Non-Doms “Fine-Tuning Their Escape Plans”: Investment Migration People in the News This Week

Investment migration people in the news this week included:

• David Lesperance of Lesperance & Associates
• Marco Permunian of Italian Citizenship Assistance
• Rohit Turkhud of CSG Law
• Nuri Katz of Apex Capital Partners
• Henley & Partners
• Azreen Octavious of Arun Ami
• Chng Toh Ghee of Alter Domus
• Michael Gelpke of Glam Properties
• Anmoll D Shroff of Elton Group
• Akshay Nagdev of Foremen Fiefdom

David Lesperance appeared in numerous media outlets this week.

Bloomberg – Britain’s Ultra-Rich Map Out Routes to Escape ‘Non-Dom’ Taxes After Labour Victory

Reeves “is going to soon discover that there are actually fewer cookies than predicted in the non-dom jar,” said David Lesperance, a Poland-based tax and immigration adviser to the ultra-rich. “My clients are operating on the assumption that they only have 10 minutes to pack their bags.”

The Telegraph – Will Labour raise taxes – and how to protect yourself

David Lesperance, a tax expert who advises wealthy expats, says his high net-worth non-dom clients are “fine-tuning their escape plans” in anticipation of a Labour government.

City AM – Labour’s non-dom threats mean UK set to miss out on ultra-rich fleeing France and US

David Lesperance, whose firm Lesperance & Associates provides immigration and tax advice to ultra-rich families and individuals, told City A.M. that the UK would have been a priority destination for elites fleeing political turmoil in France and the US, but Labour’s plans mean it’s no longer on their radar.

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David Lesperance, whose firm Lesperance & Associates provides immigration and tax advice to ultra-rich families and individuals, told City A.M. that the UK would have been a priority destination for elites fleeing political turmoil in France and the US, but Labour’s plans mean it’s no longer on their radar.

[…]

He said: “As the Wall Street Journal said, there’s going to be a ‘tax armageddon this year’ no matter what happens in the election. And after the Supreme Court’s decision on presidential immunity and on the heels of Biden’s poor performance in the recent debate, I’ve now got clients who are like “Oh my God, I don’t want to live in a MAGA America.”

USA Today – Most Americans who vow to leave over an election never do. Will this year be different?

David Lesperance, a Canadian tax and immigration advisor whose firm helps people secure dual citizenships or residency abroad, said most of his U.S. clients now cite concerns including political polarization and deadlock, antisemitism, gun violence, threats to LGBTQ rights, fear of rule by “the other party” and retribution by a Trump administration. 

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“What’s different today is people are acting on it,” Lesperance said, adding that the Supreme Court ruling relating to presidential immunity has further ratcheted up concerns. “They sense the danger is real.”

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Marco Permunian, founder of Italian Citizenship Assistance, has seen inquiries triple this year reaching as many as 250 a day, most U.S. residents looking to relocate, get dual citizenship based on lineage or obtain visas to work, study or retire in Italy or elsewhere in Europe.

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He said a “general feeling of instability throughout the country, both politically and socially” is what’s driving many of his clients to seek to move to Europe now.  A minority of them are ready to go immediately, he said, while others “want to have the option to relocate if they have to.”

Business Standard – Explained: Fewer green cards for Indians? EB-5 visa issuances decline 22%

Rohit Turkhud, Immigration Attorney at CSG Law (Chiesa Shahinian & Giantomasi PC), suggests several factors contributing to the slowdown in processing:

• Consulate backlog in Mumbai
• Staffing levels, especially officers trained to adjudicate EB-5 cases
• Priority given to processing EB-5 cases

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Turkhud mentions having a client whose case has been pending for over a year despite being documentarily qualified since 1 February 2023. “There is a noticeable lack of transparency in the IV scheduling process, as other clients have been scheduled within less than a year. Additionally, the frequency with which the USCG decides that a case needs to be returned to the USCIS for additional processing or revocation can influence the final favourable adjudication of the immigrant visa. More cases being placed into ‘administrative processing’ may also slow down the issuance of EB-5 immigrant visas,” he says.

Investment News – Why affluent individuals are investing in global citizenship

And in today’s uneasy geopolitical landscape, the investment world is watching on with bated breath – especially high-net-worth individuals who have a lot to lose. Nuri Katz, founder of APEX Capital Partners, one of the leading authorities in the Citizenship by Investment space, tells InvestmentNews that the evolving dynamics of the global political and economic state is drastically spurring interest from North America in that little-known industry.

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“More and more Americans are looking at and participating in these programs, investing in citizenship, because since COVID Americans have started realizing that they’re not quite as free as they thought they were,” Katz says. 

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“A lot of high-net-worth individuals are thinking, ‘What if I’m unprepared? Anything can happen, and I need to be prepared. I need to have the ability to move somewhere else – to go somewhere. I need to do some jurisdictional hedging or jurisdictional arbitrage.’ We’re seeing the number of Americans interested in these citizen programs doubling and tripling every year.”

Business Today – Vietnam Records Fastest Growing Number Of Millionaires

Meanwhile, the Southeast Asian country has 58 centi-millionaires (those with 100 million U.S. dollars or more in assets) and six billionaires, said Henley & Partners.

The South African – HOW much it’ll cost you to ‘buy citizenship’ in the Caribbean

So, for those who can afford it, where and how much does it cost to buy citizenship in a desirably foreign country? Business Tech reckons South African has been bleeding high-value citizens for a while now. The 2024 African Wealth Report, published by Henley & Partners, says as many as 400 wealthy individuals left the country last year and, crucially, took their millions with them. 37 400 high-net-worth individuals (HNWIs) resided in Mzansi at the end of 2023. This was down some 11 300 from the figure recorded one decade ago in, at the end of 2013.

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Furthermore, Henley & Partners says those who wish to buy citizenship elsewhere – or engage in ‘residency by investment’ as it’s also known – have more choice than ever before thanks to these attractive programmes. According to Business Tech, the most cost-effective places to buy citizenship are as follows.

Channel News Asia – As West Malaysia woos wealthy foreigners for its MM2H residency visa, Sarawak and Sabah emerge as popular alternatives

Mr Azreen Octavious, managing director of Sarawak-MM2H agent Arun Ami, said the West Malaysia and Sarawak versions of the programme have different target markets.

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“The MM2H (in West Malaysia) is not our competition. The demographics are different: They are targeting rich foreigners, we are targeting pensioners and working-class retirees,” he told CNA.

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“It’s a no-brainer. They can get on the Sarawak visa and still travel wherever they choose, whether to West Malaysia or any other country, while returning to Sarawak for 30 days each year,” he said.

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Mr Chng Toh Ghee, managing director of Alter Domus, a leading agent that handles West Malaysia MM2H applications, said Sarawak-MM2H holders might switch to the peninsula’s latest version if they have the financial means to do so.

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Mr Chng acknowledged that while the MM2H version relaunched in 2022 had spooked applicants with its minimum RM1 million fixed deposit, these conditions were “normalised” as applicants considered benefits like interest earned.

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“I do believe that in the future, if Sarawak sees that the property markets in Penang, KL and Johor Bahru are booming because people are paying up (for homes there), Sarawak may say it wants its MM2H holders to buy property in Sarawak too,” he said.

Khaleej Times – UAE Golden Visa: Why more employees with 10-year residency buy Dubai properties

Michael Gelpke, CEO at Glam Properties, said the majority of the 158,000 Golden Visa holders own property in the emirate or have invested in local real estate.

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“This surge is largely attributed to recent policy changes that have made it easier to qualify for a Golden Visa through property investment, including the removal of the Dh1 million minimum down payment requirement.

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Anmoll D Shroff, founder and chairman of Elton Group, said Dubai witnessed a significant increase in property buying by professional Golden Visa holders as it gave them a lot of confidence about their long-term prospects in the country.

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“A lot of bankers, doctors and artists who have 10-year residency have bought properties in Dubai as they can plan on a long-term basis. Also, investment avenues are appealing because the return on investments is good and property prices per square foot are very reasonable. So a lot of factors have made it appealing for professionals possessing Golden Visa to invest in the real estate market,” Shroff underlined.

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Akshay Nagdev, business head at Foremen Fiefdom, said professionals holding Golden Visas are buying significantly more properties now than before, largely driven by Dubai’s recent policy change, which eliminated the requirement of a minimum down payment of Dh1 million for the 10-year residency visa, boosting interest in properties valued at Dh2 million and above.

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“Overall, the combination of favourable visa policies, economic stability, and targeted incentives has created a thriving real estate market for Golden Visa holders in Dubai, leading to a significant increase in property purchases compared to the previous year,” said Nagdev.