“Planning Private Cities for Refugees”: Investment Migration People in the News This Week

Investment migration people in the news this week included:

• Christian Kälin, Thomas Scott, Elvis Liu, and Denise Ng of Henley & Partners
• David Lesperance of Lesperance & Associates
• Florence Ten of Starcity Global
• Nicholas Mastroianni of the US Immigration Fund (USIF)
• Saju James, Bo Cooper, Scott M Leeb, and Enrique Gonzalez of Fragomen

Bloomberg – London’s Luxury-Home Market Looks to Rich Americans to Save It

The number of US nationals applying for investment-migration programs climbed in 2020, when the pandemic spurred wealthy Americans to broaden their portfolio of citizenships and residency rights because of the global uncertainty, according to migration advisory Henley & Partners.

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Concerns among Americans include the presidential election, gun violence and levies on assets, with some seeking “the fire insurance of an alternate citizenship,” said David Lesperance, a tax adviser to the ultra-rich. One billionaire US client he declined to identify is moving his family to London and plans to refurbish a property they already own in the city, said Lesperance, who grew up in Canada, just across the border from Detroit.

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“American nationals that are currently residing outside of the US, and that have been considering moving back to the US to live and reside on a more permanent basis, will wait to make their decision after the US elections,” said Thomas Scott, group head of real estate at Henley & Partners. “This ‘wait-and-see’ mentality is as much about social and political stability as it is as much about house-price growth and appreciation potential.”

CCN – FutureNet Co-Founder Roman Ziemian Detained in Montenegro for Alleged $21 Million Scam

Crypto legal expert David Lesperance told CCN that by being extradited to Korea, Montenegro has determined the venue for Do Kwon’s first criminal trial (and possible future incarceration).

Tages-Anzeiger – “Private cities” for refugees?

By Dr. Kälin, Nasheed means the Swiss entrepreneur and lawyer Christian H. Kälin, who is sitting opposite him in a classroom at the University of Liège in Belgium. Kälin is chairman and partner of the international firm Henley & Partners. The firm has become known for its so-called investor programs, a globally controversial practice through which residence permits and even citizenship can be acquired through investments .

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Kälin is planning private cities for refugees. Politically autonomous cities within sovereign states, not primarily controlled by politics, but regulated by private companies through contracts. The Swiss entrepreneur has already managed to convince numerous important personalities from politics and business to support this.

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The idea is apparently well received by two dozen heads of state – including some from authoritarian states, says Kälin. Negotiations are currently well advanced with a state within the EU. He cannot say which country it is. “The talks are being held behind closed doors and are not yet part of the public debate,” says Kälin. 

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The idea is based on Paul Romer’s “Charter Cities”, which the former head of the World Bank developed over ten years ago. Romer wanted to build cities in developing countries under special legal and economic conditions that would be managed by a host country or international partners. Even then, there was a barrage of criticism: Charter Cities were a hidden form of neo-colonialism, it was said.

City Wire Asia – Hong Kong’s CIES is off to a bumpy start, experts say

‘We have onboarded and submitted a few cases, but HK$30m is not a small sum, even for high net worth individuals, especially considering the economic developments in recent years,’ said Elvis Liu, director of private clients at Henley & Partners.

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Wealthy individuals considering Hong Kong residency might find alternative options more appealing. Liu suggested that Chinese nationals could prefer work permits, the Top Talent Scheme (TTPS), or the Quality Migrant Admission Scheme (QMAS).

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‘The process is considerably more complicated than the old scheme, requiring more layers of approval,’ added Denise Ng, managing partner at Henley & Partners Hong Kong and North Asia head.

The Star- MM2H expected to drive property sales

Starcity Global managing director, Florence Ten, said clients were prepared to invest in properties at the RM1mil minimum threshold in Kuala Lumpur, although the Silver category of the programme requires only a minimum property purchase worth RM600,000. Starcity Global is an MM2H agency.

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“My clients, mainly from Hong Kong and the United States, are ready for both the Silver and Gold MM2H categories, accepting property at price points of RM600,000 and RM2mil, respectively.

One India – EB-5 Visa Program Ends For FY 2024: What You Need To Know About The State Department’s Decision

Nicholas Mastroianni III, President and CMO of the US Immigration Fund (USIF), emphasized the importance of EB-5 visas, stating they offer a stable future in the US beyond the volatility of corporate layoffs and the uncertainties associated with other visa categories, as reported by Hindustan Times.

Deccan Herald – Changing landscape of immigration

In India, there is a notable “reverse brain drain” with many, especially tech-preneurs, returning to the country and expanding businesses and employment opportunities, according to Saju James, managing director and partner, Fragomen Immigration Services India.

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“The first immigration handbook was created in India in 2009. We were directly involved with the National Association of Software and Service Companies (NASSCOM). It became the final rulebook for Indian immigration policies. Since then, we have seen the government looking at progressive ways of managing immigration. We see it only getting better,” said Saju.

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“The information flow today is near-perfect, so people can weigh the value of settling permanently in another country versus gaining experience abroad and returning home to more professional and personal opportunities,” said Bo Cooper, partner, Fragomen.

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However, Scott M Leeb, chief knowledge officer at Fragomen, noted that this approach, especially post-Covid-19, will not last long. “Because there is a global skill shortage, the economic pressures are going to outweigh the political pushes for this restrictivism (for immigration). So we see that, regardless of how these elections play out, this restrictivism will ease over time,” he said.

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This is also reflected in the wage-level decisions, Enrique Gonzalez, co-chair of Fragomen, added. “As housing costs have shot up and workplace flexibility allows employees to work from another state, companies are having to figure out which wage level they should be paying their employees,” he said.