BRICS “Challenging the World Order”: IM People in the News This Week

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Investment migration people in the news this week included:

• Dominic Volek of Henley & Partners
• Aleksandra Smolen of Latitude
• Frederik Pohl of Pearls of Portugal
• Gergely Gábor Szabó of Bán, S. Szabó, Rausch & Partners Law Firm
• Denis Kravchenko of Astons
• Peter Calabrese of CanAm Investor Services
• Nicholas Mastroianni III of US Immigration Fund

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Henley & Partners was mentioned in a number of mainstream media outlets analyzing the firm’s BRICS Wealth Report:

CNBC – BRICS nations to see highest surge in millionaire count over the next decade — exceed the rise in G7 countries

″[BRICS is] challenging the world order and establishing itself as a powerful rival to the G7 and other international institutions,” Henley & Partners’ Managing Partner and Head of Southeast Asia, Dominic Volek, said during a webcast presentation.

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Yahoo! Finance – The 6 Top Destinations Attracting Wealthy Americans for Residence and Citizenship

Indeed, a report by investment migration consultancy Henley & Partners found that the firm received the most inquiries from U.S. citizens on record in 2022 — a 447% increase from 2019 — when, for the first time, Americans ranked highest of all nationalities worldwide applying for residence and citizenship.

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According to Henley & Partners, the country is the most sought-after investment migration option for U.S. citizens, thanks to its Golden Residence Permit Program.

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BNN – India Pioneers Millionaire Boom in BRICS Nations, Forecasts Henley & Partners Report

In a groundbreaking analysis, the first ever BRICS Wealth Report by Henley & Partners, in collaboration with New World Wealth, casts a spotlight on a formidable economic uprising within the BRICS bloc. This conglomerate of Brazil, Russia, India, China, and South Africa is on the brink of a financial revolution, with a staggering projection that the number of millionaires is set to grow by 85% over the next decade. Leading this charge is India, with an anticipated wealth per capita surge of 110% by 2033, positioning it as a cornerstone of global wealth accumulation.

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The findings of the Henley & Partners BRICS millionaire report are more than just numbers; they signal a paradigm shift in the global wealth distribution dynamics. The anticipated growth in the millionaire population within the BRICS bloc suggests a redistribution of economic power, with these nations carving out a more significant slice of the global economic pie. This evolution in wealth creation and accumulation is reflective of deeper economic reforms, market liberalization, and enhanced investment climates across these countries. As such, the report not only serves as a lens to view the imminent economic transformations but also as a beacon for potential investors looking to tap into the next wave of wealth generation.

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Jing Daily – Trading up: China’s elites seek second passports

One of the reasons Chinese nationals are seeking a second passport is visa-free travel, says Aleksandra Smolen, Director of Business Development at investment migration firm Latitude.

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“The Chinese passport is weak compared with most of the developed country passports, even the Caribbean country passports,” the Hong Kong-based expert says. “And as you know, there’s the US with the highest number of millionaires and then there’s China, so there’s a lot of wealth […] so they have money, they have means to travel, but they are limited by their passport.”

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“The other reason for having a second passport is in case something goes wrong in China. Then you can pull out your foreign passport and say, ‘I’m leaving because I’m a foreign national.’ And that happened during Covid.”

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“Portugal is highly appreciated because of its high quality of life, safety, mild climate, health care, and investment opportunities,” says Frederik Pohl, CEO and founder of Pearls of Portugal, a leading platform for investors who wish to invest or live in Portugal. “Due to the international focus of the country, foreigners are very welcomed. Portugal is also extremely well connected with three main airports that have flights to every airport in Europe and the world.”

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According to Pohl, “probably close to 100 percent” of Chinese golden visa investors end up applying for citizenship after holding residency for five years.

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“Investment migration programs bring much-needed capital to sovereign states that would otherwise have to be raised through taxation or increased sovereign debt and budget deficits. Along with their families, HNWIs also bring to their host countries their wealth, networks, and the taxes they pay,” Dominic Volek, Head of Private Clients at Henley & Partners, tells Jing Daily.

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“Nation states can use these programs as an innovative financing tool by allocating inflows to social, infrastructure, and development projects that benefit their citizens. In doing so, they also boost public finances, foster economic growth, and create employment opportunities without increasing debt.”

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Daily News Hungary – New era for investors: Golden Visa Law enters into force in Hungary

Act XC of 2023 entered into force in January 2024. Its beneficiaries are third-country nationals, specifically non-EU and non-EEA nationals. For them, new visa and residence permit rules and opportunities have been opened up, Gergely Gábor Szabó, an expert at Bán, S. Szabó, Rausch & Partners Law Firm, told Economx.

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Gergely Gábor Szabó pointed out that since the investment conditions are strict, anyone who makes such a financial sacrifice is certainly not looking for a few days of tourism in Hungary, but has serious intentions.

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In response to a question from Economx, Gábor Szabó said that when applying for a visa, the investor must prove that he has a “legal source” of funds corresponding to the investment.

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BNN – Unlocking the Door to the Mediterranean: How Cyprus’s Golden Visa Program Marries Investment with Idyllic Living

Denis Kravchenko, the astute Business Development Director at Astons, couldn’t stress enough the dual allure of the Cypriot Investment Programme. “It’s not merely the promise of sun-soaked days or the crystal-clear waters of the Mediterranean that our clients are after,” he explains. “It’s the potent combination of significant investment opportunities and lifestyle enhancements that Cyprus, an elite EU tax haven, uniquely offers.” Indeed, Cyprus stands out not just for its geographical beauty and strategic location but for its welcoming investment climate. The country’s Golden Visa scheme, with an entry point of a $300,000 investment, offers a compelling proposition for those looking to diversify their portfolio while gaining a foothold in the European Union.

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The appeal of the Cypriot Golden Visa Program extends beyond the immediate perks of residency. With processing times typically within six months, the program offers a fast-tracked route to Cypriot citizenship and, by extension, comprehensive EU citizenship within just five years. This opens up a world of opportunities for participants, from visa-free travel across the European Union to access to its healthcare and education systems. Furthermore, the program exempts participants from the upcoming ETIAS EU e-Visa requirement, adding another layer of convenience for international travel. Kravchenko highlights the strong rental market in Cyprus as a significant draw, promising not only a luxurious lifestyle but also substantial returns on investment.

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Financial Express – EB-5 Visa: How does the immigrant investor program benefit students?

In an exclusive interview with Sunil Dhawan of Financial Express Online, Peter Calabrese, CEO of CanAm Investor Services, discusses the strategy that parents can use to support their children’s American dream and settle in the United States with a green card for family members.

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Increasingly, companies are not considering students for internships if they may need work authorization. Once a student files for an EB-5 visa, they can be considered in the pool with permanent residents. They are not dependent on an H1B or work visa sponsorship. Job opportunities which may not otherwise be available to them are now open.

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Even if a student does obtain an H1B visa through their employer, their career progression and transition is heavily dependent on their employer. A permanent resident or U.S. citizen is much better positioned to negotiate promotions and pursue other job opportunities.

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The Economic Times – What EB-5 applicants should do as visa costs soar almost 200%

Nicholas Mastroianni III pens an op-ed discussing the imminent rise in EB5-related application fees.

In a landmark announcement by the United States Citizenship and Immigration Services (USCIS), prospective EB-5 visa holders are facing the most significant change since 2016. Effective April 1, 2024, USCIS will implement fee adjustments across a range of immigration and naturalization benefits, directly affecting the EB-5 Investor Visa process. This move is poised to reshape the financial planning and investment strategies for individuals aiming for US permanent residency through investment.

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The upcoming adjustments will see significant increases in the fees for key forms associated with the EB-5 visa. The I-526/I-526E Immigrant Petition by Standalone/Regional Center will see a surge from $3,675 to $11,160, marking a 204% increase. Similarly, the I-829 Petition by Investor to Remove Conditions will rise from $3,750 to $9,525, a 154% increase. Cumulatively, excluding other potential costs, the total EB-5 Visa cost will escalate from $7,425 to $20,685, an increase of 178%.