Latest / IMI Podcasts / This Week in IMI - Mar 13: UK Non-Dom Nixed: Who Benefits? - 4 CIPs We Never Discuss - 6 Million Eligible for Portuguese Citizenship by Descent ++

Transcript

This Week in IMI - Mar 13: UK Non-Dom Nixed: Who Benefits? - 4 CIPs We Never Discuss - 6 Million Eligible for Portuguese Citizenship by Descent ++ · IMI Podcasts

• 0:00
  SPEAKER_00: You're listening to IMI This Week.
• 0:02
  SPEAKER_00: The Greek Golden Visa program experienced robust demand in January 2024, with 686 applications received, a 5% year-over-year increase.
• 0:13
  SPEAKER_00: However, processing times have lagged, resulting in a backlog of nearly 30,000 pending applications, primarily concentrated in the Athens region.
• 0:23
  SPEAKER_00: Anticipation remains high amid impending price increases, with the government considering a two-tier system, 800,000 euros for major cities like Athens and Popular Islands, and€400,000 for most other areas.
• 0:36
  SPEAKER_00: Final details on the new rules are expected this month, according to Golden Visa Specialist lawyer Alexander Varnovas.
• 0:44
  SPEAKER_00: Chinese nationals constitute the largest participant group, holding six out of ten valid golden visas, while the program maintains an exceptionally low rejection rate of under 1%.
• 0:56
  SPEAKER_00: The UK government is abolishing its centuries-old non-DOM tax regime that allowed wealthy foreign residents to avoid taxes on overseas income, fulfilling demands to end preferable treatment but prompting fears of an exodus among ultra-high net worth individuals.
• 1:13
  SPEAKER_00: While extending temporary tax breaks and a four-year grace period for new arrivals' foreign earnings, the overhaul scraps the remittance basis, making all residents' global income taxable after four years.
• 1:26
  SPEAKER_00: A move advisors warn will certainly motivate outflows of affluent taxpayers.
• 1:32
  SPEAKER_00: As the UK aligns its policies, rival European jurisdictions like Italy, Malta, Spain, and others are touting their own alluring non-DOM regimes and tax incentives to attract these highly mobile, foot-loose millionaires and billionaires.
• 1:47
  SPEAKER_00: The abolition of the UK's non-Dom tax regime has prompted an estimated 68,000 high net worth individuals to explore alternative residency options.
• 1:58
  SPEAKER_00: In turn, several Western European nations are positioning themselves to capitalize on this exodus by promoting their own preferential tax schemes catered to affluent foreign residents.
• 2:10
  SPEAKER_00: Greece offers a 100,000 euro annual flat tax for investors injecting 500,000 euros into Greek assets.
• 2:17
  SPEAKER_00: Italy imposes a 100,000 euro lump sum tax on foreign income for up to 15 years, and Switzerland's forfait fiscal regime bases taxation on living expenditures rather than income, exemplifying the lucrative enticements beckoning high net worth individuals across the continent.
• 2:38
  SPEAKER_00: Effective March 7, 2024, Ireland is mandating visas for Dominica and Vanuatu nationals visiting or transiting through the country, citing a need to align with the UK's recent revocation of visa-free access privileges, which cited abuse of Dominica's citizenship by investment program.
• 2:57
  SPEAKER_00: While acknowledging relatively low travel volumes from the two Caribbean nations, the Irish government frames the new visa regime as maintaining effective immigration control.
• 3:08
  SPEAKER_00: Though officials in Dominica view it as a punitive measure, potentially restricting mobility for its citizens unfairly.
• 3:16
  SPEAKER_00: In a response to the U.S.
• 3:17
  SPEAKER_00: sanctioning Tal Dillian, CEO of controversial spyware firm Interlexa, for invasive surveillance activities, Malta has initiated proceedings to strip the Israeli national of the Maltese citizenship he presumably acquired via investment, invoking provisions allowing citizenship revocation for conduct contrary to the public interest within 10 years.
• 3:40
  SPEAKER_00: The move underscores Malta's willingness to rescind economic citizenship rights when warranted despite screening challenges, aligning with pressures on CBI jurisdictions to proactively root out bad actors as highlighted by the EU's post-Ukraine war call for rescinding sanctioned individuals.
• 3:58
  SPEAKER_00: Similar revocations due to misconduct have previously taken place in Cyprus and St.
• 4:02
  SPEAKER_00: Lucia.
• 4:03
  SPEAKER_00: Bangladesh, Pakistan, Samoa, and Seychelles offer little known citizenship by investment programs that fail to attract significant interest.
• 4:13
  SPEAKER_00: In some cases, this is due to ambiguous requirements or high investment thresholds, while in others it's because of lengthy residency periods or the relatively low quality of the citizenships they provide.
• 4:26
  SPEAKER_00: To become competitive, these programs would need to lower investment requirements, reduce or eliminate residency periods, and target specific markets, such as stateless individuals in Bangladesh's case.
• 4:38
  SPEAKER_00: Despite the challenges, these obscure CIPs could potentially find their niche in the investment migration market with the right improvements and marketing strategies.
• 4:48
  SPEAKER_00: Hong Kong's recently reopened capital investment entrance scheme has received over 100 inquiries and a number of applications on its first day of operations, with a majority of the interest coming from professional service providers.
• 5:03
  SPEAKER_00: IMI official partner company, Globe Visa, was first to submit an application to the new program.
• 5:09
  SPEAKER_00: To qualify for the new CIE, applicants must meet specific criteria, including making an investment of at least$30 million Hong Kong dollars in permissible investment assets with detailed allocation requirements.
• 5:25
  SPEAKER_00: In an interview with IMI, Turkey CBI specialist Aaron Hawker says his biggest business concern right now is war.
• 5:33
  SPEAKER_00: Quote, more significant geopolitical tensions and impactful conflicts are my main concerns, end quote, he says, adding that, quote, some in the industry see it as an opportunity to push global mobility assets, ignoring the bigger picture and misunderstanding the lingering effects these conflicts can have on the industry, end quote.
• 5:53
  SPEAKER_00: An estimated six million people worldwide have a claim to Portuguese citizenship through their grandparents, thanks to the country's vast diaspora spanning more than five centuries.
• 6:05
  SPEAKER_00: Portuguese citizenship is highly valuable as it grants the right to live and work in any EU or AEEA country, provides access to one of the world's most powerful passports, and offers the opportunity to live in a country with a high standard of living.
• 6:21
  SPEAKER_00: This article explains how to proceed to claim your Portuguese citizenship by descent.