Latest / IMI Podcasts / This Week in IMI - June 12: MSR Adds St Lucia Deputy PM to Case, Armenia’s Nearly Free Residency, Cyprus Revokes a Citizenship, ++

Transcript

This Week in IMI - June 12: MSR Adds St Lucia Deputy PM to Case, Armenia’s Nearly Free Residency, Cyprus Revokes a Citizenship, ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI this week, IMI Pro.
• 0:03
  SPEAKER_00: Members have a new tool at their disposal: quarterly updates on real-world processing time data for major residents, and citizenship by investment programs.
• 0:13
  SPEAKER_00: This tool aims to bridge the information gap caused by the lack of official processing time updates from most programs.
• 0:20
  SPEAKER_00: The data is gathered from three sources official sources, when available, empirical observations from investment migration practitioners, and third-party databases like Nomad Gates crowdsourced application timeline data.
• 0:38
  SPEAKER_00: Caribbean Galaxy.
• 0:40
  SPEAKER_00: Real Estate Corporation has vehemently denied the allegations leveled against it by movie producer MSR Media and Felipe Martinez in a recent RICO lawsuit, stating that it has always followed the law and industry practices in its dealings with the citizenship by investment programs of St.
• 0:58
  SPEAKER_00: Kitts and Nevis and St.
• 1:00
  SPEAKER_00: Lucia.
• 1:01
  SPEAKER_00: MSR has criticized the accusations as false and aimed at destroying its reputation, vowing to defend itself against what it calls the selfish actions of individuals dissatisfied with their investments.
• 1:17
  SPEAKER_00: Named as a defendant, former St.
• 1:19
  SPEAKER_00: Kitts and Nevis Prime Minister Dr.
• 1:22
  SPEAKER_00: Denzel Douglas has similarly dismissed the allegations as baseless, malicious, and deliberate attacks, expressing confidence in his ability to clear his name and legacy.
• 1:40
  SPEAKER_00: During an interview on St.
• 1:41
  SPEAKER_00: Lucian TV, Philippe Martinez revealed that MSR Media would add St.
• 1:46
  SPEAKER_00: Lucia's Deputy Prime Minister and Minister for Tourism, Ernest Hilaire, as a defendant in their RICO lawsuit against individuals and entities related to the citizenship by investment programs in St.
• 1:59
  SPEAKER_00: Kitts and Nevis and St.
• 2:01
  SPEAKER_00: Lucia.
• 2:03
  SPEAKER_00: Martinez accused former St.
• 2:05
  SPEAKER_00: Kitts and Nevis CIU head Les Khan of masterminding an alleged discounting scheme and claimed to have evidence, including recordings and financial transactions, of corruption and fraudulent activities within the CIPs.
• 2:23
  SPEAKER_00: However, he did not provide concrete evidence during the interview and deflected questions about financial compensation and his own past.
• 2:36
  SPEAKER_00: More information has come to light in the ongoing RICO lawsuit filed by MSR Media against various Caribbean CBI officials and entities.
• 2:46
  SPEAKER_00: CEO of St.
• 2:47
  SPEAKER_00: Lucia's Citizenship by Investment Unit, McLaud Emanuel refutes claims made by the plaintiff Felipe Martinez during a TV interview.
• 2:56
  SPEAKER_00: Specifically, Emmanuel denies presenting any evidence of a scam to Martinez during their meeting in Washington, D.C., and states that he did not suggest Deputy PM Ernest Hilaire's involvement in any illegal activities related to the CIP.
• 3:14
  SPEAKER_00: Additionally, Hilaire is set to address the nation regarding the citizenship by investment program, likely in response to Martinez's claims of adding him as a defendant in the lawsuit.
• 3:32
  SPEAKER_00: For a few thousand dollars, one can obtain permanent residency in Armenia, which places them on a three-year path to citizenship without any minimum stay requirements.
• 3:43
  SPEAKER_00: Armenian Citizenship offers visa-free travel to 69 countries, including Russia and Turkey, as well as the ability to live and work in other Eurasian Economic Union member states.
• 3:56
  SPEAKER_00: Additionally, Armenia is considering applying for EU membership, which could significantly increase the value of its citizenship by granting settlement rights across the EU and EEA countries.
• 4:12
  SPEAKER_00: The Cypriot Cabinet has officially stripped Joe Lowe of citizenship after an independent commission rejected his appeal.
• 4:20
  SPEAKER_00: Despite red flags raised about his involvement in the 1MDB scandal, Lowe obtained citizenship through the country's citizenship by investment program in 2015.
• 4:32
  SPEAKER_00: As part of a wider crackdown on individuals who acquired citizenship inappropriately through the CIP, the Cypriot government has introduced additional vetting procedures and reforms to navigate legal technicalities that initially prevented the revocation.
• 4:54
  SPEAKER_00: In this week's edition of Ten on the Weekend, IMI pro Melissa Hilton shares her thoughts on myriad topics such as American CBI market growth, tech adoption, conducting due diligence amid Taliban takeover, Dominica's PM, and her five-year vision.
• 5:12
  SPEAKER_00: She says of the turmoil in Afghanistan in 2021, our commitment to serving our government clients was unwavering, even in the most challenging and volatile environments.
• 5:23
  SPEAKER_00: Read the full interview on IMI.com.
• 5:29
  SPEAKER_00: Mona Shah writes about the growing trend of individuals renouncing their U.S.
• 5:34
  SPEAKER_00: citizenship, primarily due to reasons such as avoiding taxes, still the top motivator, political and social unrest, and safety concerns.
• 5:43
  SPEAKER_00: She highlights the complex process involved, including paperwork, fees, interviews, and potential exit taxes.
• 5:52
  SPEAKER_00: Additionally, Shah warns about unexpected consequences such as inadmissibility to the US, outstanding financial obligations, and public disclosure of renunciation for high net worth individuals.
• 6:09
  SPEAKER_00: On June 17th, the European Court of Justice will hear oral arguments on the European Commission's infringement case against Malta citizenship by investment program.
• 6:21
  SPEAKER_00: Professor Dmitry Kochinov, a leading scholar in EU citizenship law, stands by his 2020 forecast.
• 6:30
  SPEAKER_00: As he believes the Commission lacks legal grounds, he maintains that the Commission will be humiliated in court.
• 6:37
  SPEAKER_00: Initiated in 2020, the hearing will allow both parties to present oral arguments after which an advocate general will issue an opinion before the court's final and binding ruling expected within a year.
• 6:55
  SPEAKER_00: Monashah describes a noticeable shift in the attitude of wealthy Americans towards seeking residency or citizenship rights elsewhere since the COVID-19 pandemic.
• 7:06
  SPEAKER_00: Many realize the value of having alternative residencies or citizenships to ensure unrestricted mobility, tax, and lifestyle benefits.
• 7:16
  SPEAKER_00: This trend is driven by the desire for a more laid-back lifestyle, lower taxation, and dissatisfaction with the U.S.
• 7:25
  SPEAKER_00: immigration system's delays and complexities.
• 7:29
  SPEAKER_00: Additionally, she notes that even some inbound immigrants pursuing U.S.
• 7:34
  SPEAKER_00: residency are now considering alternative options due to frustrations with the lengthy immigration proceedings.
• 7:44
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 7:48
  SPEAKER_00: Subscribe for free to the II Daily Newsletter for breaking news and updates from the investment migration industry, and consider upgrading your membership to IMI Pro to get insider access to networking opportunities, industry events, data, and members only content.