Investment migration people in the news this week included:
- George Ganey of Ganey Law
- Theda Fisher and Reaz Jafri of Withers
- Nuri Katz of Apex Capital Partners
- Dominic Volek of Henley & Partners
- Polly Ho of Harvey Law Group
- Patricia Casaburi of Global Citizen Solutions
- Susanna Uzakova of Astons
- Marcus Beveridge of Queen City Law
- Dominic Jones of Greener Pastures New Zealand
- Gaurav Keswani of JSB
- Shayan Sultan of Fragomen
- David Lesperance of Lesperance Associates
- Arton Capital
Barron’s – Trump’s Gold Card May Need to Lift Immigrant Visa Quotas to Succeed
The Gold Card could become popular if the government expands the program to EB-5 and “visa set-asides or some other solution is put into place so that clients from countries where there has historically been high demand for green-card status (i.e., India and China) can apply,” says George Ganey, an immigration lawyer.
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That’s because the new visa offers “simplicity relative to other green-card categories,” Ganey says—a $1 million donation with no job-creation requirements. It’s also attractive for its “potential certainty and speed in processing, and because it communicates status or prestige,” he says.
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“Without a tax benefit, I don’t foresee a flood of money coming into the U.S.,” says Theda Fisher, a partner in the immigration practice at Withers.
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“I don’t think he has the authority to create a separate category of immigrants and to stick it into a framework that has been established by Congress—that’s where he will be challenged,” she says.
Forbes – Trump Gold Card Probably Won’t Happen, Experts Say–Here’s Why
In comparison, the Trump Gold Card would require applicants to make a flat $1 million donation to the Treasury, which is a far less appealing proposition, according to Nuri Katz, founder of Apex Capital Partners, who has provided investment immigration guidance to ultra-high-net-worth clients around the world for 35 years. “Now what the government is saying is ‘we don’t care about you business people. We don’t care about job creation. We just want the money put into the Treasury,’” Katz told Forbes, adding the Trump administration is “basically destroying private businesses that were trying to get off the ground by raising funds from EB-5 investors. These are important projects, from hotels to hospitals, around the country that were creating thousands of jobs. By cutting off funding, many will fail, leaving half-built properties and bankrupt American businesses. It is pretty scary, actually.”
Bloomberg – WH Didn’t Do Homework on Investor Visas: Apex Capital
Nuri Katz, Founder of Apex Capital Partners says that Trump’s admin did not do its homework on reshaping investor visas. He added that the $1M “gold card” visa plan raises little revenue, cuts out job creation, and makes the US less competitive globally. (Source: Bloomberg)
Forbes – Trump Gold Card Visa’s ‘Admission Of Failure’: Gets 80% Price Cut
“This is an admission of failure if they cut the price by 80%,” Nuri Katz, founder of Apex Capital Partners, who has for three decades provided investment immigration guidance to ultra-high-net-worth clients, told Forbes in a text over the weekend.
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“I have rarely seen anybody spend more than 10% of their net worth on an immigration program, and generally it’s more like 5%,” Katz told Forbes in May. Using that metric, an individual would need to be worth $100 million to afford a $5 million investment. The challenge is there are fewer than 30,000 centimillionaires in the entire world, according to a report from Henley & Partners, and over one third of them are American. That left a potential market of roughly 20,000 foreign centimillionaires—roughly one tenth of what Lutnick said was feasible. Forbes has reached out to the Department of Commerce for comment. “And they still have to go through Congress,” Katz said.
BBC – Could your ancestry DNA results unlock citizenship?
Lawyer Polly Ho says she has seen a “significant increase” in enquiries about obtaining citizenship by ancestry.
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“The travel restrictions imposed during Covid-19 led many to truly appreciate the benefits of securing citizenship and a second passport through their ancestry,” she says.
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In response to this, her firm, Harvey Law, launched the Global Ancestry Index, which ranks countries based on their citizenship policies to try and simplify the often complex process of exploring these options.
O Jornal Económico – Bureaucracy drives out investment
Pedro Lino of Optimize Investment Partners writes an op-ed for O Jornal Económico.
Portugal has been struggling to attract foreign investment in an increasingly competitive world. Several countries have launched residency programs to attract investment and talent that can contribute to developing their economies. Portugal entered this competition over a decade ago through Golden Visas, but it is on track to lose over ten billion in potential investment in the coming years.
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As for the way AIMA works, it’s an unjustifiable disaster these days: lack of automation in bank reconciliations, errors in fee collections that require constant rescheduling, often it’s unclear who paid and who didn’t, some processes get lost and resubmissions are requested… In short, inefficiency at its best.
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A couple pays the state approximately €24,000 over five years, not including expenses for lawyers, accommodations in Portugal, hotels, food, etc. Considering 10,000 cases, that’s €240 million in revenue for the state, for a total investment of €5 billion. Now, just multiply that. With 20,000 cases, that’s €500 million in revenue and €10 billion in investment. It’s hard to understand why this isn’t a priority.
The Telegraph – How to get a $1m American gold card – or pay $5m for huge tax perks
Patricia Casaburi, chief executive of Global Citizen Solutions, said: “This would be significant because it breaks with the long-standing US principle of taxing residents on their worldwide income.
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Casaburi said: “Given standard US immigration and sanctions protocols, individuals from sanctioned countries or those subject to specific restrictions would likely be excluded.
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Susanna Uzakova, of the global investment immigration firm Astons, added that Trump’s new schemes would be among the most expensive golden visas in the world. “The figures speak for themselves,” she said. “In Europe, investment thresholds are measured in hundreds of thousands of euros.”
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Casaburi said: “As the Departments of Commerce, State and Homeland Security race to finalise the programme’s details, many questions remain unanswered. How quickly will applications be processed? What safeguards will be in place to ensure transparency and security?
The Guardian – Wealthy investors from US, China and Hong Kong top applications for New Zealand’s ‘golden visa’ scheme
The Asian markets could be seeking lower tax thresholds and less bureaucracy, while lifestyle changes and the natural environment could be “pull factors” across the board, said Marcus Beveridge, an immigration lawyer and managing director of Queen City Law.
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“Trump is probably beneficial for New Zealand in some ways, in terms of there being more interest,” he said, while adding the overall numbers were still low.
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“My prediction has always been that we will collect about $5 billion per annum from this business immigration, but those same investors will bring another $5 billion into our economy, because now they can buy $5 million houses,” Beveridge said.
Financial Times – New Zealand woos the wealthy with golden visa changes
But for many, New Zealand’s quality of life is what wins out. Its landscape allows for skiing and surfing — with as little as a three-hour drive between them in some cases, around Christchurch and Waikato, for example. “The lifestyle is the main motivation for those considering New Zealand,” says Dominic Jones, managing director of Greener Pastures New Zealand, a residency-by-investment and lifestyle advisory firm, which offers funds for visa applicants, including those investing in the country’s kiwifruit sector. Jones himself was raised in rural New Zealand with family in the dairy and kiwifruit industries; after building a career as a banker and fund manager in London, he moved back home in 2019. The Kiwifruit Fund will be the firm’s third; the first two manage more than NZ$225mn in assets.
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“Nothing will ever be 100 per cent positive,” caveats Jones, of the current mood in the country in reaction to the changes in foreign home investment rules. “There will always be concerns about newcomers pushing up prices. But in reality, a NZ$5mn house is not going to crowd out locals. I think most people are thinking it will be a good thing — by the time some have invested for residency and bought a house, that’s NZ$10mn into our economy.”
Khaleej Times – $100,000 H-1B visa fee to boost demand for UAE’s Golden, Freelance, Remote Work visas
Gaurav Keswani, founder and managing director of Dubai-based advisory firm JSB, noted that there has been a surge in inquiries about the UAE Golden Visa from the US market. He believes the steep H-1B visa fee could act as a catalyst for increased interest in the UAE’s investment and long-term residency options among H-1B and Green Card holders.
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“There’ll be more demand for the UAE Golden Visa, Remote Work Visa, and Freelance Visa. The US workers will either set up a simple entity in the UAE, which would which have a single contract with the US company, or else get a Freelance Visa. So those demands might increase,” Keswani told Khaleej Times in an interview.
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Shayan Sultan, Partner at Fragomen, described the $100,000 H-1B fee for hiring foreign employees as a significant shift in US immigration policy, one that has garnered international attention.
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“While the long-term impact on demand remains to be seen, the UAE remains an attractive hub for skilled professionals and investors considering residency options. Programmes for long-term residency, property-linked visas, and remote work arrangements have positioned the UAE as a destination where professionals can combine career opportunities with a high standard of living. This is especially relevant for highly skilled workers, including those in technology, who continue to seek global mobility options. The UAE’s world-class infrastructure, safety, healthcare, education, and tax-free environment further reinforce its appeal,” he said.
CNBC – The global wealthy are lining up for Trump’s $1 million Gold Card after price cut
“The Gold Card is almost too cheap,” said Reaz Jafri of international law firm Withers. “You get access to the U.S. education system, health-care system, banking system and financial markets, all for $1 million. It’s a pittance for many of these families. I think they should have kept it at $5 million to make it special.”
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“These things always take a little bit of time to ramp up,” said Dominic Volek group head of private clients at Henley & Partners. “People don’t want to be the first one to try it. The majority of our clients like to see the program up and running for three to six months and see the outcomes before they commit.”
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“India and China are actually excluded in a way from the Gold Card,” Volek said. “The EB-1 and EB-2 routes already have significant backlogs for China and India. So immediate access to the Gold Card may not actually work if you’re born in one of those two countries.”
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“It will not sell well,” said David Lesperance, of Lesperance Associates. “Few will consider it worth $5 million just to spend an additional 91 days in the U.S.”
Reuters – Botswana launches citizenship program to boost economy beyond diamonds
Botswana has retained investment migration consultancy, Arton Capital, under a memorandum of understanding to establish the citizenship program.
