“The Backlash Was Enormous”: Investment Migration People in The News This Week
Investment migration people and companies in the news this week included:
- Nimesh Shah of Blick Rothenberg
- David Lesperance of Lesperance & Associates
- Henley & Partners
- João Gil Figueira
- Kristin Surak
- Peter Calabrese of CanAm Enterprises
- Mahdi Mohammed of Guide Consultants
- Moe Alhaj of Migrate World
- Michael Martin of the Saint Kitts & Nevis CIU
- Abhinav Lohia of Golden Gate Global
- Nicholas A. Mastroianni III of US Immigration Fund
Financial Times: Prepare to Pay More Tax, Whoever Wins the Election
Nimesh Shah, chief executive of accountancy firm, Blick Rothenberg, said: “People are anxious about what the Conservatives are going to do with their pre-election Budget, in terms of the promises they will make, and people are anxious, very anxious, about Labour and some of the policies that are being talked about.”
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Non-doms would be well advised to look at their options now, given the clarity of Labour’s intentions. David Lesperance, founder and principal of international tax advice firm Lesperance & Associates, says he is seeing many more non-doms considering whether they should stay in the UK or move. He likened the necessary contingency planning to having a “fire escape plan” if the “worst were to happen and a wildfire hits your house”.
In a wider sign that China is becoming a less friendly place for investors, Chinese millionaires are leaving the country in droves amid a regulatory crackdown against large private companies. The country will lose a record 13,500 millionaires this year, according to an estimate from migration consulting firm Henley & Partners’ new Private Wealth Migration Report. That follows the loss of around 10,800 millionaires in 2022.
Forbes – Killing The Golden (Visa) Goose
My attorney in Portugal, João Gil Figueira, told me a little about the closure of the Golden Visa and gave me the real story behind the end of the program.
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João told me: “Problems associated with a lack of affordable housing are in the news. The government has to push something forward in terms of affordable housing.”
The Golden Visa is basically being used as a scapegoat for Portugal’s big increase in home prices. The government has to be seen as doing something. Hence this new “More Housing” law.
“With the first proposal, the government said that all existing Golden Visa holders would have to abide by the new rules—that they would have to live in their properties full-time, or be forced to rent them out, or be required to stay in Portugal for more than 180 days per year, for example.
“The backlash was enormous.
“It would be a stain on Portugal’s reputation as a destination for foreign direct investment if you throw out a program like this all of a sudden without grandfathering in previous applicants.
“So the government backpedaled.”
Times of India – Too rich to afford a bad passport: Why citizenship by investment is picking up pace
While money zips freely in our globalised world, people are hemmed in by national borders, and their ease of movement depends on the country they belong to. The Golden Passport: Global Mobility for Millionaires by Kristin Surak traces a phenomenon that has picked up pace since the early 2010s: Citizenship by investment.
Financial Express – US EB-5 Visa Investment: Indians cautiously consider new tax rules effective next month
Peter Calabrese, CEO of CanAm Enterprises, contributes an op-ed to this major Indian outlet in which he warns that Indians who wish to participate in foreign investment must act soon or face higher taxes on outbound fund transfers.
As the calendar turns closer to the October 1 effective date for India’s higher tax rate on outbound financial transfers, Indians planning to send money abroad are understandably weighing whether to accelerate their transactions to avoid the upfront impact of the tax change.
One group eying this increase very closely are Indians inquiring about the EB-5 visa immigration by investment program. This program, administered by U.S. Citizenship and Immigration Services (USCIS), has been used by thousands of Indian families seeking permanent residency in America.
Gulf News – Caribbean nations eye UAE ‘elite’ after tightening Citizenship By Investment passport program
“However, it should eventually pick up because UAE-based investors have displayed great enthusiasm for the schemes,” said Mahdi Mohammed, founder and CEO of Dubai-based Guide Consultants, a firm specialising in Citizenship by Investment (CBI) programs.
“Between 2019-22, there was a huge surge in demand, propelling our overall business growth to 80 per cent within the timeframe.”
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“Numerous UAE-based investors here currently possess Caribbean passports,” said Moe Alhaj, CEO and founder of Migrate World.
“The changes are designed to maintain the integrity of the CIU scheme. Many individuals are happy with the new regulations as they establish a higher standard for CBI.
“It isn’t open to anyone; there are specific criteria for applying now.”
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Citizenship By Investment had been a core part of the revenue model of several Caribbean island nations. However, the focus is now on quality over volume, said Michael Martin, Head of St. Kitts and Nevis’ CBI program.
The changes will now garner the interest of ‘elite’ investors.
“I am confident that these changes will only increase our favourability with those investors who want a secure and stable base to hedge their bets.”
Martin dispelled the concerns of existing investors by saying the new rules don’t apply to investors who have already submitted their applications. He said, “All files submitted before July 27 this year will be processed according to the regulations that existed before this date.
Times of India – EB-5 Proves to Be a Lifeline for H1-B Holders, If They Can Afford It
“The silver lining is that concurrent filing results in obtaining an Employment Authorization Document (EAD) within six months, allowing them to remain in the US while waiting for their green card and be gainfully employed. This also enables them to change employers without any worries and, after receiving advance parole, even travel freely to India,” states Abhinav Lohia, Managing Director of Global Business Development at Golden Gate Global – an EB-5 Regional Center.
It should be noted that such concurrent filing is only available to foreign individuals who are physically present in the US on lawful US visa status. It grants applicants the ability to enjoy the benefits of permanent residence status while they await the approval of their I-526E petition, states Nicholas A. Mastroianni III, President and Chief Marketing Officer, US Immigration Fund, a Florida-based EB-5 Regional Center.