Greek Apartments Often “Sold at Inflated Prices”: Investment Migration People in the News This Week

Investment migration people in the news this week included:

• Bettino Zanini of FiO Legal
• Diogo Capela of Lamares, Capela & Associados
• Miguel Lacerda of Savills
• Stuart Wakeling of Henley & Partners
• Jordi Sabria of Sabria & Gabarro
• Dion Gavriilidis of Elxis 
• Legal Iuris
• David Lesperance of Lesperance & Associates

Bloomberg – Portugal Golden Visa Applicants Stuck in Limbo Use Legal Options

Bettino Zanini, an immigration lawyer who has won several cases against the AIMA, says at least half of his 50 golden visa clients have sued the Portuguese state over processing delays. Diogo Capela, another Lisbon-based lawyer, estimates that 40 of his golden visa clients have also taken legal action.

[…]

“When successful, these lawsuits can force AIMA to issue a decision on a golden visa application in about three months instead of three years,” said Capela.

The Standard – Sun, sea and security: Why celebs like Harry and Meghan are flocking to buy homes in Portugal

Lisbon is currently ranked 5th in the world as a location for ‘executive nomads’ — the well-heeled counterparts to scruffier digital nomads looking for somewhere to run their businesses while enjoying a more pleasant lifestyle. “Connectivity, innovation, a diverse cultural scene and good weather year-round are key factors,” says Miguel Lacerda, Lisbon residential director for Savills.

Blitz- EU Golden Passports raise concerns over sovereignty and security

This lucrative opportunity has attracted the attention of passport-brokering firms, with Henley & Partners, a London-based company, expressing that this case is one of the most crucial constitutional matters the ECJ has faced in recent years. The outcome will have ramifications for all EU member states, potentially encouraging them to exploit similar citizenship sales as a means of bolstering national revenues.

[…]

Despite these concerns, Henley & Partners distanced itself from issues of security, asserting that such matters were beyond their scope. The reluctance to address potential risks associated with these programs raises alarms about the lack of oversight and regulation surrounding citizenship sales.

EUobserver – Legal opinion says EU states free to sell ‘golden passports’

The case is being closely followed by firms that broker passport sales, such as the London-based Henley & Partners. 

[…]

It was “one of the most important constitutional cases to be decided by the ECJ [European Court of Justice] in recent years” and would “set a precedent affecting all EU member states”, said a spokeswoman for Henley.

[…]

But when asked about security issues, Henley said that didn’t “fall within our competence or scope”. 

The Sunday Times – What are golden visas and how can you get one?

In an increasingly unsettled year, demand for golden visas has climbed to record levels among British and other high-net-worth individuals based in the UK, according to Henley & Partners, the global citizenship and residency advisory company.

[…]

“The main driver for British clients this year is very heavily tax biased … they are assessing their options,” says Stuart Wakeling, managing partner at Henley & Partners and the head of its London office.

[…]

Yet none of the British golden visa applicants of the Spanish law firm Sabria & Gabarro intends to live there full-time, according to its associate founder Jordi Sabria. “They have second homes on the coast and do not wish to become tax resident in Spain.” He says the average cost of getting a golden visa is €2,700 (£2,250) per person, or €3,000 (£2,500) for a couple.

[…]

“In urban settings, the scheme has significantly impacted the local population, with apartments often being sold at inflated prices solely to meet visa requirements, despite lacking intrinsic value,” says Dion Gavriilidis of Elxis — At Home in Greece, an estate agency.

[…]

Faye, 51, says: “The combined value of the two properties was over €500,000 so it seemed silly not to apply for the golden visa. We applied last year [helped by the company Legal Iuris] and got three-year visas, allowing us to relax for a while before renewing. We love the relaxed way of life and are really happy.”

International Business Times – Britain’s Millionaire Exodus: Labour’s Tax Plans Are Pushing The Rich Out To Greece, Italy And Ireland

A top UK tax and immigration advisor, David Lesperance, helps high-net-worth individuals manage their money. However, the looming Labour tax hikes resulted in eight of his super-wealthy clients approaching him for help leaving the UK. Lesperance reportedly said the potential increases to capital gains, inheritance tax rates, and a new “exit levy” for wealthy people leaving Britain are causing concerns for the country’s leading taxpayers.

[…]

Lesperence highlighted that four of his eight clients are domiciled in the UK, and the rest aren’t. The domiciliaries are worried about a potential exit tax and the outcomes of the upcoming Budgets. For now, five of his clients are leaving for Ireland, two to Italy, and one to Greece. Concerns grow as Labour could push through Conservative plans to eradicate non-domicile status, a two-century-old rule that lets people with permanent homes abroad bypass UK taxes on overseas income for up to 15 years.

FT Adviser – UHNWs leaving UK amid Labour expat exit tax concerns

Ultra high net worth non-doms have already begun leaving the UK as a result of Labour’s proposed exit tax on the wealthy, according to David Lesperance, managing partner at Lesperance & Associates. 

[…]

He said: “I have had 27 people leave. They are gone. And I probably have got the same amount who are ready to leave. They are saying, ‘okay, let us see what happens on October 30’, but they would be ready to leave before April.”

[…]

“When clients ask me, ‘what do you think the danger zones are?’ I say, ‘well, IHT, is the ideology versus the practicality issue’. Reeves is thinking, ‘do I get rid of the excluded property, protected trust, and bring all that into the IHT net?’ Oh, it’s juicy, but is it going to cost me more in UHNWs leaving? We will see where she falls on that. 

FT Adviser – Abolishing non-dom tax could see economy shrink by £6bn

David Lesperance, managing partner at Lesperance & Associates, said many of his clients were waiting with bated breath to see what Reeves would announce in the Budget. 

[…]

He explained: “Whether one thinks they are paying their ‘fair share’ or not, the annual average UK tax contribution is almost £160,000. That is multiples of what the top 1 per cent pay. Looking closer at this number, it is skewed upwards by the ‘golden geese’ UHNW non-doms rather than the ‘worker bees’ non-doms from the City.