Latest / IMI Podcasts / This Week in IMI - Oct 10: Malta CBI Saved? Dutch Exit Taxes Incoming, Low-Tax Residency Options in San Marino, ++

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This Week in IMI - Oct 10: Malta CBI Saved? Dutch Exit Taxes Incoming, Low-Tax Residency Options in San Marino, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI This Week.
• 0:04
  SPEAKER_00: San Marino, the world's oldest republic, offers unique tax incentives for foreign residents, including a 6% tax on pensions, a 3% tax on foreign source dividends, and low taxes on corporate profits.
• 0:19
  SPEAKER_00: Moreover, the country provides a slew of extraordinary residency options for investors, entrepreneurs, and retirees.
• 0:27
  SPEAKER_00: Plus, Valentino Coletto notes that San Marino's tax system differs from many European countries by using a single-phase tax instead of VAT.
• 0:38
  SPEAKER_00: The Dutch House of Representatives has passed a motion to explore fair share tax measures, including a potential exit tax for high net worth emigrants leaving for low tax jurisdictions.
• 0:50
  SPEAKER_00: The motion argues that because the immigrants have lifelong benefits of Dutch society, it's reasonable to expect them to contribute to the public good even after leaving.
• 1:00
  SPEAKER_00: David Lesperants argues that while any concrete changes would require additional legislative steps, wealthy Dutch citizens will preemptively flee.
• 1:10
  SPEAKER_00: Canada has introduced new provisions for its startup visa program, offering open work permits to entrepreneurs awaiting permanent residency.
• 1:19
  SPEAKER_00: The changes allow SUV candidates to apply for a three-year open work permit and work for almost any employer in Canada while developing their businesses.
• 1:30
  SPEAKER_00: The new process introduces potential delays due to the requirement of obtaining an acknowledgement of receipt before applying for the work permit, which Christopher Lennon and Melissa Godmer say could impact the program's competitiveness and applicants' ability to launch businesses quickly.
• 1:48
  SPEAKER_00: Despite facing processing delays, Egypt's citizenship by investment program has increased cabinet meeting frequency, resulting in faster processing and quicker approvals, while also implementing new regulations to enhance the program's framework.
• 2:04
  SPEAKER_00: Key changes include shared property investments, new bank requirements for private sector purchases, and required building permits for all properties used in citizenship applications, which Hani Mustafa Moawad expects to increase demand for the program.
• 2:21
  SPEAKER_00: The United Workers' Party of Dominica has initiated legal action against the government to compel disclosure of contracts and financial operations related to the country's citizenship by investment program.
• 2:33
  SPEAKER_00: Prime Minister Roosevelt Scarrett defends the program as transparent, highlighting its importance in funding national programs and warning that undermining it could cause economic dislocation.
• 2:45
  SPEAKER_00: The government has established an independent due diligence unit and cooperated in international affairs, including with the UK, to potentially restore visa-free travel for Dominicans.
• 2:57
  SPEAKER_00: The Advocate General's opinion in the European Commission v.
• 3:01
  SPEAKER_00: Republic of Malta case supports Malta's citizenship by investment program, asserting that European member states retain sovereignty over nationality decisions, provided they don't systematically undermine European law.
• 3:14
  SPEAKER_00: While rejecting the need for a genuine link between citizens and the state, the opinion emphasizes the importance of rigorous due diligence in such programs to maintain European citizenship integrity.
• 3:27
  SPEAKER_00: Ivan Petrov argues that the non-binding opinion, if adopted by the European Court of Justice, would validate investment-based citizenship programs within the European Union.
• 3:38
  SPEAKER_00: Advocate General Anthony Michael Collins has recommended that the European Court of Justice dismiss the European Commission's case against Malta's citizenship by investment program, potentially reshaping European citizenship laws.
• 3:52
  SPEAKER_00: This opinion challenges the Commission's argument that Malta's program lacks a genuine link between applicants and the state, and supports Malta's position that citizenship matters fall within national competence.
• 4:06
  SPEAKER_00: If the court follows this recommendation, it could have significant implications for investment-based citizenship schemes across the European Union, potentially emboldening other countries with similar programs.
• 4:19
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:23
  SPEAKER_00: Subscribe for free to the IMI Daily Newsletter for breaking news and updates from the investment migration industry, and consider upgrading your membership to IMI Pro to get access to our exclusive professional community, industry events, data, and members only content.