IM People in The News

Many “Clients Lost Interest in the [MM2H] Program”: Investment Migration People in the News This Week


Investment migration people in the news this week included:

  • Peter Ferrigno of Henley & Partners
  • David Lesperance of Lesperance & Associates
  • Farisa Athirah of My Expat MM2H
  • Tara Lim of Perfect Homes (MM2H)
  • Jaime Chiew
  • Anthony Liew of MM2H Consultants Association 
  • Nicholas Mastroianni of US Immigration Fund 


The Telegraph – How Italy shook off its ‘basket case’ brand – and stole Britain’s millionaires

Peter Ferrigno, director of tax services at Henley & Partners, said the Italian tax regime was “attracting a lot of interest” owing to some of the UK changes.

[…]

According to Henley & Partners, which advises high-net-worth individuals, Italy is expected to lure an additional 2,200 millionaires in 2024, making it the wealthy’s most desired country destination in Europe.


Financial Times – FT readers respond: Wealthy non-doms plan to leave UK

Non-doms working in the City “have significant life inertia” and would be unlikely to leave, said David Lesperance, founder and principal of international tax advice firm Lesperance & Associates.

[…]

However, the second category of wealthy non-doms are “centimillionaires to billionaires”, he added. They are much more likely to depart, particularly given Labour’s plan to remove the ability for non-doms to shelter their assets permanently from inheritance tax in trusts.

[…]

Lesperance agreed with readers who said the decision to scrap the non-dom status would make the country poorer. “The most significant loss of tax revenue to the UK Treasury will be from the ultra high net worth non-doms who leave. A perfect example is [Prime Minister Rishi Sunak’s wife] Akshata Murty, who paid £4.4mn in UK tax in her last year under the remittance basis. Ultra high net worth non-doms . . . will leave because of the proposed 40 per cent IHT hit on their worldwide assets.”


Financial Times – The new money laundering network fuelling the fentanyl crisis

David Lesperance, a tax and immigration adviser based in Gibraltar, says the exodus of wealthy Chinese eclipses anything he has seen in more than 30 years.

[…]

“The last two years have seen the biggest exodus of my ultra-high net worth Chinese clients in over three decades,” says Lesperance.


The Straits Times – Foreign retirees losing interest in Malaysia’s MM2H residency scheme after revamp of rules

“Initially, we had over 500 interested applicants, but the number has dwindled to less than 50 due to the revised regulations. Malaysia has revised the MM2H programme twice in the past three years, and these changes have made foreigners feel unwelcome and unwanted,” said Ms Farisa Athirah, a senior executive at My Expat MM2H agency based in Kuala Lumpur.


The Star – Interest in MM2H increasing with news of updated rules

MM2H consultant Tara Lim said majority of those who are interested are from China, but she is also seeing increasing interest from Taiwanese nationals.

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“I have more than 70 interested applicants, and many agents around me also have around 40 to 50 potential applicants,” she said.

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“The changes to owning a property may deter some; however, those who own property in Malaysia will fulfil that requirement.”

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Jaime Chiew, managing director of an MM2H consultancy, also said she has noted a slight increase in interest after the announcement of the new guidelines.

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“I have quite a number of interested parties wanting to apply for the programme, especially those who can meet the new requirements.

[…]

On the other hand, MM2H Consultants Association president Anthony Liew said many of his clients lost interest in the programme after the mandatory property purchase requirement.

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“Only 30% to 40% of the current MM2H holders would buy property in Malaysia,” he said.


The Economic Times – Amazon & Google suspending green card applications: Why EB-5 visa a perfect fix for H-1B challenges and tech layoffs

Nicholas Mastroianni of US Immigration Fund argues that EB-5 Visas can replace H-1B visas in this op-ed for The Economic Times.

The EB-5 Immigrant Investor Program emerges as a robust alternative, providing a direct and stable pathway to permanent residency through investment, appealing particularly during economic uncertainty by offering independence from employer decisions. This decision impacts many foreign employees who relied on employer sponsorship for permanent residency, especially amidst widespread tech sector layoffs.

[…]

Amazon and Google have paused their green card application processes due to a combination of increased application volumes, processing difficulties, and the ongoing restructuring within the tech sector. This suspension is set to last until the end of 2024 for Amazon and Q1 2025 for Google. This decision impacts thousands of foreign employees who were relying on these tech giants for their path to permanent residency.

[…]

The EB-5 visa offers a substantial and effective investment pathway to US residency for those not selected in the H-1B lottery or seeking stability beyond F-1 visas. This program not only secures a stable future in the U.S. but also contributes to economic prosperity by creating jobs.

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Ahmad Abbas AdministratorAuthorSubscriberParticipant
Director of Content Services , Investment Migration Insider

Ahmad Abbas is Director of Content Services at Investment Migration Insider and an 8-year veteran of the investment migration industry.

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