco-friendly guesthouses are located in the Saint David and Saint John parishes.

Well-preserved places of interest abound in Grenada. In the lovely capital of St. George’s, pastel buildings and redtiled roofs show off the city’s strong Caribbean identity, while historic English and French architecture also hints at the culture’s rich heritage of European influence. Fort George, a garrison that has overlooked the capital’s harbour for more than 300 years, is open to the public for tours. In addition, the Saturday market offers locals and tourists alike the opportunity to explore local produce, spices and crafts in a centuriesold tradition.

The St. George’s University has expanded rapidly in recent years and specialises in medicine, veterinary medicine, public health sciences, nursing and business degrees. It has become one of the island’s biggest employers and attracts many

international graduate and undergraduate students. The island’s airport, the Maurice Bishop International Airport, is situated at the most south-western point of the island, some 8 kilometres from St. George’s. From here you can get connecting flights to the USA, Toronto and London as well as to other Caribbean islands. There is also a fast ferry service between St. George’s and Hillsborough on the island of Carriacou, famous for its white sand beaches, natural harbours and coral reefs and home of the annual Carriacou Regatta Festival.

Citizenship by Investment The Grenada Citizenship by Investment Committee (CIBC) is the main government-appointed body responsible for overseeing the processing of applications for Grenadian citizenship by investment. The Committee assesses applications in accordance with the Grenada Citizenship by Investment Act, after which recommendations are made to the Minister, who makes the final decision to deny, approve or delay granting Grenadian citizenship.

The Citizenship by Investment Programme came into being in August 2013. Subject to strict due diligence procedures, applicants may choose between these two types of investments to obtain citizenship or permanent residence: 1. A payment into the National Transformation Fund; or 2. A payment towards an approved real estate project in Grenada.

Benefits Individuals who obtain citizenship through Grenada’s Citizenship by Investment Programme are entitled to the same rights as any other Grenadian citizen. These include the right to live and work in Grenada at all times, and all the rights associated with membership of the Caribbean Community (CARICOM). There is no requirement to reside in Grenada before or after citizenship is granted.

The application process is confidential, with no disclosure or exchange of information with other governments or bodies, except when due diligence checks are carried out as part of the application process by an authorised due diligence agency. Grenada allows individuals to hold dual citizenship, and citizenship may be extended to family members.

Following changes announced in March 2019, dependent children are defined as up to the age of 30 (previously 26), and dependent parents or grandparents aged 55+ are also included. Children and young adults may obtain preferred access, and in some cases grants, to top schools and universities.

Grenada has no foreign income, wealth, gift, inheritance, or capital gains tax.

There is no restriction on the repatriation of profits and imported capital. Generous incentive packages exist including corporate tax incentives, full exemption from import duties, tax relief benefits, and export allowance. Grenada’s currency, the East East Caribbean dollar (XCD), is pegged to the US dollar (USD).

Citizenship By Investment 27

Grenadian citizens can travel without visa restrictions to more than 115 countries. These include the UK and the EU, and important business hubs such as Singapore and Hong Kong.

Grenada is one of very few nations whose citizens can travel to the Peopleâ&#x20AC;&#x2122;s Republic of China without first obtaining a visa. Grenadian citizens also have the opportunity to apply for the USA E-2 visa. Grenada is one of the few countries to have an E-2 visa treaty of commerce arrangement with the United States.

Options and costs 1. The NFT option The National Transformation Fund (NTF) is a government fund responsible for financing projects that will benefit Grenadaâ&#x20AC;&#x2122;s economy and help its diversification.

Applicants who choose this route must make a one-time contribution to the National Transformation Fund.

It is important to note that applicants may not contribute to the NTF in person, but rather must use the services of an Authorised Local Agent.

Under the NTF route, applicants may either immediately apply for citizenship, or first apply for permanent residence and apply for citizenship at a later stage.

Applicants opting for the NTF route must contribute at least USD $150,000 to the Fund, plus fees, as per the following table:

Table 1: NFT DONATION

Individual Application

Main Applicant + Spouse

Family of four members

Family of over four members

Required Contribution Amount

USD 150,000

USD 200,000

USD 200,000

USD 200,000 plus USD 25,000 per additional dependant after the third dependant

Application Fee

USD 1,500

USD 1,500 per person

USD 1,500 per person

USD 1,500 per person

Due Diligence Fee

USD 5,000

USD 5,000 per person

Dependant child 0-16 nil Dependant 17+ USD 5,000

Processing Fee

USD 1,500

USD 1,500 per person

USD 1,500 per person aged 17+ USD 500 for persons under 17

2. Approved Project (Real Estate) option One of the options available to applicants seeking to obtain citizenship by investment in Grenada is to invest in a Governmentapproved project. Currently, these projects encompass real estate developments such as hotels, villas, and resorts. Because of the growth of the tourism industry, there is rising demand for tourist housing facilities. Real estate developments are

thus fantastic opportunities for investors looking for high returns.

Applicants can opt for a joint investment in pre-approved tourism accommodation at USD 220,000 or an independent investment in pre-approved real estate at USD 350,000.

They must keep the real estate for at least three years following the grant of

USD 1,500 per person aged 17+ USD 500 for persons under 17

citizenship. The following chart highlights the costs and fees associated with this route.

The CIBC reviews viable projects and recommends them to the Minister who then decides whether or not to approve them. A list of approved projects for citizenship investment can be found on www.cbi.gov.gd and currently includes luxury hotels, resorts and villas.

Table 2: REAL ESTATE OPTIONS

Individual Application

Main Applicant + Spouse

Family of four members

Family of over four members

Minimum contribution

USD 220,000

USD 220,000

USD 220,000

USD 220,000

Government Fee

USD 50,000

USD 50,000

USD 50,000

USD 50,000 plus USD 25,000 per additional dependant after the third dependant

Application Fee

USD 1,500

USD 1,500 per person

USD 1,500 per person

USD 1,500 per person

Due Diligence Fee

USD 5,000

USD 5,000 per person

Dependant child 0-16 nil Dependants age 17+ USD 5,000

Precessing Fee

USD 1,500

USD 1,500 per person

USD 1,500 per dependant aged 17+, USD 500 for persons under 17

28 Citizenship By Investment

USD 1,500 per dependant aged 17+ USD 500 for persons under 17

WHY GRENADA SHOULD BE YOUR CARIBBEAN DESTINATION OF CHOICE Sabrita Khan-Ramdhani, CEO and Managing Director of Orion Corporate Solutions Inc. answers the question “Why Grenada?”.

How has the COVID-19 pandemic impacted the Grenada programme and work of the Grenadian Citizenship by Investment Unit?

I would say that Covid-19 has generally had a positive impact on the Grenada CBI Unit, in that the processing of applications have never halted or stopped.

The CBI Unit immediately implemented an online platform to facilitate submission of all applications digitally and the staff have continued to work assiduously throughout the pandemic – hats off to them.

There have been some delays, and a lower number of applications coming into the Grenada Citizenship by Investment Programme due to the inability of applicants in many instances to obtain the required documentation because the pandemic has slowed or closed operations in some regions.

What are the main benefits and attractions of citizenship in Grenada?

A client who applies for the grant citizenship of Grenada is not required to (i) visit Grenada, or (ii) Know and speak English. The benefits of Grenadian Citizenship by Investment are many and includes the eligibility to apply for the USA E2 Visa – passing down Grenadian Citizenship to future generations, enjoying global mobility and visa-free access to over 144 countries, while not paying taxes on global earnings.

Why do you think the programme is so attractive for investors?

I believe that the Grenada Citizenship

by Investment Programme is the best in the region because it is family inclusive, affordable, processing your application is easy and, as a bonus, Grenada is a safe country for investments.

St George’s University has worldclass medical facilities. Are Grenada’s high class educational institutions an important factor for many applicants?

It should be a consideration for applicants who have children who would be looking to achieve a university degree. It provides accredited qualifications and citizens of Grenada who have resided locally for at least one year prior to enrolling receive up to 90% reduction in tuition fees for undergraduate studies.

What are the different ways to gain Grenadian citizenship?

An applicant can obtain second citizenship of Grenada through investment mainly by one of two ways: (i) Investment into an Approved Project with a minimum investment of USD$220,000, or (ii) Investment into the National Transformation Citizenship By Investment 29

Fund (donation) for a single applicant USD$150,000, a family of up to four including the main applicant USD$200,000.

How many applicants achieve citizenship each year through the programme?

For the year 2019, the Grenada Citizenship by Investment Committee approved under both Sections 10 & 11 a total of 270 applications and in the past year, 2020, there were 375 approved applications.

Is there anything particular that potential applicants need to be aware of to navigate the application process successfully?

My humble advice to applicants is to ensure that you make full disclosure to your local agent and marketing agent, that you have no criminal record, and your source of funds are legitimate.

Full disclosure of all information helps to dispell any suspicion that may arise through information received during the due diligence process. In cases of a refusal it is because the client has not made full disclosure to his or her local agent and most often a client will know exactly why their application was refused.

Can you briefly explain the screening and due diligence processes for applicants?

There are many layers of screening and due diligence for the clients, starting with your marketing agents, local agents and developers. Each do their own due diligence of applicants which may include engaging Thomson Reuters and utilising World Check. Documents of the applicants are then submitted to the bank in order to clear incoming funds.

It is only after the bank has cleared the applicant that the funds are then credited to an escrow account for payments. Once the bank clears the applicant’s funds and the payment is made to the CBI Unit then the complete file is submitted for processing. The Unit will engage agencies to conduct enhanced due diligence and it is only after a favourable report is received that an applicant can expect to gain approval of their application.

Applicants may think that this is a very rigorous due diligence process, and I must agree. However, I would not have it any other way. This process ensures 30 Citizenship By Investment

the safety of all, including the applicants investment. I am sure that all applicants who invest such large sums are comforted by knowing their investment, and they themselves as a Grenadian citizen, are safe from criminal elements.

What kind of projects are approved for investment, and how has CBI contributed to the local infrastructure and real estate market in Grenada?

While there are a number of real estate approved projects, there is no exclusion of the kinds of approved projects. We also have one approved project which is in the soursop industry. There is definitely scope for other types of approved projects.

Regarding local infrastructure, this is a work in progress. Schools are benefiting, roads, the healthcare industry and the country overall. What is the impact on the real estate market in Grenada ? It is my opinion that real estate market has benefitted from Grenada CBI Programme and we have seen appreciation in land and property values across the country.

While the Grenada CBI Programme is not the only cause for this, it definitely has had a boosting effect.

“The nation’s GDP has grown even during the height of COVID-19 Pandemic globally.

I believe that the Grenada Programme is one of the best worldwide and that it will continue to go from strength to strength.”

How do you see the economic future of Grenada generally, and the investment programme in particular? Are there any programme changes due in the pipeline?

As a local agent I can see that the CBI Programme has contributed to Grenada’s economy and will continue to do so. The nation’s GDP has grown even during the height of COVID-19 Pandemic globally.

I believe that the Grenada Programme is one of the best worldwide and that it will continue to go from strength to strength.

I am certain that there will be some changes to the programme in the near future which will make the scheme stand out even more for its quality, especially

with the proactive persons we have at the Grenada Citizenship by Investment Unit and also at Governmental level.

Is Grenada’s E2 arrangement with the USA an important factor for many applicants?

Grenada’s eligibility to apply for the E2 Visa is definitely an important factor for many applicants, especially those who would have been interested in the EB5 Visa – which as those of us involved in this industry know has a huge backlog for many countries, especially China and India. With the grant of Grenadian citizenship within four months that successful second citizenship applicant immediately becomes eligible to apply for the E2 Visa, which is usually granted within 2 months and requires a minimum investment of only USD$100,000.

What are Orion Solutions unique selling points for investors? What aspects of your background, skills, experience, and in-house processes help you with this?

We at Orion Corporate Solutions Inc. provide the best advice on investment to all investors. We are responsive, timely and professional. Being a practising lawyer allows me to analyse and find solutions for each client and our work ethics assist vastly. We are here to assist each and every client from the begining, throughout and right up to the point the client receives their Grenada Citizenship Certificate and their Grenada Passport, giving them easier global mobility to over 144 countries.

How does Orion Solutions help with an application?

As an authorised local agent, Orion Corporate Solutions Inc. assists investors to complete their application, filling the prescribed forms and ensuring that all required documents are in order and properly certified. Once all documents and prescribed forms are ready for submission we submit to the the CBI Unit. We field all queries from the clients, agents, the bank and CBI Unit and provide appropriate solutions.

Orion Corporate Solutions Inc Ms. Sabrita Khan-Ramdhani Managing Director & CEO Tel: 1(473)435-0134 / 1(473)405-0960 Email: cbi.orionsolutions@gmail.com

My name is Sabrita Khan-Ramdhani and I am the CEO and Managing Director of Orion Corporate Solutions Inc. an approved local agent with the Grenada Citizenship by Investment Programme. I have successfully processed applications on behalf of clients ranging across countries including China, India, Lebanon, Libya, Mexico, Nigeria and Venezuela.

We at Orion Corporate Solutions Inc. are solutions based and pride ourselves with providing to all of our clients and agents within our network with

prompt, efficient and professional advice at all times. Our team is always ready and available to assist clients and agents with any queries, and to provide the best advice to the clients on the most suitable investment choice for the client into either an Approved Project or the National Transformation Fund.

I have a wealth of experience processing of applications having been involved in the Grenada CBI Programme since 2013 to present. Note however, that I only applied to become a local agent in 2018 and was so appointed.

When clients and agents engage the services of Orion Corporate Solutions Inc. as their local agent the client can expect the highest quality of service, professional and sound advice. As a bonus, when a client engages Orion Corporate Solutions Inc. as their local agent to process and submit their application, they need look no further, as I am also a practicing Attorneyat-Law with over 23 years of active experience in a number of practice areas, including commercial law and I am the Managing Partner of Ramdhani & Associates which I started in 2013.

Citizenship By Investment 31

ISLANDS LARGE AND SMALL: A SUSTAINABLE INVESTMENT IN SAFE HARBOURS

by Dominic Volek Group Head of Private Clients at Henley & Partners

At a time when the world is being disrupted by a crippling global pandemic, there are also many fascinating innovations. Unexpected surges in interest provoked by individuals feeling couped up and in need of change have taken many industries by surprise, not least the investment migration industry.

One such unexpected byproduct of lockdowns and travel restrictions has been the interest that small and large island nations have been attracting as viable destinations to which high-networth individuals (HNWIs) and their families could escape should future crises necessitate relocation.

It is eerily prescient that in September 2019, just before the novel coronavirus began its journey of destruction around the world, a research paper entitled ‘The Prioritization of Island Nations as Refuges from Extreme Pandemics’ was published in the international journal Risk Analysis. The researchers considered 20 sovereign island states with populations of over 250,000 and ranked them as potential refuges for ensuring long-term human survival in the face of catastrophic pandemics. They found that the top five island nations most suitable for refuge status were Australia, followed 32 Citizenship By Investment

closely by New Zealand, then Iceland, Malta, and Japan.

The research was conducted before the current pandemic and did not explore certain key contextual factors, including the islands’ capacity to rapidly close their borders when an emerging threat was first detected elsewhere. No doubt further investigations will be conducted now that the Great Lockdown has provided them with just such a reality.

Most island refuges host investment migration programmes Whether they are large and highly developed or small and developing island nations, all have designed and implemented investment migration schemes for the same reasons – to attract foreign capital, skills, and knowledge to stimulate their domestic economies.

Large islands such as Australia and New Zealand host exceptionally desirable and successful residence-by-investment (RBI) programmes, while Malta offers an RBI programme and announced new Granting of Citizenship for Exceptional Services Regulations in November 2020.

Neither Iceland nor Japan hosts formal

investment migration programmes, but both offer investor visas that can lead to permanent residence.

Programme inflows boost revenues While these five relatively large island nations are well resourced and have highly developed economies, many smaller islands are less so. Most are heavily dependent on tourism revenue that more or less dried up in 2020 – a potentially catastrophic situation. The major reason that many had implemented investment migration programmes over the past 14 years, was to aid economic recovery after devastating hurricanes by creating an alternative revenue stream.

Investment migration programmes create significant sovereign and societal value by delivering a source of sustainable liquidity that provides monetary and fiscal autonomy, as it is an equity injection – not increased leverage. This “sovereign equity”, as Henley & Partners has dubbed it, can be used to drive economic growth and core infrastructure development, enhancing the lives of all citizens. This immediate and debt-free mechanism for raising capital is much needed as nations grapple to recover from Covid-19.

In the years to come, the island nations that host RCBI programmes will rely even more on their capacity to generate sovereign equity in order to counteract the protracted tourism slump and other losses resulting from the pandemic.

Investors looking for safer alternatives The unprecedented events of 2020 have prompted many people from all walks of life to reconsider how and where they want to live and explore alternative options in safer places where they feel secure, where the current pandemic has been relatively well managed, and where they are able to access good healthcare.

Many affluent business owners, investors, and their families who are in the fortunate position of being able to choose where they want to reside have realised that they can operate remotely and that there is no longer a need to be based in large financial city centers. Some have gone to the extreme of considering purchasing private islands and creating their own self-sufficient havens, and island brokers have been overwhelmed by enquiries in recent months.

However, while private islands may appear to be the perfect escape and owning one the ultimate status symbol, the logistics of purchasing and preparing them for being inhabited in comfort and style are tremendously complicated, particularly when travel restrictions are in place. Furthermore, a private island is not a stable long-term investment – in fact, they often become more of a liability than an asset.

Caribbean programmes offer attractive options A far more straightforward solution for those seeking a quieter safer life in a destination with fewer people and cleaner air is the option of investing in the citizenship of Caribbean island nations such as St. Lucia, Antigua and Barbuda, or St. Kitts and Nevis. All three islands host highly attractive, established CBI programmes that encourage HNW families to relocate and contribute to the local economy through both entrepreneurial and consumer activity.

The relative smallness of the islands has enabled them to manage the current pandemic extremely well, and the

Dominic Volek is Group Head of Private Clients at Henley & Partners and a member of the Executive Committee.

Originally from South Africa, he is a private client specialist in residence and citizenship planning and provides advice to ultra-high-net-worth individuals and their families across the globe. Dom’s work targets countries that are deemed most attractive to

number of cases of Covid-19 remains remarkably low; St. Kitts and Nevis had reported just 22 cases by late November, while Antigua and Barbuda had just 139 and St. Lucia 226.

St. Lucia was exceptionally well placed to deal with the fallout caused by Covid-19 due to the steady growth of its economy over the past four years. The island nation’s crisis management has also been exemplary – St. Lucia was able to isolate rapidly, which has increased investor confidence and applications to their Citizenship-by-Investment Programme remained steady throughout 2020.

Participating in any investment migration program is not only an investment in the future of your family, it is also a sustainable investment, as RCBI program inflows are relied on by their host nations to support progress. The island nation–investor relationship is mutually beneficial: whether they are large or small, many provide a safe and peaceful environment for affluent individuals seeking to futureproof their families, who in turn contribute to their chosen destination in terms of their capital, talent, and wealth.

wealthy clients in terms of mobility, security, privacy, personal tax, estate planning, and lifestyle. He is also a member of the firm’s Government Advisory practice, providing strategic advice to governments on the design, implementation, and promotion of successful investment migration programmes.

Citizenship By Investment 33

island nation’s commitment to education and developing home-grown talent.

Established in 1948, UWI is the largest and longest standing higher education provider in the English-speaking Caribbean and as part of its globalisation agenda it has established partnering centers with universities in Africa, Asia, Europe, Latin and North America.

Alumni include renowned business leaders, innovators, heads of state, Rhodes Scholars, and Nobel Laureates.

Several Caribbean island nations were particularly innovative during the Great Lockdown. The three new offerings below were all introduced between May and July, St. Lucia’s Covid-19 Relief Bond option has been extended until 31 December 2021, and St. Kitts and Nevis’s limited time offer for families applying under the discounted Sustainable Growth Fund (SGF) option is valid until 15 January 2021.

St. Lucia – Top choice for business and family St. Lucia innovated during the lockdown by introducing a Covid-19 Relief Bond option that runs until 31 December 2021, whereby one can invest a minimum of US$250,000 in a non–interest-bearing government bond that is held for five years to qualify for citizenship. The number of years rises according to the number of dependents (maximum of four). If there are more than four additional dependents, the investment amount rises to US$300,000 to be held for five years, which is attractive to investors with large families.

St. Lucia does not have a residence or visitation requirement for applicants, which makes it particularly appealing in the current time when mobility is restricted. Furthermore, a spouse, dependent children under 31, dependent siblings under 18, and dependent parents aged 55 and over can be included in the application, making it an excellent family relocation mechanism.

34 Citizenship By Investment

The island’s high-speed broadband network, direct flights to the US and London, favorable legislation, and visa-free access to 146 destinations worldwide at a competitive investment level have all helped make the St. Lucia Citizenship-by-Investment Programme attractive to international investors as well as companies looking to move their headquarters to the Caribbean.

Antigua and Barbuda – Excellent tertiary education option Another novel Caribbean option that is tailored for large families is Antigua and Barbuda’s University of West Indies (UWI) Fund option. It is only applicable for families of six or more and will entitle one family member to a one-year scholarship at the UWI. The inflows for this option will be used to finance UWI’s fourth campus, demonstrating the dual

Advantages of citizenship of Antigua and Barbuda include visa-free or visaon-arrival travel to 151 destinations including Europe’s Schengen Area, and a spouse, dependent children under 29, dependent parents and grandparents aged 58 and over can be included in the application.

St. Kitts and Nevis – Invest in growth St. Kitts and Nevis has introduced a timelimited option to make a non-refundable contribution of US$150,000 (for up to four persons) to the SGF, which is valid until 15 January 2021. After this, the SGF requirement will revert to US$195,000 (for up to four persons).

The SGF represents the ongoing development of the dual island nation and funds are used to advance the economy to the benefit of all citizens.

Citizens of St. Kitts and Nevis enjoy visa-free or visa-on-arrival travel to 156 destinations, and citizenship-by-descent is available for future generations. A spouse, dependent children under 31, dependent parents and grandparents aged 55 and over can be included in the application.

WWW.TRULY BELONG.COM

CS Global Partners is an industry-leading legal advisory firm specialising in citizenship by investment and investor immigration solutions. The firm is comprised of an expert, global team committed to assisting international businesspersons and their families in achieving increased mobility, security, and privacy through second citizenship.

+44 (0) 207 318 4343 • info@csglobalpartners.com • www.csglobalpartners.com LONDON • HONG KONG • BEIJING • DUBAI • NEW DELHI

• ST KITTS & NEVIS • SINGAPORE

Dominica welcomes people around the world to join our global community. Those looking for strong investment opportunities in an international network that stretches well beyond this small Caribbean island are invited to apply for citizenship. A Dominican citizenship is the fast track to opportunity in a country that prides itself on being resilient, courageous and open to new PR I M E M I N I ST ER OF T H E COM M O N W E ALT H OF D OM IN ICA

ideas that will tackle global issues, all the while embodying a strong sense of community as a global family.

“We are a nation deeply rooted in community values and a mindset of reciprocity. For this reason, we invite individuals and families from around the world to invest in our country, and in exchange we promise to provide you with citizenship of the Commonwealth of Dominica – a status that comes with a myriad of opportunities aimed to transcend borders in a continually globalising world.”

•

WE L COM E TO

Untapped business opportunities in a growing economy and stable democracy

•

Seamless processing leading to citizenship in 3 months from submission of application

•

No interview, residence, education, or business experience requirement

•

Visa-free travel to approximately 140 countries and territories

C ITI Z E N SHI P BY INVEST M EN T PROGRA M M E

Learn more on the offcial website: www.cbiu.gov.dm

WWW.CBIU.GOV.DM

D O M IN ICA’S G LOBAL COMMU NI TY, RE LIA B LE INV EST ME NT C H ANN ELS AND A W EA LTH OF OPPORT UNIT Y

When looking for a solution for second citizenship, Dominica ticks all the right boxes. It has a widely respected Citizenship by Investment Programme with a reputation for integrity. The Programme is known for its efficiency, while continuing to ensure the highest standards of due diligence. For the fourth consecutive year, the programme has been ranked number one in the world in the CBI Index – a comprehensive study into economic citizenship, published by the Financial Times’ Professional Wealth Management magazine. Busy investors need not travel or reside in Dominica, as applications can be submitted abroad through an Authorised Agent.

There are two paths to achieve economic citizenship in the Commonwealth of Dominica.

OPTION 1: The first option is a non-refundable contribution to the ECONOMIC DIVERSIFICATION FUND (EDF), starting from USD 100,000. This option allows an applicant to play a major role in Dominica’s promising future.

OPTION 2: The second option to obtain Dominican citizenship is to invest in PRE-APPROVED REAL ESTATE, starting from a minimum investment of USD 200,000. This option provides an investor with the opportunity to become a proud owner of prime real estate. There are a number of high quality projects available for investment with trusted global brands.

The Best CBI Programme in the World Dominica’s has been recognised as the world’s best Citizenship by Investment Programme for the fourth consecutive year

by PWM’s FT Specialist CBI Index.

Greater Mobility

Visa-free travel to approximately 140 countries and territories

St Kitts and Nevis is the youngest nation in the Americas, and yet it is famed for its growing tourism industry and international business platforms. Where else can you find four worldclass golf courses overlooking the Caribbean Sea? PR I M E M I N I STER OF T H E F ED ERAT ION OF ST K I T TS A N D NEVIS

“As the pioneer of citizenship by investment, St Kitts and Nevis is committed to the highest level of due diligence and efficiency in the running of its Citizenship by Investment Programme. The reputation of our Programme is matched by the strength of our economic growth and the beauty of our country. In St Kitts and Nevis, we seek to invite only the discerning investor to come to our country.”

W E L COM E TO

•

Citizenship within 3-4 months of application submission, or guaranteed processing in 60 days under the Accelerated Application Process

•

No interview, residence, education, or business experience requirement

•

Exciting business opportunities in a country with an impressive GDP growth

•

Visa-free and visa-on-arrival access to over 150 countries and territories worldwide Learn more on the offcial website:

C I T I Z E N SHI P BY INVEST M EN T PROGRA M M E

www.ciu.gov.kn

WWW.CIU.GOV.KN

ST K IT TS A ND NE V IS, PO RTRA IT OF A P REST IG IOUS CI TI ZENSHI P BY I NVESTMENT PRO G RA M ME

The St Kitts and Nevis Programme is the most well-established in the world, as it has been running for 35 years.

This ensures applicants feel certain of the programme: one that has awarded lifetime citizenship in return for an investment in the future of the nation. Today, St Kitts and Nevis offers the â&#x20AC;&#x2DC;Platinum Standardâ&#x20AC;&#x2122; of CBI, meaning responsiveness, effectiveness, and discretion in all processes. Applicants can benefit from the Accelerated Application Process, an exclusive service that accommodates applicants with fast-paced lifestyles by ensuring that their application, if successful, will be processed in 60 days or less.

S U STA IN A B LE G ROWT H F UND (SGF ) The SUSTAINABLE GROWTH FUND (SGF) is the most straightforward, streamlined and fastest path to second citizenship, with an investment threshold of USD 150,000 for a single applicant. The SGF channels resources to priority areas like education, healthcare, infrastructure and tourism in St Kitts and Nevis.

Increased Global Mobility

Visa-free and visaon-arrival access to over 150 countries and territories worldwide

Processing Time

Via AAP, you can accelerate your application to obtain St Kitts and Nevisâ&#x20AC;&#x2122; citizenship - and passport - within 60 days.

Experts in Citizenship by Investment CS Global Partners is an industry-leading legal advisory firm specialising in citizenship by investment and investor immigration solutions. The firm is comprised of an expert, global team committed to assisting international businesspersons and their families in achieving increased mobility, security, and privacy through second citizenship.

+44 (0) 207 318 4343 • info@csglobalpartners.com • www.csglobalpartners.com LONDON • HONG KONG • BEIJING • DUBAI • NEW DELHI • ST KITTS & NEVIS • SINGAPORE

Country Spotlight

QUICK FACTS

ST. KITTS AND NEVIS

S

aint Kitts and Nevis, also known as the Federation of Saint Christopher and Nevis, is an island state in the West Indies and a member of the Commonwealth. Part of the Leeward Islands chain of the Lesser Antilles, it is the smallest sovereign state in the Western Hemisphere, in area and population. The capital city, Basseterre, is on the larger island of Saint Kitts. The smaller island of Nevis lies approximately 3km southeast of Saint Kitts across a shallow channel called “The Narrows”. English is the official language but Saint Kitts Creole is also widely spoken.

St. Kitts was named “Liamuiga”, meaning “fertile land”, by its original native inhabitants the Kalinago Caribs.

The name was preserved when the tallest peak on St. Kitts was renamed Mount Liamuiga on independence day in 1983.

Christopher Columbus sighted what is now Nevis in 1493 and gave that island the name San Martín. The current name “Nevis” is derived from a Spanish name Nuestra Señora de las Nieves, meaning Our Lady of the Snows, perhaps in reference to the white clouds which usually wreathe the top of Nevis Peak.

Geography The islands are of volcanic origin, with large scenic central peaks covered in tropical rainforest. There are numerous rivers descending from the mountains to empty, white-sand beaches. Beds of offshore coral, teem with fish of every stripe and colour. Although they are only 3km apart, St. Kitts is classified as having a tropical savanna climate whereas Nevis has a tropical monsoon climate.

With the beautiful nature there is a lengthy and rich cultural history.

Brimstone Hill Fortress National Park, dating from 1690, is a UNESCO world heritage site that has been dubbed the “Gibraltar of the West Indies”. Tourists can see where tobacco, indigo and then sugar were grown on the historic plantations, take sweaty rainforest hikes, or relax on the sandy, palm fringed beaches. The sugar industry survived until 2005, and a unique legacy of this is the St. Kitts Scenic Railway where passengers can ride for 29km along a narrow gauge line built to transport cane.

Today the island lives by tourism, a transformation achieved with record speed. St. Kitts welcomes a steady stream of cruise ships and has a 394-room Marriott resort and casino. Major luxury property developments are taking shape and a private jet terminal and superyacht marina recently opened. It is also known for a number of celebrations including Carnival (December-January) and the St. Kitts Music Festival (June).

Full name: Federation of Saint Christopher and Nevis Capital city: Basseterre Population: 52,441 (2019) GDP in current prices: USD $1.758 billion (2019) GDP growth: 3.5% (2019) Area: 261 km² Government: Federal parliamentary constitutional monarchy Monarch: Queen Elizabeth II Governor-General: Sir S.W. Tapley Seaton Prime Minister: Timothy Harris Currency: East Caribbean dollar (XCD) HDI: 73rd (2018) Ease of doing business index: 139th (2019) Time Zone: GMT -4 Dialling code: 1 869 Economy At the turn of the 18th century, St. Kitts was the richest British colony per capita in the Caribbean, a result of the sugar trade. The economy had traditionally almost exclusively depended on the growing and processing of sugar cane until the late 1970s, when the government backed a drive into smallscale, export-oriented industrialisation and off-shore banking sectors. On 19 September 1983, the country achieved independence from the UK. The economy of St. Kitts and Nevis experienced strong growth for most of the 1990s but a number of hurricanes contributed to a sharp slowdown, particularly in the agricultural, tourism and construction sectors.

Agriculture contributes just 1.1% of the economy, with Industry being 30.0% and Services accounting for 68.9%.

Since 2010, tourism has been steadily rising again to become the largest source of foreign exchange. In 2016, Travel & Tourism directly contributed 5.9% to GDP and in total, including employment, accounted for 25.1% of GDP, a figure forecast to reach 33% by 2027. According to the IMF, St. Kitts and Nevis attained the strongest growth and fiscal performance in the ECCU region in recent years, with public debt Citizenship By Investment 35

set to meet the ECCU’s 60% of GDP target in 2018. The strong performance owes much to Citizenship-by-Investment (CBI) inflows as well as overall prudent macroeconomic policies. GDP in St. Kitts and Nevis is projected to reach around $1.05bn in 2020.

St. Kitts and Nevis is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean dollar) for all its members, and regulates and manages monetary policy and banking. The US dollar is widely used as well. The United States is the main export and import partner, accounting for 56% of the total exports and 31.7% of imports.

Citizenship by Investment The local passport is a Caricom passport as Saint Kitts and Nevis is a member of the Caribbean Community. Interested parties can acquire citizenship if they pass

the government’s background checks and make an investment into an approved real estate development.

The Government has introduced extensive legislation to attract financial services businesses to the island. The Citizenship

by Investment Programme has also been in operation since 1984, allowing foreign investors to acquire citizenship under certain conditions. This makes it the oldest existing citizenship programme in the world, as well as the most reputable citizenship programme in existence.

St. Kitts and Nevis citizenship is highly regarded. As a result, St. Kitts and Nevis citizens enjoy a passport with an excellent reputation and very good visa-free travel, including to all of the EU’s Schengen Area, Hong Kong, Switzerland, and other countries. Accordingly, the Citizenship

by Investment Programme is an attractive option if one is looking to acquire a second citizenship through investment without prior residence requirements.

When you acquire citizenship under the St. Kitts and Nevis Citizenship Programme, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent. As a citizen of St. Kitts and Nevis, you have the right to take up residence in St. Kitts and Nevis at any time and for any length of time. You will not be taxed on foreign income, capital gains, gift, wealth, or inheritance tax so this may complement your current wealth protection and tax planning strategies.

Citizens of St. Kitts and Nevis are allowed to hold dual citizenship, and the acquisition of citizenship is not reported to other countries.

The regulations regarding citizenship by investment are contained in Part II, Section 3 (5) of the Citizenship Act, 1984. These provisions allow the government to operate a programme under which citizenship is granted to persons who qualify under criteria set by cabinet decision.

REQUIREMENTS AND PROCEDURES Sustainable Growth Fund (SGF) Contribution Applicants may qualify for citizenship through a contribution to the Sustainable Growth Fund (SGF).

• Single applicant: a non-refundable contribution of US $150,000 is required • Main applicant with up to three dependents (for example, a spouse and two children): a non-refundable contribution of US $195,000 is required • Additional dependents, regardless of age: US $10,000

36 Citizenship By Investment

Upon submission of an application, non-refundable due diligence and processing fees must be also paid. These fees are US $7,500 for the main applicant, and US $4,000 for each dependent who is over the age of 16 years.

The Sustainable Growth Fund (SGF) is the newest investment channel under St Kitts and Nevis’ CBI Programme, introduced

by Prime Minister Timothy Harris in March 2018. It is the most secure and straightforward route to second citizenship.

Via SGF, a contribution is made directly to a government-held fund, with the Citizenship by Investment Unit (CIU) being able to check receipt immediately and speed up the application. The

SGF represents the ongoing advancement of St Kitts and Nevis to realise their potential as a prospering small-island nation with an accelerating economy.

the purchase and may not qualify the next buyer for citizenship.

A list of approved real-estate developments is published under Approved Real Estate

• The SGF offers the most straightforward route to citizenship.

• It’s a discrete channel where your privacy is ensured.

• Your second citizenship is for life, meaning that it can be passed down to future generations.

• No mandatory travel or language requirements.

• Increased global mobility with visa-free and visa-on-arrival access to over 150 countries.

• You will gain citizenship of a country with a low tax regime including no income, inheritance or gift tax

Acquisition of citizenship under the SIDF option requires a contribution to the Sugar Industry Diversification Foundation.

Real Estate Investment Applicants may qualify for citizenship through an investment in a pre-approved real estate project. The minimum real estate investment required by law is US $200,000 (resalable after seven years) or US $400,000 (resalable after five years) for each main applicant.

On approval in principle of an application made through a real estate investment, a Government fee applies, as follows: • Main applicant: US $35,050 • Spouse of the main applicant: US $20,050 • Any other qualified dependent of the main applicant regardless of age: US $10,050 In addition to these fees, real estate buyers should be aware of purchase costs (mainly compulsory insurance fund contributions and conveyance fees).

For listed of approved real estate click here https://ciu.gov.kn/investment-options/approved-real-estate/ The value of the real estate should be at least US $400,000, plus the payment of government fees and other fees and taxes. As the application procedure under this option involves the purchase of real estate, this can lengthen the processing time depending on the chosen property. Real estate can be re-sold five years after

Applications for Citizenship cannot be lodged directly at the Citizenship -by-Investment Unit, instead it can only be handled by registered Authorised Persons.

St. Kitts And Nevis 60 Day Accelerated Process The Accelerated Application Process (AAP) approved by the Government of St. Kitts and Nevis in October 2016 allows applications to be accelerated to a 60 day processing period.

Persons applying will still be required to meet all mandatory criteria and submit the necessary supporting documents.

Applications will be given an accelerated treatment from the Citizenship by Investment Unit, Due Diligence Providers and the St. Kitts and Nevis Passport Office. As a bonus this process also includes the application and processing of the St. Christopher (St. Kitts) and Nevis passport.

Applying using the AAP can see an application completed within 60 days with some applications completed in as early as 45 days. The AAP Process Fees are as follows (and include Due Diligence Fees) • Main Applicant: US $25,000 • Dependent above 16 years: US $20,000 In addition to the US $25,000 and US $20,000 AAP processing fees, an additional fee of US $500 per person will be applicable for the processing of the St. Kitts and Nevis Passport for any dependents under the age of 16 years.

Owing to the extended turnaround time of third party due diligence contributor’s applicants from Iraq, Yemen and Nigeria, are not be eligible for the AAP.

Citizenship By Investment 37

Are you looking for the right place to invest? St. Kitts provides a healthy climate for business and investment. Situated in the Eastern Caribbean, this exotic tropical island provides an array of investment opportunities in seven priority sectors, namely: Tourism, Financial Services, Information Technology, Agriculture, Light Manufacturing, International Education and Renewable Energy.

St. Kitts is rapidly developing with modern infrastructure; roads, international air and sea ports and advanced telecommunication services. Located just three hours by air from the east coast of the United States of America, St. Kitts is perfectly located for doing business.

The Government offers investment incentives; including tax holidays for certain qualified investment projects and businesses.

There is No Personal Income Tax in St. Kitts or any restrictions on the repatriation of profits and imported capital.

The countryâ&#x20AC;&#x2122;s Citizenship by Investment Programme is the oldest and most respected programme of its kind. Its passport provides instant visa-free access to over 150 countries. Citizenship by Investment is an ideal gateway to the world for individuals and families in search of secondary citizenship.

Priority Sectors Tourism Information Technology Agriculture Light Manufacturing Financial Services International Education Renewable Energy Tel: 869-465-1153 www.investstkitts.kn office@investstkitts.kn

ST. KITTS AND NEVIS CITIZENSHIP BY INVESTMENT PROGRAMME by the St. Kitts Investment Promotion Agency St. Kitts & Nevis ranked first in the Caribbean region for its citizenship by investment (CBI) programme, in the 2018 Passport Index, released by leading international CBI firm, Henley & Partners.

This is a significant accomplishment for St. Kitts & Nevis as the small island state recently signed a historic Visa Waiver Agreement with Russia. St. Kitts and Nevis was also the only Caribbean island recognised in Bloomberg BusinessWeek’s travel list for 2018, positioning for CBI prohrammes.

Currently, St. Kitts & Nevis residents enjoy visa free/entry permits to over 150 countries/territories including Germany, Italy and the United Kingdom, while citizens also enjoy ‘‘short stay’’ visa waivers to France. This is extremely beneficial to St. Kitts & Nevis’s CBI programme, which continues to maintain its high standards of conducting business, and St. Kitts and Nevis is working hard to ensure that its CBI programme remains a first-class brand.

Investors in the programme are given the option to invest in real estate or make a contribution to the Sustainable Growth Fund (SGF).

each dependant of the main application who is over the age of 16 years.

SUSTAINABLE GROWTH FUND (SGF) CONTRIBUTION

Applicants may qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium units. The minimum real estate investment required by law is US$400,000 (resaleble after 5 years) for each main applicant.

Applicants may qualify for citizenship through a contribution to the Sustainable Growth Fund (SGF).

• Single applicant: a non-refundable con tribution of US $150,000 is required • Main applicant with up to three dependants (for example a spouse and two children): a non-refundable contribution of US$195,000 is required • Additional dependants, regardless of age: US$10,000 Upon submission of an applicant due diligence and processing fees must be also paid. These fees amount to US$7,500 for each main applicant, and US$4,000 for

REAL ESTATE INVESTMENT

Upon submission of an application, non-refundable due diligence and processing fees must also be paid. These fees amount to US$7,500 for each main applicant who is over the age of 16 years.

• Main applicant: US$35,047 • Spouse of the main applicant: US$20,047 • Any other qualified dependant of the main applicant regardless of age: US$10,047 Citizenship By Investment 39

In addition to those fees, real estate buyers should be aware of purchase costs (mainly compulsory insurance fund contributions and conveyance fees).

The government has succeeded in creating an attractive investment climate through sound policies and careful planning. A new landscape of opportunities is now available to investors under defined, prioritesed sectors. These include tourism, offshore financial services, international education, renewable energy and manifacturing.

The government offers tax incentives in the form of exemption from import duty and

tax holidays of up to 15 years for qualified investments. The Hotel Aids Act allows for the refurbishment or construction of a hotel and tax holidays of 10 years for 5 years for hotels with 10 to 29 bedrooms.

St. Kitts offers numerous opportunities for wealth preservation through an attractive tax regime for doing business. There are no personal income tax and no capital gains or death tax. St. Kitts is attractive as an international financial centre because its services cater to small closely held companies with an easy applications process and reasonable rates. In addition, the Financial Services sector is equipped

Contact: St. Kitts Investment Promotion Agency 2nd Floor KOI Building, #1 Airport Road Golden Rock St. Kitts

40 Citizenship By Investment

with experience and knowledgeable staff and the jurisdiction boasts a regulatory body that meets international standards.

Foundations, and Captive Insurance Companies, are identified as unique investment opportunities due to the nature and viability of the products.

Companies registered in St. Kitts and Nevis can repatriate all capital, royalties, dividents and profits. There are no exchange controls in St. Kitts and Nevis and the invoicing of foreign trade transactions may be made in any currency.

Tel. (869) 465-1153 Fax. (869) 465-1154 www.investstkitts.kn office@investstkitts.kn

“One prefers to go to a doctor with many more years of experience rather than going to a recent graduate. The same is true for citizenship programmes.

Persons prefer to apply in a country which has a tried and tested programme.”

Shawna Lake LLB (Hons), LEC, MBA(Fin), CAMS, CGSS, TEP Attorney-at-Law & Notary Public

SHAWNA LAKE, OF SL SERVICES LTD, DISCUSSES THE ADVANTAGES OF ST. KITTS & NEVIS CITIZENSHIP How has the COVID-19 pandemic impacted the St. Kitts and Nevis (SKN) programme and work of the Citizenship

by Investment Unit?

St. Kitts and Nevis has been far more resilient than most countries in the world in the face of the COVID-19 pandemic because of tough decisions taken early on to protect the population from the spread of the disease and because of those early decisions the country’s economy is in a stronger position to bounce back from it. CBI applications have remained steady throughout 2020, helped by the fact that to date there have been zero deaths or hospitalisations from the virus.

Initiatives were put in place to make it more affordable to obtain citizenship through the Sustainable Growth Fund for a limited time up to 30 December 2020. The donation amount was temporarily reduced to US$150,000 from US$195,000 for a family of four persons.

This is a US$45,000 saving.

42 Citizenship By Investment

What are the main benefits and attractions of citizenship in St. Kitts and Nevis?

St. Kitts and Nevis is a very pleasant place to live and work. The climate is pleasant year-round and setting up a business and working in SKN is quite straightforward.

There is no personal income tax. The island is a very stable democracy and crime is relatively low. Modern healthcare facilities have been opened with planned expansions actively underway. Education is free in all public schools on the island and there are also private and international schools for families that migrate to the Federation with their children who desire more options.

What are the biggest hurdles investors face when applying for the programme?

The biggest obstacle that investors face is first of all ensuring that they have the economic means to apply to be citizens of

St. Kitts and Nevis. Although there may be attractive offers to obtain citizenship, applicants must provide proof that they are able to financially support themselves and their family and that they have sufficient funds to meet the minimum investment requirements for the programme (US$150,000 – US$200,000).

It goes without saying that persons who have a criminal background or are being actively investigated for any criminal activity will not be approved by the Citizenship by Investment Unit. The background check is thorough. This process is necessary to ensure the integrity of our programme. The expression “one bad apple can spoil the whole bunch” is very relevant in this regard.

Why do you think the programme is so attractive for investors?

The programme was the first of this kind in the world. SKN is the pioneer

of citizenship by investment programmes.

Our country launched this programme in 1984 and the model has been copied by many jurisdictions around the world.

It has had its challenges in the past but has been able to withstand the test of time and continues to grow and strengthen.

Our Citizenship by Investment Unit has also become known for the efficient processing of applications in a timely manner and this is extremely beneficial as applicants like to have a sense of certainty in relation to the length of time for the process. On average applications are processed in three months or less.

The strength of our passport, which allows visa free travel to over 150 countries, is also an appealing factor for potential investors, however, this in my opinion should not be the main selling point. What a country has to offer within its borders should be the driving force and St. Kitts and Nevis has plenty to offer. Real estate options in the Federation are very appealing and coupled with my earlier response to the question on the benefits and attractions of SKN citizenship, one can see why our programme has remained sustainable.

What are the tax advantages of being a citizen of St Kitts and Nevis?

Whilst there is no personal income tax in SKN, the Government is currently revising its laws and engaging in consultations to undergo corporate tax reform aimed at attracting more commercial businesses to directly set up and operate on the twin-island.

The world has changed considerably over the last few years and with the aggressive work being done internationally to counter tax evasion, it is incumbent upon us as a responsible country to do more to attract real “economic substance” and qualified personnel to our shores and not encourage ‘empty shell-type’ company registrations on our books.

This will in turn bring more suitably qualified persons who want to work and live in St. Kitts and Nevis.

The programme has been in existence since 1984. Is longevity and stability an asset for investors looking at their options?

Yes, this is definitely an asset. One prefers to go to a doctor with many more years of experience rather than going to a

recent graduate. The same is true for citizenship programmes. Persons prefer to apply in a country which has a tried and tested programme.

What are the various routes to St. Kitts and Nevis citizenship?

Purchasing an approved property for a minimum of US$400,000 or a share in an approved property for US$200,000.

Contribution to the Sustainable Growth Fund (SGF). The usual qualifying contribution to the SGF: US$195,000 for an applicant with up to three family members. The limited time discounted option has been extended until 15 January 2021: US$150,000 for an applicant with up to three family member dependents.

associated risks involved with obtaining funds from those jurisdictions and in some cases obtaining verifiable documents. In many cases it is difficult for our external due diligence companies to carry out their discreet investigations on persons from these countries.

How do you see the future of SKN generally, and the investment programme in particular? Do we need any reforms or changes to the current programme?

Investment through any of the aforementioned routes qualifies one to apply for citizenship in SKN. The investment alone, however, does not entitle someone to citizenship. There is an application and a very thorough background check process on all applicants. This is to ensure that only persons of good repute are allowed to obtain citizenship in St. Kitts and Nevis.

SKN may be the youngest independent country in the Eastern Caribbean, but it is also a high-income country unlike many of its neighbours, reflecting the ingenuity and industriousness of its people in the past decades. The nation continues to diversify its economy, refusing to rely solely on tourism and one or two industries, and there is no reason why that growth should not continue in the future.

The St. Kitts Nevis CBI programme is always evolving and improving itself and I expect it will continue to be successful because, unlike some other programmes, it remains absolutely focused on the highest standards when it comes to due diligence, processing efficiency and other important metrics, which will serve it very well in the future.

Can you briefly explain the screening and due diligence processes for applicants?

How can you help clients with an application?

Background checks are done by independent due diligence companies to verify the identity of applicants, their source of funds, their family, business associates and other connections. These checks are done by third party companies and not by the government directly. All of the information provided by applicants is verified by these agencies discreetly. The Citizenship by Investment Unit does its own analysis of the information provided by applicants and the reports that come back from the Due Diligence Companies to determine whether a person is deemed acceptable for approval. Once all information is corroborated and there are no red flags, such as blacklists or sanctions that come up against the applicant or any flags for criminal conduct, their application would be approved.

Citizenship by Investment cannot be obtained by clients submitting applications directly to the Citizenship by Investment Unit. A licensed authorised service provider must submit applications for citizenship on behalf of all applicants.

My firm has been an authorised service provider for citizenship by investment for the last 10 years and it is also an authorised corporate services provider, which enables us to set up companies and foundations in St. Kitts. We have helped many clients through the CBI process.

Are there any nationalities that are excluded from the programme?

Success of an application is 100% dependent on the background of the applicant. Pre-screening is done by us before on-boarding clients. Clients need to be transparent and forthright with all information at the on-boarding stage to ensure that no roadblocks are discovered during the processing of their application by the CIU.

Yes. Persons from sanctioned countries are not permitted to apply due to the

For more information please contact shawnalake@slservicesltd.com

Country Spotlight

QUICK FACTS

SAINT LUCIA

S

aint Lucia is a sovereign island country in the eastern Caribbean.

Part of the Lesser Antilles, it is located between St. Vincent to the south and Martinique to the north, with Barbados approximately 174 kilometres to the southeast. The island measures just 43 kilometres long by approximately 22 kilometres wide and has a coastline of 158 kilometres.

With its sandy palm-fringed beaches, crystal clear waters, beautiful bays and lush rainforests, it is a popular destination for tourists and cruise ships.

The island is the only country in the world named after a historical woman, specifically Saint Lucy of Syracuse, who was executed in 304 and venerated as a saint in Roman Catholic, Anglican, Lutheran, and Orthodox churches.

Legend has it that some French sailors were shipwrecked there on 13 December, which is the feast day of St. Lucy, and named the island in her honour.

The French were the island’s first European settlers, signing a treaty with the Carib Indians in 1660. Over the next 150 years, the rule of the island switched at least 13 times between France and Britain – giving rise to the nickname ‘the Helen of the West Indies’ – before the British gained definitive control in 1814.

After becoming one of the West Indies Associated States in 1967, Saint Lucia gained its independence from the UK on 22 February 1979 and became a member of the Commonwealth of Nations.

44 Citizenship By Investment

English is the official language of Saint Lucia, although Saint Lucian Creole French is also used.

Geography and climate St. Lucia is more mountainous than most Caribbean islands and even has a drive-in volcano. On the southwestern side of the island, two volcanic peaks rise up out of the clear blue waters. These peaks are the Pitons, the Gros Piton being 771m high and Petit Piton 743m high. This area was designated a UNESCO World Heritage site in 2004 and is located near the town of Soufriere, formerly the French capital of St. Lucia. Many tourists visit Soufriere for the tranquillity of the St. Lucia Botanical Gardens and the medicinal properties of the Sulphur Springs.

The modern day capital is at Castries, a flourishing port city in the district of Castries, where nearly a third of the

Capital city: Castries Population: 179,667 (2018) GDP in current prices: USD $1.87 billion (2018) GDP growth: 1.0% (2018) Area: 617 km² Government: Unitary parliamentary constitutional monarchy Monarch: Queen Elizabeth II Governor-General: Sir Emmanuel Neville Cenac Prime Minister: Allen Chastanet Currency: East Caribbean dollar (XCD) HDI: 89th (2018) Ease of doing business index: 93rd (2020) Time Zone: GMT -4 Dialling code: 1 758 island’s population live. Castries took over as the capital city in 1967 and retained that honour when Saint Lucia gained its independence.

The local climate is tropical, moderated by northeast trade winds, with daytime temperatures averaging around 30°C, falling only to around 24°C at night. As the island is located near to the equator, the temperature does not vary greatly throughout the year. Saint Lucia typically has two seasons during a year, a dry season from December until the end of May, and a wet season from June through November.

Politics Saint Lucia is a two party parliamentary democracy, and a Commonwealth nation.

Queen Elizabeth II is the Head of State, and her presence is represented by a Governor-General. The Prime Minister is usually the head of the party that commands a majority in the House of Assembly. There are 17 seats in the House of Assembly, and 11 seats in the second chamber of Parliament, the Senate.

The seat of government is located in Castries, which also houses the head offices of many foreign and local businesses, a number of international embassies and consulates, and the secretariat of the Organisation of Eastern Caribbean States. The city is located in Castries Quarter in the northwest of the island, one of eleven ‘quarters’ (administrative districts) that the country is divided into. The country is a mixed jurisdiction in that its legal system is based on both civil law and English common law.

As well as being a member of the Commonwealth and the United Nations, which it became a member of in December 1979, Saint Lucia is a member of CARICOM (the Caribbean community) and the Organisation of Eastern Caribbean States. It maintains friendly relations with all of the active major powers in the Caribbean including the US, UK, France and Canada.

Economy and tourism Saint Lucia is categorised by the UN as a Small Island Developing State economy.

Its GDP grew by 3.7% in real terms during 2017 but contracted to just 1.0% real growth in 2018, due principally due to a downturn in both the public and private construction sectors. Nevertheless, the Caribbean Development Bank are forecasting an improvement in 2019.

Saint Lucia’s 2018 nominal GDP figure of $1.874 billion ranked 170th on the World Bank listings, but in terms of nominal GDP per capita rankings, Saint Lucia’s figure of $10,610 placed as high as 68th. The services sector accounted for approximately 82.8% of GDP, with industry 14.2% and agriculture 2.9%.

The island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries, attracted by a well-developed legal and commercial infrastructure, an educated workforce, improved roads, an upgraded communications system, port facilities, and a businessfriendly entrepreneurial climate. The manufacturing sector is the most diverse in the Eastern Caribbean area. Crops such as bananas, cocoa, coconuts, avocados and mangos are grown for export.

Tourism is vital to Saint Lucia’s economy, accounting for 65% of GDP, and is the main source of jobs, income and foreign exchange earnings. The popular tourist season tends to be January to April during the dry season. The island was attracting over 900,000 visitors annually, most of whom were stopping off as part of a cruise.

However, after 2017 registered an all-time record of 1,105,541 inbound tourist arrivals, 2018 saw a further 10.2% increase with 1,218,294 visitor arrivals.

Of these, 760,306 (62.4%) came by cruise ship as the Caribbean cruise sector enjoyed its best ever performance. The number of stay-over visitors arriving by air improved from 386,127 in 2017 to 394,780 in 2018.

As with other Caribbean destinations, the USA, the UK and Canada are the major tourism revenue markets, accounting for 44.3%, 19.3% and 10.2% of stopover visitors respectively.

A different kind of tourist attraction is the Saint Lucia Jazz Festival. First held in 1992, this annual event has grown in stature and encompasses live music performances, street parties, educational activities and fashion shows at various venues across the island.

Citizenship By Investment 45

CITIZENSHIP BY INVESTMENT The Saint Lucia Citizenship by Investment Programme was founded in 2015 and came into force from 1 January 2016, making it the newest of the Caribbean citizenship programmes.

Benefits Saint Lucia is a stable nation and has a quality of life that very few places in the world can rival. Having a Saint Lucian passport allows for visa-free travel to more than 120 countries, including most of Europe, the UK, and Hong Kong.

Saint Lucia recognises dual citizenship, which can provide advantages for business expansion and tax belief. There is no tax on wealth, gifts, foreign income or capital gains. There is no requirement to visit Saint Lucia during the application process, no interview requirement and no residency requirements.

Applications for citizenship by investment must be submitted in English by an authorised agent on behalf of the applicant.

Applications, including those with dependents, are processed within three months. In order to qualify for citizenship, applicants must choose one of the following four options: 1. National Economic Fund 2. Real Estate Projects 3. Enterprise Projects 4. Government Bonds

3. Enterprise Projects Applicants may choose to make investments in pre-approved enterprise projects such as marinas, research institutions or infrastructure projects (e.g. ports, bridges, roads and highways).

The following minimum investment is required: • A sole applicant: A minimum investment of USD $3,500,000 • More than one applicant (joint venture): A minimum investment of USD $6,000,000 with each applicant contributing no less than USD $1,000,000 4. Government bonds The fourth option is through the purchase of non-interestbearing Government bonds. These bonds must be registered and remain in the name of the applicant for a minimum of five years from the date of first issue and not attract a rate of interest.

Once approved, the following minimum investment is required: • Sole applicant: USD $500,000 • Couple (applicant and spouse): USD $535,000 • Applicant applying with spouse and up to two dependants: USD $550,000 • Each extra dependant: USD $25,000.

1. National Economic Fund This is a fund established to receive investments of cash from the citizenship program that will be used in the funding of government sponsored projects. The Finance Minister must seek approval from Parliament for the allocation of funds for his chosen purposes.

To signify that Saint Lucia’s Citizenship by Investment Programme is still open for business, and in order to attract foreign investors through to the end of 2020, the Government introduced some significant changes to the programme in May.

Once an application for citizenship through investment in the Saint Lucia National Economic Fund has been approved, an investment is required as follows:

Nestor Alfred, head of the CIU, and Prime Minister Chastanet of Saint Lucia, announced the changes, which include halving the minimum investment required to qualify for citizenship through bond acquisitions.

• Single applicant: USD $100,000 • Main applicant plus spouse: USD $140,000 • Applicant applying with spouse and up to two other qualifying dependants: USD $150,000 • Each extra qualifying dependant, of any age: USD $25,000 • Each qualifying dependent in addition to a family of four (family includes a spouse): USD $15,000 2. Real Estate Projects Approved real estate projects may be luxury branded hotels and resorts or high-end boutique properties. The minimum investment is USD $300,000 per application.

46 Citizenship By Investment

St Lucia’s COVID-19 Relief Bond, which was due to expire on 31 December 2020, will be extended to 31 December 2021.

• Candidates can qualify through the purchase of a new, non-interest-bearing investment in Government Bond starts at USD $250,000 (a discount of 50%) for a single applicant.

• The investment amount in the Bond is refunded in full at the end of the holding period • Processing fees are waived • Holding period is 5-7 years • Investment is to be made only after approval is granted • The administrative fee has been reduced from $50,000 to $30,000 and is now only payable upon approval.

Mini Country Country Spotlight Spotlight

IRELAND

I

reland – sometimes referred to as The Republic of Ireland or Eire – is located in northwest Europe.

Technically an island, with the larger island of Great Britain to its east, separated by the Irish Sea, and the Atlantic Ocean to the west. The republic is an independent state that consists of 26 counties and covers approximately five-sixths of the island’s area. It shares an open border with Northern Ireland, which consists of six counties and is a constituent part of the United Kingdom. This land border is the subject of special provisions in the UK-EU deal, which was agreed at the end of the year.

The Irish Residency Programme is an ideal route for HNWIs and their families looking for permanent residency in Ireland.

It provides a wide range of investment options, ranging from €500,000 to €2m and grants a residency permit for up to five years with the possibility of ongoing renewal. Initial permission is given for two years, with further renewal for three years.

The Ireland Immigrant Investor Programme (IIP) is officially a residency programme, however, after five years, you can either apply for Irish permanent residence or qualify for citizenship.

You can choose from four investment options, which will grant you and your family permission to reside in Ireland. You do not have to live in Ireland, but you must visit Ireland at least once a year, in order to extend your residency.

Applicants must pay the non-refundable application fee of €1,500 by Electronic Funds Transfer.

1) €1m Enterprise Investment • Invest in either a single Irish enterprise or spread over a number of enterprises.

• The enterprise can be a start-up or existing business but must be registered and headquartered in Ireland and the investment must support the creation or maintenance of employment.

• Minimum investment period of three years.

2) €1m Investment Fund • Invest into one of the funds that have been approved for the purposes of the Immigrant Investor Programme by the Irish Naturalisation and Immigration Service and are regulated by the Central Bank of Ireland.

• All funds must be invested in Ireland.

• Minimum investment period of three years.

3) €2m Real Estate Investment Trust (REIT) • Invest in any Irish REIT that is listed on the Irish Stock Exchange. The investment may be spread across a number of different Irish REITs. • The full investment must be held for three years.

• After three years 50% of shares can be sold.

• After four years a further 25% can be released.

• After five years there are no requirements to keep investments any further.

4) €500,000 Endowment • Invest in a public project benefiting the arts, sports, health, culture or education.

• It should be regarded as a non-refundable philanthropic contribution and investors will receive no financial return.

Citizenship By Investment 47

Country Spotlight

QUICK FACTS Full name: Republic of Turkey Capital city: Ankara Population: 82,003,882 (2018) GDP in current prices: USD $713.51 billion (2018) GDP real growth: 2.6% (2018) Area: 783,356 km² Government: Unitary presidential constitutional republic President: Recep Tayyip Erdogan Vice President: Fuat Oktay Currency: Turkish Lira (₺) (TRY) HDI: 59th (2018) Ease of doing business index: 33rd (2020) Time Zone: GMT +3 Dialling code: 90

TURKEY

T

he Republic of Turkey is a transcontinental country based mainly in West Asia.

The total area of Turkey is 783,356 km² (which makes it the 36th largest country in the world), of which just over 3% (roughly the same size as the US state of New Hampshire) lies on the Balkan Peninsula in Southeast Europe. This European area is bordered by Bulgaria to the northwest and Greece to the west.

It is separated from the rest of Turkey by the Sea of Marmara and the Turkish Straits – which include the Dardanelles and the Bosporus Strait – connecting the Aegean Sea in the south to the Black Sea, Turkey’s northern shoreline. The rest of Turkey is bordered by Georgia to the northeast, Armenia and Iran to the east, and Iraq and Syria to the south.

The population of Turkey is nearing 83 million, of whom approximately 71 million live in Asia and 11.7 million in Europe. 15 million live in the Istanbul metropolitan area that straddles the Bosporus Strait across which three suspension bridges link the European and Asian sides. Istanbul is the largest city in Turkey and one of the most popular tourist destinations of the world. 65% 48 Citizenship By Investment

of its metropolitan population live on the European side (Eastern Thrace) and 35% on the Asian side (Anatolia). 92.3% of Turkey’s population live in cities and district centres compared with 7.7% in towns and villages (source: Turkish Statistical Institute 2018).

History The Republic of Turkey was proclaimed on 29 October 1923 following the Turkish War of Independence (19191923) in the aftermath of World War I which saw the Ottoman Empire defeated and its capital, Constantinople, occupied

by Allied French, British, Italian and Greek troops. The Ottomans had entered WWI by launching a surprise attack on Russian Black Sea coastal ports on 29 October 1914. Russia responded by declaring war against the Ottomans on 1 November and was joined by its allies Britain and France four days later.

Prior to the rise of The Ottoman Empire, much of the Anatolian Peninsula had been inhabited by various settlements and civilisations including Assyrians, Greeks and Armenians. The region became predominantly Hellenised after Alexander the Great defeated the Persian rulers in 334 BC and liberated much of Asia Minor. This became the Roman province of Asia in 129 BC and, as Rome began its transition from Republic to Empire, the

region’s cities, including the provincial capital of Ephesus, flourished under Roman rule. In AD 324, the Roman Emperor Constantine the Great chose the city of Byzantium – founded as Byzantion on the shores of the Bosporus Strait in around 660 BC – to be the new Christian capital of the Roman Empire and renamed it Nova Roma in AD 330.

Following his death in 337, the city was renamed Constantinople and it became the capital of the Eastern Roman Empire after the permanent sub-division of the Roman Empire in 395. After the fall of Rome in 476, the Roman Empire continued in the east with Constantinople as its capital and enjoyed a golden age under the reign of Justinian I (Roman Byzantine Emperor from 527 to 565). The magnificent Hagia Sophia in Istanbul was built between 532-537 as a church and remained the world’s largest cathedral for nearly a thousand years.The domed building subsquently became an Ottoman mosque, then a museum, and in July 2020 it was reclassified as a mosque.

The Ottoman state arose at the end of the 13th century in northwest Anatolia and crossed into Europe around 1354, conquering much of the Balkans. In 1453, they captured Constantinople, bringing the Byzantine Empire to a close.

At its peak during the 16th and 17th centuries, the Ottoman Empire extended

well into central and southeast Europe, across north Africa and much of west Asia. But by the late 17th and 18th centuries, Ottoman power was waning and beset with internal rebellions while the Russian Empire expanded and asserted itself as a protector of Christians in Ottoman territories.

Having lost much of its Balkan territories during the Ottoman Great Eastern economic crisis and the Russo-Turkish War of 1877-78, many Balkan Muslims migrated to Anatolia and ethnic tensions increased. The Armenians in particular suffered huge losses in genocidal attacks shortly before, during and immediately after World War I. The Ottoman Empire joined WWI with the German, AustroHungarian and Bulgarian side which ultimately was defeated. In 1916, the British engineered an Arab Revolt within Anatolia and this helped to destabilise the Ottoman government.

Unhappy with the terms of the Armistice signed on 30 October 1918 which allowed the Allies to occupy Constantinople and other key ports and garrisons, a Turkish National Movement sprung up in Ankara and declared itself the legitimate government of Turkey on 23 April 1920.

The Turkish Parliament formally abolished the Sultanate on 1 November 1922, finally bringing the Ottoman Empire

to an end after 623 years, and the Treaty of Lausanne of 24 July 1923 gave international recognition to the new Republic of Turkey with Ankara as its capital. On 6 October 1923 – two days after the last of the allied British, French and Italian troops had left Constantinople – the troops of the Ankara government marched ceremoniously into the city and declared Liberation Day, the anniversary of which is celebrated every year. The Republic was officially proclaimed on 23 October 1923 and the city of Constantinople was renamed Istanbul.

Foreign relations Turkey remained neutral during most of World War II, before joining the side of the Allies in February 1945. Turkey is a founder charter member of the United Nations and a founder member of the G20. In 1949, Turkey was one of the first countries to join the Council of Europe and in February 1952 Turkey was one of the first two countries to join the founding 12 members of NATO as it sided with the US and Western Europe during the Cold War. In 1961, Turkey was one of the founder members of the Organisation for Economic Co-operation and Development (OECD) and two years later became an associate member of the EEC. Turkey applied for full membership of the European Community in 1987 but a decision was deferred partly due

to events in Cyprus. Turkey had invaded Cyprus in July 1974 in response to a Greek-led military coup and this led to the UN-organised partition of the island.

In 1983, the Turkish part of the island declared its independence as the Turkish Republic of Northern Cyprus, but Turkey is the only country to recognise it. In 1996, a customs union between the European Union and Turkey came into effect and a free trade area was established for certain industrial products. This gave a significant boost to Turkey’s trade and helped increase its GDP per capita.

In December 1999, Turkey was officially given candidate membership status.

However, UN efforts to resolve the Cyprus situation failed to win enough Cypriot approval in a referendum, with the result that, while the Republic of Cyprus was accepted as a full member on 1 May 2004, the rights of EU membership were (and still are) suspended for Northern Cyprus, and Turkey has still not achieved the criteria for full membership.

Turkey historically has good relations with the US and has assisted international missions under NATO and the UN. It has the second largest standing military force in NATO and has been involved in trying to find a resolution to the ongoing conflict in neighbouring Syria.

Citizenship By Investment 49

Politics and administration

Economics and trade

Tourism

Turkey was a parliamentary representative democracy from 1923 until a referendum, held under a state of emergency in April 2017 following a failed military coup attempt in July 2016, narrowly approved 18 amendments to the Turkish constitution. The new rules came into effect with the presidential election of 24 June 2018, abolishing the office of prime minister, increasing the number of seats in parliament from 550 to 600 and giving complete control of the executive to the President, who is head of state.

Parliamentary and presidential terms are extended from four to five-year terms with the elections being held on the same day, allowing for a presidential run-off if no candidate wins an outright majority in the first round.

Turkey’s economy has tended to fluctuate in recent years, rising by 7.4% in 2017 in real terms, but going into recession at the end of 2018 (Q3 down by 1.6% and Q4 down by 2.4%). The annual real growth rate for 2018 was +2.6% which is the lowest figure since the global downturn of 2009. The full year’s nominal GDP of US $713.5 billion ranked 19th largest globally, having slipped from 17th in 2017. On the GDP

by PPP (Purchasing Power Parity) tables, Turkey still ranks 13th largest. Turkey’s currency dropped by 30% against the US dollar as a result of a trade war with the US, making imports a third more expensive on average and prompting the central bank to raise interest rates while annual inflation peaked at over 25% in October 2018.

Tourism is an important part of Turkey’s economy and had been growing rapidly since 2000, with the country becoming the 6th biggest tourist destination in the world in terms of numbers of international arrivals (source: UN World Tourism Organisation). However, the numbers took a big dip during 2016 due to a spate of terrorist attacks, the attempted military coup and heightened political tension with Russia.

Turkey is divided into 81 administrative provinces The most populous is Istanbul, which lies in both Europe and Asia. Three other provinces lie fully on the European side. The second most populous province is Ankara, which includes the country’s capital city of the same name, and is effectively at the heart of the country.

Turkey is a unitary state and each of the provinces is run by governors and senior city officials appointed by the central government in Ankara rather than by locally elected mayors. Officially, Turkey is a secular state with no official religion.

Freedom of religion and conscience is provided for within the Turkish Constitution and there are no questions relating to religion or ethnicity within the Turkish censuses. However, around 96% of the population are Muslims, most of whom are Sunni Muslims.

50 Citizenship By Investment

Turkey is a net exporter of agricultural products and has been self-sufficient in food production since the 1980s.

Around 11% of Turkey’s land is used for agriculture with wheat as its main crop.

The country is also the world’s largest producer of hazelnuts, figs, cherries and various other fruits. Much of the produce still comes from small farms.

In 2018, 18.75% of the employed population worked in agriculture (compared with 29.5% in 2009) and contributed 6.1% of the GDP. Industry accounted for 29.2% of GDP with automobile manufacturing and textiles being the main sectors. The services sector grew rapidly in the 2000s, peaking at 59% of GDP in 2009, but slipped back to 53.3% of GDP in 2018.

The Russian tourists – who are usually the number one tourism market for Turkey – started returning in 2017 after the restoration of bilateral relations and heavy advertising campaigns, and 2018 saw an 18.1% increase in visitor numbers to 45.6 million. Of these, 85.4% were foreign – with Russia (15% of foreign tourists), Germany (11%), Bulgaria (6%), UK (6%) and Georgia (5%) being the top five countries of origin – and 14.6% being Turkish citizens residing abroad.

According to Turkey’s statistical authority, tourism revenue during 2018 reached $29.5 billion compared with $26.3 billion in 2017.

Turkey is famous for its historical sites and has 17 UNESCO World Heritage sites as well as two of the Seven Wonders of the Ancient World. The Turkish Riviera has many excellent beach resorts along the Aegean and Mediterranean coastlines. The country is also renowned for its cultural experiences and excellent local food.

RESIDENCY AND CITIZENSHIP BY INVESTMENT Turkey was the first Middle East country to introduce a Citizenship by Investment (CBI) programme, launching it in January 2017. Originally, the scheme had required investments of US $3 million in government bonds or deposited into a Turkish bank for three years, or purchasing real estate valued at US $1m, but after a relatively slow take-up, the government reduced the charges in their Citizenship Act amendment published on 19 September 2018.

Having received just over 250 applications for citizenship by investment worth slightly less than $100m by the end of 2018, the number of applications is expected to boom during 2019.

The options available for anyone aged 18 or over applying for Turkish citizenship are as follows: 1. Real Estate – invest a minimum of US$250,000 (or the equivalent in Turkish Lira or other convertible currency as in all options) on the stipulation that the immovable property is not sold within the next three years.

TURKEY’S CIP NUMBERS

2. Bank deposit – that $500,000 (or equivalent) be deposited for at least three years in one of the Turkish banks.

3. Fixed capital investment – that a minimum of $500,000 (or equivalent) be made in fixed capital investment and confirmed by the Ministry of Industry and Technology; previously the minimum required investment was US $2m.

4. Government bonds – that a minimum of $500,000 (or equivalent) be used to purchase government bonds and bills on condition that they be held for at least three years and that the investment shall be confirmed by the Ministry of Treasury and Finance.

5. Fund share – Commit at least US $500,000 or equivalent foreign currency or Turkish lira into real estate investment fund share or venture capital investment fund share 6. Job creation – it is also possible under the new regulation to gain Turkish citizenship by employing a minimum of 50 new personnel; previously the requirement was for 100 personnel.

In March, April and May 2020, despite COVID-related slowdowns in effect elsewhere, 4,000 investors were processed, at least double that achieved by all other CIPs combined during the same period.

9,011 foreign investors had received Turkish citizenship by the start of June, 4,000 than had at the end of February.

• Visa-free or visa-on-arrival travel to 115 countries including Hong Kong, Singapore and Japan • Dual nationality is allowed • Citizenship is granted within 3-6 months after receipt of the application and investment • No requirement to reside in Turkey or to learn Turkish language • No military service requirements • Citizenship covers spouse and children under 18 years of age • Access to full free medical assistance for life, including all direct family members • Turkey offers a democratic and safe environment for the whole family with high quality education facilities and social healthcare reforms • Prospective visa-free travel facilities to EU Schengen Zone in near-term future.

Nationality of applicants

By June 2019, the number of approved main applicants had reached 981, according to figures from the Turkish Interior Ministry, generating over $1 billion since the start of the programme.

Most of the applications for Turkey’s CIP have been from Middle Eastern countries, although 21 Chinese applicants and several Russians are included within the ‘others’ on this chart.

Benefits of Turkish Citizenship

22%

26%

6% 6%

15%

6% 10%

10%

Iran - Iraq - Yemen - Afghanistan Syria - Palestine - Jordan - Others Source: Ministry of Interior, Republic of Turkey

Citizenship By Investment 51

DISCOVER YOUR NEW ADDRESS WITH REALTY TURKEY Born in Istanbul, Sami Ghazagh has long been in the real estate, property management, and citizenship consultancy business. As managing director of Realty Turkey, working with thousands of global investors around the world, Sami is focused on providing the best consultancy service for citizenship by property investment in Turkey.

What is the story behind Realty Turkey?

Realty Turkey, the first international real estate web portal in Turkey, offers the most qualified local projects, and the developers of these projects offer full transparency, with many language options. International investors can see and examine high-quality projects that are suitable for their preferences with www.realtyturkey.com.

The Turkish government has revised the minimum required property spend for Turkish citizenship. Now, what is the regulation for foreign property buyers?

Recently, the Turkish government reduced the minimum purchase price for the real estate based citizenship application from US$1 million to US$250,000. From 19th September 2018, foreigners buying real estate in Turkey have been entitled to apply for Turkish citizenship for themselves and their spouses and children under the age of 18.

Who can purchase real estate in Turkey?

Are there any restrictions on the purchase of the real estate?

With the new regulation removing reciprocity rules for 184 countries, non-citizens are free to buy real estate in Turkey without having a residence permit, except for real estate located within or near military zones. However, 52 Citizenship By Investment

for the time being, Syrian and Armenian nationals are excluded from buying real estate. I recommend foreign nationals to always contact a lawyer in Turkey to make sure that they are eligible to buy.

There are several restrictions for foreigners buying real estate in Turkey. However, these restrictions should not unduly concern investors. According to the Turkish Land Registry Law, foreign citizens can buy real estate with a limit of a maximum of 10% of that district’s surface area. This can amount to a maximum of 30 hectares of property in Turkey in total.

What are the benefits?

This really changes depending on the client. Some are attracted by the opportunity of free entry into 115 countries, including Japan, Singapore, and South Korea. Others are interested in purchasing a property in Istanbul or the coastal towns, while others value the investment and business perspectives in the country and Turkey’s favourable taxation system.

I’m interested in the Turkish Citizenship Program. What are my options in Turkey given this budget?

By investing $250,000, you’ll be able to purchase an apartment in Istanbul as well as a beautiful sea view villa in Alanya, Antalya, Bodrum, or other coastal towns.

Many investors purchase apartments and houses here with the purpose of receiving rental incomes.

High-net-worth individuals from across the globe are frequent buyers of apartments in Istanbul. The city is home to amazing apartments with generous social amenities, great proximity to

financial and cultural centres as well as the beautiful Bosphorus. On top of that, the current rate of the Turkish Lira allows you to buy property at bargain prices.

Great! How long will it take to procure a passport?

You will be granted Turkish citizenship very swiftly just 60 days after the investment process is over.

Can I arrange citizenship for my family as well?

Sure! You can include in the application of your spouse and children under 18.

Why we should get help from Realty Turkey?

We closely follow all the local property developers and the residential projects in the market. That’s why are very fast and successful at matching the right client with the right project. We focus on the client’s needs, their satisfaction and profit, while they are releasing or renting out the property.

Realty Turkey will not only help you file a proper visa application through the Turkish Citizenship Program, but we will also save you time, effort, and money.

We guide our clients all the way through and provide all-around support and a comprehensive service to individuals seeking a second citizenship.

Ayazaga mh. Cendere cd. No: 109/C Vadistanbul Bulvar 2A Blok Office No: 90 Sarıyer/Istanbul Tel: +90 (212) 951-0369 Email: info@realtyturkey.com www.realtyturkey.com

AUSTRALIA ANNOUNCES MAJOR CHANGES TO BIIP

by INVESTMENT MIGRATION INSIDER IMIDaily.com

A

ustralia is bringing wideranging changes to its extremely popular Business Innovation and Investment Program (BIIP), cutting five categories and raising capital requirements.

The Premium Investor, Significant Business History and Venture Capital Entrepreneur visas will be closed to new applications from 1 July 2021.

Applications already lodged for these visas will still be processed.

The Government will also be consulting widely with industry to inform any further changes to the Complying Investment Framework. Any changes to the framework will be announced in the in the first half of 2021.

Following a round of consultations, the government determined that investment requirements could justifiably be increased and that the BIIP could benefit from simplification and streamlining.

Provisional visa holders in all four streams will be able to apply for permanent residence if they meet the requirements after three years, but the provisional visa will now be valid for five years, meaning they have additional time to meet the requirements. Business Innovation and Significant Investor visa holders will also continue to be able to extend their provisional visas if they do not meet the business and residence thresholds in the required timeframe. The requirements for minimum business turnover and assets held will also increase for the first time.

Minister Tudge described the investments coming to Australia through the BIIP as “critical to our COVID-19 economic recovery,” and said the changes now implemented would serve to maximise the economic effects these funds had on Australian job creation. As part of the same economic recovery strategy, Minister Tudge in October also announced that the number of available places under the programme would nearly double starting in the 2021 fiscal year.

Noting that the programme’s 7,000 available places per a year were invariably oversubscribed to, the Department of Home Affairs last year concluded that “investment behaviour and measures of wealth indicate that applicants have some capacity and willingness to invest above the current thresholds.” Indeed, at the end of last year, the application backlog stood at close to 20,000.

Because of that, the government has announced a host of upcoming changes to the programme and indicated they had been shaped by the feedback received during the public consultation. These changes that will take effect from 1 July 2021, according to a statement from acting Minister for Immigration Alan Tudge, included a reduction of the number of visa streams within the BIIP from the current nine to just four.

The scheme will be simplified from nine to four visa streams: Business Innovation, Entrepreneur, Investor, and Significant Investor. There will be a clear pathway to permanent residency for each category.

The requirements for Business Innovation visa holders will increase to ensure the scheme is attracting migrants with proven business skills. Business Innovation visa holders will be required to hold business assets of $1.25 million (up from $800,000) and have an annual turnover of $750,000 (up from $500,000).

The $200,000 funding threshold required for Entrepreneur visa applicants will be scrapped. Applicants will need to be endorsed by a State or Territory government – giving states and territories an additional way to attract international entrepreneurs.

Even with higher capital requirements and twice as many spots available, James Hall of ANZ Migration still expects the quota to be filled in 2021.

“In the previous year we saw nomination places used up by early 2020, just over half way through the programme year, The advice for potential clients then is to apply earlier. We should see the states and territories making announcements in the next few weeks for their programmes to become fully open. There will likely still be a preference for businesses that are perceived to benefit economic recovery to the state/territory (health industries, job generation, regional business opportunities, larger investments etc).”

Citizenship By Investment 53

Country Spotlight

QUICK FACTS

UNITED KINGDOM

T

he United Kingdom, more commonly referred to simply as the UK, is a sovereign country in the northwest of Europe, separated from the European mainland by the North Sea to the east and the English Channel to the south. To the west lies the Irish Sea and the island of Ireland, which incorporates Northern Ireland and the Republic of Ireland, and the Atlantic Ocean.

The UK was the world’s first industrialised country and, with a strong naval history dating back to the 16th century, became a world leader as the British Empire spread to become the largest empire during the 19th and early 20th centuries. Many of its former colonies gained independence during the latter part of last century, but remain members of the Commonwealth of Nations, a political association with 53 member states, the majority of which are former British territories. It is a founder member of the UN and a permanent member of the Security Council, and was a member of the EU/EEC from 1973 until 31 January 2020. A transition period then followed, and as of 1 January 2021 the UK and EU are working with a freshly negotiated trade agreement.

The UK is actually a union of four countries – England, Scotland, Wales and Northern Ireland. Great Britain is the name of the largest island in the UK (and also Europe) with an area of 229,848 km² of which roughly 57% is England, 34% Scotland and 9% Wales. Wales was formally annexed into the Kingdom of England in 1535. The Kingdom of Ireland was officially created in 1542 by an Act of the Irish Parliament recognising the English monarchy, although the two countries remained separate.

Following a union of crowns in 1603, Scotland and England joined together in a Treaty of Union in 1707 to create the 54 Citizenship By Investment

Kingdom of Great Britain. The United Kingdom of Great Britain and Ireland was officially enacted on 1 January 1801 after the British and Irish parliaments passed their acts of union in 1800.

However, subsequent events in Ireland led to the partition of Ireland in 1921 and the creation of the Irish Free State on 5 December 1922, while the six historical counties of Northern Ireland remained part of the United Kingdom.

Administration The UK’s capital is London, which has a population of around 8.9 million and is one of the main financial centres and cultural capitals of the world. It is also home to the UK parliament which is based in the Palace of Westminster and has two houses: the House of Commons, which has 650 members elected by popular vote, and an appointed House of Lords.

Of the 650 UK parliamentary constituencies, 519 are in England (of which 14 are in Greater London), 73 are in Scotland, 40 in Wales and 18 in Northern Ireland. In addition, Scotland, Wales and Northern Ireland have their own devolved governments in Edinburgh, Cardiff and Belfast respectively, each with their own education and healthcare administrations and other varying powers. The head of state is Queen Elizabeth II who is the longest-serving

Full name: United Kingdom of Great Britain and Northern Ireland Capital city: London Population: 67,545,757 (2019)

England: 55,977,178

Scotland: 5,438,100

Wales: 3,138,631

N. Ireland: 1,881,641 GDP in current prices: USD $3,131 trillion (2019) GDP real growth: 1.3% (2019) Area: 242,495 km² Government: Unitary parliamentary constitutional monarchy Monarch: Queen Elizabeth II Prime Minister: Boris Johnson Currency: Pound Sterling (£) (GBP) HDI: 15th (2018) Ease of doing business index: 8th (2020) Time Zone: GMT +0 Dialling code: 44 English monarch, having reigned since 6 February 1952.

Economy The UK has the fifth largest economy behind the US, China, Japan and Germany; but whilst the economy grew by 1.4% in 2018, the rate of real GDP growth has declined every year since 2014 and the economy is forecast to be overtaken by India within the next year.

Services account for 79% of GDP, Industry 21% and Agriculture less than 1%.

The UK has a rich cultural and historic heritage. Being a primarily liberal democracy, creative arts and fashions have flourished and contributed enormously to global music, literature, visual art and cinema. In 2008, Liverpool – home of the Beatles who were the most influential and successful popular music band of the 20th century – was named European Capital of Culture, while Glasgow was only the third city to be awarded the title of UNESCO City of Music, with Liverpool receiving the same accolade in 2014. England is also home to two of the world’s five oldest surviving universities – the Universities of Oxford (from 1096) and Cambridge (founded 1209).

IMMIGRATION VISA OPTIONS TO THE UNITED KINGDOM

Tier 1 UK (Investor) visa Tier 1 (Investor Visa) migrants can: • apply to settle after two years if you invest £10 million • apply to settle after three years if you invest £5 million • apply to settle after five years if you invest £2 million • The company must be active, trading and listed on the UK stock exchange

With an Innovator visa you can: • set up a business or several businesses • work for your business • bring your partner and children with you as dependants • travel abroad and return to the UK • apply to settle permanently in the UK if you’ve lived in the UK for three years and meet the other eligibility requirements Start-up visa

You can no longer apply for a Tier 1 (Entrepreneur) visa.

If you want to set up or run a business in the UK you might be able to apply for an Innovator visa or a Start-up visa. If you already have a Tier 1 (Entrepreneur) visa you can still apply: • to settle in the UK • to extend your visa • for family members to join you.

Innovator visa You can apply for an Innovator visa if: • you want to set up and run an innovative business in the UK • your business or idea has been endorsed by an endorsing body • If you’re from the EU (and several other European countries) • If you or your close family member started living in the UK before 1 January 2021, you may be able to apply to the free EU Settlement Scheme.

You must be able to show that your business idea is: • new – you cannot join a business that is already trading • innovative – you must have an original business idea which is different from anything else on the market • viable, with potential for growth • You must have a reasonable grasp of the English language.

You can stay for three years if you either: • come to the UK on an Innovator visa • switch to this visa from another visa while in the UK • If you want to stay longer in the UK • You can apply to extend your stay for another three years when your visa is due to expire.

• You may be able to apply for settlement once you’ve been in the UK for three years.

You can apply for a Start-up visa if you meet the same requirements as the Innovator visa.

You must be endorsed by an authorised body that is either: • a UK higher education institution • a business organisation which supports UK entrepreneurs.

You must be able to show that your business idea is: • a new idea – not a business that is already trading • innovative – you must have an original business idea which is different from anything else on the market • viable – it has potential for growth If you’re not eligible for a Start-up visa you may be eligible for another visa to work in the UK. You can stay for two years if you either: • come to the UK on a Start-up visa • switch to this visa from another visa while in the UK • If you want to stay longer in the UK • You cannot apply to extend this visa.

You may be able to switch to an Innovator visa if you set up a business while on a Start-up visa and: • your endorsing body assessed and agreed it • it is active, trading and sustainable • you have day to day involvement in it • If your endorsement is withdrawn.

With a Start-up visa you can: • bring your partner and children with you as your dependants • work in another job, as well as working for your business • travel abroad and return to the UK • You can also switch to this visa from another visa categories • You cannot settle in the UK on this visa.

Citizenship By Investment 55

THE EU-UK TRADE AND COOPERATION AGREEMENT: SIGNING A NEW ECONOMIC AND SOCIAL PARTNERSHIP

A

fter intensive negotiations, the European Commission and the United Kingdom reached an agreement in December on the terms of future cooperation between the UK and the EU. President of the European Commission, Ursula von der Leyen said: “It was worth fighting for this deal because we now have a fair and balanced agreement with the UK, which will protect our European interests, ensure fair competition. Finally, we can leave Brexit behind us and look to the future. Europe is now moving on.”

The European Commission’s Chief Negotiator, Michel Barnier, said: “We have now come to the end of a very 56 Citizenship By Investment

intensive four-year period, particularly over the past nine months, during which we negotiated the UK’s orderly withdrawal from the EU and a brand new partnership, which we have finally agreed. The protection of our interests has been front and centre throughout these negotiations and I am pleased that we have managed to do so. It is now for the European Parliament and the Council to have their say on this agreement.”

It consists of three main pillars:

The UK Prime Minister, Boris Johnson, stated: “This ambitious Agreement – carefully judged to benefit everyone – is the first the EU has ever reached allowing zero tariffs and zero quotas. We will preserve the immense benefits of free trade for millions of people in the United Kingdom and across Europe.”

• It provides for an unprecedented 100% tariff liberalisation. This means there will be no tariffs or quotas on the movement of goods we produce between the UK and the EU, where goods meet the relevant rules of origin. This is the first time the EU has agreed a zero tariff, zero quota deal with any other trading partner.

A Free Trade Agreement • The agreement covers not just trade in goods and services, but also a broad range of other areas, such as investment, competition, State aid, tax transparency, air and road transport, energy and sustainability, fisheries, data protection, and social security coordination.

• Both parties have committed to ensuring a robust level playing field by maintaining high levels of protection in areas such as environmental protection, the fight against climate change and carbon pricing, social and labour rights, tax transparency and State aid, with effective, domestic enforcement, a binding dispute settlement mechanism and the possibility for both parties to take remedial measures.

A horizontal agreement on Governance • To give maximum legal certainty to businesses, consumers and citizens, a dedicated chapter on governance provides clarity on how the agreement will be operated and controlled. It also establishes a Joint Partnership Council, who will make sure the Agreement is properly applied and interpreted.

• The EU and the UK agreed on a new framework for the joint management of fish stocks in EU and UK waters.

• On transport, the agreement provides for continued and sustainable air, road, rail and maritime connectivity. It includes provisions to ensure that competition between EU and UK operators takes place on a level playing field, so that passenger rights, workers’ rights and transport safety are not undermined.

• On energy, the agreement provides a new model for trading and interconnectivity, with guarantees for open and fair competition, including on safety standards for offshore, and production of renewable energy.

Ursula von der Leyen, President of the European Commission

“It was worth fighting for this deal because we now have a fair and balanced agreement with the UK, which will protect our European interests, ensure fair competition.”

Foreign policy, external security and defence cooperation is not covered by the Agreement. As of 1 January 2021, there will therefore be no framework in place between the UK and the EU to develop and coordinate joint responses to foreign policy challenges, such as the imposition of sanctions on third country nationals or economies.

The Trade and Cooperation Agreement goes well beyond a traditional free trade agreement and provides a solid basis for preserving longstanding friendship and cooperation. It reflects the fact that the UK is leaving the EU’s ecosystem of common rules, supervision and enforcement mechanisms, and the previous model of free movement of persons, goods, services and capital.

• On social security coordination, the agreement aims at ensuring a number of rights of EU citizens and UK nationals.

This concerns EU citizens working in, travelling or moving to the UK and to UK nationals working in, travelling or moving to the EU after 1st January 2021.

• The agreement also enables the UK’s continued participation in a number of flagship EU programmes for the period 2021-2027 (subject to a financial contribution by the UK to the EU budget), such as Horizon Europe.

The EU and the UK will form two separate markets; two distinct regulatory and legal spaces. This will create barriers to trade in goods and services and to cross-border mobility and exchanges that do not exist today – in both directions.

A new partnership for security The Trade and Cooperation Agreement establishes a new framework for law enforcement and judicial cooperation in criminal and civil law matters, recognising the need for strong cooperation between national police and judicial authorities. The Agreement is based on international law, rather than EU law. It builds new operational capabilities, taking account of the fact that the UK, as a non-EU member outside of the Schengen area, will not have the same facilities as before.

• Binding enforcement and dispute settlement mechanisms will ensure that rights of businesses, consumers and individuals are respected. This means that businesses in the EU and the UK compete on a level playing field and will avoid either party using its regulatory autonomy to grant unfair subsidies or distort competition.

Boris Johnson, Prime Minister of the United Kingdom

“This ambitious Agreement is the first the EU has ever reached allowing zero tariffs and zero quotas. We will preserve the immense benefits of free trade for millions of people in the UK and across Europe.”

Next steps The Withdrawl Agreement remains it place. Because the negotiations could only be finalised at a very late stage before the expiry of the transition period the Agreement was on a provisional basis, for a limited period of time until 28 February 2021, while the EU Council and European Parliament go through all their legal processes to sign the deal off.

It has already been passed by the House of Commons in the UK. Citizenship By Investment 57

NEW EU-UK TRADE AND COOPERATION AGREEMENT: COMPARISON WITH EU MEMBERSHIP

FREE MOVEMENT OF PEOPLE Removal of border checks Pet passports Visa-free travel (90 days in a 180-day period) Visa-free travel (beyond 90 days) Right to work, study, live in another EU country Removal of roaming charges

TRADE IN GOODS Frictionless trade Zero tariffs or quotas Zero customs formalities Zero SPS checks Zero rules of origin procedures Fisheries agreement Covered by the EUâ&#x20AC;&#x2122;s international agreements

58 Citizenship By Investment

EU-UK Trade and Cooperation Agreement

EU Member State

EU-UK EU-UK EU-UK Tradeand and Trade Trade and Cooperation Cooperation Cooperation Agreement Agreement Agreement

EU Member EU Member State State

FREE MOVEMENT OF PEOPLE TRADE IN SERVICES TRADE IN SERVICES Removal of borderpassport checks Financial services Financial services passport Pet passports Easy recognition of professional qualifications Easy recognition of professional qualifications Visa-free travel (90 days in a 180-day period)

AIR TRANSPORT AIR TRANSPORT

Visa-free travel (beyond 90 days) Single aviation area Single aviation area Right to work, study, live in another EU country Bilateral agreement for extra-EU air cargo Bilateral agreement for extra-EU air cargo Removal of roaming charges

ROAD TRANSPORT ROAD TRADETRANSPORT IN GOODS Single internal transport market for hauliers Single internal transport market for hauliers Frictionless trade Cross-trade operations Cross-trade operations Zero tariffs or quotas

ENERGY Zero customs formalities ENERGY Single internal energy market Zero SPS checks Single internal energy market Zero rules of origin procedures Energy trading platforms Energy trading platforms agreement EUFisheries PROGRAMMES EU PROGRAMMES Covered by the EUâ&#x20AC;&#x2122;s international agreements Access to Erasmus Access to Erasmus Access to NextGenerationEU, SURE Access to NextGenerationEU, SURE Galileo encrypted military signal Galileo encrypted military signal Access to Horizon Europe Access to Horizon Europe Specific conditions related to EU-UK Trade and Cooperation Agreement Specific conditions related to EU-UK Trade and Cooperation Agreement

Citizenship By Investment 59

Country Spotlight

QUICK FACTS

CANADA

C

anada is a country in the continent of North America, stretching from the Pacific Ocean in the west to the Atlantic Ocean to the east and sharing a land border with the United States to the south and the US state of Alaska to the northwest. Its northern territories extend well into the Arctic Ocean with the Danish territory of Greenland situated off to the northeast.

By total area, it is the second-largest country in the world after Russia, although this includes nearly two million lakes, with nearly 9% of Canada’s surface area covered by freshwater. With a population of over 37 million people, Canada is the 38th most populous nation and has a strong multi-cultural heritage.

the Commonwealth of Nations and the United Nations, it is also a member of the G7. Canada is also one of the wealthiest countries globally, ranking 8th in the 2018 Credit Suisse listings with USD $8,319 billion.

Canada is a highly advanced country with the 10th largest economy in the world and a very high Human Development Index (HDI). Importantly for anyone thinking of migrating, Canada is one of the most ethnically diverse and multicultural countries in the world with extremely high degrees of civil liberties and quality of life. A founder member of

The provinces and territories of Canada are sub-national divisions within the geographical whole. Each of the ten provinces has its own legislative assembly with one parliamentary house and shares government responsibilities with the federal government. The three territories also have legislative councils but with no sovereignty and fewer responsibilities.

Canada’s provinces and territories

Capital city: Ottawa Population: 37,797,496 (2019) GDP in current prices: USD $1,900 trillion (2019) GDP real growth: 2% (2019) Area: 9,984,670 km² (land 9,093,507 km²) Government: Federal parliamentary constitutional monarchy Monarch: Queen Elizabeth II Governor-General: Julie Payette Prime Minister: Justin Trudeau Currency: Canadian dollar (CAD) HDI: 13th (2018) Ease of doing business index: 23rd (2019) Time Zones: Ontario and Quebec GMT -4 Alberta GMT -6, British Columbia GMT -7 Dialling code: 1 Canada’s official languages are English and French and these have equal status in parliament, the courts and in all federal institutions. French is the official language in Quebec and New Brunswick is officially bilingual under the Canadian Charter of Rights and Freedoms. The rest of the provinces use mainly English as their primary language, while the territories give official status to several indigenous languages, with Inuktitut the majority language in Nunavit as one of its three official languages. According to the 2016 Census, 56% of the Canadian population spoke English as their mother tongue and 21% spoke French as their mother tongue, with around 98% able to speak one or both languages.

Table 1. List of administrative provinces and territories of Canada

Province

Population (Apr 1, 2019)

% of pop’n.

Capital

Largest City

Year joined Confederation

Share of Nat. GDP

Ontario

14,490,207

38.73%

Toronto

Toronto

1867

37.7%

Quebec

8,452,209

22.59%

Quebec

Montreal

1867

18.9%

British Columbia

5,034,482

13.46%

Victoria

Vancouver

1871

12.7%

Alberta

4,362,503

11.66%

Edmonton

Calgary

1905

17.3%

Manitoba

1,362,789

3.64%

Winnipeg

Winnipeg

1870

3.2%

Saskatchewan

1,169,131

3.13%

Regina

Saskatoon

1905

4.3%

Nova Scotia

966,858

2.58%

Halifax

Halifax

1867

1.9%

New Brunswick

773,020

2.07%

Fredericton

Moncton

1867

1.9%

Newfoundland and Labrador

522,537

1.40%

St. John’s

St. John’s

1949

1.6%

Prince Edward Island

155,318

0.41%

Charlottetown

Charlottetown

1873

0.3%

Northwest Territories

44,420

0.12%

Yellowknife

Yellowknife

1870

0.26%

Yukon

40,208

0.11%

Whitehorse

Whitehorse

1898

0.14%

Nunavut

39,170

0.10%

Iqaluit

Iqaluit

1999

0.15%

National Total

37,412,852

100%

Ottawa

Territories

60 Citizenship By Investment

Source: Statistics Canada (2018 GDP data)

CITIZENSHIP BY INVESTMENT Canada was one of the first countries to operate immigration investment programmes, launching its Federal Immigrant Investor Program (FIIP) in 1986. However, this was closed permanently and suddenly in 2014.

Since then, the Quebec Immigrant Investor Program (QIIP) has been a very popular scheme for business owners and company directors. However, the intake of permanent selection applications under the Investor Program has been suspended from 1 November 2019 to 31 March 2021 while the program is reviewed.

Entrepreneur Program

Immigrant Investor Programs

• You must settle in Québec to create and operate a business for which you have already received a service offer from a business accelerator or incubator or a university entrepreneurship centre. .

• You must present your business project in the form of a business plan, as well as a service offer.

These were designed by the government to attract businesspeople and their capital to Canada. Investors and their families can gain permanent residence in Canada by complying with the following: • You must have valid business experience • You, and your partner, must have a net worth of a minimum of CAD $2m • You and your family must pass local medical and security evaluations.

• You must invest ,as a governmentguaranteed investment, CAD $1.2m for a period of five years at no interest (0%) under one of the two immigrant investor programs. The investment will be repaid in full at the end of the period.

• You must settle and spend a certain amount of time in Quebec.

There are several programs to become a permanent resident of Canada: • The Quebec Immigrant Investor Program • The Express Entry Program (federal) • The Provincial Nominee Programs Applicants who want to establish themselves economically in the province of Quebec have to obtain a certificate of selection of Quebec (CSQ) before applying for permanent residence to the Government of Canada. Applicants and their dependents will be assessed on health and security grounds. Holders of a CSQ are required to reside in the province of Quebec.

Canada’s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses locally.

This is designed for job creation and to help build global businesses, so projects will be judged on that basis by The Province of Québec, which is in charge of its own business immigration program.

To be eligible for this program, you must meet the following conditions: Stream 1

• As of January 2020, you must also obtain an attestation of learning about democratic Québec values. The members of your family accompanying you must also go through the same process.

• Under the Entrepreneur Program, Stream 1, there is no specific list of organisations authorised to support applicants, however the Ministère de l’Économie et de l’Innovation holds a list of organisatons it approves, such as: “Business accelerators” – organisations based in Québec that offer support services, particularly in regards to finding financing, to business projects aimed at the growth of innovative companies; “University entrepreneurship centres” – organisations managed by or affiliated with an academic institution that provide mentoring services; “Business incubators” – organisations with an establishment in Québec that offer mentoring services, including hosting, to, people whose business projects are aimed at the creation of innovative businesses.

• These organisations must demonstrate the ability to support the applicant and project, and present as support plan, an operation plan, and evidence of expertise.

• Even if you have already launched your business project in Québec, you may still be eligible for the Entrepreneur Program, as long as the project is not yet fully implemented.

Stream 2 • You must follow some of the same stipulations as Stream 1, including settling in Québec, having an approved business plan, and learning about local democratic values.

• You must make a startup and security deposit at a financial institution with an establishment in Québec.

• You must use the startup deposit to set up your business. The required amount is lower (CAD $200,000) if you set up your business outside the Montréal metropolitan area (CMM). A startup deposit of CAD $300,000 is required if the business is located in the CMM. The security deposit will be refunded when you demonstrate that your business plan has been carried out.

• You must also have a minimum net worth of CAD $900,000, alone or with your spouse, and demonstrate that this money has been legally acquired.

• If you create a business, you must own and control at least 25% of its equity capital. If you choose to acquire a business, you must own and control at least 51% of its equity capital.

• The business must not be involved in real estate development or real estate or insurance brokerage, and must have been in operation for five years.

• Applications are assessed on factors like: the candidate’s age; education; French and English language skills; financial selfsufficiency; and ties to Québec.

Citizenship By Investment 61

CANADA START-UP VISA PROGRAM 5 ADVANTAGES TO RESIDE IN CANADA(SUV) JITNEY TRADE – A proud pleasure to serve you

5 ADVANTAGES TO RESIDE IN CANADA Security for the family

An essential need and reality  + 1 514 558 1313 H Customer.care@jitneytrade.com B www.jitneytrade.com

Education Securityfor forthe thechildren family A priority for many of our An essential need andcustomers reality Health Education for the children Supported by one of the best A priority for many of our customers healthcare system in the world Mobility Health Move abroad without constraints Supported by one of the best healthcare system in the world Business Mobility Develop growwithout your business Move and abroad constraints

Business Develop and grow your business

OBJECTIVE OF ADVANTAGES OF ADVANTAGES TO RESIDE IN CANADA THE 5PROGRAM THE PROGRAM  The SUV Program [Start Up Visa] allows entrepreneurial applicants who wish to settle in Canada to obtain permanent residence while contributing to job creations and stimulating economic growth by the means of an innovative project.

INVESTMENT REQUIRED  An investment in an eligible business, whose development project is eligible (equity subscription) and demonstrate its active and continuous management from Canada.  The overall investment is US $300,000 (all fees included).

 Short processing time (an average of 6 months to obtain a work permit) Security for the family An essential need and reality

 The fund source justifications required are very simple compared to other programs Education for the children

A priority for many of customers  No minimum requirement forour possession of property or assets

 The FederalHealth Government is the only Supported by one of the best interlocutor in the process healthcare system in the world  The Permanent Residence application is Mobility processed Move insideabroad Canada without constraints

Business Develop and grow your business

PROCESS

5 ADVANTAGES TO RESIDE IN CANADA COMMITMENT

OBTAINING THE PERMANENT RESIDENT STATUS Security for the family

FILING • Final approval

• Assessment of needs • Signature of the mandate • Down payment

An essential need and reality INVESTMENT

• Preparation of Profile/Resume • Qualification /Pre-Approval • Make transfer

OBTAIN WORK ANDEducation STUDIES for the children PERMIT A priority for many of our customers

PROCESS

Health Supported by one of the best healthcare system in the world

Steps

Time Frame

Commitment

Day 1

Description

Mobility Frais Move abroad without constraints

• Sign the mandate and transfer of down payment

$50.000 USD

File Preparation

1 month

Business • Evaluation of resume and other parts that constitute the file • Pairing (candidate/project of eligible corporation) Included Develop and grow your business • Qualification / pre-approval of candidate

Investment

1 month

• Transfer of Investment following the Qualification / Pre-Approval of candiate (Letter of Support)

Filing

$200.000 USD

• File the request for permanent residence at the Federal level

Included

• Apply for the work permit and the study permits for kids

Included

3 months

Work Permit Permanent Residence

12-14 months

• Once the Applicant is in receipt of the government invitation to submit the Applicant and family passports, in order to stamp the permanent residency visa

WHY Jitneytrade

$50.000 USD

JitneyTrade offers at your disposal a team of specialized experts who will accompany you and assist you throughout the process.

JitneyTrade is also

JitneyTrade is a member of

THE START-UP VISA COULD BE YOUR ROUTE TO CANADA IN 2021

by CANADIAN CITIZENSHIP & IMMIGRATION RESOURCE CENTER (CCIRC) INC. www.immigration.ca

Small and medium-sized businesses in Canada are looking to spend more on technology in the COVID-19 pandemic and that will spell opportunity for immigrant entrepreneurs in the Start-up Visa Program.

“Nearly 40% of Canadian SMEs plan to invest in technology in 2021, which should benefit the sector,” writes Pierre Cléroux, vice-president of research and chief economist at the Business Development Bank of Canada (BDC), on the financial institution’s website.

Overall, the technology sector is projected to grow by 1.1% in 2020 and then by 2.2% in 2021.”

After being hit hard by COVID-19 in 2020 and suffering what may be the worst economic contraction since 1945 – a drop estimated at 5.5% of its GDP – Canada is expected to bounce back this year and largely offset last year’s losses.

“Strong consumption and a rebound in exports will give the Canadian economy a boost,” writes Cléroux.

“Bringing forward government investment projects should also provide a tailwind to Canadian economic growth.”

64 Citizenship By Investment

The widespread distribution of vaccines to protect Canadians against the coronavirus is fuelling this optimistic outlook. The BDC is forecasting GDP growth of 4.5% for Canada in 2021.

Prime Minister Justin Trudeau’s government responded quickly with financial aid programmes for Canadians and the country’s businesses during the pandemic. Those programmes helped recoup jobs lost early in the pandemic and have put Canada on a more solid footing than the United States in terms of consumer spending.

“Canada should see a favourable export environment, and consumption should be supported by a resilient labour market as well as continued household support programmes,” says Cléroux.

With the economy poised to rebound, immigrant entrepreneurs may well be

able to profit by coming to Canada under the Start-up Visa programme.

In the past few years, Canada has seen a steady rise in the number of new permanent residents through the StartUp Visa Programme.

Started as a three-year pilot, it was made a permanent part of Canada’s immigration system in March 2018.

Since then, the total number of new permanent residents approved admission under the programme has soared.

Last year, admissions to Canada under the Start-up visa programme more than doubled, to 510 from the 250 welcomed in 2018.

The programme targets innovative entrepreneurs and links them with private sector investors in Canada who will help establish their start-up business.

Candidates can initially come to Canada on a work permit supported by their designated Canada-based investor, before qualifying for permanent residence once their business is up and running.

There are three types of private-sector investors: • an angel investor; • a venture capital fund, and; • a business incubator.

A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.

A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business.

Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.

A designated business incubator must accept the applicant into its business incubator programme.

While consumer and tech spending are likely to be strong this year, immigrant entrepreneurs will want to be aware that not all sectors of the Canadian economy will be equally robust.

“Some service sectors, particularly those dependent on tourism, such as

accommodation and food services, will experience a second difficult year,” cautions Cléroux. “The pandemic is expected to limit their activities during the first quarter before partially recovering as spring returns. The distribution of an effective vaccine will dictate their prospects for the end of the year.”

economy, particularly in the Greater Toronto Area. Growth of 4.5 per cent is expected in Ontario.”

The real estate sector, apparently immune to the pandemic in 2020, is expected to stagnate or worse this year as the decline in immigration imakes itself felt on the demand side.

“Alberta was hit doubly hard in 2020 by the lockdown and its impact on oil prices,” says Cléroux. “The province will benefit from better control of the pandemic on both fronts. Growth is expected to be below average, 3.5% given the low level of investment expected in the oil sector.”

The BDC head of research is also warning of possibly tighter mortgage practices as lenders try to offset their downside risks, particularly in big cities.

The rule of thumb for business start-ups this year is that regions of Canada hit hardest during the pandemic are those expected to experience the greatest gains this year.

“Ontario, which had the strictest health restrictions in 2020, could experience the country’s strongest economic growth in 2021,” says Cléroux.

“New investment in the automotive manufacturing sector is expected to give an additional boost to the province’s manufacturing sector. A resurgence in immigration should also revitalise the

Other provinces expect to fare well are British Columbia, Quebec and Saskatchewan. All of them are forecast to see economic growth of four per cent this year.

Manitoba, too, is expected to see subpar growth of 3.5% Atlantic Canada, which weathered the pandemic better than the rest of Canada, is forecast to see growth of two to 2.5%.

“Canada should see a favourable export environment, and consumption should be supported by a resilient labour market as well as continued household support programmes,”

Citizenship By Investment 65

USA

T

he United States of America (USA), also commonly known simply as the US, is primarily a country within the continent of North America. The area known as the contiguous United States, which consists of 48 of the 50 states plus the federal district of Columbia, has a total area of 8,081,867 km² and is bordered to the north by Canada, to the south by Mexico and by the Pacific Ocean to the west and the Atlantic Ocean to the east. The 49th state, Alaska, is situated to the northeast of Canada and is the largest state by area, while the 50th state, Hawaii, is a group of islands located in the Pacific Ocean within the continent of Oceania.

The District of Columbia is more commonly referred to as Washington D.C. and is the capital of the United States, named after the country’s first president George Washington, one of the country’s Founding Fathers and president from 1789 to 1787. The Constitution of the original thirteen states – created and presented during September 1787, ratified on 21 June 1788 and effective from 4 March 1789 – allowed for a federal district to be created along the Potomac River on the East Coast between the states of Maryland and Virginia that would be under the direct jurisdiction of the US Congress.

In total, the US 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 66 Citizenship By Investment

people from various ethnic backgrounds.

There is no official national language as such, but English is spoken as a first language at home by around 79% of the population aged 5+, compared with Spanish by 13% and Chinese dialects by 1%. Alaska and Hawaii also recognise their native languages, while French is widely used in Louisiana.

development since the start of the last century and is home to many of the top global companies, particularly within the financial and IT sectors.

The US also ranked first last year for the breadth and quality of its universities and higher education facilities, attracting international students particularly from Asia.

Economy and trade The US has been the largest economy in the world for several decades, growing by about 4% each year since 1999 on average (an average of 2.0% in real growth). In 2018, the nominal GDP exceeded USD $20 trillion, of which Services accounted for an estimated 80%, Industry 19% and Agriculture just under 1%. However, comparing GDP based on purchasing power parity (PPP) basis, the US ranks second behind China, having been overtaken in 2014. On a GDP per capita basis, the US currently ranks 8th highest according to IMF 2018 figures (USD $62,606).

The country is rich in natural resources and is one of the world’s producers of oil and natural gas. It is also one of the world’s largest industrial manufacturing markets. In this regard, the US has attracted immigrants from all over the globe and continues to attract skilled workers. Its biggest trading partners are China (15.7% of 2018 imports and exports), Mexico (14.7%), Canada (14.5%), Japan (5.2%), Germany (4.4%), South Korea (3.1%) and the UK (3.0%).

The USA has been at the forefront of scientific research and technological

QUICK FACTS Full name: United States of America Capital city: Washington D.C. Population: 328,239,523 (1 July 2019) GDP in current prices: USD $21.439 trillion (2019) GDP real growth: 2.9% (2018) Area: 9,833,520 km² (land 9,531,905 km²) Government: Federal presidential constitutional republic President: Donald Trump ???

Vice President: Mike Pence ???

Currency: United States Dollar ($) (USD) HDI: 15th (2018) Ease of doing business index: 6th (2020) Time Zones: Eastern Standard Time Zone (EST) GMT -5 / Central Standard Time Zone (CST) GMT -6 / Mountain Standard Time Zone (MST) GMT -7 / Pacific Standard Time Zone (PST) GMT -8 / (All zones switch to Daylight Saving Time from March to November) Dialling code: 1

THE EB-5 YEAR THAT WAS AND THE OUTLOOK FOR 2021

IIUSA ends 2020 just like the rest of the world, with exhaustion and hope. The year was tense, intense, and thanks to our leadership’s and professional staff’s indefatigability, ultimately rewarding.

Despite the COVID pressures we all felt and the Zoom-fatigue we all endured, the association made powerful strides.

• We rebranded to assure everyone knows we are dynamic and forward-looking.

• We launched a new website that is easier to navigate and reflects our accessibility.

• We tired of the Administration’s opacity and filed four federal lawsuits to shed light on long-awaited Freedom of Information Act requests.

• We flexed to accommodate our inability to be together in person and provided virtual meetings, panels, and speakers at home and around the world.

Our virtual offerings attracted more than 1,200 participants from over 20 countries.

• We also reached outside the EB-5 family to remind or educate others about EB-5’s economic impact and IIUSA was rewarded with 44 mayors across 19 states and hundreds of “non-traditional” organizations signing on to our letter to Congress calling for a long-term reauthorization of the EB-5 Regional Center Program.

• We negotiated in good faith and established goodwill with U.S. Senators Grassley and Leahy to create a longterm reauthorization bill with new, strengthened, commercially operable integrity measures. It was a step industry and Congress knows to be essential before any other program reforms or expansions.

These accomplishments, reached during what we pray is an anomalous year, speak volumes of those who helped achieve them. IIUSA’s professional staff, its officers: Bob Kraft, Bill Gresser, and Steve Strnisha, its Board of Directors, its Leadership Circle, and its members-atlarge have reason to be proud and for all of them and more.

We will continue to expand our family by reaching back out to those who supported us in 2020 and reaching further to find other like-minded organizations. As they say, “never a dull moment!”

Despite 2020 being a year like no other.

I am grateful for the opportunity to be IIUSA’s Executive Director and I am looking forward to a very productive and happy New Year in 2021.

by Aaron Grau Executive Director, IIUSA

As we look at a new Congress and a new Administration, we know the New Year will be full of new challenges, for which we are more than prepared to overcome.

Although the Regional Center Program did not secure a long-term reauthorization, the Consolidated Appropriations Act, 2021 does extend the Program through June 30, 2021. In the interim, we will assure that all Members of Congress know the value of our integrity agreement with Senators Grassley and Leahy and the incalculable value to our economy of a long-term reauthorization.

For more information, visit IIUSA website at www.iiusa.org or contact IIUSA (info@iiusa.org)

We will leverage our time and relationships to continue educating policymakers about the impact of lifting per-country-caps and the last Congress’s (failed) bill’s unintended consequences.

Citizenship By Investment 67

SHOULDN’T YOU BE LIVING THE AMERICAN DREAM?

H

ere is a brief history of the EB-5 program. The United States has one of the world’s most famous residencyby-venture programmes. Those who wish to partake need to invest between $900,000 and $1.8m in preapproved activities, creating a minimum of 10 new job positions for US workers. Investors will then be able to attain permanent residency and citizenship in the US once the necessary requirements are fulfilled. Between 2008 and 2015 the EB-5 program generated over $20,000,000 in FDI (Foreign Direct Investment) and that in turn created more than 700,000 jobs in the US that did not cost the American taxpayers. Here are some investment routes.

EB5 Visa Program The EB-5 Visa program was launched in 1990 to encourage FDI from nonAmerican passport holders in order to create jobs. The EB-5 visa is a green card, giving foreign investors the opportunity to become legal US residents.

Every year 10,000 EB-5 Visas are allocated 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.

There are two options for EB5 Investment: Direct Investment or Regional Centre Investment. To find out more about your options email info@blsmedia.co.uk The EB-5 program doesn’t directly lead to citizenship, however following five years as a green card holder, it’s possible to apply for an American passport. Time spent on the programme counts toward this five-year period, and it is generally straighforward as long as financial specialists communicate in English, have kept up a physical presence in the US, and can pass an assessment on American history and culture.

EB-5 Visa requirements In certain areas called “targeted employment areas”, the minimum 68 Citizenship By Investment

investment is $900,00 investment in a USCIS-Approved project. In all other areas, the minimum required investment is $1.8 million. The investment does not have to be all in cash; other assets may be taken into account, including debts, stock, or hardware.

How to apply for an EB-5 Visa Applicants for the EB-5 Visa must first identify a suitable project, either independently or in most cases through a registered broker-dealer or in partnership with a regional center established to pool EB-5 investments to fund large-scale projects. The investment must then be transferred, often into an escrow account, whereupon the investor or their agent can file an I-526 petition to begin their formal application process. The I-526 filing can be complex, and requires both proof that the applicant’s funds were legally acquired and transferred to the EB-5 project, and a detailed description of the funded project, including a business plan showing that enough jobs are likely to be created.

There is often a lengthy delay for I-526 processing; it is not uncommon for processing to last two to three years.

A successful I-526 petition grants the investor the conditional right to reside in the US, subject to consular processing for applicants outside the country, or a

successful I-485 petition for applicants already in the US on non-immigrant visas. Consular wait-times vary considerably from country to country.

After consular processing or adjustment of status, applicants receive a conditional green card that can be converted to a permanent green card after two years via an I-829 petition. As part of the I-829 filing, investors must show they have successfully created the requisite number of jobs and sustained their investment continuously since beginning the process.

For EB-5 investors seeking citizenship, naturalisation paperwork can be filed 90 days before the fifth anniversary of the issuance of their conditional green card.

The citizenship application requires no further investment but does require that the investor show fluency in English and pass a simple civics exam. Once the I-829 petition is approved, the naturalisation process can be finalised.

Mobility A green card doesn’t provide mobility benefits, other than the right to reside in the US, and residents who take lengthy international trips 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.

Benefits of the EB-5 Investor Visa • The EB-5 approval process generally speaking is faster than other green cards.

• USCIS has made changes to the requirements and are granting more EB-5 applications than in previous years.

• You and your family have the freedom to live, work, and retire in the US. • You may apply for American Passport after holding permanent residency for at least five years.

• You do not have to have a job offer prior to applying as with other visas.

• You are not required to disclose all your financial details.

• The applicant does not have to be heavily involved in the petition process.

E-2 Treaty Investor Visa The E-2 Treaty Investor Visa allows an investor, spouse and children to move to the United States for the purpose of owning and operating a business. Only citizens of certain countries are eligible.

If you are not from an eligible country,

you can be an obtain an E-2 Visa via third country citizenship such as Grenada, Turkey and Montenegro.

Here is a list of E-2 Treaty Countries: Albania, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Belgium, Bosnia/Herzegovina, Bulgaria, Cameroon, Canada, Chile, Colombia, Costa Rica, Croatia, Czech Republic, Democratic Republic of Congo, Denmark, Egypt, Estonia, Ethiopia, Finland, France, Georgia, Germany, Grenada, Honduras, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kazakhstan, Kosovo, Kyrgyzstan, Latvia, Liberia, Lithuania, Luxembourg, Macedonia, Mexico, Moldova, Mongolia, Montenegro, Morocco, Netherlands, New Zealand, Norway, Oman, Pakistan, Panama, Paraguay, Philippines, Poland, Republic of Congo, Romania, Serbia, Senegal, Singapore, Slovak Republic, Slovenia, South Korea, Spain, Sri Lanka, Suriname, Sweden, Switzerland, Taiwan, Thailand, Togo, Trinidad & Tobago, Tunisia, Turkey, Ukraine and the UK.

10 frequent questions when applying for an EB-5 Visa Q1. What is my return on investment?

Q2. How many days in a year do I have to live in the US? Q3. Can my family members get permanent residency?

Q4. What is the age limit?

Q5. Can I apply without an Immigration attorney?

Q6. What is this “Targeted Employment Area”

Benefits of the E-2 Treaty Investor Visa • Low investment expectations • Ability to travel freely to and from the United States • Your spouse can work in the US • Invest in your own business or buy a franchise businesses • Fast processing times • Tax benefits Alternatively you can apply for an L1, B-1, B-2E1, EB1C, EB-3, H-1B. The United States as a country For much of the world, the US remains top of the destination wish list. It is a vast country, with vibrant cities, sprawling agricultural belts and resurgent postindustrial 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 is welcoming to investors who hope to secure their own piece of the American dream.

Q7. What are the requirements?

Q8. How long is the process Q9. What are the risk?

Q10. Is my investment secured and guaranteed?

To get the answers to the above and other questions please email sam@blsmedia.co.uk or info@blsmedia.co.uk

Citizenship By Investment 69

https://eb5aig.com

+1 (212) 757-2183

INVEST IN THE U.S. EB-5 PROGRAM HYATT AND BANYAN CAY DEVELOPMENT ANNOUNCE PLANS FOR BANYAN CAY RESORT & GOLF, A DESTINATION HOTEL

H

yatt Hotels Corporation announced that a Hyatt affiliate has entered into a franchise agreement with Banyan Cay Development (BCD) to develop Banyan Cay Resort & Golf, a Destination Hotel. Expected to open in late 2021, this property will mark entry of the Destination Hotels brand into Florida and will be the first fullservice Hyatt-branded property in Palm Beach County, an internationally recognized resort and leisure destination.

With 150 guestrooms, Banyan Cay Resort & Golf will offer independent minded travelers a 5,000 ft2 spa and fitness center, tennis pavilion, swimming pools, and three food and beverage venues, including signature restaurants and golf clubhouse dining. With over 10,000 ft2 of planned indoor meeting and events spaces, guests will also have ample space to host private functions, conferences, and gatherings. The property is also just six miles from pristine beaches and conveniently located near West Palm Beach International Airport.

Resort guest-rooms and suites will provide an oasis of peace, quiet and privacy, designed in a refined and modern Palm Beach aesthetic. Situated by the resort’s tropical pool and offering scenic views of Banyan Lake, Banyan Cay Resort & Golf will also offer 52 Estate Homes and 22 Golf villas, including bell service, daily housekeeping, room service, private kitchens and spacious living and dining areas. There are also 94 homes in the resort being built by Sobel Co, over 90% of which have already been sold.

“At Hyatt, we prioritize thoughtful growth in locations that matter most to our guests, World of Hyatt members and customers, and we are excited to introduce Hyatt’s high-quality and distinct experiences to West Palm Beach,” said David Tarr, senior vice president, development, Americas, Hyatt. “We look forward to collaborating with Banyan Cay Development to expand the Destination Hotels brand footprint and provide travelers with a unique, upscale resort option.”

“We are thrilled to collaborate with Hyatt on plans to introduce the first golf resort in the city of West Palm Beach and provide guests with an elevated stay experience that embodies the laidback elegance and spirit of southern Florida,” said Domenic Gatto, founder of Banyan Cay Development. “With its longstanding reputation in stand-out resort offerings, the Destination Hotels brand is perfectly suited to help guests discover all that the resort will offer.”

70 Citizenship By Investment

Banyan Cay Resort & Golf is home to a 130-acre Jack Nicklaus signature golf course and clubhouse, which is currently open and operating. The golf course offers 18-holes of thoughtful play with gently rolling fairways, landforms, various water features, and sod-wall bunkers that provide both aesthetics and complexity.

To date multiple events, charity tournaments and qualifiers for major PGA sanctioned tournaments, including the Honda Classic and the US Open, have been hosted on the Banyan Cay Golf Course. Not only has the Banyan Cay Golf Course been selected to host prestigious PGA events, but it is expected to host many more events of similar caliber in the future.

For more information about the Destinations Hotel brand, please visit: https://www.destinationhotels.com

CLICK HERE FOR A FREE CONSULTATION

Banyan Cay & Kingsbridge – EB-5 Investment New York’s Kingsbridge Ice Centre EB-5 project – the premier EB-5 investment opportunity in the market.

• Led by Mark Messier, considered the greatest NHL player of all time • It will be the biggest Ice Center in the world • The main arena is expected to host 160 events a year, and with a capacity of 5,500 seats it will host many big concerts and events – comparable to Madison Square Garden • Track record with credentials; The developer built Madison Square Garden • The project fully supported by NY State and NY City, guaranteeing repayment

• Investor preferred return is 2% for all investors going into the project prior to June 30th 2021 and 1% thereafter • Kingsbridge is a TEA and has exemplar approved as well • 7 minutes away from the Bronx Zoo and Botanical Garden.

• 10 minutes away from Yankee Stadium.

• 27 minutes away from Times Square.

Learn why the Bayan Cay Hyatt Resort project is the best EB-5 investment opportunity available today.

• Banyan Cay is a Hyatt Resort • Jack Nicklaus Signature Golf Course, been open and operational since November 2017 • The project is currently being constructed, and has already created 900 jobs • Over 80 houses in the resort have already been purchased • The Hyatt Hotel is under construction • Targeted Employment Area (TEA) • The project is exemplar approved

• Located in West Palm Beach in Palm Beach County – one of the nation’s most affluent areas. 10 minutes away from Trump’s Mar A Lago.

• Easily accessible directly off I-95 Ext 71 on Palm Beach Lakes Bvld.

• The airport, 3 miles from Banyan Cay Project and 5 miles from Palm Beach Island.

• Palm Beach Outlets located just outside the gates of Banyan Cay with brands such as Ann Taylor, Brooks Brothers, Saks 5 Ave, Whole Foods, Starbucks and many others.

SPEAK TO THE EXPERTS: Qendrese Sadriu-Rrustemi Managing Director EB5 AIG

David Finkelstein CEO & Managing Director

+1 (646) 867-0416 qendrese@eb5aig.com 230 Park Avenue, New York, NY 10169

+1 (646) 205-1551 DFinkelstein@eb5aig.com 1515 Forum Place, Suite 3-A West Palm Beach, FL 33401

Citizenship By Investment 71

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