26.07.23
Access to Europe Is “The Gold Standard”: Investment Migration People in the News This Week
Ahmad Abbas
Investment migration people in the news this week included:
- Melvin A. Warshaw of Melvin A. Warshaw Law Offices
- David Lesperance of Lesperance & Associates
- Jeremy Savory of Savory & Partners
- Alena Lesina of Astons
- Dominic Volek and Tony Le Nevez of Henley & Partners
- Anthony Liew of MM2HCA
- Michael Kosnitzky of Pillsbury Winthrop Shaw
- Kristin Surak of LSE
The Guardian Nigeria- Investors tasked with diversification through foreign asset purchase
Founder, Savory and Partners, Jeremy Savory, speaking on the benefits of citizenship by investment, said it provided access, options, privacy, security, mobility and social advantage.
He said the minimum threshold for all legal citizenship by investment programme was $100,000, which goes up depending on family size, country, real estate or government bond component.
“Each programme has legislation that allows one to pass the citizenship to the next generation. Sometimes, there is a nominal fee attached to it, but it is a citizenship and not a passport so it can be passed down to generations,” he added.
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“Portugal is one of the most affordable European countries to live in terms of standard of living. Rent is probably the only cost-effective thing,” he added.
Financial Express – Top golden passport nations with best economic health are the first choice of high-net-worth citizens
Immigration Expert for Astons USA, Alena Lesina, says: “Economic health is an important consideration for those who are looking to gain citizenship through investment in another country. Investors want to know that their money is in good hands and that they are becoming citizens of a thriving, or at least self-sustaining economy.
Financial Express – India to see a fall in net outflow of HNWIs in 2023, says Henley & Partners’ Report
Dominic Volek, Group Head of Private Clients at Henley & Partners, noted that the recent and persistent turmoil has caused a shift . “More investors are considering relocating their families for a range of reasons, from safety and security, to education and healthcare, to climate change resilience and even crypto-friendliness,” he said. Other reasons for the investment migration from India include prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse. Dubai and Singapore remain preferred destinations for wealthy Indian families
VOX – The ultimate score for rich people? “Golden” passports.
“The gold standard is to try to have unfettered access to the EU and Schengen countries,” says Michael Kosnitzky, a family office attorney at Pillsbury Winthrop Shaw Pittman who has helped many of his high-net-worth clients obtain second, and even third, citizenships.
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“I still like Malta, but there are other countries now — Slovenia, Slovakia, Hungary, and my personal favorite, Austria,” said Kosnitzky. Unlike many similar programs, Austria’s doesn’t specify an amount of investment; applicants simply can make significant contributions to charity or research and obtain citizenship.
Free Malaysia Today – Make premium visas part of MM2H, says agents’ group
Anthony Liew, president of the Malaysia My Second Home (MM2H) Consultants Association, said the Premium Visa programme (PVIP) was similar to MM2H, which provides residential visas for well-off foreigners.
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But, Liew said, visa agents need a separate licence to handle premium visas. He suggested that PVIP be incorporated as a “new category” within MM2H.
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“It would then allow all MM2H licensed agencies to promote it collectively, provide more opportunities for their agents, and cut down the work for government officers, especially in the immigration department,” he told FMT.
Tony Le Nevez, the managing partner of Henley & Partners in Australia, said the absence of inheritance taxes was a major factor, along with visa programs designed to attract the very wealthy.
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‘What is it about Australia that has it consistently mentioned as the millionaires’ migration destination of choice? ‘Is it the climate and life, the world-class education and healthcare, the distance from global crisis hotspots, or is it the fact that, unlike the UK and the USA, Australia has no inheritance taxes or death duties?
‘The answer is, all of the above, plus some very attractive visa programs aimed at attracting highly skilled professionals.’
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Mr Le Nevez said Prime Minister Anthony Albanese’s Labor government was likely to continue favouring skilled migrants, which would include high-net worth individuals investing in businesses.
Bloomberg Tax – Immigration Strategies for Israelis Moving to the US Part One & Part Two
In this second part of the two-part series, Melvin Warshaw and David Lesperance look at the interaction between tax and immigration law consideration and possible strategies for Israeli entrepreneurs considering a possible relocation from Israel to the United States.
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Few Americans have heard of Giora Shalgi. Some Americans know about Rafael Advanced Defence Systems, now owned by the Israeli government. In a stunning radio interview, Shalgi, now 84 and a former CEO of Rafael the homegrown manufacturer for Israel Defence Forces (IDF), addressed what was previously heresy: leaving Israel for another country.
In the interview, Shalgi noted that over the years he had been offered lucrative salaries abroad as were his colleagues at Rafael. His response was always the same: “I did not even listen.” So now when people in Israel like Shalgi indicate they are beginning …