DOCSLIB.ORG

A Guide to Global Citizenship the 2019 Cbi Index

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A Guide to Global Citizenship the 2019 Cbi Index Special Report August/September 2019 A GUIDE TO GLOBAL CITIZENSHIP THE 2019 CBI INDEX in association with CORPORATE STATEMENT MAP The 13 citizenship by investment jurisdictions Austria Bulgaria Tu rkey St Kitts and Nevis Antigua and Barbuda Malta Cyprus Cambodia Dominica Jordan St Lucia Vanuatu Grenada 2 AUGUST/SEPTEMBER 2019 CONTENTS August/September 2019 pwmnet.com cbiindex.com Published by: Financial Times Ltd, Bracken House, 1 Friday Street, London EC4M 9BT SPECIAL REPORT +44 (0)20 7873 3000 www.pwmnet.com Staff members can be contacted by dialing A GUIDE +44 (0)20 7775 followed by their extension number. TO GLOBAL Editor-in-Chief Yuri Bender 6376 [email protected] Deputy Editor CITIZENSHIP Elisa Trovato 6374 [email protected] Chief Sub-Editor THE 2019 and Senior Writer Elliot Smither 6379 [email protected] Advertising CBI INDEX Andrew Campbell 6865 Projects Director [email protected] Adrian Northey 6333 Global Business Director [email protected] Senior Marketing Manager Raj Rai 6340 [email protected] Senior Marketing Executive Dimple Khatri +44(0)20 7873 4028 [email protected] Publishing Director Angus Cushley 6354 Design Kostya Penkov 3255 [email protected] Production Daniel Macklin 4120 [email protected] Printed by Walstead Group in the UK Annual subscriptions: £415 | €525 | $675 Subscription Enquiries: tel: +44(0)20 7873 4240, [email protected] Change of Address Notification [email protected] © Financial Times 2019 PWM is a trademark of Financial 04 INTRODUCTION 14 BEYOND DUE DILIGENCE Times. “Financial Times” and Wealthy individuals and their families seek second The ability to revoke citizenship is an important tool “FT” are registered trademarks and service marks of the citizenship for a number of reasons and the benefits for both citizenship by investment jurisdictions and Financial Times Ltd. All rights reserved. No part of this for nations offering CBI schemes can be considerable successful applicants to their programmes publication may be reproduced or used in any form of advertising without prior permission in writing from the 06 THE 2019 CBI INDEX 16 METHODOLOGY editor. No responsibility for loss The citizenship by investment industry has continued The CBI Index is built around seven pillars, occasioned to any person acting or refraining from acting as a its rapid evolution with countries boosting their visa- designed to satisfactorily measure global result of material in this publication can be accepted. On free offerings and adding new investment routes citizenship programme features and jurisdictional any specific matter, reference should be made to an desirability appropriate adviser. Registered 07 FDI FOR THE PEOPLE Office: Number One Southwark Citizens should benefit from programme-generated 20 KEY FINDINGS Bridge, London SE1 9HL, UK The Financial Times adheres to foreign direct investment. Yet some nations have been The CBI Index’s key findings present an evaluation of a self-regulation regime under the FT Editorial Code of more successful than others each country both overall and within the parameters Practice: www.ft.com/editorial of the seven pillars code 08 PAST, PRESENT, AND FUTURE The citizenship by investment industry is one that is 24 THE SEVEN PILLARS constantly in flux and is not to be entered lightly An overview of the seven pillars that form the CBI Index 10 COLLABORATION It is likely that cooperation between nations in the 26 PROGRAMME PROFILES citizenship by investment industry will grow A closer look at the 13 citizenship by investment programmes which make up the 2019 CBI Index 11 TAX RESIDENCE Citizenship and tax residency confer different sets of 34 COUNTRY SNAPSHOTS rights and obligations on individuals Key information about the 13 nations that make up the CBI Index 12 CASE STUDY One of the main features of the Caribbean citizenship by investment programmes is thorough due diligence, explains Kieron Sharp, CEO of FACT Due Diligence Published in youtube.com/ Professional Wealth @FT_PWM association with: FTPWM Management Group PWMNET.COM 3 CBI a valuable tool for those who see themselves as global citizens WRITTEN BY YURI BENDER countries travel more freely. A second INTRODUCTION citizenship or passport can also be a good insurance policy if things turn Wealthy individuals and their ugly back home. There is definitely a families seek second Demand, they say, is now hierarchy, in descending citizenship for a number of spreading to all corners of the globe. reasons while the benefits for “Investors from unstable regions order of disdain for nations offering CBI schemes will use citizenship by investment (CBI) to shield assets from countries that sell their can be considerable nationalisation, social unrest or revolutionary risk,” says one senior citizenships too cheaply articipants in an industry private banker. JOHN ERRINGTON ERRINGTON BOSE IMMIGRATION SERVICES which offers citizenship Legal consultancy firms which for predominantly smaller specialise in providing CBI solutions nations, in exchange for many jurisdictions, including one of the most lucrative hunting Pfor investments in local CS Global Partners and Henley & grounds for CBI scheme providers. facilities including tourism and Partners, both based in London, Its inhabitants, and those of other infrastructure, report increasing say the main reasons their clients regions of growing wealth, are demand for their services. They put need second passports are security, demanding greater mobility and this down to growing wealth and plus broadening opportunities for Due to its massive are prepared to pay for citizenships the tendency for high net worth their families in business, travel and population and which allows this. individuals to become more globally education. growing economy, Chinese applicants account China has probably minded. the biggest influence for approximately 45 per cent They also see this acquisition of CHINESE DEMAND on the major and of applications approved by the citizenship by citizenship, for a price, as a legitimate Due to its massive population and investment major Caribbean CBI programmes, device to help people from restricted growing economy, China offers programmes according to Christofer Ashby, managing director of L’esterre Holdings Inc, a Grenada-based property developer specialising in CBI projects. For Chinese clients, investment migration is often driven by the education of their children, for whom they normally prefer Western, especially US, universities. Grenada’s CBI programme, for instance, offers a multiple E-2 visa treaty with the US, allowing approved applicants to live and work there with the majority of the benefits of a resident, but without the costs or time of obtaining an EB-5 US visa, according to Mr Ashby. Commentators assert that because there is now such a long waiting list for US and UK residence visas, “spill- over” clientele are directing their applications to CBI schemes from other centres. 4 AUGUST/SEPTEMBER 2019 INTRODUCTION SPECIAL REPORT Industry specialists report that the majority of CBI applications are for schemes from the likes of Dominica, Grenada and St Kitts and Nevis in the Caribbean, and Cyprus and Malta in the European Union. St Kitts & Nevis was the first nation to implement a CBI programme, country in order to provide their CBI Dominica’s scheme or Venezuela can happen anywhere, while Dominica’s is hugely investment stake. has helped to mitigate any day.” important to its economy, helping Caribbean property developers some of the Before, most wealthy individuals devastating damage to mitigate the devastating damage say that most investors from outside housing and chose to move to the UK or US, wreaked by Tropical Storm Erika in the region buying into real estate infrastructure wreaked but these destinations may have 2015 and Hurricane Maria in 2017. through CBI programmes already by Hurricane Maria in lost something of their traditional 2017 have legal funds both inside and appeal. WELL REGARDED outside their home jurisdictions. “A lot of Middle Easterners don’t At Errington Bose Immigration Critics of CBI schemes often want to come to the US, just as a lot Services in London, St Kitts and imply that the hubs which provide of Europeans don’t want to come to Nevis and Antigua and Barbuda passports accept migrating tycoons the UK anymore because of Brexit,” are seen as particularly popular who have broken strict exchange he says. for CBI applications, among the controls in their own countries, in “Families are looking at Malta, firm’s clientele, which has strong order to expatriate the substantial Portugal and Cyprus in the EU. Middle Eastern, Russian and Central sums needed to buy real estate or These are the countries opening American contingents. invest in industry. their doors with investor visas and “For clients with multiple But this is countered by the law offering facilitation of citizenship citizenship strategies, these firms. “Most of the ultra-high net and investment projects.” jurisdictions tend to fit their worth investment clients that we Henley & Partners also talk circumstances better than others,” deal with already changed their about a notion of “sovereign says John Errington, the specialist domicile years ago and now look equity”, where assets from wealthy law firm’s managing director. to further optimise their current individuals are transferred to Travel documents issued by other situation with regard to residence developing countries through their countries which are involved in and citizenship planning,” says Dr CBI programmes to help create CBI schemes are not always so well Juerg Steffen, Group CEO at Henley significant sovereign and societal respected, he suggests. & Partners. “This means they don’t value. “There is definitely a hierarchy, fall under the capital transfer Through engaging with the in descending order of disdain for limitations.” global community of high net countries that sell their citizenships This is confirmed by the CEO of a worth investors, developing nation too cheaply. It is not illegal, but it major global private bank, who says governments can achieve fiscal is not the purpose of EU treaties,” most clients from politically volatile independence and address growing warns Mr Errington.
Load more

Recommended publications
  • BUYING IN: RESIDENCE and CITIZENSHIP by INVESTMENT ALLISON CHRISTIANS* Italy Recently Announced a New Immigration Program That I
    SAINT LOUIS UNIVERSITY SCHOOL OF LAW BUYING IN: RESIDENCE AND CITIZENSHIP BY INVESTMENT ALLISON CHRISTIANS* INTRODUCTION Italy recently announced a new immigration program that invites certain high net worth individuals to make Italy their country of residence, enticing them with the right to pay a “substitute tax” of €100,000 per year on their foreign income and gains.1 For those already residing in Italy, the highest marginal tax rate on income is 43%, with additional regional and municipal rates bringing the rate closer to 50%; capital gains are subject to a reduced rate (about half the regular rate).2 Assuming eligible immigrants have significant foreign income and gains that would otherwise face the highest marginal rates of tax, the new program’s outcome would seem to ensure that prior residents face a significantly higher overall tax bracket than their new neighbours (unless of course, such individuals use other mechanisms and programs, whether in Italy or elsewhere, to also reduce their own tax rates). Why would Italy design a tax scheme that appears to privilege certain immigrants over its other taxpayers in this manner? In reporting on the program for Forbes, journalist David Schrieberg stated that “[s]ome observers speculate that the new tax regime is aimed particularly at super-rich individuals * H. Heward Stikeman Chair in the Law of Taxation, McGill University Faculty of Law. This research was assisted by a grant from the Social Science and Humanities Research Council of Canada. Thanks for helpful comments on an early draft are due to Montano Cabezas, David Lesperance, Henry Ordower, Peter Szigeti, and the participants of the Sanford E.
    [Show full text]
  • Caribbean Citizenship by Investment Schemes
    Temple Chambers 3-7 Temple Avenue London EC4Y 0HP United Kingdom (Tel) +44 (0) 20 7583 8739 Website: www.caribbean-council.org Caribbean citizenship by investment schemes A number of Caribbean countries offer citizenship for investment schemes whereby passports are provided for an investment in real estate or a donation with little or no requirement to reside in the country. St Kitts has the oldest scheme dating from 1984; Antigua, Dominica and Grenada also offer them; and other Caribbean islands have been considering them. Caribbean Governments facing difficult economic challenges see the schemes as a new source of income; property and other developers are using them to raise capital for new schemes; and wealthy individuals from around the world see the advantage in owning a passport which gives them visa-free travel to many countries. However, Governments in North America and Europe are beginning to look more closely at the Caribbean’s citizenship for investment schemes, after a small but growing number of incidents have raised concerns about who passports are being issued to and the robustness of due diligence checks on applicants. In May this year, the US Treasury issued an advisory on the St Kitts citizenship scheme due to concerns that some are using the scheme for money laundering. Most recently, the Canadian Government announced that it would impose visas on all citizens from St Kitts-Nevis on 22 November 2014, due to its ‘concerns about the issuance of passports’ and ‘the identity management practices’ by the St Kitts authorities in relation to its Citizenship by Investment programme.
    [Show full text]
  • Wealthy Individuals Are Benefitting from Citizenship by Investment
    The concept of dual citizenship is an United States and South East Asia. attractive one for any high net worth individual looking to increase their global Vardikos & Vardikos attorneys provide mobility, optimise their tax affairs, and corporate clients and private individuals create a safe haven for themselves of high net worth with comprehensive, and their family members. Having effective, and confidential legal services, a second passport not only opens and one of their areas of specialisation doors and creates opportunity for the is Citizenship by Investment. individual, but also provides essential investment to the country offering The firm, in the Caribbean, is an citizenship. It is a win-win situation. Authorized Representative and Service Provider of the Citizenship by Investment St Kitts & Nevis was the first country Program of Dominica, Antigua and to officially launch a Citizenship by Barbuda and St Lucia. In Europe, the Investment programme in 1984, the firm promotes and files all applications Commonwealth of Dominica followed under the Citizenship by Investment in 1991 and now there are many Program of Cyprus, Malta, Montenegro more countries in the Caribbean, and Moldova. In addition, Christos Th. Europe, and beyond that are Vardikos is Consul of the Commonwealth benefitting from these schemes. of Dominica in Greece and represents the Ship and Yacht Registry of Dominica. The details and conditions of these various schemes vary considerably, which is why “Dual citizenship enables investors to it is absolutely essential to have expert make business more efficient, and move advice from an international law firm with around the world almost effortlessly,” considerable experience in Citizenship by says Christos Th.
    [Show full text]
  • The Economic Case for a Clear, Quick Pathway to Citizenship Evidence from Europe and North America
    AP PHOTO/BEBETO MATTHEWS PHOTO/BEBETO AP The Economic Case for a Clear, Quick Pathway to Citizenship Evidence from Europe and North America By Pieter Bevelander and Don J. DeVoretz January 2014 WWW.AMERICANPROGRESS.ORG The Economic Case for a Clear, Quick Pathway to Citizenship Evidence from Europe and North America By Pieter Bevelander and Don J. DeVoretz January 2014 Contents 1 Introduction and summary 4 Why citizenship brings an economic boost 8 Best practices from North America and Europe 15 Experts weigh in on the citizenship premium 18 Lessons for the United States 21 Conclusion 23 Appendix A: Key features that produce the highest naturalization rates 26 Appendix B: Policy questionnaire 28 Appendix C: Expert consultants 29 Appendix D: Time to naturalization in selected countries 31 Appendix E: U.S. age-earnings regression results: 2006–2010 American Community Surveys 42 Endnotes Introduction and summary A number of recent studies have illustrated that opening a door for undocumented After demonstrating immigrants to earn legal status and, ultimately, citizenship would significantly enhance the U.S. economy.1 This report goes further, examining not just the U.S. that granting case but also the economic impact of allowing immigrants to gain full citizenship in other countries in North America and Europe. The evidence is clear: A pathway citizenship carries to citizenship free of obstacles and undue delays helps immigrants integrate into the labor market and increase their earnings. These increased earnings and the positive economic corresponding added tax revenue would help grow the economy, which yields benefits for native-born citizens too.
    [Show full text]
  • CI Ebrochure Nop.Pdf
    Citizens International is a white-glove specialist firm offering private client services necessary for citizenship and investment in the Caribbean. We believe strongly in the quality of opportunity for immigrant investors and present specific and sound investment products qualified under the respective programs to our international client networks. Our multinational professional team, headquartered in Antigua, wraps world- class services and expertise around the citizenship investments it believes to be the safest and most rewarding for the client, and our key personnel live where they work. — citizensinternational.com BARBUDA ST. KITTS ANTIGUA NEVIS CONTENTS NORTH AMERICA DOMINICA 381 miles ATLANTIC OCEAN 4 | What is global citizenship? 5 | How to safeguard your future GRENADA 6 | Why choose Caribbean citizenship? 7 | Statistics snapshot SOUTH AMERICA 9 | Citizens International services 10 | Overview of citizenship investment 12 | Antigua & Barbuda 15 | Dominica 18 | Grenada 21 | St. Kitts & Nevis 24 | Contact 4 WHAT IS GLOBAL CITIZENSHIP? With more than 3.3% of the world’s A second citizenship is a key population now living and working component to create a truly global The Information Age has enhanced outside the countries in which they lifestyle. Caribbean citizenship offers globalization unilaterally, giving rise to were born, but still wishing to travel priceless value for financial and global concerns that are inherent to home, or marry or invest there and personal security, and also the modern living. elsewhere, the old notion of one-man, immediate and tangible rewards that one-state citizenship is outdated. have brought the world’s elite to these islands for generations. Society & Culture Global citizenship is a way of life and We are all linked culturally a mindset; an awareness of what The interconnected and interdepen- through digital media, travel is happening in the world and an dent nature of our world means the and migration.
    [Show full text]
  • Dominica Economic Citizenship November 2013
    INFORMATION SHEET NO.119 Dominica Economic Citizenship November 2013 Introduction The Commonwealth of Dominica is an island nation located in the Caribbean Sea. The nation gained its independence from the United Kingdom in 1978 and is a parliamentary democracy. The Economic Citizenship program of Dominica has established itself as a reliable option in the global community. It is considered one of the most affordable legal citizenship by investments program. Dominica imposes no residency requirements and no taxes on non-residences. Dual citizenship is permitted and application process is strictly confidential. The whole process usually takes between 4-6 months from filing date to the issuance of the applicants’ passports. Citizenship 1. Due Diligence Background Check The first step towards Dominica Citizenship involves a background due diligence check. Government-authorised third party agents perform this service at a fee of between US$6.000 – 15.000 per family. This procedure takes approximately 4-8 weeks. 2. Application and Required Documents Step 2 runs concurrently with Step 1. The Dominica government requires that all documents be no more than 3 months old and are notarized. Application fees for the investor are approximately US$4.000 and are non-refundable. 3. A non-refundable Investment As soon as the investor application is completed and the due diligence has been approved, the applicant will receive a letter from the Dominica government that his application has been approved in principle. At this time the applicant has to transfer to a Dominica government account: Single Applicant A non-refundable investment of US$100.000. Family Application “One” For a family application (main applicant plus spouse) a non-refundable investment of US$175.000 Limassol(HQ) • London • Moscow • Warsaw • Bucharest • Athens • Thessaloniki • Tortola • Johannesburg • Cape Town • Luxembourg • Sofia • Beijing Family Application “Two” For a family application (main applicant plus spouse plus up to two children below the age of 18) a non-refundable investment of US$200.000.
    [Show full text]
  • Antigua & Barbuda
    Antigua & Barbuda Citizenship by Investment Program Who is qualified to apply? To qualify, applicants need to be of outstanding character and meet the following requirements: ▶ No criminal record ▶ Excellent health ▶ High personal net worth ▶ The applicant and their family must stay in Antigua and Barbuda for a minimum of 5 days within 5 years ▶ Choose from 1 of the 3 available investment options Overview of the Program Benefits of Antigua and Barbuda Antigua and Barbuda is a twin island Citizenship by Investment nation located between the Caribbean Sea and Pacific Ocean, approximately As the newest economic citizenship program in the world, Antigua and Barbuda 2100 km Southeast of Miami. The citizenship by investment provides the following benefits: islands became an independent state ▶ Fast processing (within 4 months) within the Commonwealth Realm system on November 1, 1981, with ▶ Inclusion of dependent children under 25 years old and dependent parents Elizabeth II as the first reigning queen over 65 years old of Antigua and Barbuda. ▶ No requirements to travel to Antigua and Barbuda during the application With a combined size of 442 km2 and a process population of over 80,000 people, the islands of Antigua & Barbuda are the 9th ▶ No interview, education or management experience required largest country in the Caribbean. ▶ Obtain visa-free travel to more than 131 countries including the Schengen The Antigua and Barbuda Citizenship Zone, Canada, the UK, Hong Kong, and Singapore by Investment Program was established No tax on worldwide income in 2012 under the Antigua and Barbuda ▶ Citizenship by Investment Act. It is the newest economic citizenship program in the world.
    [Show full text]
  • It's Raining Passports! the Economics of Citizenship Investment Programmes
    International Journal of Arts & Sciences, CD-ROM. ISSN: 1944-6934 :: 11(01):537–549 (2018) IT’S RAINING PASSPORTS! THE ECONOMICS OF CITIZENSHIP INVESTMENT PROGRAMMES Rose Marie Azzopardi University of Malta Small economies and particularly islands are often accused of finding creative means of sourcing income, at times bordering on legal yet dubious and debatable schemes. The most recent that has come under attack is the selling of citizenship or residency, with accusations of money laundering and tax evasion routes. Since such schemes attract the richer crust of society, the expectations are that such individuals have ulterior motives for requiring another country to reside in or be a citizen of. Can such schemes be viewed solely from such a negative perspective? Do they only entice persons with bad intentions or do such programmes also help in the economic development of these small countries? This paper looks at the schemes which are presently in place worldwide and then focuses on the recent scheme adopted by Malta. This programme has been met with significant resistance by the European Union, however, it needs to be acknowledged that other EU member states have similar citizenship/residency programmes. What role is the programme maintaining in the economic development of Malta? How successful has it been and what are the expectations for its future continuing process? Keywords: island development strategies, Citizenship investment programme, Dual citizenship, Residency, Passports for sale. Introduction Many adjectives have been used to describe islands, some positive such as flexible, nimble, light, creative, resourceful, and others that paint economies that are vulnerable, weak, volatile, rent-seekers.
    [Show full text]
  • Passport Power – Citizenship by Investment Programmes Exploiting Spatiotemporal Hierarchies of Passports
    Linköping university - Department of Social and Welfare Studies (ISV) Master´s Thesis, 30 Credits – MA in Ethnic and Migration Studies (EMS) ISRN: LiU-ISV/EMS-A--19/04--SE Passport Power – Citizenship by Investment Programmes Exploiting Spatiotemporal Hierarchies of Passports Irvina Udyakisya Freisleben Supervisor: Peo Hansen ABSTRACT The practice of selling passports through Citizenship by Investment (CBI) programmes is gaining more attraction and legitimacy in light of increasingly stricter immigration policies. Instead of simply weighing the pro and contra points of CBI, this thesis aims to understand CBI as a consequence of neoliberalism and analyses the correlation between so called ‘passport power’ and wealth, whereby the former is determined by rankings and the latter is represented in terms of the gross domestic product (GDP). Hence, a combination of quantitative and qualitative methods is used to firstly, examine the strength of correlation, and secondly, supported by Laclau and Mouffe’s discourse theory, discuss how CBI is understood and debated in the context of today’s governed communities. The CBI arises out of a discursive struggle between citizenship and class, and exacerbates preexisting global inequalities. Furthermore, it challenges the normative foundations of citizenship and its connection to the nation state. On the one hand CBI contests the sedimented discourse of the modern passport system (and by extension the notions of citizenship), on the other hand capitalist negative individualism corrupts/distorts the initially
    [Show full text]
  • Re-Thinking Immigrant Investment Funds
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Gamlen, Alan; Kutarna, Chris; Monk, Ashby Working Paper Re-thinking Immigrant Investment Funds GLO Discussion Paper, No. 55 Provided in Cooperation with: Global Labor Organization (GLO) Suggested Citation: Gamlen, Alan; Kutarna, Chris; Monk, Ashby (2017) : Re-thinking Immigrant Investment Funds, GLO Discussion Paper, No. 55, Global Labor Organization (GLO), Maastricht This Version is available at: http://hdl.handle.net/10419/156726 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Re-thinking Immigrant Investment Funds1 By Alan Gamlen , Chris Kutarna , and Ashby Monk Abstract The idea of selling membership into society is not new, but it has taken on new life with the recent proliferation globally of Immigrant Investor Programs (IIPs).
    [Show full text]
  • Download Antigua & Barbuda Citizenship Guide
    ANTIGUA AND BARBUDA CITIZENSHIP-BY-INVESTMENT ANTIGUA AND BARBUDA | CITIZENSHIP-BY-INVESTMENT Peace of Mind in an Uncertain World Acquiring a second passport and citizenship offers many advantages. It can give you the freedom to travel without restrictions; greater security for personal or business purposes; additional banking privacy; and investment opportunities that may not be available elsewhere. Whatever your reasons for seeking a second citizenship, you will find it valuable to expand your horizons beyond one country. 1 Why You Can Trust CSL – The Citizenship Specialists CSL and its partners have been licensed by the government of Antigua and Barbuda, and are officially authorized to assist clients with their Citizenship-by-Investment applications. It is our core business at CSL. We do not outsource the handling of your important application, as other providers do. With over 20 years of combined experience, and representatives in Antigua and Barbuda, St. Kitts and Nevis, Russia, Qatar, China, Hong Kong, UK, Nigeria, Dubai and Canada, we assist high-net-worth individuals with every aspect of obtaining citizenship through investment. We focus on the best interests of our clients, offer impartial advice, and have a clearly defined six-step process to ensure that you are well informed when making the decision to obtain alternative citizenship and its associated benefits. Hundreds of clients around the world have trusted CSL to help them acquire economic citizenship. Our team, headquartered in St. Kitts, understands the high expectations of international clients. You can rely on our expertise and be confident that your immigration needs will be handled quickly, efficiently and confidentially.
    [Show full text]
  • Between Benefit and Abuse: Immigrant Investment Programs
    SAINT LOUIS UNIVERSITY SCHOOL OF LAW BETWEEN BENEFIT AND ABUSE: IMMIGRANT INVESTMENT PROGRAMS LEILA ADIM* INTRODUCTION During the last thirty years, an increasing number of countries have introduced Immigrant Investment Programs (“IIPs”) in order to attract foreign capital and boost national economies.1 Canada, St. Kitts and Nevis, the United States, and Dominica initially implemented IIPs in the late 1980s/early 1990s; in the rest of the world, IIPs have been adopted only recently.2 In particular, except for Ireland and the United Kingdom,3 European countries avoided the introduction of similar programs for attracting foreign capital and, until the last decade, admitted immigrant investors on a discretional basis.4 However, the recession in 2008 induced many states of the European Union (“EU”) to change their approach toward immigrant investors and to regard IIPs as instruments for emerging from the crisis.5 Nowadays, these programs exist in almost half of the continent and represent the gateway of entry for many wealthy foreign individuals, but what is their overall impact at the domestic and at the global level? * Faculty of Law, University of Barcelona (SPAIN), [email protected]. 1. Judith Gold & Ahmed El-Ashram, A Passport of Convenience, FIN. & DEV., Dec. 2015, at 48, 48–49. 2. Xin Xu, Ahmed El-Ashram & Judith Gold, Too Much of a Good Thing? Prudent Management of Inflows Under Economic Citizenship Programs 4 (Int’l Monetary Fund, Working Paper WP/15/93, May 2015), https://www.imf.org/external/pubs/ft/wp/2015/wp1593.pdf [https://perma.cc/MKR7-LV4U]. 3. Id. 4. SERGIO CARRERA, HOW MUCH DOES EU CITIZENSHIP COST? THE MALTESE CITIZENSHIP-FOR-SALE AFFAIR: A BREAKTHROUGH FOR SINCERE COOPERATION IN CITIZENSHIP OF THE UNION? 1 (CEPS Paper in Liberty & Sec.
    [Show full text]