“Mass Legal and Illegal Immigration Continues Unabated”: Investment Migration People in the News This Week

Investment migration people in the news this week included:

• Jeremy Savory of Savory & Partners and
• Sean Woolley of Cloud Nine Spain
• Isobel Neilson of Fragomen 
• Scott Gallacher of Rowley Turton
• Sean Cockburn of Forvis Mazars
• Alex Ingrim of Liberty Atlantic Advisors
• David Lesperance of Lesperance & Associates
• Parth Vakil of Ek.indUS
• Rohit Bhardwaj, Troy Hanley, and Stuart Wakeling of Henley & Partners
• Armand Arton of Arton Capital
• Patricia Casaburi of Global Citizen Solutions
• Paul Williams of La Vida Golden Visas
• Sarah Hordle of Island Homes Cyprus
• Alena Lesina of Astons
• Prashant Ajmera of Ajmera Law Group
• Sam Silverman of EB5AN
• Ronald Fieldstone
• Coleen Danaher of Western US 
• Maryem Essadik of Marfour Law
• Hans Lenz of Engel & Völkers Mallorca
• Rafael Santana of K&N Elite Madrid
• Seila Sanches Lucas of Broadfield
• Niklas Schmidt of WOLF THEISS Attorneys at Law

Money Week – How the end of Spain’s Golden Visa and property sale restrictions could affect you

Jeremy Savory, chief executive of wealth mobility firm Savory and Partners, said: “It points to a wider European trend of deterring foreign investment through cancelling or increasing prices of Golden Visa programmes or increasing taxes.

[…]

“Meanwhile mass legal and illegal immigration continues unabated and consumes supply at greater volumes at the income thresholds most affected by rising housing cost.”

[…]

Sean Woolley, director of real estate agency Cloud Nine Spain, says anyone hoping to get the Golden Visa will need to act fast as you will typically need six to eight weeks from choosing the property and making an offer to completing on the sale.

[…]

Isobel Neilson, director of global immigration advisers Fragomen says the closing of the scheme will be a “huge blow” for retirees from the UK looking to move to Spain.

[…]

Seila Sanches Lucas, a UK and Spanish qualified lawyer at international law firm Broadfield, says: “It is just a proposal at this point in time and is not guaranteed to make it onto the Spanish statute books.

[…]

Scott Gallacher, director at advisory firm Rowley Turton, suggests a 100% tax on property bought by non-residents would crush Spain’s retirement appeal for Brits overnight.

[…]

Sean Cockburn, director at Forvis Mazars, says: “Popular possible destinations include Spain, Portugal, Italy and further afield but Spain’s recent proposal to apply 100% tax on residential purchases by non-EU residents will concern those looking to acquire property there.

Kiplinger – Where to Retire: Living in Portugal as a U.S. Retiree

“With dramatic property price increase in Portugal in recent years and a hike in rental prices, I don’t think prices will go down soon,” says Jeremy Savory. “With demand outpacing supply in recent years, substantially bolstering the supply of rental properties seems to be the key to leveling out rental prices in Portugal but boosting home purchase costs.”

[…]

“Additionally, the job market is strong with full employment opportunities, and amongst other factors, these factors make a sharp price correction less likely,” Savory says. “Experts in the field anticipate that there won’t be a sharp correction in prices in 2025, but they will remain stable, particularly as demand continues to be strong for properties and rental properties in Portugal.”

[…]

“The D7 is typically the most popular visa for retirees due to its low financial requirement of a passive income of 8,460 euros per year,” says Alex Ingrim, co-founder and financial planner at Liberty Atlantic Advisors, which specializes in helping Americans live in Europe. “For many American retirees, their Social Security or dividends from an investment account would cover this value.”

[…]

“There is a new version of NHR that targets people that are actively working in very specific fields or roles designed to enhance Portugal’s strategic development goals,” Ingrim says. “The new NHR regime does accommodate retirees and offers a special tax rate for pension income like the original version.”

City AM – Reeves to water down non-dom changes as scale of exodus revealed

The comments from Reeves will be widely interpreted as an attempt to stem the outflow of wealthy individuals from the UK, but David Lesperance, the founding partner at wealth advisory Lesperance & Associates, poured cold water on the moves, telling City AM: “To the vast majority of fleeing UHNW non-doms, these ‘concessions’ will be meaningless.”

[…]

And, warning that changes to the Temporary Repatriation Facility would only serve to give non-doms more time to make exit plans, he added: “If Labour is really interested in making the UK tax regime more attractive to talented entrepreneurs and business leaders, they better come up with something better…and quickly!”

Coin Telegraph – Trump executive order raises EU concerns over USD stablecoin dominance

“In the crypto executive order, broad statements are meant to put the US at the forefront of the development of digital financial assets and infrastructure,” attorney David Lesperance told Cointelegraph, adding:

[…]

“However, that support ends if any of those developments threaten the USD as the world’s reserve currency. Specifically targeted are CBDC.”

Money Control – Trump’s ban on birthright citizenship: EB-5 Visa demand from Indians may see a sharp uptick

“I expect a sharp uptick in EB-5 demand, especially from Indian H-1B visa holders who planned on raising their kids and building their family’s future in America,” said Parth Vakil, Founding Partner of Ek.indUS, an investment migration consultancy firm.

[…]

Rohit Bhardwaj, Director, Private Clients at Henley & Partners India, said, “There can be a possible rush among the Indian community living in the US on the H1-B Visa to apply for the EB-5 Visa. From India, the kids who are currently studying on the F-1 Visa, their parents might look at EB-5 Visa as a priority to get surety on the green card opportunity for their kids. There is a also possibility that people applying for the EB-5 Visa may find slots getting filled up quickly at the regional centres, especially under the ‘rural’ classification of EB5 projects. They may have to take their decisions now more quickly.”

[…]

“Taking into consideration the decades-long Green Card backlog for immigrants on employment-based visas such as H-1B, Trump’s ban has left many families scrambling for a solution. Of those who entered the US legally and with valid visa status, Indians are one of the most highly affected groups,” said Vakil.

Daily Mail – Fancy moving to a new home in the sun? As Spain’s golden visas bites the dust, our property expert reveals the best locations to move abroad – and the pitfalls buyers must avoid

Some offer residency, which means you can spend as much time there as you like. But the more generous offer you a pathway to citizenship, which comes with a passport. Armand Arton at global citizenship firm Arton Capital, says citizens of countries such as China and Russia have always seen the attraction of having a second residency or citizenship should they wish or need to leave or move assets.

[…]

‘However, growing numbers of British and US citizens are seeing the value – as well as wanting the lifestyle options that having access to another country affords,’ he says.

[…]

The golden visa allows holders to remain tax resident elsewhere and therefore also exempt from Spain’s wealth taxes, which are levied on Spanish tax residents’ worldwide assets. The scheme is closing this April, and there are long waiting lists to apply. However, Patricia Casaburi, chief executive of Global Citizen Solutions, says: ‘If you find a turnkey property to buy it may still be possible to get in before the deadline.’ Once you have a Spanish golden visa, you need to apply to renew it every five years. It is not yet clear whether renewals will be permitted once the scheme has closed to new applicants.

[…]

Troy Hanley, managing director at residence and citizenship by investment experts Henley & Partners UK, says: ‘The Portuguese scheme offers a direct pathway to citizenship without having to live there.

[…]

‘It is the only one in the EU to offer that – all the others require you to live in the country for at least seven years to qualify for a passport. You could even remain in the UK and visit Portugal once every couple of years.’ The main route to a golden visa eligibility is spending at least 500,000 euros on qualifying investments. You may make money on these although there is no guarantee. You will need to do your due diligence.

[…]

Antigua is proving increasingly popular among Britons, says Paul Williams, chief executive of consultancy La Vida Golden Visas. Golden visa holders are afforded citizenship by investing 300,000 US dollars in real estate or making a 230,000 US dollar donation to the government.

[…]

Paul Williams adds: ‘So far we have not seen existing holders have their visas removed when schemes close. ‘However, it remains to be seen what happens with renewal applications in Spain after the golden visa closes to new applicants.’

Fortune – As Europe closes door to ‘golden’ visa programs, Grenada launches invite-only program to offer citizenship to wealthy investors

Investors “who will bring the most value to the Caribbean Island” are being nominated and vetted by Forbes Global Talent and Arton Capital, a global citizenship financial advisory services firm which designed the program in partnership with the Grenada government. Once officially invited, there are a few avenues investors can take to attain their citizenship: They could make a non-refundable donation to the sovereign or through the already-existing business or real estate investment programs.

[…]

The first wave of invitations are set to go out February 1, says Armand Arton, president of Arton Capital. Recipients should receive their citizenship within three to four months of applying, Arton says, calling it an “extremely efficient and smooth process in comparison to other investment migration programs worldwide.”

The Telegraph – Forget Spain, here’s where to move to cut your tax bill – and receive a warm welcome

For people moving abroad or buying a holiday home, seeking out a tax haven may not traditionally be top of the list. But since the tax rises in last October’s Budget, cutting your tax bill has become a bigger consideration, says Stuart Wakeling, of Henley & Partners, a migration adviser.

[…]

He adds: “Typically we were dealing with the very wealthy, but now we are seeing applicants with a much lower net worth selling up in the UK and using those funds to buy real estate in Dubai instead.”

[…]

Instead, the temporary annual renewable permit is more popular with British arrivals, according to Sarah Hordle of Island Homes Cyprus, which is available to those renting or owning a Cypriot home. You must show an income of €24,000 a year and have €10,000 in the bank. “Typically British buyers spend around £250,000 on a three-bedroom villa,” she says.

GTP Headlines – Golden Visa: Greece’s Top Property Investment Hotspots Revealed

In an announcement, Alena Lesina, a property expert at Astons, emphasized the importance of considering price growth and investment tiers when selecting property. She highlighted the appeal of redevelopment projects, particularly in areas like Piraeus, Vouliagmeni, and Glyfada, where developers are transforming commercial buildings into eco-friendly residences targeting Golden Visa investors.

[…]

“Golden Visa investors have a unique opportunity to align with areas experiencing rapid growth,” Lesina said. “The program also incentivizes sustainable developments, making it attractive for both investors and local economies.”

Business Standard – UAE launches Golden Visa for content writers, podcasters, video producers

“Digital content creators are not limited to writers; they include individuals producing videos, audio, and artistic content for online and social media platforms,” said Prashant Ajmera, an immigration lawyer at Ajmera Law Group.

[…]

“For Indian content creators, unless your work and influence are global, this visa may not be suitable. Competition is fierce, and creators will need to adhere to regulations for running self-employed enterprises,” Ajmera noted.  

India Today – Lens on H-1B, but rich Indians might be buying US citizenship with EB-5

“There was no reason to do rural if you got the same benefit from investing in New York City,” said Sam Silverman, managing partner of EB5AN, which sponsors and raises capital for the EB-5 program.

[…]

A Jewish community in Florida seeks $100 million of EB-5 funding towards its $600 million project from its Indian and Chinese investors, a Miami Lawyer, Ronald Fieldstone told the NY Post.

Financial Express – EB-5 rule violations can lead to loss of investment and visa denial for foreign nationals

Coleen Danaher of Western US writes an article detailing EB5 investment compliance regulations.

[…]

The RIA instituted new compliance requirements, including the mandatory use of a third-party fund administrator to co-sign on all transactions. The fund administrator is also responsible for recordkeeping and ensuring investors receive updates on the status of their investments.

[…]

Penalties for violators can include termination of the Regional Center. When that happens, investors may have the opportunity to redeploy capital to another job-creating project – but that’s only if they’re able to get their initial investment back. And if violations aren’t caught until later in the process, it can result in denial of the investor’s visa petition.

The Local ES – Spain’s luxury property market to be ‘unaffected’ by end of golden visa

“This doesn’t make much sense because foreign investors are competing for housing that’s out of the reach of middle-class or low-income locals,” immigration and property lawyer Maryem Essadik, CEO of Barcelona-based Marfour Law, told The Local Spain.

[…]

Hans Lenz, president of the Balearic National and International Real Estate Association, ABINI, and director of Engel & Völkers Mallorca, agrees with the aforementioned point.

[…]

Rafael Santana, director of K&N Elite Madrid, believes this is also the case in Madrid. “We haven’t seen an acceleration in home purchases due to the end of the golden visa and we do not believe in a slowdown starting in April either,” he told property portal Idealista.

FAZ PRO Einspruch – Will the EU soon decide on German citizenship?

Niklas Schmidt writes an op-ed discussing the EU’s power over member stats’ right to naturalize individuals (translated from German).

The European Commission has initiated infringement proceedings against Malta, partly under pressure from the European Parliament, arguing that its criteria for obtaining Maltese citizenship violate Union law, its obligations under Article 20 of the Treaty on the Functioning of the European Union (TFEU) regarding Union citizenship and the principle of sincere cooperation under Article 4(3) of the Treaty on European Union (TEU).

[…]

In contrast, citizenship of a member state is a legal and political status that attributes to a person the membership of a particular state and is associated with rights and duties. According to the three-element theory of the German constitutional lawyer Georg Jellinek, a state is defined by three essential characteristics: territory, state power and the state’s people. The establishment of the criteria for determining the state’s people is therefore one of the most important sovereign rights of a state and is extremely closely linked to its sovereignty.

[…]

What does the process mean for Germany? More than you think. Germany naturalizes around 200,000 people every year. Within three years, more people will be naturalized in Germany than are actually resident in Malta, which has a population of around 540,000.

[…]

The proceedings before the ECJ illustrate the tension between national sovereignty and progressive European integration, which is partly driven by the EU executive but also often by case law. What is particularly striking is that this dispute over competence is being fought out at the expense of the smallest member state, which could encourage the EU to gradually acquire competence in this sensitive area.