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Overview 2016

Residency & by Investment Programs

High Net Worth Immigration

1st Edition, 2016

Thank you for requesting this eBook. We consider its contents to be correct and accurate as of January 2016. Our readers should note that we prepared the book for informational purposes only. It should not be considered, and is not intended to be, legal advice. We do not guarantee its continuing accuracy, since each country does, on occasion; modify its residence and citizenship laws.

Each individual situation is different. For further information, and to obtain legal advice on your particular case, please contact us at

[email protected]

Or

Complete any of the contact forms on our website

High Net Worth Immigration

www.high-net-worth-immigration.com 2

Table of Contents

Introduction – The Benefits of Second Citizenship 4

Section 1: European Programs

Bulgaria – Residency and Citizenship by Investment Program 7 – Citizenship by Investment Program 13 – Residency Permit for Real Estate Owners Program 17 Hungary – Investor Residency Bond Program 22 Ireland – Residency by Investment Program 25 Latvia – Residency by Investment Program 30 – Citizenship by Investment Program 34 – Golden Visa Residence Program 38 – Golden Visa Residence Program 43 – Tier 1 Entrepreneur & Tier 1 Investor Residency by Investment Programs 48

Section 2: North American Programs

Canada – Quebec Investor Visa Program 53 United States of America – EB-5 Investor Visa Program 58

Section 3: The Nations’ Programs

Antigua and Barbuda – Citizenship by Investment Program 64 St. Kitts and Nevis – Citizenship by Investment Program 69 Granada – Citizenship by Investment Program 74 – Citizenship by Investment Program 79

Section 4: Asia and Oceania Programs

Australia – Immigrant Investor Visa Program 84 New Zealand – Immigrant Investor Program 88 Cambodia – Citizenship by Investment Program 93

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Introduction - The Benefits of Second Citizenship Holding a second delivers far-reaching benefits to yourself, your business and your family. Globalization is accelerating many economic drivers; technology is enabling those drivers to become more effective and to be delivered more efficiently. The need for individuals to be able to capitalize on them is also accelerating. Citizenship by Investment, or Economic Citizenship as it is also known, is helping to meet this need. It is the focus of this book. As you read it you will gain important insights into the benefits of both status, and citizenship status. Each chapter will then explore in more detail, the terms, conditions and process as they apply to the different countries which offer these benefits to high net worth and, of course, to ultra high net worth individuals.

Reasons for Second Citizenship Your personal circumstances determine the reasons you choose to follow this path. It may be that your focus is primarily on expanding your global business footprint. You might prefer to live in, or be a citizen of, a stable and peaceful nation. You may be looking forward to your legacy, and you want to maximize what your family and other legatees will receive. It may be that you, simply, want a luxurious vacation property, and have decided that you can achieve greater value by establishing an additional legal status beyond that of merely ‘property owner’.

Practical Benefits of Residency or Citizenship by Investment Second residence or second citizenship have always offered substantial, if different, benefits. The principle was originally established in 1984 by the small nation of St. Kitts and Nevis. Since then, other nations have realized the value to their country and its economy of encouraging foreign investment in exchange for delivering substantial, personal benefits. The investors benefit in many ways, for example: • Greater economic and financial opportunities that may not be open to non- residents or non-citizens • Favorable income, capital gains and inheritance tax regimes • Greater and easier mobility, since many countries enable visa-free travel to other countries • More opportunity for family members to attend world-class educational establishments • More appropriate succession planning with a greater certainty of your plans being met • Political stability and, therefore, increased personal security • Easier access to well-established and world-class financial, legal and business advice • Greater privacy, and more security, for your personal investment portfolio www.high-net-worth-immigration.com 4

• The knowledge that your family members will enjoy their new citizenship for generations to come, along with the advantages and benefits their new country provides The Basic Process Depending on where and how you choose to invest, you and your family members achieve citizenship or permanent residency in the country of your choice, in exchange for that investment. The process varies by country. It can speedy – in as little as twelve weeks – or less so; up to eight years, in some cases, for full citizenship. The process is usually fairly straightforward with each nation setting its own rules and standards. You will be asked to invest in a business enterprise, a program of national importance, a government-approved business or cultural project, purchase government bonds, or invest in real estate.

The nation you apply to will determine the amount you have to invest, how long it must be invested for, the buy-back or buy-out regulations, etc. Before your citizenship application can be processed, due diligence background checks are carried out. In addition, some countries also require appropriate language and cultural competence, and possibly your physical presence for a minimum period of time. While others only require the investment.

The Difference Between Citizenship and Residency There are two different programs - Residency by Investment Programs, and Citizenship by Investment Programs. The first one leads to Permanent Residency (PR) status. The second one leads to citizenship and a passport.

Individuals, who hold residency rights, do enjoy many of the benefits of full citizenship, but not all of them. The same taxation rules and visa-free travel requirements, typically, apply to both legal statuses for example. Each country has its own standards for each status, so it is important for the applicant to know what they are. These are the prime differences: • Residency status is not automatically valid for a person’s lifetime. You must keep your residency valid by following the rules that your new country of residence has established • If you hold a residency permit you have the legal right to live, work, study, and to travel in your country of residence • Your residency status can be more easily rescinded for criminal behavior • Non-citizens cannot vote in elections, petition the government or be called for military service • Citizenship is for life, and confirms you are a legal member of the nation with all of the rights, responsibilities and privileges afforded to all other citizens www.high-net-worth-immigration.com 5

• Citizenship could be revoked if there is substantial evidence that a naturalized citizen has been involved in a crime against the state

Factors to Consider Everyone should seek advice and be very clear about which countries to consider, and which status to apply for. Immediate personal circumstances and future goals are the two greatest determinants. Cost is also a factor. A high net worth individual is less likely to be concerned about both initial expense and ultimate return on the particular amount invested, when this is compared with the overall benefits of these programs. Specific factors include: • The ultimate purpose and intended outcome of attaining the new status (increased wealth, reduced taxation, business opportunities, estate planning, lifestyle, etc) • Prerequisites needed by the applicant and family in order to apply for a particular status • The time to obtain the desired status • The need to be physically present in the country in order to complete the approval process • Which other countries can be visited after the status has been attained • How much time, if any, must the applicant and family physically reside in the new country Conclusion Citizenship by Investment and Immigrant Investor Programs deliver major benefits to high net worth individuals. Each program, as offered by each country, requires applicants to meet specific requirements in order to achieve those benefits. Each applicant should look closely at both the countries and the programs, and then couple them to their own personal and business goals.

Each of the following sections discusses the countries and their programs as a first step to help you, the reader, make your basic decisions. After that – or while doing your initial thinking – please contact us at:

[email protected] Or Complete any of the contact forms on our website

High Net Worth Immigration

We can advise and support you from start to successful finish.

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Section 1: European Programs

Bulgaria – Citizenship by Investment

Program Overview

The program is offered in accordance with the Foreigners in the Republic of Bulgaria Act. The program is based on the Canadian model. The program delivers permanent residency, and also enables investors, subsequently, to attain Bulgarian citizenship. The primary qualifications for are: • The appropriate investment is made by a non- citizen • The applicant’s net worth is confirmed and their source is shown to be legitimate. The thresholds vary according to how the investment is made (see further details below) • The applicant has a clear criminal record, and is not under criminal investigation • The applicant must travel to Bulgaria to complete the process • Once the specific time and investment qualifications are met, the now-resident foreigner may apply for citizenship, following either a Standard or Fast-Track option

Why Choose Bulgaria?

Bulgaria is in south-eastern Europe. It borders the Black Sea, to the east, and is www.high-net-worth-immigration.com 7

surrounded by five other countries - , , Republic of Macedonia, Greece, and - with which it has good relations, thus giving the country a strategically important geographic position. The country is a mix of mountains, plains, river valleys and coastline, giving it an interesting and varied climate.

Its population of 7.4 million is ethnically diverse. 72% of the population is urban, and approximately 62% is of working age. They have a reputation for a strong work and community ethic. Most high school students study a foreign language. Sofia, the capital, is an ancient Thracian settlement. It lies approximately midway between the Black Sea and the Adriatic Sea, although it is closer to the Aegean.

Bulgaria has transitioned to a market economy following the collapse of the Soviet Union, and is considered to be upper middle in range. It enjoys low labor costs, low business operating costs, and the lowest tax regime in Europe. Corporate income tax and personal income tax is calculated at a flat rate of 10%. There are additional tax incentives, through accelerated depreciation, for investing in new capital equipment.

All corporate tax is eliminated for five years after establishing a manufacturing facility in a government-determined depressed area. In addition, some corporate entities, such as special purpose investment companies, are exempt from corporation tax.

80% of the country’s GDP is generated by the private sector, which has seen strong growth recently. Bulgaria has the lowest public debt of any country in the European Union (EU). Its economy is based, primarily, on heavy industry, power engineering and agriculture. Industrial production is expected to grow by 3.1% in 2015 and by a further 3.5% in 2016.

Bulgaria joined the EU in January 2007 but is not a member of the Eurozone. Its currency, the Lev, referenced as BGN in financial reports is pegged at 1.96 BGN to the €. Bulgaria’s government is based on a parliamentary democracy. As a member of the United Nations, it has been part of the Security Council three times; it is also a member of the North Atlantic Treaty Organization (NATO) The World Trade Organization (WTO) and was a founding member of the Organization for Security and Cooperation in Europe (OSCE).

The Bulgarian economy is poised for improved growth, and the government welcomes foreign investment and business interests. To encourage that, it has put plans in place to improve its education system, its banking practices, and its civil service processes. Bulgaria introduced its Residence and Citizenship by Investment Program in 2009.

Benefits of Bulgarian Residency and Citizenship

Benefits of Residency include: • Ability to reside, in Bulgaria while ever the investment remains intact www.high-net-worth-immigration.com 8

• The investor can establish a company, purchase property and raw land in Bulgaria • Some conditional tax exemption on non-Bulgarian income • Ability to work in Bulgaria • Freedom to study, as an exchange student, in the other EU countries which have exchange agreements with Bulgaria • Future ability to apply for citizenship and a

Benefits of Citizenship include: • All the benefits of permanent residency plus • Freedom to travel throughout the 28 EU nations, including visa-free or visa-on- arrival travel to more than 160 countries and territories • Consular protection within the EU • The ability to run a business, work, live, and study in any of the EU member states • Attractive tax incentive schemes for capital investment • ‘No double taxation’ (or low tax) agreements with more than 60 other countries (for more details please see this link) • Access to health care facilities throughout the EU • Free or lower cost education within the EU

Citizenship by Investment – Qualifications and Conditions

It should be remembered that not all investment opportunities that are available to foreign nationals will lead to permanent residency and, therefore, will not lead to citizenship.

The government investment option – which does lead to permanent residency and citizenship – is the only one for which High Net Worth Immigration offers services.

Applicants must satisfy the following: • Be non-European citizens over 18 years of age and hold a valid passport, or other valid foreign-, from the applicant’s present country of citizenship • Have no criminal record, and not be under criminal investigation • Have a combined net worth in excess of €1 million, for a financed investment, or €511,292 (1 million BGN), for a full investment. These quoted figures are the € equivalents of the Bulgarian Lev (BGN). The amount may vary, marginally, in line with prime lending rates, which are linked to the key-lending rate of the Bulgarian National Bank. The applicant’s net worth can be made up common items such as cash, stocks and bond certificates, physical property and real estate. All items must be held outside of Bulgaria • Show that the source of wealth is legitimate • Travel to Bulgaria for the two mandatory appearances

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Bulgaria no longer has a language competency, educational or occupational requirement for applicants, and there is no religious restriction.

Investment Criteria The applicant may choose one of two options to meet the investment requirement: The Full Investment Option requires that the applicant deposit €511,292 (1 million BGN) into a personal Bulgarian bank account. The money will be used to purchase a Governmental Bond portfolio. • The bonds must be held for 5 years • The investment will be secured and fully guaranteed by the Bulgarian government • After 5 years, the bond purchase figure will be refunded without any accrued interest

The Financed Investment Option requires that the applicant deposit a minimum of approximately €195,000 into their personal Bulgarian bank account. The remaining amount to make up the investment figure of €511,292, will be borrowed from a chartered Bulgarian bank. The total amount will be used to purchase the required Government Bonds • The loan will be kept in place for 5 years after which time • The €195,000 that was deposited is not refunded, but is used to cover bank fees and interest on the loan

Citizenship Criteria The Bulgarian Citizenship Act enables a foreign investor, who holds a permit of permanent residence for a period of five (5) years to apply to become a naturalized citizen.

The qualifying requirements, in addition to the original residential investor requirements are: • Make suitable application and pay the necessary fees (see below) • Satisfy a medical examination • The applicant must not have been convicted (or accused in ongoing criminal proceedings) of a capital offence, unless the applicant has, subsequently, been rehabilitated

On December 21 2013, the government announced a ‘Fast Track’ option. This option is recommended for anyone who does not want to complete a five-year residence qualification, or who has dependents over 18 years of age, because they can apply for citizenship immediately after the primary investor becomes a citizen. The qualifying requirements for this option include those above (excluding the five year requirement) plus: • The applicant must have completed the Standard Investment option, and held www.high-net-worth-immigration.com 10

permanent residency status for at least one year • Make a second investment of €500,000 (refundable after 2 years of citizenship) • The second investment may be financed with a down payment of €110,000 (which is not refundable) • The investment is used to purchase further government bonds • Hold the second investment for at least 2 years after naturalization • Children of the primary applicant, regardless of age, may apply for citizenship as soon as the primary applicant has attained citizenship

Application Process

Check the video about the Bulgarian Investor Program - Application Process

The primary applicant must obtain a Bulgarian permanent residence permit before the applicant’s family members may apply and receive theirs. The process involves visits to a Bulgarian Consulate and to Bulgaria, itself.

Primary Applicant 1. Submit file and application fees 2. Sign Power of Attorneys (POA’s) in an appropriate Bulgarian Consulate 3. Transfer the applicant’s investment funds to a Bulgarian bank 4. Investment Certificate is issued by the Bulgarian Ministry of Finance 5. Make second appointment with a Bulgarian Consulate to apply for ‘Long Term Stay’ Visa D. It can take up to 45 days for the security checks to be completed before the visa is issued 6. Visa D granted. First visit to Bulgaria to submit application for a Permanent Residency Certificate (PRC). Approval can take up to 90 days 7. Second visit to Bulgaria following approval of PRC 8. Apply for Bulgarian Identity Card. It often takes 3 business days for the card to be issued 9. Family Member Applicants 10. Submit application for Long Term Stay Visa D following primary applicant’s Step 8 is complete 11. Granting of Visa D for family members 12. Visit Bulgaria to apply for PRC 13. Approval of Permanent Residency 14. Second visit to Bulgaria to apply for Bulgarian Identity cards. Allow 3 days for processing

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Fees Applicable to the Bulgarian Program for Residency & Citizenship

The Standard Investment Option has two procedures - Full Investment and Financed Investment. 1 Full Investment Option (€511,292 refundable after 5 years) 2 Financed Investment Option (€195,000 – non-refundable)

The legal and processing fees associated with the Standard Investment Option are: • €25,000 for the applicant and spouse • €2,500 for each dependent child under 18 years of age

The legal and processing fees cover: • Services pertaining to legal representation before state, municipal, and administrative authorities in Bulgaria • State, municipal, notary, and administrative charges paid in Bulgaria, including fees associated with applying for Bulgarian residence status • Translation and Legalization of required documents • Annual rent of a Bulgarian property for 5 years. This is required in order to establish a permanent address, as required for the subsequent citizenship application

The applicant is not required to disclose all assets, but only those which can easily be shown to demonstrate a net worth of €1 million.

Legal and processing fees are non-refundable.

Should the residence application fail, after the investment has been made, the applicant will receive a full refund of the full or the financed amount, whichever is applicable.

1 Fast-Track Citizenship Procedure • Financed Investment Option – €110,000 (non-refundable) • Full Investment Option – €511,292 (refundable)

The citizenship application can be made as soon as the investment certificate is issued. Processing may take up to 6 months. It is, therefore, possible to gain Bulgarian citizenship within a total time-frame of two-and-half years.

The legal and processing fees associated with the Fast-Track Option are: • €25,000 for the primary applicant • € 7,500 for each dependent, regardless of age

Spouses, as well as the primary applicant, must show they also have 5 years permanent www.high-net-worth-immigration.com 12

residency prior to applying for citizenship.

Due Diligence Fees Before the citizenship application can be made, regardless of the investment option chosen, there is a due diligence process. These fees are in addition to the above-listed application and processing fees: Primary applicant: €7,500 Spouse: €5,000 Child 18 years of age or older: €5,000 Child between 4 years and 18 years of age: €3,000

Cyprus – Citizenship by Investment

Program Overview The program delivers naturalized citizenship to the investor applicant and certain family members when two primary qualifications are met: • The appropriate investment is made and confirmed • The applicant has a clear criminal record

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The timeframe for the Ministry of the Interior to examine the application is approximately twelve weeks.

Why Choose Cyprus? The island of Cyprus is in the eastern Mediterranean Sea, lying at the crossroads of Europe, Africa, and Asia. It became a member of the European Union in 2004 and a member of the Eurozone in 2008. Cyprus is also a member of the Commonwealth of Nations. The country has a population of approximately 1.2 million (2014).

The official languages are Greek and Turkish, with 80% of the people also being proficient in English, 12% in French, and 5% in German. Cyprus has one of the highest percentages of adults with higher education. Approximately 79% of university graduates studied outside the country. This cosmopolitan society currently enjoys a low crime rate, a very attractive tax environment, plus high quality public and private educational establishments.

The island enjoys a sub-tropical climate with mild winters and warm summers (average daytime temperatures are 24°C/75°F). Summer lasts for about eight months. Cyprus is a mountainous country (highest point is just over 1830 meters (6000 ft) and 53 of its beaches have received the internationally prestigious ‘Blue Flag’ Award – ranking it highest in the world per miles of beach.

The Cyprus economy has shown a strong recovery in recent years. Foreign direct investment has helped to spur this momentum. The tourist industry, shipping, oil and gas exploration, and the newer ‘Health and Wellness’ industries are all continuing to grow. Government policy is encouraging business growth by introducing a number of business-friendly incentives. The island offers excellent business infrastructure. The business and legal systems are based on United Kingdom models, dating from the days when Cyprus was a British colony.

Benefits of Cyprus Citizenship There are many benefits. They include: • Enjoying free travel throughout the 28 nations of the European Union (EU) including visa-free travel to a total of 157 countries • Consular protection within the EU • The ability to work, run a business, and live in any of the EU member states • Low tax rates (currently 12.5% corporation tax, and a tiered income tax from 0 to 35%) including no capital gains tax, wealth tax, inheritance tax, or gift tax, no estate duty, and no income tax paid on income from dividends or interest • Attractive tax incentive schemes for new capital investment • No personal income tax as there is no requirement to be a Cyprus tax resident • No restriction on the repatriation of profits and imported capital www.high-net-worth-immigration.com 14

• ‘No double taxation’ agreements with over 50 other countries • Excellent educational facilities, including no-cost undergraduate courses in public universities, and the right to seek higher education qualifications in any of the EU member states with EU tuition fees • Excellent health care facilities Citizenship by Investment – Qualifications and Conditions The program is open to individuals, their family members, and to senior managers or stockholders in corporations who meet, or whose corporation meets on their behalf, specific criteria. The required investments (excluding the purchase of a primary domestic residence) must have been completed no more than three years before application. • Purchase at least €5 million worth of state bonds of the Republic of Cyprus • Purchase at least €5 million of financial assets in Cypriot companies or other organizations. Such assets may include bonds, securities or suitably registered and issued debentures • Acquire, start or invest in a company or business which is based and active in Cyprus. The qualifying value is €5 million. The organization must employ at least 5 Cypriot nationals • Invest at least €5 million (excluding VAT) in qualifying real estate, infrastructure projects or other developments (excluding land) • Any one of the four above-listed criteria may have the minimum investment amount reduced to €2.5 million (at the discretion of the Council of Ministers) where it is clear that the applicant participates in collective investment plans which total at least €12.5 million • Have a minimum of €5 million deposited, for a minimum of 3 years, in fixed-term accounts of Cypriot banks. The deposits may be in the name of the applicant, a privately-owned company, or a Cypriot-registered trust. The deposits may be used as loan collateral provided the resulting funds are further invested in the Republic of Cyprus • Have a minimum of €5 million invested in a combination of the above-listed criteria • An applicant whose existing deposits with the Popular Bank Public Company Ltd have been impaired due to measures which were implemented after March 15 2013, may apply for citizenship provided the impairment totals €3 million. If the impairment is less than €3 million, an application may still be made provided the shortfall is made up by an appropriate investment from the above-listed criteria

In addition to these investment criteria, the applicant must satisfy the following conditions: • Have a clean criminal record in the country of origin and in Cyprus • Confirmation that the applicant’s name is not on the list of those whose property is ordered frozen or blocked within the EU

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• Applicant must have a privately-owned residence in Cyprus, currently valued at a minimum of €500,000 (plus VAT). This amount is separate from the investment required for application

Please note: The applicant can avoid purchasing a separate €500,000 privately- owned residence if their investment for application purposes includes one or more private residences valued at either €2.5 million or valued at €5 million, making it a qualifying investment in real estate. Applicant’s Family Members The applicant’s spouse, children under the age of 18, financially dependent children over 18 (including those with severe mental or physical disabilities) are also granted Cypriot citizenship. Students up to the age of 28 are considered financially dependent, unless they are studying for a second or subsequent qualification. Professional qualifications, such as in accountancy, are also excluded.

The applicant’s spouse may submit an application along with the applicant. Applications from dependent children must be submitted after the applicant has obtained citizenship.

Application Process and Government Fees The details of the required supporting documents to accompany the application vary according to the choice of investment, etc. The basic outline is as below: • The application (plus that of the spouse) along with an application fee of €2,000 per applicant, is submitted in Greek or English, along with appropriate supporting documents to the Ministry of Interior • Where supporting documents are translated from another language, the copies must be appropriately authenticated • The application for naturalization is examined by the Ministries of Interior and Finance • If the applicants meet the criteria and conditions, the case is presented to the Council of Ministers for the final approval (The Council retains absolute discretion regarding approval) • The Ministry of Interior will inform the applicants or their legal representative of their final decision within three months of the date the application was submitted • Once the application is approved, the Certificate of Naturalization is issued by the Civil Registry and Migration Department, within two weeks. The issuance fee for this is €5,000 per adult person • Children’s applications may follow after approval is granted. The application fee for an adult child is €2,000, and a minor child is €80 • The applicants will then travel to Cyprus to take an oath of Allegiance, in person, by conducting an affidavit at the Cyprus courts • Once the affidavit is conducted, the passport will be issued by the Migration Department within two working days www.high-net-worth-immigration.com 16

Greece – Residence Permit by Investment in Real Estate

Program Overview The program enables any citizen, and their immediate family, of a country outside the European Union to obtain a permanently renewable Five Year Residence Permit by satisfying one of the following next two conditions: • Making a single payment to purchase approved real estate valued for a minimum of €250,000 • Leasing, for ten years and by single payment, accommodation (including in a hotel, timeshare, furnished property in a tourist accommodation complex) where the lease is valued at a minimum of €250,000 • Any renewal of the residence permit is subject to the applicant remaining in possession of the property or the lease agreement, and continues to have a clean criminal record. Provided the applicant remains owner of the property, or the lease remains active, the residence permit may be considered permanent • The program, in itself, does not lead to citizenship but, following 2015 legislation, after 7 years the applicant, and qualifying family members, may apply for citizenship

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• The residence permit conveys the right to the permit holder to seek employment (but not access to the employment market) to operate their own SA business Why Choose Greece? Greece is considered the cradle of Western Civilization. Her many World Heritage Sites are amongst the most important on the planet. Greece’s strategic location in the southern Balkan peninsular, between the Aegean and Ionian Seas puts it at the crossroads of Europe, Asia and Africa. Greece, therefore, is the natural hub for many diverse markets.

Greece joined the European Union (EU) in 1981, and became a member of the Eurozone in 2001. It is a signatory to the Schengen Treaty.

Greece is a major tourist destination for people from around the world. In 2014, approximately 21 million visitors took advantage of the well-deserved Greek reputation for hospitality. Many of the 11.2 million Greek people are multi-lingual and well educated. Approximately 75% of the population lives in urban areas and about 66% are of working age.

Greece is a mountainous country (Mount Olympus is 2917 meters/9570 feet) many peninsulars, and includes more than 3000 major islands. Greece, therefore, has the longest coastline of any European country. Its climate enjoys hot dry summers and mild wet winters, which contribute to both its tourist industry and its agribusiness. Tourism makes up 16% of Greece’s GDP, while it also has become the EU’s #1 producer of cotton and pistachio nuts, #2 for rice cultivation and #3 for figs and almonds. Its mercantile shipping fleet is the largest in the world.

Following the well-publicized economic crisis, it has set about reforming many areas of activity. The country returned to growth in 2014, and had the EU’s fastest growing economy for part of that year. The government is working to simplify business licensing, encourage exports, raise efficiency across all government processes, deregulate some professions, improve competition in retail and tourism, reform the country’s power markets and privatize parts of its seaports, airports and railroad transport system.

Property is still very well priced, values having fallen by up to 40% of the pre-crisis levels. As the Greek economy improves, the prices will most certainly rise.

Benefits of Greek Residency Greece residency offers many benefits; not least of which is a relaxed lifestyle. Beyond that, residency offers: • The Investors have the legal right to apply for both permanent residence and citizenship • The investor may offer residency all family members: spouse, children (up to 21 years of age), parents and spouse’s parents www.high-net-worth-immigration.com 18

• The investor will be able to sell his/her property to another foreign citizen, and transfer the residency permit together with the property. No minimum time for ownership before transfer • The investor may establish his/her own business in Greece • There is no need for the investor or the family members to stay in Greece to maintain the residency right • The freedom to travel throughout the • They can also travel directly from their country of origin without the need to come to Greece first • Ability to lease out the acquired property while maintaining ownership • Access to schools and colleges for applicant and family members • Access to healthcare, with appropriate insurance cover Attaining Residency – Qualifications and Conditions • Purchase real estate (residential or commercial) valued at a minimum of €250,000 or • Purchase vacant land and immediately begin to erect a building, provided the combined value of land and the completed construction will be a minimum of €250,000. Appropriate purchase and contractor contracts must also be submitted or • Sign a 10 year lease, for a minimum of €250,000, on a timeshare property, hotel accommodations or furnished tourist residences which are in an integrated tourist resort • Confirmation that the Greek National Tourism Organization (GNTO) has granted the relevant operation license to accompany the lease • In all instances, the purchase must be made in full. Associated taxes and fees must be made as a single payment • Have full, prior possession and ownership of qualifying property that was purchased before the Residency Program was introduced, provided the current, authenticated value is a minimum of €250,000 • In all of the above alternatives, the applicant’s immediate family members may also seek their own residency permit • Have full, prior possession and ownership of such property, currently and authentically valued at a minimum of €250,000, that was acquired through either parental concession or donation • In this, above instance, only the recipient of the acquired property is eligible to seek residency, not family members • The purchase or lease may be in the personal name of the applicant or in the name of a legal entity, such as a corporation, if the applicant has 100% ownership of the entity • The qualifying property, in all instances, may be a single piece of real estate or multiple pieces, provided the combined value exceeds the minimum €250,000 figure www.high-net-worth-immigration.com 19

• Multiple applicants may jointly acquire qualifying real estate, in order for each to apply for a resident permit, provided each person invests the minimum €250,000, and all pay in full Application Process and Fees The process is straightforward. Submission of all documentation may be by the applicant, in person, or through an authorized proxy provided the applicant has already entered Greek territory and then left before the application process is complete. The applicant may remain in Greek territory and still choose to submit the documents via a proxy. The application should be submitted to the Decentralized Authority where the property is situated. A list of fees appears at the end of this section.

• Apply for and receive (or already be in possession of) a valid entry visa for Greek territory. The application must be made to the Greek consular office in the applicant’s present country of residence. As part of the visa application process, the applicant must provide proof of the ability to cover all costs of purchase or lease, plus fees and taxes, by submitting acceptable copies of bank statements, stock or bond certificates, etc • Provide the necessary documentation for the residence permit as listed below:- 1 copy of the application document 3 recent color photographs A certified copy of a valid passport (or other valid travel documents) plus valid entry visa, if required If appropriate – acceptable proof of ownership, method of acquisition, current authenticated value, etc, for currently-owned real estate, or proof that the 10 year lease has been paid in full • A notary certificate is required as proof that the €250,000 has been paid in full • Property transfer contract, or its equivalent as appropriate • Land registry certificate • The required documents must be submitted in Greek, other than those issued by a foreign authority, in which case they must be appropriately attested and certified (e.g. by a Consular official) and translated into Greek • Where Greek translations are required, the applicant must use the services of the Translation Service of the Ministry of Foreign Affairs or a member of the Greek Bar Association • Show possession of an acceptable certificate of insurance to cover the cost of any medical treatment or hospitalization • If appropriate – proof that the applicant owns 100% of the legal entity, if the entity is to purchase or currently owns, the real estate • Once the Greek authorities receive the application and supporting documentation, they will issue confirmation of receipt. The confirmation is valid for one year • This confirmation enables the applicant to reside in Greek territory, or travel from and to Greece only, until final processing. During this time, the applicant is www.high-net-worth-immigration.com 20

entitled to the benefits of the residence permit, other than the ability to travel freely to all Schengen countries • Once the appropriate authority has received the application, the processing takes no more than 2 months Family Members Certain family members may also apply for a residence permit, except where the real estate was acquired by parental concession or donation. The family members must be either: • the applicant’s spouse (unmarried partners are not considered family members), the applicant’s and spouses parents, the applicant’s children or direct descendants of the spouse who are under 21 years of age • Family members may enter Greece at a later date and then apply for their residence permit, if they so choose • Their residence permits do not include the right to seek employment • In addition to the documentation, described above for the primary applicant (other than proof of property ownership or lease) applicants must provide appropriate documentation to prove, family membership • These children’s residence permits are renewable until they reach the age of 21. After that, if they wish to renew, they must satisfy any pertinent immigration conditions, as might be applicable at the time Application Fees and Taxes The fees and appropriate taxes, in addition to the property purchase or lease cost, are: • Lawyer’s Fees: €3,250 • Residency permit fees for two applicants: €2,000 Each additional applicant will be charged: €500 • Notary Fees: €3,000 • Administration and other Fees: €3,000 • Registration Fee of New Owner at Local Land Registry Authority: €1,925 • State Tax on the Property Purchase at 3.09% totals: €7,725

Fees are non-refundable.

Figures shown include Value Added Tax (VAT) at 23% Total amount of Fees and Taxes amount to 8.36% of net property cost: €20,900

Renewal of Residence Permits Applicants and their family members must renew their residence permit every 5 years. The applicant may be out of the country during the renewal process. Renewal requires the applicant(s) to submit: • Documents equivalent to those used for the original application • Proof of continued property ownership or active lease, as appropriate www.high-net-worth-immigration.com 21

• A copy of the previous residence permit (unless that is attached to the applicant’s passport)

Revocation of Residence Permit There are two conditions, which will lead to revocation: • Sale of property or assignment of lease. The primary applicant must continue to own the property or maintain an active lease for the residence permit to remain in force • The residence permit will be revoked if the applicant earns a criminal record, either in Greece, in the applicant’s home country, or anywhere else in the world

Hungary – Investor Residency Bond Program

Program Overview The program enables the applicant, applicant’s spouse and children under 17 years 6 months (at time of application) to attain temporary, and then permanent residency in Hungary by satisfying the following requirements:

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• Invest a minimum of €300,000, regardless of the number of family members, in special government bonds, issued by an approved Residency Bond Agent • Application fees of €60,000 (which includes all professional, government, and legal expenses) • Holding the investment for a period of 5 years, after which time the original amount will be refunded in full (without any accrued interest) • Residency may be renewed for a further 5 years, at no cost to the applicant

The investment is guaranteed by the Hungarian government. There are no special qualifications, other than confirming sufficient personal assets to fund the investment and associated costs and fees, which must be legally acquired. The program does not require applicants to remain physically present in the country.

Why Choose Hungary? Hungary is one of the oldest countries in Europe, and is located in the central-eastern part of the continent within what is known as the Carpathian Basin. Hungary is famous for its beautiful architecture and its culture. It was the home of Franz Liszt and Béla Bartók, Ernö Rubik and László Biro.

The country has good transport infrastructure, telecommunications systems, and a well- regarded education system. Of its approximately 10 million citizens, about 67% are aged between 15 and 64. The workforce is respected for its good technical skills and language abilities. Because of Hungary’s location, there is a potential market of about 250 million other Europeans within 1000km (600 miles) of its borders.

To the west, the country is mountainous, and to its east mainly rolling plains. Its winters are cold and wet, and its summers hot and dry, so with its terrain the country is well suited to agriculture. Hungary is a member of the European Union and the Schengen zone.

Between 2007 and 2013 Hungary received approximately €22.5 Billion from the European Structural and Cohesion Fund. Private investment is said to have doubled this figure, which has been invested, primarily, in economic development, transport, energy, regional development, social renewal, and state reform.

Comparing 2014 with 2013, GDP grew by 3.66%, industrial production by 7.66% (productivity in general by 5.9%) agricultural production increased by 9.6%, real earnings by 3.2%, and internal investment by 14%. All of these factors contributed to Hungary’s export trade growing by 7.1%, and the improved economic conditions resulted in imports growing by 8.8%.

Hungary’s tourist industry has always been strong, with 9.5 million people visiting the country in 2014, making it the 30th most visited country in the world.

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Benefits of Permanent Residence The permanent residence card is valid for 5 years (3 years for family members, but extendable to 5 years) and is renewable. Its benefits include: • Visa-free travel throughout the Schengen zone (using the resident’s current home-country passport) • Ability to live, work and study in Hungary • After maintaining permanent residency for 8 years, the applicant and family members may apply for Hungarian citizenship. (In 2016 it is expected that this waiting period will be reduced to 5 years, and the language test, currently required, will be waived.) • Hungary has certain tax advantages (depending on the applicant’s present country) with a 16% personal income tax rate on Hungarian earnings, and no inheritance tax for direct-line family members • Ability to use Hungary’s universal healthcare system, provided there have been enough employment-related contributions, otherwise personal health insurance is required Investment Options and Requirements The investment and application process is straightforward and speedy: • Make a single deposit of the investment amount to an approved Residency Bond Agent (Bonds are issued twice-monthly) • The primary applicant must be 18 years or older • Provide proof of capital sufficient to cover the investment and associated costs and fees • Proof of economic self-sufficiency • Pass the background checks to ensure clean criminal record, and that the funds were attained legally • All applicants must have a valid passport (or other approved national travel documents) • The Hungarian government reserves the right to an in-person interview. The interviewees are selected at random, and are few in number • After the 5 years have elapsed the original investment (excluding the application fees) will be returned in full, without any accrued interest

Application Process • All applicants submit their applications simultaneously. The primary applicant will be processed first • The applications are made in person either in Hungary, itself, or at the Hungarian embassy in the applicant’s home country • Required documents include (for all applicants over 16 years of age) 2 recent photographs, birth certificates, marriage certificate if appropriate, bank

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statements, bond certificates etc, to show required investment assets, and a CV (personal resumé) for each applicant over 16 • Temporary Resident permits are processed within 8 days, and residence cards are delivered 4 – 5 weeks after approval The application for Permanent Residence may be made 6 months after temporary residence cards have been received. The applicant(s) must apply in person and: • Make the Residency Bond investment • Establish a Hungarian residence, and show proof of ownership or proof of long- term rental agreement in order to apply for permanent residence. Ownership or the property lease must be maintained for the duration of the residency • Visit Hungary, once, as part of the application process • Provide similar documents as for temporary application • Provide a clean criminal record for each applicant 14 years or older • The approval process takes 3 months • Permanent residence cards are issued 4 – 5 weeks following approval

Ireland – Immigrant Investor Program

Program Overview The program was established in 2012 to further enhance Ireland’s position in the world economy, and to stimulate local employment by encouraging business investment by nationals from outside the European Economic Area (EEA). Any qualifying person of www.high-net-worth-immigration.com 25

good character, who makes an appropriate investment, will receive a secure (Stamp 4) residency. The initial residence permit is issued for 2 years; this may be renewed for a further 3 years, after which time renewal may be requested every 5 years.

After 5 years and 6 months the original investment does not need to be maintained, to renew residency.

The possibility of residency also extends to the primary applicant’s spouse, and children under 18 years of age. Dependent children up to the age of 24 will also be considered. The program requires investment in the Irish Diaspora Loan Fund, regulated by the Central Bank of Ireland. The fund focuses on Irish job creation.

The program does not automatically lead to naturalization, neither does it offer any preferential process, but residents who satisfy standard naturalization requirements may apply, if they so choose.

Why Choose Ireland? The Emerald Isle, as Ireland is known, is a beautiful island country to the west of Great Britain, making it the most westerly nation in the European Union (EU), which it joined, as the European Economic Community, in 1973. The Republic of Ireland (Eire, in the Gaelic language) is a parliamentary democracy with a population of 4.6 million people.

In 2015, Ireland headed Forbes’ List of 145 nations as the best country for business, referencing the country’s economic freedom, investor protection, and low tax burden. The Organization for Economic Co-operation and Development (OECD) also praised Ireland’s recovery from the 2007/8 recession by saying economic growth is projected to be robust and broadly based through 2015 and 2016. Exports will continue to be strong, business investment will continue to rebound (following 2007/8) and household consumption will gather pace. GDP is expected to increase by 6% in 2015, and the 4.8% growth in GDP that was forecast for 2014, has recently been revised upwards to an actual figure of 5.2%.

Ireland has a high degree of globalization with few barriers to international trade and investment. A number of major American tech corporations have located their European headquarters in Ireland.

Ireland’s workforce is well respected, educated, and many individuals are bilingual, speaking both English and Gaelic.

Benefits of Ireland Residency • Stamp 4 residency enables the primary applicant, and family members, to live, work, start their own business, and study in Ireland www.high-net-worth-immigration.com 26

• Physical residence is not a requirement, but all qualified residents must visit Ireland at least once per calendar year • Visa-free travel to the United Kingdom, under the terms of the British Irish Visa Scheme • No minimum English language or education requirement • An attractive tax regime for high net worth investors • Ireland has a high quality education standard, and a broad network of state and private schools • Family members who choose to study in Ireland are entitled to transfer these years to a citizenship application • A fast and facilitated application process for residency Investor Program for Residency Requirements The program requirements are simple and straightforward. Applicants must: • Make the appropriate investment and maintain that investment for the required period of time, in accordance with the option chosen • Prove a net worth of at least €2 million • Be of proven good character, with a clean criminal record • Have private medical insurance to cover all such major expenses while in Ireland • Submit an affidavit of good character provided by a legal professional who is licensed to practice law in Ireland, or submit ‘due diligence reports’ from reputable international risk management and security screening organizations, once the application has been approved • Submit a letter of acceptance from the college, if the educational discount is being sought • Visit Ireland to receive the ‘Stamp 4’ residence permission • Visit Ireland at least once a year • The residence permit, once issued, is dependent on the investment remaining in place for 5 years that the applicant has not become a burden on the state, and that the applicant’s criminal record remains clean. After five years, residency will be renewed subject, only, to the burden and criminal record conditions

Applicant’s family members who seek residency must: • Prove their familial relationship with the primary applicant • Be of proven good character, with a clean criminal record • A common law (and de facto) partner who has been co-habiting with the primary applicant is considered to be a family member if they provide sound evidence that they have been in the relationship for the previous 2 years • Have private medical insurance • Submit a similar affidavit or due diligence report, if they are over 16 years of age. If the family member is under 16, the primary applicant submits a declaration on their behalf

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Citizenship Requirements The Immigrant Investor Program does not provide for preferential access to naturalization. Successful applicants may apply for naturalization. To do so they must prove that they have been physically resident in Ireland for 12 months prior to applying, and that they were physically resident in Ireland for 4 years of the preceding 8 (therefore, 5 years in all)

The Requirements for the Irish Diaspora Loan Fund (IDLF) • Invest a minimum of €500,000 into the Fund • Maintain the investment for a minimum of 5 years and 6 months • The primary investor, and approved family members, will secure Residency Permission for Ireland, enabling them freedom of movement within the country as well as within the UK (both being members of the European Union) • The Residency Permission will be renewed every 5 years, without limit, provided the applicant abides by the program requirements Application Process and Attaining Residency Permission The application and residency process is straightforward: • The Advisor submits the completed application, notarized supporting documentation, and application fee to the IDLF • The IDLF validates the documents, and carries out background checks • The IDLF performs a significant anti money-laundering compliance review before submitting the application to the Department of Justice • The IDLF review process may result in a request for additional information • If there are no requests for additional information, the Department of Justice will issue a provisional letter of approval, subject to the investment being made • The process should be complete within approximately 2 months, given that no additional information is called for • The applicant will then have 1 month in which to complete the investment • The investor must then visit Ireland in order to complete the Residency Permission process • On arrival at Dublin Airport, the investor will be met by IDLF representatives, and will accompany the investor to a private meeting at the Department of Justice • The investor will receive a 2 year Residency Permission • The investor is not required to live in Ireland but must visit the country for at least 1 day each year • At the end of the 2 years, the Residency Permission will be renewed for a further 3 years provided:- The investor has not become a burden on the country and Has not been convicted of a criminal offence • After the 3 year period has ended, Residency Permission will be renewed every 5 years, without limit www.high-net-worth-immigration.com 28

Application Fee The non-refundable application fee is €750. The fee covers the primary applicant and all family members who apply at the same time.

Supporting Documentation In addition to the documents that will support the information indicated in the Residency Requirements, listed, above, investors must also show: • Evidence of a legally acquired net worth of €2 million, by showing the source of all qualifying funds. The funds must be held in the applicant’s name, controlled by the applicant, and documents must not be more than 3 months old • Confirmation from an approved source (e.g. an official letter from a bank) that the funds are transferable into Ireland • All documents must be original, except for approved copies of Wills or divorce settlements, when appropriately-notarized copies will be acceptable • An explanation of the applicant’s activities during the previous 12 months, indicating: Income received – job title, salary, commissions, dividends, gifts, inheritances; Investments held – nature and amount, how acquired, origin of funds, real estate owned; Any loans in place – loans, mortgages, lines of credit, and dates of repayment, etc Liquidation of the Original Investment The IDLF will be liquidated after 5 years and 6 months. The original investment of €500,000 will be returned.

It can take up to 6 months to complete the legal processes that are required, and to exit all of the fund shareholders.

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Latvia – Residency by Investment

Program Overview The program enables non-European Economic Area (EEA) citizens, their spouse, dependent children under 18 years of age, and other dependent family members to attain temporary residence, for a period of 5 years, subject to satisfying one of the following requirements: • Make a qualified investment in one of more pieces of real estate • Make a qualified investment in a business, or business start-up • Make a qualified investment in interest-free government bonds determined for special purposes • Deposit at least €280,000 in a bank or other credit institution, and maintain the deposit for at least 5 years

The program does not require applicants to be physically present in the country, except when permits are to be renewed.

Residents may apply for permanent residence after 5 years, provided they were physically present in the country for at least 4 years and 2 months during that 5-year period. Permanent Residents may apply for Latvian citizenship after 10 years. Latvia does not, presently, recognize dual nationality but it is considering dual nationality in some cases.

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Applicants who wish to become Latvian citizens must pass a written and spoken language test, as well as a test on Latvia’s history, culture, and the national anthem.

Why Choose Latvia? The Republic of Latvia is a small country on the eastern shore of the Baltic Sea. It is bordered by Estonia, Russia, Belarus, and Lithuania, and has a sea border with Sweden. This makes it an ideal location for doing business in the Baltic and Scandinavian areas. Latvia joined the European Union (EU) and the North Atlantic Treaty Organization (NATO) in 2004. Latvia became a member of the Eurozone in 2014.

Latvia is also a member of the Schengen Area, and the World Trade Organization. Its population of approximately 2 million people is multi-lingual; primarily Latvian, English, and Russian. 67% of the population is urban, and 67% is of working age. 70% of the country’s GDP is derived from service-sector activity, 25%, industrial, and 5% agricultural. GDP grew 2.4% in 2014.

Benefits of Residence • Visa-free travel throughout the EU and the Schengen Area, with the ability to reside in Schengen Area countries for up to 90 days in a 6 month period • The opportunity to receive an EU-recognized permanent residence permit after 5 years • Low cost of living • The right to work, live and study in Latvia • Residents may apply for permanent residence after 5 years, provided they have been physically present in the country for 4 years and 2 months during those previous 5 years • Permanent residents may apply for Latvian citizenship after 10 years. Latvia does not recognize dual nationality Investor Options and Requirements The investment options are

Real Estate • Invest at least €250,000 in one of more pieces of real estate (or €500,000 if the lower-qualifying visas have been exhausted) • Pay State fees of 5% on the real estate transactions • Pay government fees of €25,000

It should be remembered that 800 investor visas might be issued in any one year, at this investment level. After that number has been issued, the minimum investment figure rises to €500,000 (plus state and government fees).

Business Investment www.high-net-worth-immigration.com 31

• Invest at least €35,000 in a business (or business start-up) having no more than 50 employees, an annual turnover below €10 million, and which pays at least €40,000 in taxes • Invest at least €150,000 in a business which exceeds 50 employees, and has an annual turnover exceeding €10 million. The tax burden is reduced, when this option is chosen • No more than 3 non-Latvian nationals may invest in any one business venture

Government Bonds • Invest at least €250,000 in interest-free government bonds determined for special purposes. The investment is made after a positive decision is issued granting a residency permit • Deposit €25,000 into the State budget

Bank Deposit • Deposit at least €280,000 in a bank or other credit institution, and maintain the deposit for at least 5 years. Deposits earn an agreed interest rate • Deposit €25,000 into the State budget

Temporary residents must show they can support themselves and their family while they are in Latvia. The temporary residence permit must be renewed annually, and the applicant must be present in Latvia during that time. Renewing the permit takes approximately 7 – 10 days. Temporary residents are also required to register with their local police authority once a year.

Application Process, Required Documents and Fees The process is speedy. Temporary Resident Permits (5 years) usually take 2 to 3 months to be issued. Applications are made to the Office of Citizenship and Migration Affairs and may be made in person or by an authorized representative. Documents common to all of the forms of investment include: • Passports or other valid international travel documents • 2 recent photographs • Statement of clean criminal record (for all applicants over 14 years of age) • Appropriate health insurance cover • Health certificate issued by a Latvian health care institution confirming that no applicant suffers from tuberculosis • Confirmation of sufficient personal assets for both the investment, and personal maintenance whilst in Latvia • Address of applicant’s personal residence while in Latvia • Birth, marriage and adoption certificates, as appropriate • Receipt showing payment of state fees

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Additional Documents Required for the Real Estate Investment Option The applicant must produce approved documents to show that: • The investment was made by money transfer, and not by a cash payment • The real estate was purchased from a legal entity registered in the Republic of Latvia, a member state of the EU, the EEA, or the Swiss Federation, and that the entity is a taxpayer in the Republic of Latvia, or that the real estate was purchased from a Latvian citizen or a foreigner with a valid resident permit • The applicant has no real estate debts on any real estate owned for longer than 12 months • Each purchased item of real estate must have an approved value, depending on its location. The value must either be that which appears in public records or be determined by a certified real estate appraiser, to meet the market value required by the minimum investment criteria shown above

Additional Documents Required for the Bank Deposit Option The applicant must produce approved documents to show that: • The required deposit was made • The deposit is for at least 5 years • If the deposit was made in a foreign currency that, on the day of transfer, it was the monetary equivalent of the minimum deposit amount required

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Malta – Citizenship by Investment

Program Overview The program will deliver Maltese citizenship to the applicant and dependent family members one year after establishing residency. Applicants must be non-EU, non-EEA, and non-Swiss nationals.

The Republic of Malta wants to attract individuals of impeccable character and repute. Applicants must satisfy specific qualifications, summarized, here, into these 3 points: • The applicant, and qualifying family members, show that they are personally ‘fit and proper’ to become Maltese citizens • Make a qualifying, non-refundable, contribution to the country’s National Development and Social Fund, invest in government bonds for a minimum of 5 years, and own or rent residential property for a minimum of 5 years • Show they have a ‘genuine link’ with Malta for 1 year Why Choose Malta? The Republic of Malta’s location in the center of the Mediterranean Sea puts it at the crossroads of European, African, and Near East travel and commerce. The country has an internationally respected reputation for commerce, finance, technical innovation, and entrepreneurship. Malta enjoys a safe and stable political, economic and financial environment. In its twenty-eighth edition of Internal Market Scoreboard (2011), the EU rated Malta’s banks as being amongst the top 5 soundest in the world. www.high-net-worth-immigration.com 34

Malta joined the European Union (EU) in 2004, fully implemented the Schengen Area Treaty in 2007, and joined the Eurozone in 2008.

The country’s economy is broad-based, and encompasses manufacturing, financial services, healthcare, and tourism – particularly at the elite and luxury end of the market.

Benefits of Maltese Residency Prior to citizenship, applicants may apply for residence status. Residence is established by showing clear intent to reside permanently in the country by being physically present for at least 183 days in the year, taking up residence, joining clubs, being involved in commercial or philanthropic activities, etc. Malta residents enjoy several important privileges:- • Visa-free travel within the Schengen Area • Benefitting from Malta’s personal and corporate tax codes • Benefitting from Malta’s business incentive programs designed to further enhance the economy. These include tax holidays, soft loans, training grants, provision of ready-built manufacturing plant, and other incentive allowances

Benefits of Maltese Citizenship Maltese citizenship affords a number of additional benefits: • Ability to travel freely, throughout the EU • Visa-free travel to more than 166 nations, including the EU, USA, and • Ability to make use of investment, business and employment opportunities anywhere within the EU • Ability to reside, make use of education, health, unemployment, and pension privileges throughout the EU • Ability to pass citizenship to subsequent descendant generations • Maltese citizens, and residents, enjoy an advantageous tax regime – no net worth or wealth tax, no inheritance tax or estate duty, no municipal or real estate taxes, a 15% tax rate on foreign-sourced income remitted to Malta, an effective 5% investment tax rate, an effective corporate tax rate of 0 – 5 – 10%, a minimum family tax amount of €15,000, and the benefit of applicable double tax treaty relief through treaties with over 60 other countries (negotiations are continuing with 15 others)

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Investor Program for Residence & Citizenship Qualifications and Conditions Applicants must not be EU, EEA, or Swiss nationals. Those who are eligible include the primary applicant, who must be over 18 years of age, spouse, and children under 18 years of age, unmarried children between 18 and 25 years of age, and parents over the age of 55. They must satisfy the following personal and investment requirements: • The applicant and associated family members must show they are economically self-sufficient • Satisfy a 4-tier due diligence process carried out by the Government of Malta to show the applicants are of good character. Applicants, therefore, must have a clean criminal record, not have been indicted or appeared before the International Criminal Court, not have been wanted by Interpol, not be an ‘enemy of the state’ or a ‘potential threat’ to Malta’s reputation, national security, or its independence, not have been charged with or found guilty of any crime against the European Convention of Human Rights, or any offence that would disturb ‘the good order of the family’ • Be in good health, and not suffer from any contagious disease • The primary applicant must make a non-refundable contribution of €650,000 to the Government of Malta’s National Development and Social Fund • The primary applicant’s spouse, and any unmarried children under the age of 18 each make a similar non-refundable contribution of €25,000 • Unmarried children between 18 and 25, and parents must each contribute, to the fund, the sum of €50,000

70% of the contributed amounts are used by the fund to finance educational, health and social programs. The other 30% is used as part of the consolidated fund. • Applicants also each invest a minimum of €150,000 in government bonds, for a minimum of 5 years, after which time the investment will be repaid, without accruing any interest • Purchase a residence in the amount of, at least, €350,000 on the islands of either Malta or Gozo. The applicant must continue to own the property for at least 5 years. If ownership remains intact for 5 years, no tax is incurred on any subsequent sale • Alternatively, applicants may sign a 5 year property lease, the rental value must be at least €16,000 p.a. Application Process and Fees The application process is straightforward and speedy. • Each applicant makes a submission in their own name to ‘Identity Malta’ (the body which deals with the Immigrant Investor Program on behalf of the Maltese Government) including all supporting documents • Evidence of source of funds is presented with the application

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• The fees to be paid at this time include: A non-refundable deposit of €10,000 towards the €650,000 investment The primary applicant’s spouse and children under 18 each pay €25,000 Unmarried children between the ages of 18 and 25, and parents over 55, each pay €50,000

The due diligence fees are paid at this time. They are: €7,500 for the primary applicant €5,000 each for the spouse, parents and children who are over 18 €3,000 for each child under 18 Passport fees of €500 are paid for each applicant, regardless of age or status Bank charges of €200 are also to be paid for each applicant

• Due diligence is completed in 90 days • Approval in principle is issued within another 30 days (120 days from original application) subject to the investment requirements being met • The request for the remaining investment amounts are issued, which must be completed within 20 days of being issued • The primary applicant must submit proof of residential property purchase or lease, and of the applicants’ €150,000 investment in government bonds, within a further 95 days • Residence cards will be issued within 7 to 21 days • 12 months after permanent residency is established, the primary applicant and family members may apply for citizenship. Naturalization papers, after taking the Oath of Allegiance, will be issued after a processing time of 120 days

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Portugal – Golden Residence Visa

Program Overview The Immigrant Investor Visa Program began in 2012. It offers applicants the ability to attain temporary residency within 1 month, and then permanent residency after 5 years. Permanent residents may attain Portuguese citizenship the following year (6 years in all) provided the relatively few, and simple, requirements are satisfied. Residency and citizenship are available to both the primary applicants and their immediate family members.

The primary applicant must make an initial investment in one of the following areas:- • Real Estate - Purchase real estate with a minimum value (excluding taxes and fees) of €500,000, and maintain the investment for a minimum of 5 years. The investment can be in several properties, residential or business. (New properties in Lisbon)

b) Investing more than €350,000 in real estate properties in Lisbon more than 30 years old. c) Investing more than €400,000 in real estate. The investment can be in several properties, residential or business. (New properties in Algarve). d) Investing more than €280.000 in real estate properties in Algarve more than 30 years old. www.high-net-worth-immigration.com 38

• Capital Investment - Make a bank deposit of at least €1 million, and maintain the investment for a minimum of 5 years, or invest in approved commercial enterprises, and hold those stocks for 5 years • Job Creation - Invest in a new business venture which will create a minimum of 10 new jobs Why Choose Portugal? The Republic of Portugal is in southwest Europe consisting of mainland territory in the Iberian Peninsula, plus the archipelagoes of Madeira and the Azores. The country has a long and enviable history of world exploration. Fernando Magellan and Vasco da Gama were both Portuguese.

Portugal joined the European Union (EU) in 1986, and the Eurozone in 2002. Portugal is also a member of the Schengen Area, World Trade Organization (WTO) and the Organization of Economic Cooperation and Development (OECD).

The country made a clean exit from the EU/IMF bailout, in 2014. Since then its GDP has grown 1.6%, and it is forecast to continue growing 1.7% in 2016, and each year following. In 2014 the country’s exports grew twice as much as imports. The economy is based, primarily, on three areas – the service sector (74.4%) industry (23.1%) and agriculture (2.4%).

Portugal is ranked the 20th most visited tourist destination in the world, it is the 4th largest wine producer, and has attracted innovative manufacturers in the biotech and aerospace markets, as well as maintaining its more traditional industries such as cement manufacture, oil refining, and fishing. Many of the country’s 10.6 million population are bi-lingual, and Portugal’s higher education is considered to exhibit world-class standards.

Benefits of Portuguese Residency The benefits of residency include: • Ability to live, work, invest, and to study in Portugal, and have access to healthcare services • Freedom of travel within the Schengen Area • Minimal physical occupancy requirements for investors who do not wish to pursue permanent residence or citizenship • Residency will be extended to the primary applicant’s spouse and dependent family members, for the purposes of ‘family reunion’ • Opportunity to take advantage of government incentive schemes associated with business investment • No double taxation, in the resident’s country of origin, on income earned in Portugal

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• Opportunity to apply for citizenship 1 year after permanent residency has been established

Benefits of Portuguese Citizenship

• Ability to travel freely to the other 28 EU member countries • Ability to live, work, and invest in the 28 EU member countries • Ability to study free, or at reduced costs, in other EU member countries • Access to healthcare within the EU • Ability to capitalize on business investment and other opportunities provided by other EU member states • Enjoy the benefits of dual citizenship, since Portugal does not require naturalized citizens to give up their existing citizenship

Investment Options There are three options available to applicants:

Real Estate • Invest at least €500,000 in one or more pieces of real estate (land, residential or commercial) • The investment amount is net of taxes, fees, etc (Transfer tax is calculated at 6% and Stamp Tax at 0.8%) • The properties may be co-owned, provided each person invests a minimum of €500,000 • The investment made must be free of loans, mortgages or other credit facilities unless the total value exceeds €500,000, for single investor ownership, in which case the additional amount may be financed • The property can be used by the applicant’s family, or treated as a commercial enterprise

Capital Investment • Transfer, from outside the country, a minimum of €1 million into a Portuguese bank or other financial institution. The investment may then be used for approved corporate investment • Maintain the investment for a minimum of 5 years

Job Creation • Begin a commercial enterprise which creates at least 10 new employment positions, certified by the local Social Security Institution • There is no required minimum investment amount

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Investor Program for Residency Requirements and Conditions

The primary applicant(s) must be at least 18 years of age, and:- • Be non-EU citizens • Have satisfied one of the 3 investment options listed above (if the option chosen is purchased real estate, then the applicant must show that the contract to purchase is in place, will be completed within 1 year, and that the minimum investment figure has been deposited in an approved financial institution) • Entry into Portugal must have been legal, using a valid Schengen visa • Be of good health and have appropriate health insurance • Must not have been convicted of a crime that resulted in a prison term of more than 12 months, or subject to an entry ban to a country following a removal order, or appear on a Portuguese or Schengen Area ‘non-admission’ alert • Show proof of economic self-sufficiency via authenticated income or asset statements • Show proof of accommodation in order to legalize residency (temporary residents do not need to remain in the country for more than 7 days in the first year, and 14 days in the subsequent 2 years)

Temporary residence is issued for 1 year, it is then renewable each 2 years after that. Once the temporary residence permit has been issued to the primary applicant, family members may then apply for their own permits.

Permanent Residency

• To attain permanent residency, the applicant(s) must have satisfied the temporary resident requirements for 5 years by satisfying the initial investment conditions • Have a permanent residence in Portugal • Satisfy a simple, multi-choice test on Portuguese culture • Have a basic knowledge of the Portuguese language

Citizenship

The applicant, and dependent family members who satisfy the permanent residency requirements may apply for naturalization after holding permanent residency for 1 year, provided they have not been convicted of a crime resulting in 3 or more years’ imprisonment.

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Application Process and Fees The application for residency process is speedy and straightforward. It may be made in person or by proxy. All documents must be either in Portuguese or English. Translated documents must be apostilled or certified by the Portuguese Consulate where the documents originated. • The application, and all supporting documents, are sent to the Portuguese Immigration and Borders Service (SEF) • The decision is usually made within 72 hours • Residence cards take approximately 3 weeks to be issued • The following documents must be provided: Birth certificate (marriage certificate if appropriate) Valid passport and Schengen visa 2 recent passport photographs Proof of qualifying investment Proof of good health and valid health insurance Suitable criminal record from the country of origin, and from any other country where the applicant has lived for longer than 1 year Suitable declaration that the applicant does not owe monies to the Portuguese Tax or Social Security Authorities A sworn statement that the applicant will comply with all Investor Immigrant Program requirements Citizenship Application The application process is straightforward: • The application must be made in the Portuguese language • It is sent to the Ministry of Justice where it will be evaluated • If the application is rejected, for whatever reason, it will happen within 30 days of submission • The applicant will have 20 days to respond and resubmit • Following acceptance in principle, internal enquiries will be made. This part of the process may take up to 4 months • Given that the enquiries are satisfactory, the Ministry will issue the approval after a further 45 days • The applicant may then request a Portuguese citizen card and passport Required Government Fees The fees due for each stage of the process are as follows: • Public Notary Fees, and to establish Power of Attorney (per person) - €150.00 • Analysis that the investment satisfies the program requirements - €513.75 • Analysis of each family member’s documents (per person) - €80.04 • Issue of the Residency Permit (per person) - €5,137.50 • Renewal of the Residency Permit (per person) - €2,568.75 • Notary Fees to register real estate property (per property) - €800.00 www.high-net-worth-immigration.com 42

Spain – Golden Visa Residence Program

Program Overview The program enables the primary applicant, spouse (or unmarried partner) dependent children (including certain dependent adult children) and economically-dependent parents, to attain temporary and then permanent residency by satisfying one of four qualifying investment options and other requirements. A permanent resident may, after 10 years, be eligible to apply for citizenship. Citizens from Latin American countries, Portugal, the Philippines, Andorra, Equatorial Guinea, or who are Sephardic may apply for citizenship after only 2 years.

The program’s purpose is to support and promote Spain’s enterprise culture by encouraging foreign investment and bringing in talent from non-EU nations. The overall objective is to grow the economy, create employment, encourage Spain’s business culture, and to expand internationalization.

Investors must satisfy one of the following investment options: • Invest a minimum of €500,000 in real estate, excluding taxes, fees, stamp duty, notary, etc (approximately 11% – 12% of purchase price) • Invest in a start-up business project ‘of general interest’ that will create employment, and have a positive socio-economic effect on its surrounding area or will enhance the country’s technical innovation. No minimum investment figure is associated with this option • Invest a minimum of €1 million in a private Spanish company, or in a Spanish bank or other approved financial institution

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• Invest a minimum of €2 million in Spanish public debt by purchasing approved government bonds • In all instances, the investment must be maintained for a minimum of 5 years, after which time it can be redeemed at market value, if applicable Why Choose Spain? The Kingdom of Spain is a constitutional monarchy and parliamentary democracy on the Iberian Peninsula of Southwest Europe. Spanish territory also includes the Balearic and the Canary Islands. Spain is one of only three countries with an Atlantic and Mediterranean coastline. Its climate and lifestyle have made it one of the world’s major tourist destinations, accounting for 5% of GDP.

Spain has the world’s 14th, and the Eurozone’s 4th, largest economy. The country is expected to see its GDP grow 2.8% in 2015, and for growth to continue in future years. Recent structural reforms have made business start-ups and expansion, in general, much easier than previously. Unemployment is falling; the real estate market is improving, as is internal investment.

Spain is a member of the European Union (EU) the Eurozone, the Schengen Area, OECD, NATO, and many other international organizations. Because of Spain’s geophysical position and its imperial history, it acts as a natural gateway to Europe, Africa, and to much of South and Central America.

Benefits of Spanish Residency • Freedom to move throughout the Schengen Area, staying in any member nation for up to 90 days in any 6 month period • Minimal physical occupancy requirements except for anyone ultimately seeking citizenship • Residency extends to the primary applicant’s immediate, qualifying family members • Ability to live, run a business, invest, and study in Spain, with access to healthcare services • Once someone attains permanent residency status, they may work in Spain outside of a business they own • Avoidance of double taxation by countries with which Spain has treaties • The opportunity to extend residency to approved family members • The ultimate ability to move from a temporary to a permanent status, and then to attain citizenship Benefits of Spanish Citizenship • Ability to travel freely within the EU • Ability to live, work and invest in any of the 28 EU member countries

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• Ability to -free, or visa-on-arrival to 82 countries and territories, including and Canada • Ability to study free, or at reduced costs, in other EU member countries • Ability to benefit from investment and other opportunities afforded by EU member countries Residency Visa and Residency Permit There is a difference between the two, and it is sensible to clarify the difference before looking at the requirements and process.

The Residency Visa enables the investor to visit or remain in Spain, if they so wish, for up to 1 year, provided the investment requirements are still met. The visa must be applied for before the permit.

The Residency Permit enables the investor to reside in Spain for up to 2 years, provided the investment requirements are still met. The permit will be granted 20 days following application. It is renewable, and after 5 years, delivers permanent residency status.

Permanent residency will enable the investor, eventually, to apply for citizenship.

General Resident Visa Requirements The applicant must satisfy these general requirements, as well as those specific to the immigrant investment option chosen. • Be a non-EU national • Be 18 years of age or older • Not to have entered, or to have stayed irregularly in, any Spanish territory • To have no criminal record in either Spain or in any territory which is under Spanish law • Not to have been previously refused entry into any member of the Schengen Area • Hold a valid Schengen Area travel visa • Have valid health insurance cover • Be economically self-sufficient • All investment options require that the necessary monetary amounts are kept for a minimum of 5 years, if the applicant wishes to attain permanent residency status • Investments may be made in the applicant’s name or in the name of a legal entity in which the applicant is the majority stock holder, and holds the majority of voting rights in that entity Requirements for Each Investment Option

Real Estate

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• Have proof of ownership through, investment exceeding €500,000, in one or more Spanish real estate properties. The required investment is exclusive of taxes and fees • Show that the applicant took ownership no more than 90 days prior to applying for the Resident Visa • The €500,000 investment must be free of loans, liens or other encumbrances. Any amount over this minimum may be obtained through a mortgage • Individual pieces of real estate may be bought and sold, during the 5 years provided the minimum investment is always maintained

Business Project of General Interest • Have a favorable report from the Economic and Commercial Office in the geographic area, where the business will be based, confirming the venture satisfies at least one of the criteria for creating employment, having a positive socio-economic impact or enhancing the country through technical innovation or research and development • To request the report , the applicant must submit their professional profile, an appropriate business plan, the type of business activity, the geographic location for the business, the number of employed positions that will be created, the qualifications needed for those positions, the size of the investment, and source of funds

Financial Investment • Have certified confirmation that the €1 million investment was made 60 days prior to filing the Resident Visa application • If the investment is in unlisted stocks, the applicant must provide a copy of the declaration filed with the Foreign Investment Registry, if the stocks are publicly quoted, then the certificate from the agent should be used, if by way of a cash deposit, then an appropriate statement from the institution holding the investment • The confirming documents must show that the applicant is the sole investor, and that he or she took ownership no more than 60 days before applying for the Resident Visa

Government Bonds/Public Debt • Have certified confirmation that the €2 million were invested 60 days prior to filing the visa application • Have appropriate certificates of purchase in the approved government bonds, showing the applicant is the sole owner

Resident Permit Requirements • The applicant must have an Investor Resident Visa which, if expired, must not have done so more than 90 days prior to the Residency Permit application being submitted • The applicant must also have traveled to Spain at least once during the visa period www.high-net-worth-immigration.com 46

• Permanent Residency may be applied for after 5 years, and 5 years after that (10 years in all) the investor may apply for citizenship • To renew the permit, applicants must have visited Spain at least once during the previous 2 years

Citizenship Requirements Permanent residents must have established physical occupancy of at least 183 days before applying for citizenship. There is, currently, no Spanish language competency requirement, but it is expected that this will change.

Application Process and Fees The application process is straightforward. It may be in person or by proxy. Family applicants may apply at the same time as the primary applicant. The Resident Visa is normally issued within 10 - 15 days. The fee is €60. Other government processing, and professional fees will apply, depending on the investment options chosen, and the applicant’s personal circumstances. Applicants may then apply, immediately, for the Residence Permit, or wait until the 12 months has expired. All documents must be either originals or apostilled copies, and be in Spanish, or have been translated by a sworn translator. • Applicants must have a valid Schengen Area visa in order to visit Spain • The Resident Visa can be issued through Spanish Diplomatic Missions or Consular Offices • Required documents are:- Birth certificate(s) (and marriage certificate, adoption certificates, etc, if appropriate for family members who also want residency) Valid passport or other valid international travel document 2 recent photographs Proof of no criminal record Proof of approved health insurance Proof of having no contagious disease Proof of self-sufficiency (bank statements, income statements, stock-holding documents, etc) Proof that the investment has been made, and is in place • The Residence Permit application must be presented at an immigration office in Madrid will be processed by the ‘Large Business and Strategic Groups Unit’ (UGE-CE)

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United Kingdom – Tier 1 Immigrant Investor and Immigrant Entrepreneur Programs

Program Overview Both programs are open to investors from outside the European Economic Area (EEA) or Switzerland. Both programs enable temporary and then a form of permanent residence known as ‘indefinite leave to remain’ within the United Kingdom (UK). Both may, ultimately, lead to attaining UK citizenship. The primary qualifications are:

Tier 1 Investor Visa • Have £2 Million, £5 million or £10 million to invest in an approved financial institution • Maintain the investment for 5 years, 3 years or 2 years, respectively

Tier 1 Entrepreneur Visa • Have at least £200,000 to invest in a new or existing business, which the applicant will manage. (There is an option with different eligibility criteria, requiring an investment of £200,000) • Maintain the investment, and continue to manage the business, for at least 5 years www.high-net-worth-immigration.com 48

In both options, there are also other requirements to meet.

Applicants may apply for UK naturalization after living in the UK for at least 5 years. There are additional qualifications to meet in order to qualify for citizenship.

Why Choose The United Kingdom? The UK is made up Great Britain (England, Wales and Scotland) and Northern Ireland plus a large number of inhabited and uninhabited islands, the main ones being the Isle of Wight, the Isle of Man, Anglesey, the Channel Islands, The inner and Outer Hebrides, and the Orkneys. The UK is a constitutional monarchy, and parliamentary democracy, situated on the western edge of the continent of Europe. It is a member of the European Union, and the G7 Group of Countries, but not the Eurozone, or the Schengen Area. Her Majesty Queen Elizabeth II is head of state and also of 16 other Commonwealth nations.

The UK has a long and influential history in all aspect of modern life – economics, finance, culture, art, education, etc. The British Empire was the greatest empire in the history of the world, in terms of territory covered. England is known as the Mother of Parliaments. The City of London is one of the world’s major financial centers. The banking system is well established and stable.

The UK’s population is approximately 64.5 million. The population is, typically, well educated and highly skilled. English is the national language but several other languages are also spoken. The UK’s economy is projected to be the5th largest in the world in 2016. In 2014 its economy grew faster than any other in both the G7 and the other major European economies.

Benefits of UK Indefinite Leave to Remain (ILR) • Live and work in the UK without restriction • Apply for certain public support benefit payments • Benefit from the National Health Service • Establish a company, gain employment, and qualify for unemployment benefit payments • Attend schools and colleges, subject to each institutions requirements • Have complete freedom of movement to leave and re-enter, provided the absence is not more than 2 years • Apply for British citizenship 12 months after attaining ILR status Benefits of UK (British) Citizenship • Have all the rights of ILR status • Have the automatic right of abode • British citizens are, automatically, citizens of the European Union • Freedom to live, work and study anywhere within the 28 nations of the EU

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• Facility of visa-free travel, or visa-on-arrival to 173 other countries, including all 53 members of the Commonwealth of Nations • Freedom to vote in local, Parliamentary and European elections Opportunity to hold public office

Tier 1 Investor Visa – Qualifications and Conditions Holders of this visa must have invested at least £2 million UK government bonds, share or loan capital in active and trading UK-registered companies (excluding companies primarily involved in property investment, management or development).

Applicants may apply for citizenship when the hold approved investments for the following periods: • Invest £2 million, and apply after 5 years • Invest £5 million, and apply after 3 years • Invest £10 million, and apply after 2 years

In addition, applicants must: • Be at least 18 years of age • Prove that the funds personally belong to you, your spouse or your established partner (in a relationship of at least 2 years) • The funds must be currently held in one or more approved financial institutions (the institutions can be outside of the UK at the time the visa is applied for • Have a recognized UK bank account • Be outside of the UK to apply for the visa • Be economically self-sufficient

Applicant’s Family Members Family members (spouse, civil partner, dependent children under 18 years of age) may apply at the same time as the primary applicant.

Application Process and Fees The application process is straightforward and speedy. The Investor visa is valid for a maximum of 3 years and 4 months, after which time it must be renewed for another 2 years. • Applicants may submit their forms online or by mail up to 3 months before coming to the UK • The processing time is approximately 21 days, depending on the applicant’s present place of domicile • Visas are normally issued 8 weeks after approval, or sooner by paying for the ‘super premium service’ • The immigration authority reserves the right to a personal interview, if additional clarification is needed but this is not typical • An application may include up to 4 ‘main applicants’ (those with access to the investment funds) and up to 10 applicants in total www.high-net-worth-immigration.com 50

• Required documents must be in English or Welsh (with certified translated copies if appropriate) and must include:- A current passport or other valid travel documents Birth, marriage, adoption certificates as appropriate A recent passport-sized color photograph, and fingerprints taken at an approved visa application center Proof of a clean criminal record for all adult (over 18) applicants from any country in which they have lived in the previous 10 years Evidence of the required investment funds, where they are held, the source of funds if less than 3 months, and confirmation that they can be transferred to the UK and converted into pounds sterling (unless they are already in the UK) Legally attested confirmation from anyone who has joint ownership of the funds that they transfer control to the primary applicant A tuberculosis test result depending on the applicant’s current place of domicile • The regular fee for each applicant and each dependent is £1,500 • Applicants choosing the ‘super premium service’ pay a one-off fee of £7,000 plus a processing fee for each applicant and dependent of £1,900 • Each applicant and dependent also pay a healthcare surcharge, the amount varies according to personal circumstance, and may be zero Tier 1 Entrepreneur Visa – Qualifications and Conditions Holders of this visa may remain in the UK for 3 years and 4 months before renewal. Holders may bring family members with them. Applicants must satisfy the following: • Be from outside the EEA and also from outside some other non-EEA countries, such as Switzerland, Canada or Antigua • Be at least 16 years of age • Be from outside the EEA or Switzerland • Have access to at least £200,000 in funds originating from an approved source, and which are presently held in one or more regulated financial institutions, and which are available for investing in a UK business Or Show that the investment was made within the previous 12 months Or • If the applicant is a former Tier 1 ‘Graduate Entrepreneur’, the investment can have been made up to 24 months previously

In all instances, the funds must be from an approved source. The sources depend on any previous visa held. • Show proof of economic self-sufficiency • Meet the English language requirement by achieving CEFR (Common European Framework of Reference for Languages) Level B1. Applicants from English- speaking nations or applicants who have at least an undergraduate degree that was taught in English, do not need to take this competency test • Have a clean criminal record www.high-net-worth-immigration.com 51

The Tier 1 Entrepreneur £200,000 Option Applicants for this visa option must satisfy the following:- • Have access to £200,000, and prove that the funds are:- Your own (This option is the only funding option available to anyone who previously held a Tier 1 General Worker Visa) Made available to you by a third party (Spouse, non-related investor) Currently held in the UK Previously invested in a UK business within the previous 12 months OR • Are currently listed as a director of, and are involved in running, a UK company prior to April 6 2015 Or Were employed in an approved occupation at ‘National Qualifications Framework’ Level 4 or above, since April 6 2015 Application Process and Fees The process is identical to that of the Tier 1 Investor Visa. Personal documentation (birth certificates, passport, etc) also follow the Investor Visa standards.

Required Documents which differ from the Investor Visa include: • A business plan • Evidence of funds from an approved financial institution, or from an accounting firm if the funds are to be provided by a venture capital firm, or from an authorized official if the funds are being made available from the government • Fees vary according to circumstance: For an applicant applying online or by mail the fee is £1,180 If the applicant is from Turkey or Macedonia, the fee is £1,125 for an applicant applying in person outside the UK the fee is £944 If the applicant is from Turkey or Macedonia, the fee is £889 For each dependent applying online or by mail, the fee is £1,180 For each dependent applying in person outside the UK, the fee is £944 UK Citizenship Qualifications and Fees Once citizenship has been granted, previous holders of Tier Visas do not need to maintain their investments or run their business. They are also free to seek employment with an organization that they do not own.

The qualifications required for Tier 1 visa holders to attain naturalization are:- • Be over 18 years of age • Be of good character – proof that the applicant has not been involved in serious or recent criminal activity, not attempted to deceive the Home Office, and not been involved in any immigration offences during the previous 10 years • Been granted indefinite leave to remain (ILR) no less than 12 months ago www.high-net-worth-immigration.com 52

• Continue to be physically present in the for the previous 5 years UK • Spent no more than a total of 450 days outside the UK during the previous 5 years and • Spent no more than 90 days outside of the UK in the previous 12 months • Meet the knowledge of English and ‘Life in the UK’ standards

Qualified citizenship applicants may also apply for citizenship on behalf of their dependent children, if they also satisfy eligibility requirements (other than proficiency in the English language).

All fees must be paid in advance. Fees to be paid by adult applicants are: • Naturalization Application and Process - £1,005 • Naturalization Ceremony - £80

Canada – Quebec Immigrant Investor Program (QIIP)

Program Overview The Québec Immigrant Investor Program is unique within Canada. It offers permanent residency to successful applicants who intend to settle in Canada, and who make a single payment or a partly financed investment of CAN$800,000, and leave the investment in place for 5 years. The investment will be guaranteed by the www.high-net-worth-immigration.com 53

Gouvernement du Québec. Applicants must satisfy additional requirements. At the end of 5 years the applicant’s single investment will be returned without accrued interest.

The original investment may be partially financed through an approved intermediary but, if it is, there will be no reimbursement.

After 4 years, permanent residents may apply for Canadian citizenship, subject to certain requirements.

The revenues which the investment generates will be applied to assisting two Québec business assistance programs.

Québec has established an annual quota for investor immigrants. Those who meet the French language proficiency standard are exempt from the quotas.

Why Choose Canada? Canada is rated as one of the best countries in which to live. It is one of the three countries on the North American continent. It is bordered by the Atlantic, Pacific and Arctic Oceans to the east, west and north, and shares a common border with the USA to the south. Canada divides into 10 provinces, of which Quebec is one, and 3 territories. It is a federal parliamentary democracy and constitutional monarchy.

Canada has two official languages – English and French. Approximately 20% of its 35.8 million population claim French as their mother-tongue, and 60% claim English. Approximately 75% of the population live within 161 kilometers (100 miles) of the American border.

Canada’s advanced economy is ranked as 11th in the world, and its nominal per capita income is ranked 10th. The country’s economy is growing, and is based, primarily on energy production, mining, agriculture and manufacturing. Its three main international trading partners are the USA, Europe, and China.

Canada maintains a positive balance of trade. Canada is a member of many international organizations including the Commonwealth of Nations, Organization of Economic Cooperation and Development, North American Free Trade Area, Asia-Pacific Economic Cooperation forum, the G8, Group of 10 and the G20, as well as Francophonie.

Canada is reputed to be the most tolerant country in the world, has the world’s most educated population, with 51% having graduated college. Its immigration policy is focused on further developing the country’s economy.

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Benefits of Canadian Residency There are many benefits, including most that are also shared by Canadian citizens. They include: • The right to live, work and travel throughout Canada • Enter, leave and return to Canada as desired (subject to certain physical presence requirements to maintain permanent residency status) • Make use of Canada’s universal healthcare system • Benefit from free public school education • Benefit from maternity and parental leave • Receive retirement and other benefits • Be able to apply for Canadian citizenship after 4 years Benefits of Canadian Citizenship Citizenship benefits include all those afforded to permanent residents plus:- • Having no physical presence requirements • Enjoying visa-free or visa-on-arrival travel to 170 countries, including the USA, and all Commonwealth nations • The privilege of holding dual citizenship (provided the country of origin permits this status) • Being able to hold public office, and to vote in public elections Residency and Citizenship by Investment – Qualifications and Conditions Applicants may choose to work with an approved intermediary (a broker or trust company) and also satisfy the following requirements: • Applicants must be at least 18 years of age and meet the required French and English language competency standards • Applicants, including spouse and life partner if appropriate, must show net assets of at least CAN$1,600,000 • The assets must have been obtained legally and, if by gift, must have been owned for a minimum of 6 months prior to application being submitted • Applicants must intend to settle in Québec • One or both applicants, if applicable, sign an agreement to invest a minimum of CAN$800,000 with an approved and authorized broker or trust company, acting as the intermediary. The full amount, minus any accrued interest, will be refunded after 30 days of the 5 year requirement period ending • Instead of investing the full amount as a single payment, the applicant may choose to deposit CAN$220,000 and finance the rest through their intermediary. There will be no refunded amount due at the end of the 5 period when this option is chosen • The primary applicant must have management experience of at least 2 years in the previous 5, and the organization must have at least 2 other full-time employees under the primary applicant’s authority www.high-net-worth-immigration.com 55

• Applicants, and accompanying family members, must be in good health • Applicants must satisfy both the Québec selection and the Canadian admission requirements Application Process and Fees The application is a two-step process, which will be managed by the intermediary. The applicant(s) must satisfy both the Québec selection and the Canadian Government admission requirements, and pay all associated fees. Fees will not be refunded unless the application is incomplete, in which case it will be returned.

The processing period is variable depending on the applicant’s country of origin, overall applicant numbers, and Canadian staff availability.

Applicants should submit appropriately certified copies of personal documents, since no documents will be returned. All documents must be translated into French if not already in the French language. In addition, any document in French which has a seal bearing a foreign language should be fully translated.

Applicants may be called for interview.

The submission process will follow these steps: • The assigned intermediary will handle the application submission • The application, in order to be considered complete and admissible, should include: The Application for a Selection Certificate – Investor The narrative document for the primary applicant, and spouse or partner The declaration of intent to reside in Quebec Confirmation of fee payment Certified supporting documents • Additional specific documents to be submitted as part of the application include:- Confirmation that the applicant’s intermediary has power of attorney for the applicant Declaration of the source of funds Income statements Credit reports, including loans, mortgages held, etc A detailed narrative document, completed by the applicant and spouse, if appropriate, in their native language, explaining the source of funds, etc Passport copies A recent photograph National identity card copies, if appropriate Birth, marriage, adoption, divorce certificate copies, as appropriate Proof of spousal or partner status (e.g. joint bank accounts, mortgages held) Proof of the primary applicant’s managerial experience

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Medical certificates Confirmation of French language competence • The application, if considered complete and admissible, the Ministére may request updated information to document new facts, changes in the value of net assets, etc • Any request for updated information must be satisfied within 60 days • Successful applicants will receive a Certificat de Sélection du Québec (CSQ – a Certificate of Selection) • The application will be passed to Canada’s Centralized Intake Office in Sydney, Nova Scotia for assessment of the medical report, and to issue final admission confirmation • Government fees are set at CAN$15,000 Legal, advisory fees charged by the intermediary are set at US$15,000 Citizenship Conditions and Requirements Permanent residents may apply for naturalization after 4 years. The following requirements must be met: • Continue to satisfy the requirements of permanent residence • Have been primarily resident in Canada for those 4 years • Have filed income taxes as appropriate • Intend to continue to reside in Canada • Be able to communicate satisfactorily in French and English • Demonstrate knowledge of Canada plus the responsibilities and privileges of Canadian citizenship • These last two requirements only applies to applicants 64 years of age and younger • Have no criminal record in Canada, and not be facing criminal charges outside of Canada

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United States of America – EB-5 Immigrant Investor Program

Program Overview The EB-5 Immigrant Investor Program was introduced in 1990, and modified in 1992, to stimulate the US economy through job creation from foreign capital investment. The program enables foreign nationals, and their approved family members, to become lawful permanent residents (Green Card holders) by adopting one of three investment options: • Invest a minimum of $1 million in a new commercial, or a newly restructured, venture. The investment must show that it will create, or preserve, 10 ‘direct employment’ full-time positions for American citizens, or approved immigrant workers within 2 years of the investment • Invest a minimum of $500,000 in a designated high-unemployment or rural area, and deliver the same required employment results • Invest a minimum of $1 million (or $500,000, as appropriate) in a ‘Regional Center’. With this option, the investor remains a silent investor, and does not have to be involved in the management of the project. The 10 full-time positions may be ‘direct’ and ‘indirect’ employment

Lawful Permanent Residents may apply for naturalization as American citizens after 5 years.

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Why Choose the USA? The United State of America is a federal, constitutional republic comprising 50 states and commonwealths, 1 Federal District, and 5 territories. It is the world’s leading economy, generating approximately 23% of the world’s GDP. In 2014, the USA’s GDP was estimated to be $17.4 trillion. Its currency, the US dollar, is the premier international reserve currency.

The USA is considered the home of capitalism and entrepreneurship. The country’s population of approximately 320 million is renowned for its work ethic. The country has produced some of the greatest commercial and manufacturing innovators of all time. The result is that America has greatly contributed to the modern world in all its aspects - manufacture, commerce, finance, technology, and culture, particularly filmmaking and music.

The USA prides itself on being a nation of immigrants, so the population is ethnically very diverse. The national language is English but the federal government has not designated any official language.

America is a member of very many international organizations. The United Nations Organization, and the World Bank are both based in the USA. In addition, the country is a member of the OECD, NAFTA, WTO, the G5 through G20 groups of nations, as well as, for example, the Trans Pacific Partnership.

Benefits of USA Residency Lawful Permanent Residents are, typically, known as ‘Green Card’ holders. Residence is granted for 10 years, and can be renewed indefinitely, subject to certain qualifications. There are many benefits of having permanent residency in the USA, for example: • Ability to live, start a business, work, and retire anywhere in the USA (except for some high-security positions open only to citizens) • Leave and return at will, provided the absence does not imply that residency has been abandoned • Visa-free or visa-on arrival privileges to 18 countries, including Canada and Mexico • Ability to sponsor family members for permanent residency • Right of family members to maintain their residency even if the original applicant dies • Immunity from any future changes to immigration law • Right to apply for certain government-sponsored financial aid • Eligibility for federal, state or local government grants associated with business enterprise • Exemption from export restrictions applicable to non-permanent residents • Easier access to business and personal loans • Easier access to health and life insurance www.high-net-worth-immigration.com 59

• Possibility of tax benefits where the country of origin recognizes ‘non-resident’ tax status • Ability to qualify for social security benefits Benefits of USA Citizenship • All the benefits of permanent residence plus • Being able to sponsor family members more easily • Have the right to leave the country indefinitely without affecting status • Visa-free or visa-on-arrival privileges to 172 countries on every continent • Have the right to vote and to hold public office • Ability to obtain government assistance when overseas • Improved tax status, particularly estate taxes, compared with non-citizen residents EB-5 Residency by Investment Qualifications and Conditions • The primary applicant must be considered an ‘accredited investor’ as defined by the U.S. Securities Act of 1933 (be sophisticated, have a net worth of at least $1 million or an annual income of at least $200,000 or a joint income, with spouse, of at least $300,000 during each of the previous 2 years) • The investment must be legally obtained, and made as a single, unfinanced amount. It can include cash, equipment, inventory, or business indebtedness secured, personally, by the investor • The minimum investment amount is normally $1 million or • If the investment is being made in a rural or high-unemployment area - Targeted Employment Area - (TEA) the amount must be at least $500,000 A TEA is considered as either:- a rural area defined as being outside a metropolitan statistical area, or beyond the boundary of any town or city having a population of at least 20,000 people or An area where unemployment rate is at least 150% of the national average, at the time the investment is made • The investment must an ‘at risk’ investment, with no guaranteed financial return • The investment must be in a commercial, for-profit, enterprise which may be publicly or privately owned, and which was either:- Established after November 29th 1990 or Established before that date but is being restructured, because of the investment, in such a way that it becomes a new enterprise or Will be expanded, because of the invested amount, to increase its net worth, or the number or people it employs by at least 40% • An alternative to investing in a business in which the applicant will be personally involved, the investment will qualify if it is in a designated Regional Center www.high-net-worth-immigration.com 60

A Regional Center is a geographical area or organization designated by United States Citizenship and Immigration Service (USCIS) for economic growth It exists to enable development projects to succeed by pooling investor capital. In this option, qualifying new and preserved employment numbers include direct and indirect positions The burden of meeting job-creation targets falls to the Regional Center, and not to the investor • The investment amount must have already been made or be ‘in process’ at the time the Immigration Petition is submitted • This can be achieved by depositing the funds into an escrow account, and have the fact verified by the applicant’s attorney Application Process and Fees It is a 3-step process: • Submit the Immigrant Petition by an Alien Entrepreneur (Form I-526) • Attain Conditional Permanent Residence by Adjustment of Status (Form I-485) • Attain removal of the conditional residency, after 2 years (Form I-829) to achieve permanent residency

The Step 1 Filing Process: • Submit Form I-526 • Pay filing fee of $1,500 • Show confirmation of the required investment as having been made or that it is in process • Apply for an immigrant visa (I-485) through normal consular process in the applicant’s home country, or apply for change of status if currently in the USA (I- 526 and I-485 cannot be filed simultaneously) • Show source of funds (e.g. income, stock ownership, properties sold, bank statements) • Provide appropriate evidence of the commercial enterprise’s existence (e.g. articles of incorporation, recent tax returns) • Show evidence of the applicant’s personal involvement in the enterprise if the investment has already been made (e.g. job title, duties, management or other policies introduced) • Provide evidence of required job creation, job preservation, or 40% growth according to the investment option, or that the business plan will have such results in the next 2 years • If the enterprise is in a TEA, suitable statistical evidence must be provided to show that the area is, indeed, a TEA • Provide sufficient proof of applicant’s status as an accredited investor • Show certified copies of judgments or pending actions against the applicant within the previous 15 years, if any

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Once the I-526 is approved, the applicant may move to Step 2: • Apply for Conditional Permanent Residence. Spouse and unmarried children under 21 may apply simultaneously • Submit birth, marriage, adoption certificates (or certified copies) as appropriate for the applicant and family members • Provide recent photographs, and give finger prints for biometric records and documentation • Provide clean medical records for all applicants. The medical examination must be carried out by an approved physician • Attend the visa interview • This step may take between 6 and 12 months to complete • Once completed, the visa is issued immediately

If the applicant and family members are already in the United States, they apply for an adjustment of status, rather than an immigrant visa.

The visa grants 2 years of ‘conditional’ permanent residence for the primary applicant and approved family members. The 2 years to generate or preserve employment positions, or achieve a 40% growth, begins 6 months after the visa has been granted, giving a total of 30 months to achieve the business goal.

During this period of conditional residence, the applicant must work to generate or preserve the employment positions or business growth.

This condition is not required if the investment is in a Regional Center but appropriate documentation must be provided by the Center’s management to show that the investment has been maintained and that the Center’s employment and other goals have been met.

At the end of the conditional residence period, the applicant may progress to Step 3. Step 3 involves: • Showing proof of the required business goals being achieved by providing employment documents, tax returns, contracts fulfilled, etc • Providing evidence that the initial investment has been maintained • File I-829 petition to remove the conditions, and receive unconditional permanent residence (green card) status

Once this step is complete, the applicant is free to redeem the initial investment at current market value.

Citizenship Requirements, Application Process and Fees • Green card holders may apply for naturalization, 5 years after receiving their unconditional permanent residence status • The entire process can take up to 12 months to complete www.high-net-worth-immigration.com 62

• Applicants must show the they have permanently resided in the US, with no unapproved lengthy absences • Submit the naturalization application form along with certified copies of birth, marriage, divorce certificates as appropriate • Submit proof of permanent residence (e.g. property, bank statements, tax returns) • Supply 2 recent photographs and copies of both sides of each applicant’s green card • Provide biometric data as required (e.g. fingerprints) • Send the appropriate fees with the application The fees are $595 application fee, and $85 biometric data fee • Applicants must pass an English language proficiency, and a civics test • Satisfy the USCIS interviewer that the applicants entered the country legally, and that have not been found guilty of any major crimes during the period of residence • Once approved, applicants take the Oath of Allegiance to the United States, usually at an appointed ceremony • Immediately after taking the Oath, naturalized citizens may apply for an American passport

Section 3: The Caribbean Nations’ Programs

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Antigua and Barbuda – Citizenship by Investment Program

Program Overview The Citizenship by Investment program was introduced in March 2013, and modified in 2014. It enables individuals of high character, and qualifying family members, to attain citizenship after making a significant contribution to the country’s economy. The ‘significant contribution’ is summarized into 4 options. The primary applicant must choose one of the following: • Make a minimum, non-refundable contribution of $250,000 to the National Development Fund (NDF) This amount has been reduced to $200,000 for a limited period of time ending May 1st 2016 • Make a minimum investment of $400,000 into the Antigua Public Utilities Authority (APUA) www.high-net-worth-immigration.com 64

• Invest a minimum of $400,000 into an approved real estate project The investment must be held for at least 5 years, after which time it may be liquidated • Invest a minimum of $1,500,000 into an eligible business as the sole investor • Invest jointly, with at least one other person, a minimum of $5,000,000 into an eligible business. There may be any number of investors, provided each invests a minimum of $400,000 The investment must be held for 5 years, after which time it may be liquidated

Once approved, applicants and qualifying family members, may take the Oath of Allegiance and collect their passports either in Antigua and Barbuda or in an office specified by the Minister.

The entire process, from application submission to attaining citizenship, takes between 3 and 4 months.

The names of CIP investors will not be published.

Why choose Antigua and Barbuda? Antigua and Barbuda is an independent state, of two separate islands, in the Eastern Caribbean. These beautiful islands were once primarily agricultural, and focused on the production of sugar cane but the prime economic drivers, now, are international tourism, which generates approximately 60% of GDP, and financial services. Industry accounts for approximately 16% of GDP, and agriculture, approximately 2%.

Antigua and Barbuda have the fastest growing economy in the Caribbean with a 2015 GDP growth rate of 5.4%. Its public debt to GDP has almost halved in the past few years. The country has taken an aggressive approach to growing the economy, by attracting outside investment. The national airport is being expanded with the intention of increasing scheduled, charter and private flights. There are now direct flights from New York, Miami, Toronto, and London.

The country is a constitutional monarchy, and parliamentary democracy. Its currency is the East Caribbean Dollar (ECD), which is pegged to the US Dollar. All monetary figures shown in this chapter are US Dollar amounts.

The country is a member of a number of international organizations, including the Commonwealth of Nations, the fifteen state Caribbean Community and Common Market (Caricom) the Organization of American States (OAS).

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Benefits of Antigua and Barbuda Citizenship There are many benefits to residence and citizenship, not least of which, that the country is considered one of the most beautiful in the world. Other benefits include:- • The right to live permanently in the country • The right to pass citizenship on to future filial generations • Visa-free travel to 131 countries, including the European Union, Schengen Area, and other Commonwealth nations • The opportunity to receive a 10-year visa allowing multiple entries into the USA • No capital gains tax or estate taxes, advantageous income tax levels of from 10% - 25% • no tax on worldwide income for citizens who are not permanently resident (i.e. for more than 183 days in any calendar year) • Corporate tax concessions and tax holidays on profits of up to 20 years, including a waiver on import/export duties • The advantages of dual citizenship, where permitted by the citizen’s country of origin • The right to vote Investment Options, Requirements and Qualifications • All applications must be made through a licensed agent • The primary applicant must be at least 18 years of age • Be of outstanding character, with no criminal record • Be in excellent health • Have a high personal net worth • The invested amounts must be one-time single payments • The NDF option also includes the option of an approved charitable donation The limited-time reduced investment amount comes with alternative processing fee amounts (see below) • The real estate option requires the investment to be made in an approved project Applicants must assure themselves of the commercial viability and strength of their chosen developer The government, from time to time, identifies development areas, and then approves projects within them. In 2015, there were 8 approved areas on Antigua and 2 on Barbuda • The purchased property must be maintained for a minimum of 5 years. Registration, processing fees and taxes on the property must be paid, and are in addition to the invested amount • There are, currently, 39 real estate approved projects within these areas • There are, currently, 5 approved business opportunities in this investment option • Processing and other fees must be paid in addition to the invested amount • The commercial and real estate investments must be held for 5 years, after which time the applicants may sell their property or shares in the enterprises, for the then market value www.high-net-worth-immigration.com 66

• Citizenship requires CIP investors to be present in the country for a minimum of 5 days during the 5 year investment period

The following groups will be excluded from the program and cannot qualify: • Citizens of the following 6 states: Afghanistan, Iran (if they currently reside in that country) Iraq, North Korea, Somalia, and the Yemen This rule may be lifted for the benefit of such citizens who presently reside in Canada, the USA, or in Western Europe, provided they also meet the high standards set by the process of due diligence • Anyone who has changed their name Application Process The Citizenship-By-Investment Unit, a government authority, administers the program and takes responsibility for processing all applications. The strict due diligence check may require applicants to attend an interview. The application process should be completed within 4 months of submission. • The primary applicant must personally complete the necessary forms, supplied by the licensed agent • All forms must be completed in English • Supporting documents must be originals or certified copies • The primary applicant must sign the appropriate Real Estate Contract or Share Purchase Agreement and Escrow Agreement • Make a deposit of 10% of required government fees and due diligence fees into the agent’s escrow account when the application is submitted • Submit all required documents which include:- Citizenship by Investment Application Signature and Photograph Certification Medical Certificate Confirmation of investment/Real Estate Contract/Share Agreement as appropriate Escrow Agreement 10 Photographs of each applicant Color copies of valid passport and visas Birth certificates (2 copies) of each applicant Marriage certificate, divorce certificates (2 copies) as appropriate National id or Social Security cards (2 copies) as appropriate Education certificates and transcripts for the primary applicant and spouse Original documents showing applicant’s current address (e.g. bank statements, attorney correspondence) Original personal reference letters for the primary applicant, issued by suitable individuals Original reference letter from the primary applicant’s bank Personal bank statements Original reports showing clean criminal records for all applicants over 11 years of www.high-net-worth-immigration.com 67

age, provided by the police authority of any country where the applicant has lived for 1 year in the previous 10 Evidence of how the applicant’s wealth has been accumulated Personal CV’s (personal resumés) from each applicant over the age of 11 Additional documents which describe the lifestyle and activities of the primary applicant, showing the quality of character • When approval in principle is received, the applicant(s) must deposit the balance of investment, processing and other fees • Once processing is complete, the applicants collect their new passports and take the Oath of Allegiance Family Members The primary applicant’s spouse, dependent children, children under 25 who are in full- time education and dependent on the primary applicant, plus parents and grandparents over the age of 65 may apply for citizenship with the primary applicant. Subordinate applicants must satisfy the same personal criteria, and must pay the appropriate fees.

Government and Processing Fees 10% of the Government Fee, plus all Due diligence Fees, are payable when the application is submitted. The payments are non-refundable. The balance of the Government Fee is due on receipt of the approval letter.

Due diligence fees apply to each applicant over the age of 11 years.

Government Fees:

§ Primary Applicant and Spouse $50,000 each § Dependent Child aged 0 – 17 $25,000 each § Dependent Child aged 18 – 25 $50,000 each § Dependent Adult aged 65 and older $50,000 each

Due diligence Fees:

§ Primary Applicant and Spouse $7,500 each § Dependent Child aged 12 – 17 $2,000 each § Dependent Child aged 18 – 25 $4,000 each § Dependent Adult aged 65 and older $4,000 each

Passport Fees:

§ For each applicant: $300

*Until May 1st 2016, if the NDF Investment Option is chosen, 2 dependent children will be exempt from paying Government Fees.

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St. Kitts and Nevis – Citizenship by Investment Program

Program Overview The Citizenship by Investment Program is the world’s oldest of its kind, being introduced in 1984. It is still, according to Prime Minister Harris, the largest processor of such applications in the Caribbean region. Its new computerized application management system should make its processing what he described as ‘best-in-class’. The program is designed to encourage foreign nationals of good character to make a major contribution to the country’s economy. Investors, who wish to be invited to attain citizenship, may choose one of two options. • Invest a minimum of $400,000 in one of the 78 approved real estate projects, redeemable after 5 years, at market value • Make a non-refundable contribution of at least $250,000, depending on the number of approved family members, to the Sugar Industry Diversification Fund (SIDF) • There are application, process and other fees to be paid, which vary according to the option chosen, and other factors Why Choose St. Kitts and Nevis? The Federation of St. Christopher (St. Kitts) and Nevis are two luxury destination islands in the eastern Caribbean, and are part of the Lesser Antilles. The country is a parliamentary democracy, with Her Majesty Queen Elizabeth II as head of state. The country is the smallest sovereign state in all of the Americas.

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The country’s GDP grew 7% in 2014, spurred mainly by tourism, as well as offshore financial services. Together they contributed approximately 75% of the nation’s GDP. Light manufacturing, which includes construction, contributes approximately 23%. Agriculture now contributes only a little over 1% to GDP following the collapse of the island’s sugar trade some years ago.

St. Kitts and Nevis’ national language is English, and the country is a member of many international organizations, including the UN, OAS, WTO, CARICOM, and the Commonwealth of Nations. It also benefits from the Caribbean Basin Initiative which enables the country’s exports to be sent to the USA without incurring import duties.

The country enjoys a stable banking system which offers attractive interest rates for accounts holding US dollars. The national currency is the East Caribbean Dollar, which is pegged to the US dollar. All monetary amounts shown in this chapter will be in US dollars.

The Benefits of Citizenship Citizenship of St. Kitts and Nevis has many benefits, both personal and financial, including:- • The right to live, work, establish a business, and invest in the country • There are no physical residency requirements to maintain citizenship • Freedom to live in other CARICOM member states • The right to pass citizenship on to descendants • Visa-free or visa-on-arrival travel to 131 other countries and territories, including all European Union countries, members of the Commonwealth of Nations, the Schengen Area, Singapore and Hong Kong • The Federation recognizes dual citizenship status for its naturalized citizens • No personal income, inheritance or capital gains taxes • Duty-free trading within the CARICOM area • Repatriation of profits, dividends, royalties, and imported capital by agreement with the Ministry of Finance • Business investors also benefit from tax holidays of up to 15 years • No import duties on capital goods necessary to establish or to update a business enterprise • Investment protection following a St. Kitts and Nevis agreement with the USA Citizenship by Investment – Qualifications and Conditions The program is open to foreign investors and their family members. The main applicant must be at least 18 years of age. All applicants must be of good character, and in good health. Investors choose one of two options; they satisfy the specific requirements of the option chosen, along with the personal qualifications. Once approved, investors will be invited to attain citizenship. The options are:

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Real Estate Investment The investor must select an approved project that is already under construction and then: • Sign a binding sales and purchase contract, with the project’s developer, to invest at least $400,000 Two or more investors may sign an agreement on the same property, provided each invests the minimum $400,000 • All monies must be placed in an approved escrow account, while the application is being processed • Within 6 months of receiving approval-in-principle, from the Citizenship by Investment Unit (CIU), the investor must show that they have received the property title, full and unencumbered • Show that all government fees have been paid • Maintain the investment for at least 5 years after citizenship has been granted

The investor may make the purchase through a St. Kitts and Nevis business entity provided the investor owns all its authorized shares.

Contribution to the Sugar Industry Diversification Fund (SIDF) The SIDF is a public charity which focuses on developing the country and its people by, for example, providing student grant money for technical and vocational training, offering low cost loans to improve residential property, assist community farming, etc.

The main applicant must make a non-refundable contribution to the charity within one of four categories: • Single applicants contribute $250,000 • Applicant, and up to 3 dependent family members (spouse and 2 children below the age of 18) contribute $300,000 • Applicant and up to 5 dependents (spouse and up to 4 children under 18) contribute $350,000 • Applicant and up to 7 approved dependents contribute $450,000

Dependent children between the ages of 18 and 25 may be included in the same application provided the main applicant makes an additional contribution of $50,000

These contributions include all government fees, apart from due diligence fees which must be paid.

Family Members Dependents are defined as: • Spouse • Natural or adopted children who are: Under the age of 18 Between the ages of 18 and 25 and are in full-time education and are wholly dependent on the main applicant www.high-net-worth-immigration.com 71

Physically or mentally challenged and who are wholly dependent on the main applicant Parents older than 65 who live with, and are wholly dependent on, the main applicant Application Process and Required Documentation The application process can take less than 6 months from submission to citizenship. All applications must be made through, and be managed by, an approved agent. • Applications must be on prescribed forms, personally completed by the main applicant or their authorized representative • All fees must be deposited into an approved escrow account before the application is submitted • All applications must be completed in English. Supporting documents must also be in English. Translations, accompanying the original document, must be certified as authentic • Applications, once submitted, will be reviewed by the CIU, who reserve the right to call applicants for interview, either in St. Kitts and Nevis or at an appropriate consular or diplomatic office • The CIU commissions due diligence background checks for every applicant 16 years of age and older. Applicants will be denied if:- They have a criminal record or Are under criminal investigation Are considered a potential national security risk Is involved in any activity that might bring discredit to the Federation or Who has been denied entry to any country with which the Federation has a visa- free travel agreement • If the application is denied, all but the Government fees will be returned • When approval is granted, applicants must confirm that all investments and contributions have been finalized • When that confirmation is received, the CIU will issue approval for citizenship and issue of passports Required Supporting Documentation A complete set of documents must be submitted for each applicant. There are additional documents which apply only to the main applicant. All documents must be in English, translated documents must be suitably authenticated. Required documents include:- • Application for citizenship registration • Certification of Signature, with photograph • Birth, marriage, adoption certificates, as appropriate • Medical certificate (no older than 90 days) • Copies of current passports or other valid international travel documents • 6 original passport-sized photographs (no more than 180 days old) • Certificate of no criminal record (this may be submitted later)

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• Confirmation that a dependent applicant over 18 is enrolled in a recognized institution of higher learning

In addition, the main applicant must provide: • A valid real estate sales and purchase contract for the property, if the real estate option is chosen • Confirmation that all government contributions, charges and other fees have been submitted or deposited in an approved escrow account, as appropriate • A sworn affidavit of support for each dependent over the age of 18 (other than spouse) Application and Processing Fees

Due diligence background check fees • For main applicant: $7,500 For each dependent over 16 years of age: $4,000 • Provision of the Certificate of Registration: $47 per applicant

Additional Government Fees Payable for investors who choose the real estate option • Main applicant: $50,000 • Spouse: $25,000 • Other dependents over 18 years of age: $50,000 • Dependents under 18 years of age: $25,000

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Grenada – Citizenship by Investment Program

Program Overview The program, launched in 2013, has as its mission to strengthen Grenada by encouraging long-term employment opportunities through direct foreign investment, in order to grow the nation’s economy. The program offers three distinct options enabling invited applicants, and their approved family members, to attain Grenada citizenship. The first two require an investment in an approved real estate project or other investment option such as the Sustainable Aquaculture Project.

The third option requires the primary applicant to make a non-refundable contribution to the National Transformation Fund (NTF). NTF-route applicants may either immediately apply for citizenship or they may, first, apply for permanent residence, and subsequently apply for citizenship. To be invited, the primary applicant must either:

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• Invest a minimum of $350,000 in the Mount Cinnamon Resort Hotel or one of the other approved real estate projects • Invest a minimum of $300,000, by purchasing 3000 x $100 redeemable preference shares, in Grenada Sustainable Aquaculture project Owning shares in any of these approved projects is an invitation to become a Grenada citizen

or the applicant may

• Make a non-refundable contribution, depending on the number of family members to be included, of at least $200,000 to the National Transformation Fund (NTF) • All applicants must pay the appropriate government and processing fees Why Choose Grenada? Grenada, known as The Isle of Spice, is in the Southeastern Caribbean. The country is made up of 3 primary islands, Grenada, Carriacou, and Petite Martinique. It enjoys a tropical climate, cooled by the Trade Winds. Its economy, which the IMF has forecast to grow 3.1% in 2015, is based primarily on agriculture, tourism, construction, and medical education. Financial services are also becoming a more prominent part of the economy.

The Eastern Caribbean Central Bank (ECCB) recently stated that the island’s economy is the best performing amongst the Organization of Eastern Caribbean States (OECS). Grenada’s currency is the Eastern Caribbean Dollar, pegged to the United States dollar. All currency figures used in this chapter will be in US dollar amounts.

Grenada is a constitutional monarchy, and has Her Majesty Queen Elizabeth II as its head of state. It is a stable parliamentary democracy and is a member of the Commonwealth of Nations. Its population is considered highly educated. Its national language is English, although many people also speak a French patois. The island enjoys fast Internet, and wide-ranging cell phone services.

Grenada’s banking system is stable, and enjoys the fact that many Canadian banks have opened branches there.

The Benefits of Grenada Citizenship Grenada offers many benefits to its citizens, including: • The right to live and work in Grenada but with no minimum residence requirements • The right to live and work in any CARICOM member state • Visa-free travel to more than 115 countries, including those in the Commonwealth of Nations, and the Schengen Area, as well as international business hubs such as Switzerland, Hong Kong, Singapore, and China

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• Grenada has an E-2 Treaty Investor Visa agreement which enables citizens to own and operate an approved business venture in the USA, and so, attain conditional residence there • No exchange control or other restrictions on the inward or outward flow of US dollars • Ability to hold dual citizenship if the country of origin allows such a status • No wealth, inheritance, gift, income or capital gains taxes on foreign-held assets • No restriction on the repatriation of profits • Generous business incentives such as full exemption from import and export duties • Free public education to the age of 16 • Facility of preferred access and also of lower-cost higher education in some international institutes of higher learning Citizenship by Investment – Qualifications and Conditions The program invites applications from foreign investors of good character and who are in good health, along with their dependent family members. There are no education or management experience requirements. Grenada’s official policy is not to place restrictions on any applicant or national, once they pass the due diligence background check.

The application process is confidential.

The primary applicant chooses one of the three qualifying options, and must satisfy the specific conditions of the investment or contribution. All applicants must satisfy the personal qualifications.

Approved Projects The projects focus on hotel, villa, other luxury resort developments, and a sustainable aquaculture project.

The Real Estate Projects require investors to: • Invest a minimum of $300,000 or $350,000, depending on the chosen project • Maintain the investment for at least either 4 or 5 years (depending on the chosen project) during which time dividends may be paid to the investor • After the minimum period, the applicant may sell the investment at market value

The Grenada Sustainable Aquaculture Project (GSA) requires investors to: • Invest a minimum of $300,000 by purchasing 3000 preference shares in the project • Maintain the investment for at least 5 years. The investor may then either sell the shares back to GSA or a to third party surety company for the original www.high-net-worth-immigration.com 76

investment price Another option would be for the investor to hold the shares beyond the minimum period, and then sell at an acceptable market value

GSA’s intention is to produce a positive cash-flow in 3 years, with a minimum return of 6%.

National Transformation Fund The NTF, established in 2013, finances projects which benefit one of the country’s industries, such as tourism, alternative energy, and agriculture. • Contribute $200,000 to the fund, for a family of 3 (primary applicant, spouse, and one dependent family member) • A contribution of $25,000 for each additional dependent family member Personal Qualifications • The primary applicant must have high net worth, and be at least 18 years of age • Have proof of funds, and show that the funds were acquired legally

The Government subjects every applicant 16 and older to a stringent background check, and all applicants must show: • They are in good health • Have no criminal record which, in Grenada, would result in imprisonment of 6 months or longer, unless they subsequently received a pardon • They are not currently under criminal investigation or investigation as a security risk • They have not been denied a visa to any country where citizens currently enjoy visa-free travel (unless the denial has, subsequently, been lifted and a visa granted) Application Process The application process is speedy and straightforward. Citizenship is normally granted within 60 business days from application. All supporting documents must be in English with notarized copies, where appropriate. Application and processing fees must be paid at the beginning of the process. Any application considered to be fraudulent will be rejected. • All applications must be through an Authorized International Agent who liaises direct with one of Grenada’s Authorized Local Agents • The applicant’s chosen agent will assist in collecting and preparing the necessary documents for submission. The documents include: Application Form(s) Citizenship or Permanent Residence by Investment Form Birth, marriage, adoption certificates, as appropriate Affidavit of support for each dependent over the age of 18 Statement of the Source of Funds www.high-net-worth-immigration.com 77

Medical Health Certification Criminal Record Verification • If the primary applicant chooses the investment option, the appropriate property must be reserved through a sales and purchase contract • The packet is submitted for processing to the Citizenship by Investment Committee (CBIC). There is, normally, no interview element to the process • The due diligence checks are performed. Delays, queries, or rejections are sent to the applicant’s agent • The CBIC makes its recommendation to the Minister who issues a letter instructing the applicant to complete the real estate transaction or to make the NTF contribution • When the transaction is confirmed as completed, the CBIC issues the Certificate of Registration, confirming citizenship, which enables all successful applicants to apply for a Grenada passport Government and Processing Fees The fees must be paid at the beginning of the application process. For primary applicant, spouse, and up to one dependent: $50,000 For each additional dependent: $25,000

Application, Due Diligence, and Processing Fees

Regardless of the option chosen, the fees are: § Processing fee for each applicant aged 18 and over: $1,500 § Processing fee for each applicant aged 17 and younger: $500 § Application fee for each applicant: $1,500 § Due diligence fee for primary applicant and spouse: $5,000 each § Due diligence fee for each applicant 18 and over: $5,000 § Due diligence fee for each applicant aged 16 – 17: $2,000 § There is no fee for applicants 15 years and younger

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Dominica – Citizenship by Investment Program

Program Overview The Citizenship by Investment Program, begun in 1993, is part of a strategy to advance the country’s economic development by making it attractive to foreign investors of good character. One result of such investment is that the primary applicant and family members may attain full citizenship of the Commonwealth of Dominica. The required investments must be in one of the following:

• A contribution of at least $100,000 to the Government Fund, depending on the number of dependents the primary applicant includes • An investment of at least $200,000 in an approved real estate project

Applications must be made through an authorized agent who will manage the process in conjunction with the Citizenship by Investment Unit (CIU), an office within the Ministry of Finance. The agent also ensures that the appropriate documents are submitted and all fees are paid.

The citizenship application process takes 4 to 6 months. The oath of allegiance, and attainment of citizenship may be taken at a designated office outside of Dominica.

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Why Choose Dominica? The Commonwealth of Dominica is known as ‘The Nature Isle of the Caribbean’ because of its beauty and many natural resources. It is in the Eastern Caribbean about 1400 miles south of Miami Florida, and is part of the Antilles archipelago. The country is famous for its happy, safe and culturally vibrant lifestyle. The national language is English but Creole French is also common.

Dominica is fast becoming one of the world’s major international financial centers, with offshore banking and payments processing being the two dominant parts of this sector. A recent article (August 2015) in the Financial Times scored various Caribbean nations and listed Dominica as #8 for foreign direct investment, and #6 for cost effectiveness. The country’s economy is dominated by the service sector, which accounts for approximately 69% of GDP, with agriculture and industry contributing an almost equal share of the rest.

The currency, the East Caribbean Dollar (ECD), is pegged to the US dollar. All references to money in this chapter will be given in US dollar amounts.

Dominica is a member of several internationally important organizations, including the Caribbean Community (CARICOM) the CARICOM Single Market and Economy (CSME), and the Organization of Eastern Caribbean States (OECS). Dominica also benefits from the Caribbean Basin Initiative that enables many goods to be exported to the USA, duty free.

In addition, the country is a member of the Commonwealth of Nations and, in May 2015, it reached an agreement with the Schengen Area to allow visa-free travel for Dominican citizens.

Benefits of Dominica Citizenship Dominica offers a very long list of benefits, which include: • The right to live, establish a business, and work in Dominica • No requirement to be physically resident, in order to maintain citizenship • Dual citizenship in the country of birth, unless that country does not permit this status • Total confidentiality, in that Dominica does not publish details of its foreign investors or those who have attained dual citizenship • Visa-free travel to more than 100 countries, including those in the European Union, the Schengen Area, other Commonwealth countries, as well as, for example, Hong Kong and Singapore • Dominica has an E-2 Treaty Investor Visa agreement which enables citizens to own and operate an approved business venture in the USA, and so, attain conditional residence there • Freedom to live in any CARICOM member state www.high-net-worth-immigration.com 80

• Enjoy minimal taxation – no wealth, inheritance, gift, foreign income or capital gains taxes • Benefit of double taxation treaties with other countries, including the USA • Many business incentive benefits, including corporate tax holidays of up to 20 years depending on the business enterprise, exemption from import duties, and a waiver on VAT for imported capital equipment, export allowances • Duty-free trading within the CARICOM area • Protection of bank accounts both in Dominica and abroad Citizenship by Investment – Qualifications and Conditions The program is open to adult foreign investors of good character and in good health, plus their family members. Investors must choose one of the two main investment options, and then satisfy the specific conditions of each one. All applicants must satisfy the personal qualifications. The two main options are:

Government Fund The fund is used for public and private sector projects, such as school and hospital building, promoting the offshore sector, tourism, and information and communication technology. Applicants must be at least 18 years of age, and of good character. There are 4 investment categories: • Single Applicant: make a non-refundable contribution to the fund of $100,000 • Primary applicant and spouse: make a non-refundable contribution of $175,000 • Primary applicant, spouse and up to 2 dependents below the age of 18: make a non-refundable contribution of $200,000 • Primary applicant, spouse and up to 4 dependents below the age of 18: make a non-refundable contribution of $200,000 plus an additional non-refundable contribution of $50,000 for each of the 3rd and 4th dependent family members • Government and other fees are also payable Real Estate Projects There are, presently, 3 such projects approved within the program, which include luxury hotel development, and also condo and villa development. • The applicant must invest a minimum of $200,000 in a project (since individual contracts reserving the property must be in place before the CBI process can be completed, the timescale may exceed the normal 8 to 12 weeks) • Maintain the investment for a minimum of 3 years (If the property is sold after 3 years, but before 5 years, the next buyer will not be able to use the investment to qualify for this program. If the property is sold after 5 years, the next buyer will be eligible to use the investment as part of a CBI program) Family Members

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Dependent family members who may also apply as part of the program include the following: • Spouse • A natural or adopted child of the primary applicant or spouse who is less than 18 years old • A child between 18 and 25 who is in full-time higher education, and is supported by the primary applicant • An unmarried daughter who is living with and supported by the primary applicant • An adult child, supported by the primary applicant, who is physically or mentally challenged • Parents or grandparents of the primary applicant, or spouse, who live with and are supported by the primary applicant Application Process The application process is straightforward and speedy, and must be made through the authorized agent. All documents must be in English with notarized copies, where appropriate. Applicants must pay the fees at the time of submission. Government fees will be returned if the application fails, unless it is rejected because any part of the application is considered fraudulent.

• When all documents are complete, the authorized agent submits the application to the CBIU on the applicant’s behalf • The CBIU will liaise with the agent, only, to address any queries which arise during processing • There is no mandatory interview, but the government reserves the right to call an applicant for interview • The CBIU performs the due diligence exercise • The CBIU issues its decision to approve, reject or delay the application • On approval the primary applicant must complete the investment • When the CBIU receives conformation that the investment is complete, it will issue the Certificate of Registration. The Certificate enables the agent to apply, on behalf of the applicants, for Dominican citizenship

Several different documents are required for submission. The agent will provide the first three. The list of documents is as follows: • Disclosure and Verification Forms • 2 notarized copies of the Application Form for each applicant • Birth, marriage, dissolution, adoption certificates, as appropriate • Medical certificates • Police record (with fingerprints) for each applicant over 16 years of age. A police record is required from the country of origin, and the country of residence (if different)

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For children between the ages of 12 and 15, the parent must sign an affidavit that the child has no criminal record • 8 passport-sized photographs for each applicant • A letter of recommendation from the head of the school or university for each child aged between 12 and 18 • The primary applicant must also provide:- 1 professional reference A letter of employment, if appropriate A banker’s letter of recommendation 2 personal letters of reference Detailed business background reports, or resumés Notarized copies of university or college diplomas, as appropriate An affidavit of the applicant’s source of funds • Proof of payment of relevant fees Government and Processing Fees All fees must be paid at the time of application.

The processing fees are:

• Per application: $3,000

The Government fees for the Real Estate Option are:

• For primary applicant: $50,000 • For spouse: $25,000 • For each dependent aged 18-25: $50,000 • For each dependent under 18: $20,000

The following fees are to be paid, regardless of the option chosen.

• Due Diligence Fees: For primary applicant: $7,500 For spouse: $7,500 For each dependent aged 16 and older: $4,000

• Other fees: Certificate of Naturalization: $750 for each applicant Expedited Passport, if required: $1,200 for each applicant

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Section 4: Asia and Oceania Programs

Australia – Significant Investor and Premium Investor Visa

Program Overview The Australian Government announced the Significant Investor Visa Category in 2012, as part of its Business Innovation and Investment Program. In July 2015, the government introduced the Premium Investor Visa Category. The program is intended to further boost the nation’s economy by attracting greater foreign investment from high net worth individuals who have a proven track record in successful business management or investment.

Investors will be entitled to a Temporary Residence Visa (Subclass 188) in order to live in Australia, and to manage their investment. Visa-holders may apply for Permanent Residence Status (Subclass 888) and, ultimately, for citizenship if they continue to meet the qualifying requirements.

There are two categories of investment – Significant and Premium. • Significant Investor Applicants must invest a minimum of AU$5 million in approved entities or projects (such as Government bonds, infrastructure projects or approved private companies)

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• The investments must be held for 4 years before the applicant may apply for permanent residence • Premium Investor Applicants must invest a minimum of AU$15 million in virtually any approved entities or projects, other than minimal investments in residential real estate construction • The investments must be held for a minimum of 1 year before applying for permanent residence • Applicants in either category who wish to apply for permanent residence must have been physically present in the country for a minimum of 160 days during their period of temporary residence Why Australia? Australia is a major economic force in Oceania and Southeast Asia. It also has a strong trading relationship with the Americas, particularly North America, and also with other member states of the Commonwealth of Nations. Australia has a strong, stable national infrastructure. It is the world’s sixth largest country by area, and has a population of over 23 million. Australians enjoy a high standard of living, good public education and a highly rated health care system.

Australia’s GDP ranks 11th in the world, and the per capita income ranks as the world’s 5th highest. In 2014, Australia was listed as 8th in the world for direct foreign investment, according to the United Nations Conference on Trade and Development. It has been in the top 10 four years in a row, and is one of only four developed nations in this elite group.

Australia is a member of many international organizations including the G20, OECD, WTO, Asia-Pacific Economic Co-operation (APEC) which promotes free trade throughout the Pacific Rim, and the Pacific Islands Forum, whose goal is to encourage co-operation across Oceania.

Benefits of Australian Residency The benefits of Australian residence focus around economics and lifestyle. Australian residents may: • Start, develop or take ownership of a legal business entity • Invest with a State or Territory government, and in publicly traded companies • Live, work and travel throughout Australia, and travel in or out of the country at will (subject to the physical presence condition for those intending to attain permanent residence) • Enjoy visa-free or visa-on-arrival travel to more than 160 countries and territories • Enable family members to attain temporary residence • Apply for Permanent Residence (Subclass 888 Visa)

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• Stay indefinitely in Australia • Apply for Australian citizenship after 4 years, provided they have not been absent for more than 12 months during those 4 years, including no more than 90 days during the 4th year • Sponsor approved family members for permanent residence • Enroll in Australia’s Medicare system Investor Visa – Qualifications and Conditions Significant Investor Visa • Invest a minimum of AU$5 million in approved entities The categories are: Australian venture capital or private equity funds that invest in small private companies and start-up ventures. At least AU$500,000 must be invested in this category

Approved Managed Funds or Listed Investment Companies (LIC’s) that invest in emerging companies listed on the Australian Securities Exchange. At least AU$1.5 million must be invested in this category. Approved managed funds include, but are not limited to, infrastructure projects, bank bills and term deposits, and bonds issued by government entities

Other approved funds and LIC’s. No more than 10% may be invested in residential real estate

• Maintain the investments for a minimum of 4 years Premium Investor Visa • Invest a minimum of AU$15 million in any approved entity or multiple entities, with no limit as to how much is invested in which, other than in real estate • Maintain the investment for a minimum of 1 year Qualifications Applying to Both Visa Categories There is no age limit, no points test, and no English language competency test to apply for the temporary visa (Subclass 188).

If the applicant or any family member over the age of 18 does not have functional English language ability, there is a second visa application charge to be paid.

All applicants must: • Hold a valid passport or other valid travel document • Show proof of funds, and overall net worth • Show that the funds are personally owned by the applicant, spouse or partner (or owned by an entity over which the applicant, spouse or partner has total control) www.high-net-worth-immigration.com 86

• Show that the funds are unencumbered, and were acquired legally • Be in good health • Have a clean criminal record Application Process • The visa process is by invitation. Would-be investors submit an ‘Expression of Interest’ (EOI) via Australia’s online ‘SkillSelect’ process indicating the preferred business stream (according to the Significant or Premium Investor qualifying categories) • The state, territory or national government organization interested in taking the EOI further, then nominates the investor and invites them to make an formal application • The Australian government then issues an invitation to apply for a visa • The overall timescale varies according to the category, and how long it takes the interested organization (state, territory or national government) to make the nomination Once the actual application has been submitted the visa can be issued in as little as 3 months Documentation and Government Application Fees • Certified copies of appropriate personal documents must be provided (Birth, marriage, adoption certificates, etc) • Current passport • Health and criminal record certificates from appropriate parties • Proof of sufficient unencumbered, and legally acquired funds • Specific details of the intended investments the applicant will make, so they can be confirmed as approved

The Government fees are: • For primary applicant: AU$4,780 • For spouse and approved family members over 18 years of age: AU$2390 each • For approved family members 17 or younger: AU$1,195 each

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New Zealand – Residency by Investment Program

Program Overview The Investor Residency Visa Program was introduced to further encourage New Zealand economic growth by encouraging high caliber foreign nationals to invest, and to live in the country.

The New Zealand government formalized the program, for both Investor and Investor Plus categories, in 2011.

Approved investments lead to the primary applicant and approved family members being able to live, work and study in New Zealand as permanent residents. There is, presently, no limit on the number of Investor Plus (Category 1) visas but Investor (Category 2) visas are limited to 300 per year.

The two categories and their general requirements are:

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• Investor Plus (Category 1) applicants must invest a minimum of NZ$10 million, and maintain the investment for a minimum of 3 years, after which time they will receive permanent residency • Investor Visa (Category 2) applicants must invest at least NZ$1.5 million in approved funds, and maintain the investments for at least 4 years. After satisfying a residency requirement Investors will receive permanent residency • Applicants and family members, in both categories, must also satisfy additional, personal requirements Why Choose New Zealand? New Zealand is a well-developed nation, renowned for its quality of life, free economy, and reputation for business ethics. HSBC’s 2015 Expat Explorer Survey ranked New Zealand as the second best place in the world, to live. Auckland, its largest city, was ranked the third best city in the world by another recent survey carried out by a firm of global consultants.

New Zealand is a parliamentary democracy and constitutional monarchy. It comprises two main islands about the same size as the UK or Japan but only has a population of around 4.6 million people. 75% of the population is of European descent, indigenous Maori make up the next largest demographic, followed by those of Asian heritage. The country has three national languages – English, Maori, and New Zealand Sign Language.

New Zealand’s GDP stands at NZ$170 billion, and is forecast to grow by 3% in 2015. The growth is expected to continue into the foreseeable future. Positioned in the Southwest Pacific, approximately 900 miles (1500 kilometers) east of Australia, it has close economic and cultural ties with all Oceana and Asian countries. New Zealand is a member of The Commonwealth of Nations, ANZUS, OECD, the Asia-Pacific Forum, and the Pacific Islands Forum.

The Benefits of New Zealand Residency

The holders of resident visas, including family members, are entitled to:

• Stay, indefinitely, in New Zealand • Work in New Zealand or in the exclusive economic zone • Study in New Zealand, enjoy no-cost primary or secondary education, and subsidized education in private schools, as well as colleges and universities • Benefit from free or subsidized health care • Vote in elections after one year’s permanent residency • Receive certain social security benefits, after two years' permanent residency and, after ten years' residency, be entitled to other state benefits

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Investor Program Requirements

The two categories have different requirements.

The Investor Plus (Category 1) is the simpler of the two.

• Invest a minimum of NZ$10 million in approved funds • Maintain the investments for a minimum of 3 years The invested funds may be changed, during those 3 years, as long as new investments are also in approved funds • Be physically present in New Zealand for at least 44 days in each of years 2 and 3 of the 3 year investment period

Investor (Category 2) carries has qualifications.

• Invest a minimum of NZ$1.5 million in approved funds • Maintain the investment for a minimum of 4 years Investments may be moved, as with Category 1 • Be no older than 65 • Have a minimum of 3 years management experience • Have additional unencumbered personal assets equivalent to NZ$1 million (these assets may continue to be held in any country, and be of any kind, as long as they were acquired legally) • Be functionally competent in English (this qualification also applies to family members) • Be physically present in New Zealand for at least 146 days in each of years 3 and 4 of the 4 year investment period

All investors, and their family members, must also:

• Visit New Zealand, at least once, within 12 months of receiving the residency visa • Be in good health • Have a clean criminal record, reaching back 10 years

Approved Investments and Fund Requirements

Acceptable investments must:

• Be invested in legal enterprises or in approved managed funds in New Zealand • Be capable of generating commercial gain in normal business circumstances • Contribute to the New Zealand economy • Not be for personal use (e.g. family residence)

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• Be invested in a selection of bonds, funds and equities, as described in the government’s detailed lists. Investments may also be made in certain residential property developments

Investment Fund Requirements

The invested funds must be:

• Owned, personally, by the principal applicant, or jointly with spouse and/or dependent children (unmarried and under 19 years of age) • Legally acquired • Unencumbered • Transferable through the banking system (cash is not permitted)

Application Process

The process is straightforward. The total amount of time will vary, since would-be investors must wait to be invited to apply, but the total amount of time should not exceed 13 months, and could be completed in fewer than 6 months. The application steps are:

• Submit an Expression of Interest (EOI) to the Business Migration Branch • Wait for an invitation to apply. Invitations may take up to 6 months, depending on the investment category, and on the types of investment the applicant selects. EOI’s are reviewed every 2 weeks • Respond to the invitation within 4 months of receipt • Submit the necessary documentation and pay the government fees • Transfer the funds to an approved account, for subsequent investment • On approval, the applicant will have 12 months in which to make the necessary investments • Visit New Zealand within 12 months of approval to receive the visa

Documentation and Fees

Documents must be in English. Any translations must be certified, and must accompany certified copies of the originals. The documents are:

• Application form • Proof of identity (birth, marriage, adoption certificates or evidence of a stable partnership relationship as appropriate) • Copies of valid passports or other travel documents • 2 passport-size photographs • Health certificate

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• Clean criminal record certificate for each country where the applicant may have stayed during the previous 10 years (for all applicants 17 years or older) • Confirmation of the English language competency level, if appropriate, or confirmation that the English for Speakers of Other Languages (ESOL) tuition course fee has been pre-paid • Details of management experience if required • Details of the nominated investment funds (ownership records, how acquired) • Details of the intended investments

Government fees must accompany appropriate documents. The fees are:

• Expression of Interest: NZ$595 (primary applicant only) • Investor Visa application: NZ$4,100 if the applicant is currently in New Zealand NZ$3,990 if the applicant is not in New Zealand • The above fees include any family member who is either less than 20 years or age and unmarried • Family members who are 20 years old or married each pay their own fee

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Cambodia – Citizenship by Investment

Program Overview Cambodia’s Citizenship by Investment Program was initiated in 1996, and was updated in 2015, making it one of the world’s best-established programs of its kind. The program’s goal is to encourage foreign investors of high net worth, and of good character, to contribute to the country’s vibrant economy. All monetary amounts shown, and must be made, in US dollars. Investors, and their family members, who want to benefit from the citizenship program have two primary options: • Invest a minimum of $300,000 in a qualifying, interest-bearing account, and maintain the investment for a minimum of 3 years • Finance the investment of $300,000 by depositing $50,000 in a qualifying account and borrowing the remainder. The investment must be maintained for a minimum of 5 years. At the end of the period, the initial deposit will be retained to pay for finance and other charges • Regardless of the option chosen, investors will pay Government and other processing fees, depending o the number of other family member applicants

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Why Choose Cambodia? The Kingdom of Cambodia is a constitutional monarchy, and a stable multi-party democracy in Southeast Asia. It is believed to have the fastest-growing economy of all Association of South East Asian Nations (ASEAN). Its GDP growth rate in the past 10 years is estimated to have been between 7% and 10% per annum. The country’s economy is based, primarily on agriculture (32% of GDP) industry (25%), and the service sector (42%). Approximately 4.5 million foreign tourists visited Cambodia in 2014, making it one of the most visited countries in the area.

The ASEAN Economic Community (AEC) is poised to create a huge single market allowing free movement of goods, capital investment, finance and skilled labor within its geographic area. If the AEC were a single market it would rank as the world’s 8th largest economy.

The Benefits of Cambodian Citizenship Cambodia offers some unique benefits, including: • The opportunity to take a Khmer name at naturalization, thus affording a perfect opportunity for increased privacy • The legal framework to protect Cambodian-held assets in this stable society • The ability to hold dual citizenship, if the country of origin allows that status • The opportunity to take great economic advantage of the huge market created by the ASEAN Economic Community (AEC) • The right to own landed property. Non-citizens may only lease such property • The right to apply for government-generated concessions and licenses which may facilitate improved business practices • An advantageous tax regime, for example, Cambodia does not tax its citizens on world-wide income; only that gained in the country. The tax rate of fixed investments is, currently, 6% • The facility to live, work and transact business anywhere in the country (and throughout the AEC) • The benefit of visa-free or visa-on-arrival travel to 51 countries, including all of the ASEAN member states, India, South Korea, and others in Africa, the Americas, and Oceana • The right for approved family members (spouse and children under 18 years of age) to attain citizenship • The investment (if made in full, and not financed) will pay a fixed annual dividend of between 6.75% (on $300,000 held for 3 years) and 8.8% (on $500,000, or more, held for 5 years) After the agreed minimum period, the deposit may be withdrawn in full, 14 days after the maturity date Citizenship by Investment – Qualifications and Conditions Applicants for citizenship must satisfy the following: www.high-net-worth-immigration.com 94

• Make a qualifying investment of at least $300,000, either by way of a single deposit, or by investing $50,000 and financing the remaining $250,000 • Make the deposit on the 1st business day of processing month • Maintaining the single investment for a minimum of 3 years, or the financed investment for a minimum of 5 years • Be at least 18 years of age • Have a valid passport with a current visa allowing entry into the country • Be of sound mind, and in good health • Have a clear criminal record • Show the ability to pay all government, application and processing fees $80,000 • Physical residency is not a condition of applying for, or maintaining citizenship, but it is advantageous to have a local mailing address Application Process, Fees and Timescale The application process is straightforward, and takes between 3 and 4 months. If the application is successful, the applicant will receive a Royal Decree of Naturalization, a National Identification Card, and a . The process is as follows. The applicant must: • Pay an initial, and non-refundable, reservation fee of $10,000 into an approved agent’s client account • Visit Cambodia to obtain the correct visa, complete the basic medical examination, provide fingerprints, receive local police clearance, and to choose a Khmer name (if desired) • Complete the documentation packet for submission, and deposit a further $70,000 into the client account, which will be applied according to the processing schedule • Submit the application packet to the Ministry of the Interior (along with the processing fee of $25,000) • Deposit the minimum investment amount into the same client account, and arrange financing if required • Transfer another $40,000 of the processing fee, on receipt of the Ministry’s letter confirming that the application has been approved • Take the oath of allegiance (this may be taken outside of Cambodia) • Transfer the final $10,000 processing fee on receipt of the id card and passport • Make application for citizenship on behalf of family members, is desired The application fee for each family member is $5,000

Should the investor decide not to pursue the citizenship application, or if the application is denied, any unapplied parts of the $80,000 fee will be returned to the applicant.

Supporting Documents All documents must be either originals or certified copies. Documents must be submitted in the Khmer language. Applicants must provide the following documents as part of the application packet: www.high-net-worth-immigration.com 95

• Copies of the applicant’s passport, showing a current Cambodian travel visa • A digital passport photograph (from which copies will be made) • A police clearance letter from the applicant’s home country, and from Cambodia • A local health certificate showing the applicant is in good health • Proof that the funds to make the qualifying investment are in place

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