CBI “More About Me Being Able to Go Back to Egypt Than About Being Able to Travel”: IM People in The News This Week
Investment migration people in the news this week include:
- Mehdi Kadiri of Henley & Partners
- Khaalis Rolle of Sterling Global Advisory Partners
- Kandace Douglas of Silversands Villas
- David Lesperance of Lesperance & Associates
- Brookes & Partners
- Andrew Rissik of Sable International
- Sam Bayat and Pej Moyheddin of Bayat Legal Services
- Paul Singh of CS Global Partners
- Mimoun Assraoui of RIF Trust
Yes Theory: I Bought a $150,000 Passport that can Travel the World
This heartwarming tale of an Egyptian gaining freedom through citizenship by investment in Saint Kitts & Nevis has already racked up close to 1.5 million views in 48 hours. Brookes & Partners‘ Dubai office makes an appearance in the video.
Wall Street Journal: Citizenship-by-Investment: How to Buy a Home That Could Come With a Foreign Passport or Residency Permit
Early in the Covid-19 pandemic, when international travel was limited, those with multiple citizenships and passports found they had more options to enter foreign countries or relocate. “A lot of our clients talk about passport portfolios, where they have a few passports that give them the ability to not only travel visa-free but to settle,” said Mehdi Kadiri, managing partner and head of North America at Henley & Partners, a residence and citizenship advisory firm. “When you acquire citizenship in the European Union, for example, it gives you access to live, work and study in the other 26 European Union countries in addition to the country in which you acquired citizenship.”
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Developers are capitalizing on the increased interest from Americans in purchasing homes abroad, often offering assistance to those seeking permanent residency or citizenship. While Bahamian law does not specifically provide for a minimum investment to make a buyer eligible for permanent residency, under government policy the minimum real-estate investment required is $750,000, according to Khaalis Rolle, president of Sterling Global Advisory Services, an affiliate of Sterling Global Financial. Sterling Global Financial is the developer of Montage Cay, a mixed-use development in the Bahamas that will include 48 residences starting at $5 million and a hotel. Mr. Rolle, who previously served as minister of state for investments in the office of the Prime Minister of The Bahamas, said that an application for residency will not be advanced to the immigration board if it does not meet the $750,000 minimum threshold.
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“Grenada has no foreign income tax, wealth tax or inheritance tax, so a lot of people look at Grenada as a tax haven,” said Kandace Douglas, sales and marketing director for Silversands Villas in Saint George’s, Grenada, where pricing starts at $7 million. Sales launched in April 2021.
The Street: Cryptocurrency Price Check: Taproot Activated; AMC Accepts Crypto
David Lesperance, managing partner of immigration and tax adviser Lesperance & Associates, said that “any final illusions that crypto was going to be treated differently than fiat currency ended” when the act cemented IRS Section 6050i of the federal tax code to crypto assets.
“Under the new rules,” he said, “the transfer of digital assets above $10,000 in value will be treated like cash. And failure to report the identity of the person or business sending the payment for the digital asset is considered a felony offense.”
Lesperance said the penalty for non-compliance is up to five years in prison.
“For those who think they will be cute and only transfer $9,999 worth of crypto,” he said, “they should know that the ‘smurfing’ (aka structuring) rules also now apply to crypto.”
BusinessTech: How many South Africans have moved to Portugal via its Golden Visa programme
More than 10,000 Golden Visas have now been issued by the Portuguese government, making the GVP the most successful residency-by-investment programme in Europe.
Since the programme opened in 2012, Portugal’s Golden Visa (GVP) has been a popular choice for South Africans seeking offshore investment and European residency, said Andrew Rissik, a managing director at Sable International.
He said that South Africa is the fourth most popular country that Golden Visa applicants hail from, with over 416 Golden Visas issued to South African investors to date – excluding joining family.
Gulf News: GNICE: How to obtain second citizenship to five Caribbean countries via investment
Sam Bayat, founder and owner of Bayat Legal Services, said: “This is the best time for people to shop around and get information about Citizenship-by-Investment (CBI) and Residency-by-Investment (RBI) programmes in the Middle East.”
Gulf News: Explore opportunities for immigration and second citizenship at Gulf News event
The exhibition comes at a timely moment, as Pej Mohyeddin, Managing Director & Senior Advisor at Bayat Legal Services, points out. “Attaining a residency or second citizenship — or even planning for migration — is more crucial than ever and we have encountered a significant increase in enquiries in the second stage of the pandemic. It is now a vital necessity.”
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“St Kitts and Nevis’ CBI programme currently has a limited time offer in place for families of up to four,” says Paul Singh, Director, CS Global Partners. “Under the temporary discount, which will operate until the end of next month, a family can obtain citizenship for the same price as a single applicant.”
At this premier exhibition, another leading industry name — RIF Trust — is planning to promote CBI in Antigua and Barbuda, Dominica, Grenada, St Lucia, St Kitts and Nevis, Vanuatu, and Montenegro, as well as RBI (Residence By Investment) in the UK, Portugal, and Malta.
The company’s CEO, Mimoun A. Assraoui, extended an attractive offer to the Gulf News exhibition visitors: “They will get 50 per cent off our professional fees if they sign-up before November 30.”
The exhibition will also showcase lucrative immigration opportunities for professionals with specific skills and experience. “The frontrunners in the race for the brightest and the best from around the world are Canada, the UK, Australia, and Germany,” says Clint Khan, Director at Y-Axis Middle East.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 16 years in the United States, China, Spain, and Portugal.