CBI Magazine Winter/Spring 2023

CITIZENSHIP BY INVESTMENT ISSUE 24 WINTER/SPRING 2023

Including your guide to the

GLOBAL

INVESTMENT

IMMIGRATION

SUMMIT

Winter/Spring 2023

1

ISTANBUL

CBI-magazine-issue-24.indd 1 07/03/2023 16:18

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2 Citizenship By Investment

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)

Contents

Winter/Spring

2023

6 53

8

10

18

22

32

38

44

48

Fortune Group of Companies:

Pakistani-born businessman, has

made a name for himself in the

investment management and

entrepreneurship world

Tashkent City Profile, where are we

heading next?

Antigua & Barbuda Country Profile.

Unlocking Investment Opportunities

Commonwealth of Dominica

Country Profile

Greece Country Profile,

Greek Golden Visa Full 2023 Guide

Grenada Country Profile

Malta Country Profile. An attractive

proposition for second residency

Malta: Health for your wealth

Saint Lucia Country Profile

56

60

78

83

86

90

92

96

St Kitts and Nevis

Country Profile

United Kingdom Country Profile. How

you may obtain permanent UK Residency.

United States of America Country Profile.

What is an Expedite?

Sustainable Insights. Green Technology

Millionaires in a Global Movement

with Their Fortunes. Growing trends for

migration for HNI

Tsunami Emigration of Millionaires

from Russia and Ukraine

Why is Turkey reducing Visas

for Russians?

Zaha Hadid: The World Iconic

Migrant Architect

What Does Money Migration Mean?

Published by:

BLS Media Ltd

Unit 5 - Hiltongrove N1

14 Southgate Road,

London N1 3LY

www.blsmedia.co.uk

www.citizenshipinvestment.org

Copyright © BLS Media Ltd, 2023

Publisher:

Sam Hussain

sam@blsmedia.co.uk

Advertising Sales:

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anu@citizenshipinvestment.org

Marketing Manager

Supriya Shetty

general@blsmedia.co.uk

BLS Media are contract

publishers of high quality media

for prestigious organisations,

event organisers, governments

and trade associations both in

the UK and internationally.

Whilst every care has been taken

in compiling this publication

and the statements contained

herein are believed to be

correct, the publishers will not

accept responsibility for any

inaccuracies. Reproduction

of any part of this publication

without permission is strictly

forbidden.

BLS Media makes no

recommendation in respect of

any of the advertisers and no

recommendation may be implied

by way of the presence of their

advertisements.

Winter/Spring 2023 3


GLOBAL

INVESTMENT

IMMIGRATION

SUMMIT

2023

ISTANBUL

INTERNATIONAL

REAL ESTATE

SUMMIT

2023

ISTANBUL

Welcome back!

We return to Istanbul following our

successful event late last year

Firstly, like many people around the world, we are saddened by the

news from Syria and Turkey. We sincerely hope and pray for the

safety and well being of everyone in Turkey and Syria.

As we reach the first Quarter of 2023. It gives us a chance to look back and reflect

this time last year and what actions we undertook to expand our reach and growth in

this industry.

BLS is seeing an increase and demand for events as more and more investors seek to

meet developers, projects and attorneys in person. With this in mind we announced our

events back in December 2023 for the 2023.

Firstly, we start off with 11th GIIS Istanbul, Turkey, followed by Tashkent, Uzbekistan

and then India.

Recent news of Ireland scrapping its residency programme that netted €1.25bn in 10

years was especially popular in China making up the majority of applications. We head

to uncertain times with Portugal's Golden Visa Program potentially being scrapped.

A number of questions are raised by the increase of property prices due to Portugal's

Golden Visa. In our industry foreign investors add value to the economy, create jobs

as long as they go through a rigorous due diligence process to obtain the approval.

Investors should be welcomed with open arms.

In this edition of the CBI Magazine we take a dive into a variety of topics from

Millionaires in a Global Movement with Their Fortunes, Tsunami Emigration of

Millionaires from Russia and Ukraine, Turkey Reduces Visas for Russians, What Does

Money Migration Mean?

We hope you enjoy this latest edition of CBI Magazine, which collaborates with

industry experts to keep you informed of the latest changes to the Industry!

CBI Magazine has become an ultimate guide for Investors and agents.

Finally, here at BLS Global, we like to all thank all sponsors and advertisers for their

contribution to this edition.

Sam Hussain

Director, BLS Global

4

Citizenship By Investment


Saturday 11 th March, 2023 (10:00 - 23:00)

Hilton Istanbul Bosphorus & Conference Center

Thanks to our Sponsors and Partners



Fortune Group

of Companies

Here at Fortune Group Global we

encourage and inspire high net worth

individuals and families to become Global

Citizens by getting second passports and

dual citizenship.

Fortune Group, a global financial advisory firm specializing in impact

investment programs for residence and citizenship, plays a critical role

in enabling governments, consultants, legal and financial professionals,

and investors to meet their objectives in an efficient, effective, and

responsible manner ensuring complete privacy of our clients. Fortune

Group operations are spread around the world in various locations,

which helps investors and individuals to meet their goals.

With a great initiative of Adil Sami, Fortune group is also committed

to assisting charitable organizations that share our values and mission.

Giving back to the community is an important part of our Corporate

Social Responsibility, and we are dedicated to making a positive

impact on society by making the world a better place to live for

upcoming generations.

WHAT WE OFFER:

• ASSET MANAGEMENT

• INVESTMENT MANAGEMENT

• SECOND PASSPORTS / DUAL CITIZENSHIPS

• GOLDEN VISA PROGRAMS

• INVESTMENT IMMIGRATION

UK

TURKIYE

USA

DOMINICA

MALTA

GREECE

ST. KITTS & NEVIS

SAINT LUCIA

GRENADA

DUBAI

6



OUR VENTURES:

Fortune Group Global

Fortune Asset Management

Fortune Property Advisors

Fortune Business Advisors

Fortune Law & Consultancy

Fortune Homes

Fortune Trade & Manufacturing

Fortune Land & Agriculture

Fortune Travel & Tourism

Fortune Health Care

Fortune Luxuries

Fortune Advertising & Marketing

Fortune Event Management

Zeus Project Marketing

NxThink

ReLinks

MALAYSIA

ADIL SAMI, a

Pakistani-born

businessman, has made a

name for himself in the

investment management

and entrepreneurship

worlds. He is a

successful influencer,

author, and has over

1.5 million followers

on social media. He

is well-known for his

intelligent investing

advice and has been

recognized as the 4th most influential investment advisor

globally. He achieved this after earning finance degrees from a

prestigious university and working for various financial firms in

the UK and Europe before starting his own company.

In 2007, Adil Sami founded Fortune Business Advisors (FBA),

which became known for providing exceptional returns to

its clients in a short amount of time. Within a few years, the

company had a strong foothold in the European market, and

Adil Sami was gaining recognition as a rising star in the financial

world. However, in 2015-16, he decided to change the course

of his company and began marketing Citizenship by Investment

(CBI) programs to high-net-worth international investors.

This move proved to be game-changing, and Adil Sami quickly

became a top authority in the sector, helping thousands of clients

with asset management and obtaining citizenship by investment.

After the success of his CBI operations, Adil Sami saw an

opportunity to diversify his business and established Fortune

Group Global in 2023. The revamped company is now a

multinational investment and business development firm with

activities in several countries, specializing in dual citizenship

programs, real estate investments and management, and venture

financing. Despite his success, Adil Sami remains dedicated to

giving back to his community. He is a philanthropist and mentor

to budding entrepreneurs, and he has founded humanitarian

programs in Pakistan, Turkey, and other areas of the world to

support education and healthcare.

Adil Sami’s journey from the beginning till today exemplifies

the strength of dedication and the boundless potential of

people prepared to take chances and achieve their aspirations.

He is a successful global entrepreneur who has built a

profitable empire through hard work, smart thinking, and a

commitment to innovation.



CITY PROFILE

Tashkent

The Republic of Uzbekistan is

situated in Central Asia, and

covers an area of 448.9 thousand

sq. km. The length of the territory

of the Republic from west to east

is 1,425km, and from north to

south is 930km.

Key facts

• Country: Uzbekistan

• National language: Uzbek

• Currency: Uzbek som/sum/soum

8



CITY PROFILE

The territory in the north and north-east of

the Republic of Uzbekistan borders with

Kazakhstan, in the east and south-east

with Kyrgyzstan and Tajikistan in the west with

Turkmenistan, in the south with Afghanistan.

The total length of the country border is 6221km.

The long border with Afghanistan is 137km,

with Kazakhstan - 2203km, with Kyrgyzstan

- 1099km, with Tajikistan - 1161km and

Turkmenistan - 1621km

The Republic of Uzbekistan declared September 1, 1991 the

Day of Independence. The Republic has diplomatic relations are

established with 134 countries.

This article provides an overview of Tashkent for those keen

to explore the possibility of living and working in the city. The

information presented is gathered from open sources and is

not exhaustive or meant to supplement or substitute legal and

professional advice.

Introduction

The ancient city of Tashkent is the country's capital city and

one of the largest in Central Asia. Located in the eastern part

of Uzbekistan, Tashkent is architecturally and historically

significant due to its transformation during and after the Soviet

period. Tashkent was once an 'important international transport

junction', as it was one of the main travel and trade hubs along

the Silk Road.

Demographic profile

Tashkent’s 2023 population is now estimated at 3,032,372. In

1950, the population of Tashkent was 754,688. Tashkent has

grown by 41,967 in the last year, which represents a 1.4% annual

change. These population estimates and projections come from

the latest revision of the UN World Urbanization Prospects.

These estimates represent the Urban agglomeration of Tashkent,

which typically includes Tashkent’s population in addition to

adjacent suburban areas.

Economic profile

The economy of Uzbekistan was formerly associated with a

Soviet-style the country has seen rapid economic and social

reform, aimed at boosting growth and transforming Uzbekistan

into a true, modern market economy. International Financial

Institutions, including EBRD, Asian Development Bank and

the World Bank are actively engaging in supporting Uzbekistan’s

successful reform process and have rapidly increased their

presence in the country.

Industry

Uzbekistan is a major producer and exporter of cotton, and

bans on cotton import were implemented in the early 2010s

due to international human rights concerns. However, in 2022,

the Cotton Campaign and other agencies, including the US

Government, lifted all bans on the import of Uzbek cotton.

Uzbekistan is also a big producer of gold, with the largest openpit

gold mine in the world. The country has substantial deposits

of silver, strategic minerals, gas, and oil.

Tourism

Tourist activities in Uzbekistan range from outdoor

activities, such as rock-climbing, to exploration of its rich

archeological and religious history.

In 2019, 6.75 million tourists visited Uzbekistan. The industry

earned a total of $1.68 billion. The tourism industry has been

impacted significantly by the COVID-19 pandemic, with both

tourist numbers and revenue dropping heavily.[2] Each autumn,

the Uzbek travel industry holds an International Tourism Fair.

Uzbekistan is located on the Great Silk Road and many

neighboring countries (including Kazakhstan, Kyrgyzstan,

Tajikistan and Turkmenistan) promote their countries based on

their location along the Great Silk Road.

The World Tourism Organization’s Silk Road Office was

opened in 2004 in Samarkand. This office was commissioned

to coordinate the efforts of international organisations and

national tourism offices of countries located on the Silk Road.

Uzbekistan is also a member of The Region Initiative (TRI),

a tri-regional umbrella of tourism related organisations. TRI

functions as a link between three regions - South Asia, Central

Asia, Caucasus and Eastern Europe which is also by Armenia,

Bangladesh, Georgia, Kazakhstan, Kyrgyzstan, India, Pakistan,

Nepal, Tajikistan, Russia, Sri Lanka, Turkey and Ukraine.

Emigration

Regarding emigration, the main destinations of approximately

70% of Uzbekistan leaving are to Kazakhstan,Turkey, United

Arab Emirates, Republic of Korea, Europe, UK and the

United States.



COUNTRY SPOTLIGHT

Antigua & Barbuda

Antigua and Barbuda is an island nation situated in the West Indies between the Caribbean

Sea and the Atlantic Ocean, in the middle of the Leeward Islands chain. The country consists

of two major islands and a small number of mostly uninhabited islands. Antigua is the largest

island land, with a total land area of 281km² and a coastline of 87km. Barbuda lies just 40km

north of Antigua and is easily reached by the Barbuda Express catamaran service (journey time

of 90 minutes in nearly all weather conditions) or a 20 minutes helicopter fight.

10



COUNTRY SPOTLIGHT

Antigua and Barbuda’s ideal geographic

positioning make them the tropical

twin-island jewel a regional travel

hub, with excellent air links to North America

and Europe. Both islands are mostly low-lying

islands with natural harbours, lagoons and sandy

beaches along their coastlines and rimmed by

reefs and shoals.

Home to over 100,000 citizens and blessed with 365 powderwhite

sand beaches, the country is considered as one of the most

beautiful places in the world. Tourism is a key component of

Gross Domestic Product (GDP) and generates around 60% of

the island’s income.

Holders of the Antigua and Barbuda passport enjoy visa free

travel to approximately 150 countries, including the U.K. and

the countries of the Schengen area EU.

Antigua and Barbuda Citizenship by

Investment Programme

Antigua and Barbuda government offer Citizenship By

Investment program (CIP).

Citizenship by Investment Unit (CIU) was established by

the Honourable Prime Minister of Antigua and Barbuda

and is the Government authority responsible for processing

all applications for Agent’s Licenses, and all applications for

Citizenship by Investment.

The Citizenship by Investment Programme CIP requires a

person to make a significant economic contribution to the

Country. In exchange, and subject to stringent application

procedures, including thorough background checks, the

applicants and their families are granted citizenship.

Antigua and Barbuda passport and citizenship qulifies the

holder visa free travel to over 160 countries that includes Hong

Kong, Singapore, U.K. and the Schengen Area EU.

Antigua and Barbuda Investment Options:

OPTION 1: National Development Fund

OPTION 2: Real Estate Investment (NDF)

OPTION 3: Business Investment

OPTION 4: The University of the West Indies

Fund (UWI) Investment

OPTION 1: National Development Fund (NDF)

The National Development Fund NDF is a non-profit fund

that is subject to parliamentary oversight by way of a six

monthly report to be presented to Parliament in sufficient

detail to allow for transparency and accountability. The

fund will also be audited by an internationally recognised

accounting firm.

The purpose of NDF is funding government sponsored

projects, including public-private partnerships and approved

charitable investments.

Citizenship under the NDF investment requires:

CONTRIBUTION:

• $100,000 non-refundable contribution per main

application. This includes spouse, dependent children up to

(4) four persons, and dependent parents over 55 years of age

within the application (no additional contribution required).

• $125,0000 non refundable contribution per main application.

This includes spouse, dependent children of (5) five and over

persons, and dependent parents over 55 years of age within

the application (no additional contribution required).

PROCESSING FEES:

• $30,000 for a family of up to (4) four persons.

• $30,000 for family of (4) four persons plus an incremental

amount of $15,000 from the fifth (5th) dependent onwards.

DUE DILIGENT & PASSPORT FEES:

• $7,500 for the main applicant;

• $7,500 for the spouse;

• $2,000 per dependent from 12-17 year old (no fee for

dependent aged 0-11);

• $4,000 per dependent aged from 18 and over;

• $4,000 dependent parent aged 58 and over.

Other fees payable include passport fees. These fees are

subject to change.



COUNTRY SPOTLIGHT

OPTION 2: Real Estate Investment

OPTION 3: Business Investment

Applicants wishing to qualify for citizenship under the real

estate option may choose from one of Three Pathways.

CONTRIBUTION:

1) An applicant may purchase property valued at minimum

$400,000 and hold title to same through single ownership.

2) Two applicants may choose to make a joint purchase of

property valued at minimum $400,000 by each making an

investment of no less than $200,000. Title to the property

will be held jointly.

3) An applicant may also purchase property valued at

minimum $200,000 through single/individual ownership.

PROCESSING FEES:

• $30,000 for a single applicant or/ a family of four (4) or less.

• $30,000 for a single applicant or/ a family of four (4), and

$15,000 for each additional dependent.

DUE DILIGENCE & PASSPORT FEES:



• $2,000 per dependent from 12-17 year old (no fee for





subject to change.

OPTION 4: The University of the West Indies Fund

(UWI) Investment

CONTRIBUTION:

• $150,000 per applicant including processing fees.

PROCESSING FEES:

• $15,000 per each additional dependent.

DUE DILIGENCE:

• $7,500 for main applicant;

• $7,500 for spouse,

• $2,000 per dependent 12-17 (no fees for dependents age

0-11);

• $4,000 per dependent 18 and over;



subject to change.

The Citizenship by Investment Unit CIU makes

recommendation to Cabinet for approval of businesses for the

purposes of investment in business under the Citizenship by

Investment Programme.

There are Two Business Investment Options:

CONTRIBUTION:

1) Single Investor- a principal applicant, on his own behalf,

makes an investment in an approved business of at least

$1,500,000 directly into an eligible business as a sole investor

or a joint investment.

PROCESSING FEES:

• $30,000 for the main applicant

• $30,000 for a family of up to four (4) persons

• $30,000 for a family of up to four (4) persons with incremental

payments of $15,000 for each additional dependent.




• $2,000 per dependent from 12-17 year (no fee for





subject to change.

2) A minimum of 2 persons/investors to make a joint

investment in an approved business of total at least

$5,000,000. Each person is required to contribute at least

$400,000 to the joint investment.

PROCESSING FEES:

• $30,000 for per applicant;

• $30 for a family of up to four (4) persons;

• $30,000 for a family of up to four (4) persons with incremental

payments of $15,000 for each additional dependent.




• $2,000 per dependent from 12-17 year (no fee for





subject to change.

12



COUNTRY SPOTLIGHT

Main Benefits of Antigua and Barbuda

Citizenship for Investment Program:

1) Antigua and Barbuda passport and citizenship qualifies the

holder visa free travel to over 160 countries that includes

Hong Kong, Singapore, U.K. and the Schengen Area EU.

2) Dependents members that are included under the main

applicant are as following:

- A spouse of the main applicant (the primary applicant must be

over 18 years of age).

- Child of the main applicant or of his/her spouse who is 18

years or older, but who is physically or mentally handicapped

and who is fully supported by the main applicant.

- Child of the main applicant or his/her spouse who is 0-30

years, and is financially dependent on the principal applicant.

- Parent or grandparent of the main applicant, or his/her spouse,

who is 55 years or older and who is financially dependent on

the principal main applicant.

- A sibling of the main applicant, or of his/her spouse,

if unmarried.

- A future spouse of the main applicant. (a fee of USD50,000 is

payable upon application).

- A future spouse of dependent children where the dependent

child is financially dependent on the main applicant.

- Future child of a dependent child. (a fee of USD10,000 is to

be payable for children under 6 years , and USD20,000 for

children 6-17 years).

3) Dual citizenship allowed under the laws of Antigua

and Barbuda.

4) No obligation to live and work in Antigua and Barbuda. You

are only obliged to be in the county for 5 days in total since

your obtainment of Antigua and Barbuda passport.

5) Short processing time.

6) Your passport will be valid for a period of 5 years and will

be considered for renewal subject to the recipient having

spent a total of 5 days in Antigua and Barbuda, since your

obtainment of your citizenship.

7) Citizenship may be passed to future generations.

Note: For the purposes of the Antigua and Barbuda Citizenship

by Investment Programme ‘child’ means a biological or legally

adopted child of the main applicant, or of the spouse of the

main applicant.



COUNTRY SPOTLIGHT

Your Citizenship & Passport Procedure:

Upon submission of your application you will be asked to pay

the full due diligence fees and 10% of the government processing

fee. Upon receipt of a letter of approval, you will be asked to pay

the balance of the government processing fees, passport fees and

your contribution. The fees are paid directly to the Citizenship

by Investment Unit CIU, and your contribution must be made

to the Government Special Fund within a period of 30 day.

Once received, a certificate of registration of Citizenship will be

issued for both the primary applicant and their family members

which will be submitted to the passport office with their

passport application and any accompanying documentation.

We (your agent/representative) will forward your Passports and

Citizenship Certificate document to you.

On the first occasion that you visit Antigua and Barbuda you

can take the oath or affirmation of allegiance or you can visit an

Embassy, High Commission or Consular Office of Antigua and

Barbuda to fulfil the requirement to take the oath or affirmation

of allegiance.

The passport will be valid for a period of 5 years and will be

considered for renewal subject to the recipient having spent a

total of 5 days in Antigua and Barbuda, since your obtainment

of your citizenship.

Ineligible Applicants include as Following:

• Where an applicant has provided false information on his or

her application.

• Where a medical practitioner states that any of the family

members is suffering from a contagious disease and/or serious

health problems.

• Not having received a free pardon, has at any time previously

been convicted in any country of an offence for which

the maximum custodial penalty is in excess of six months

imprisonment.

• Is the subject of a criminal investigation.

• Is a potential national security risk to Antigua and Barbuda or

to any other country.

• Is involved in any activity likely to cause disrepute to Antigua

and Barbuda.

• Has been denied a visa to a country with which Antigua and

Barbuda has visa-free travel and who has not subsequently

obtained a visa to the country that issued the denial.

• Deprivation of citizenship may occur if the citizen does

not spend at least 5 days in Antigua and Barbuda during the

period of five calendar years after having obtained citizenship,

and they will not be entitled to repayment of any investment,

contribution or purchase price made by them in their original

application for citizenship.

• Deprivation of citizenship will occur where such registration as

a citizen was obtained by false representation or fraud or wilful

concealment of material facts or the person has been convicted

in Antigua and Barbuda of an act of treason or sedition.

14





A world of opportunity

awaits you

as a new citizen of

Antigua and Barbuda

16 Citizenship By Investment www.jamesandmaginley.com


Unlocking Investment

Opportunities in Antigua

& Barbuda's Real Estate and

Citizenship by Investment Program

Interview with Mr Kirthley C.H. Maginley, CEO, James and Maginley Ltd.

Q: With the Caribbean carrying the new title of Lifestyle

since the pandemic, what advantages does Antigua &

Barbuda have with regards to real estate investments for

the citizenship by investment program?

A: Antigua & Barbuda is truly a tourism related country;

meaning that approximately 80% of its GDP is derived from

tourism and its ancillary services, and forms the basis for

the development of the real estate industry on the islandreal

estate tourism and development. And also through the

Citizenship by Investment Program, the purchasing of a CIP

approved property is a much sought after option by many of

our clients, many of whom being of high net worth.

Q: High Net Worth & Ultra High Net Worth individuals are

looking for the safest & fastest investment options and with

the the added value on return on their investments, what

advice can you share regarding investment opportunities in

Antigua & Barbuda in terms of donation or real estates?

A: Our Company, James & Maginley Ltd. frequently receives

inquiries from HNW & UHNW individuals and potential

CIP applicants regarding the safest and fastest investment

opportunities and options. The CIP caters for such inquiries,

and we are also happy to provide the two most frequently

used options - the Donation/Contribution to the National

Development Fund-NDF -US$100,000 for up to a family

of 4 persons plus associated fees; and the Real Estate -

US$200,000 plus associated fees. Through either of these two

options, the submitted application for citizenship could gain

approval, along with an accompanying Antigua & Barbuda

passport within 90-120 days; all things being equal.

Q: As a licensed approved government representative for

Antigua & Barbuda: Having obtained many citizenships

for foreign nationals, why is it so important to work with

a firm that has an impeccable track record?

A: James & Maginley Ltd. is an approved marketing

representative of the Citizenship by Investment Unit-CIU -

the Government Department that manages the Citizenship

by Investment Program. The Company was incorporated

in 2013, and holds several licensed agents on its staff, and

have processed and provided approximately one-third of

all Applications to the Citizenship by Investment Unit..

The experience and expertise as well as the responsiveness

and service delivery of its staff have greatly positioned the

Company to be widely considered as a leader within the CIP

sector in Antigua & Barbuda. And also, the knowledge of the

landscape and business culture of the island are leveraged on

behalf of investors and potential CIP clients.

Q: For many families that have obtained A&B citizenships,

many have started to further invest on the island, what

A world of opportunity

opportunities are available for further investment?

awaits you

A: For many of those individuals and families who would

have become as citizens a new of Antigua citizen & Barbuda of through the

Citizenship Antigua Program, it and is very Barbuda

encouraging to see them

becoming involved and associated with other investment

opportunities on the island; particularly within the real estate

sector, as well as financial services. The Government, through

its “investment arm” the Antigua & Barbuda Investment

Authority continues to encourage potential investors through

tax exemptions and duty free concessions as an incentive.

(268) 562-8774/5

(268) 720-3800/7284

51 Church Street and Hard Castle Avenue

St John's, Antigua

www.jamesandmaginley.com



COUNTRY SPOTLIGHT

Commonwealth of Dominica

Dominica was given its name by Christopher

Columbus in November 1493, the name

derived by the Latin for ‘Sunday’ on which

day he is said to have sighted the island. The

country was under British colony from the

18th century until its dissolution on 31 May

1962, and in 1967 Dominica formally became

an associated state of the UK, then in 1978

gaining its national independence and became

a republic and joined the Commonwealth of

Nations on the same day. Dominica has since

flourished as a democracy which is patterned

after the British parliamentary system.

18



COUNTRY SPOTLIGHT

As an Eco - Tourism Paradise, Dominica

enjoys tropical climate and the terrain

spectacular. Its breathtaking landscape

reveals rainforests, waterfalls and over 360

rivers. The island is affectionately known as

“The Nature Island of the Caribbean” as citizens

of Dominica share their home with many rare

species of exotic flora and fauna. Dominica is

considered as the botanical gardens, and it is

the home to the Sisserou Parrot, which is the

country’s national bird and is featured on the

national flag.

Dominica’s nickname is “The Nature Isle of the Caribbean”,

due to it’s incredible natural beauty. Almost the whole country

is forested, and it boasts an extensive national park system,

including the Morne Trois Pitons rainforest, which is a

designated UNESCO World Heritage site.

A trip to Dominica will give you a chance to experience

wondrous waterfalls and mud ponds, and fauna such as

parrots, iguanas and rare butterflies. It’s also an extremely

mountainous nation, making it a popular hiking destination.

Other natural hot spots include Dominica’s Boiling Lake,

the world’s second-largest hot lake, and the Champagne Reef

which is home to octopuses, seahorses and other fascinating

sea life.

English is Dominica’s official language and widely used.

However, Dominica has been a member of the International

Organisation of the Francophonie since 1979, as the majority of

locals speak Dominican Creole which is based on French.

Citizenship by Investment

The Dominican government launched its Citizenship by

Investment programme in 1993.

Once investors obtain their Dominican citizenship, they and

their families are welcome to move, work and even set up a

business in one of the stunning Caribbean paradise.

There are two investment options in Dominica:

OPTION 1: Contribution to the Government’s

Economic Diversification Fund (EDF)

OPTION 2: Investment in Pre-Approved

Real Estate

OPTION 1: Contribution to the Government’s

Economic Diversification Fund (EDF)

The EDF was established as one component of a national

capital mobilisation portfolio towards an ultimate goal

of national development for Dominica. The Economic

Diversification Fund (EDF) supports public and private

projects within Dominica, covering industries such as

education, healthcare, sport, and tourism.

To qualify for Dominican citizenship through the Citizenship

by Investment program, applicants must make a nonrefundable

contribution to the EDF.

MINIMUM EDF CONTRIBUTION REQUIREMENTS

• Single applicant: $100,000.

• Main applicant and spouse: $150,000.

• Main applicant and up to three dependants: $175,000.

• Any additional dependant under the age of eighteen: $25,000.

• Any additional dependent eighteen years of age or older:

$50,000.

ADDITIONAL EDF FEES ASSOCIATED WITH EDF

INVESTMENT CONTRIBUTION:

• Processing fee: $1,000 per person;

• Due Diligence fee: $7,500 for main applicant;

• Due Diligence fee: $4,000 for the spouse;

• Due Diligence fee: $4,000 per dependent aged 16 and above.

• Enhanced due diligence checks and fees may sometimes be

required, depending on the applicant’s current citizenship

status, and other personal circumstances.

OTHER FEES ASSOCIATED WITH EDF

INVESTMENT CONTRIBUTION:

• Certificate of Naturalisation fee: $250 per person

• Expedited passport issuance fee: $1,200 per person

Note: No additional ‘GOVERNMENT FEES’ are required by

applicants for Dominican citizenship with EDF contribution.



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OPTION 2: Investment in Pre-Approved Real Estate

Citizenship by Real Estate Investment programme, applicants

must purchase only authorised by the government of

Dominica property. Pre-approved by the Dominica authority

real estate must be held for at least 3 years, which increases to

5 years if the purchaser is also an applicant for citizenship by

investment. Investors may only re-sell that real estate under

the Citizenship by Investment Programme after five years.

Most real estate options available are shares in high-end

tourist accommodation, touristic hotels, beach/bay resorts,

resorts & spa.

Minimum investment required is: $200,000 for

all applications.

GOVERNMENT FEES ASSOCIATED WITH REAL

ESTATE INVESTMENT

When application for Dominica citizenship by real estate

investment is approved, the following government fees

also apply:

• Main Applicant: $25,000;

• Main applicant and up to three dependants: $35,000;

• Main applicant and up to five dependants: $50,000;

• Any additional qualified dependant: $25,000.

ADDITIONAL FEES

• Processing fees: $1,000 per application

• Due diligence fees: $7,500 for the spouse;

• Due diligence fees: $4,000 for any dependents aged 16 or over.

Note: In some cases, additional due diligence fees may be

required depending on current citizenship status, and other

personal circumstances.

• Certificate of naturalisation fee: $250 per person

• Expedited passport issuance fee: $1,200 per person

Benefits Associated with Dominica Citizenship

by Investment

Dominica’s Citizenship Established in 1993, is one of the most

affordable citizenship programmes.

1) Processing time: around 3 months, without interview

requirement or physical visit / travel to the country.

2) Family Inclusion.

The following family members may be included in an application

for citizenship by investment:

• Spouse

• Children of the main applicant or of the spouse aged under 18

year old

• Dependents aged 10-30 year old in full time attendance at

an institution of higher learning, and fully supported by the

main applicant.

• Dependents aged 18 or over who are physically or mentally

challenged, and fully supported by the applicant.

• Unmarried daughter of the main applicant aged 30 or under,

and living with and fully supported by the main applicant.

• Parents or grandparents of the main applicant or of the spouse

if aged 55 or above, and living with and fully supported by the

main applicant.

• Spouses of eligible parents or grandparents of the main

applicant or of the spouse.

3) Visa-free travel to over 130 countries including Singapore,

Hong Kong, the UK and the European Schengen countries.

4) Visa-on- arrival to around 140 destinations.

5) Dual citizenship allowed under the laws of Dominica.

6) No obligation to live and work in Dominica.

7) Citizenship may be passed to future generations.

8) Free movement of capital, dividends and profits made outside

of the island.

9) No tax on wealth, gifts, inheritance, foreign income, or capital

gains tax.

10) No personal income tax for residents.

11) No English language requirement.

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Invest In Dominica

The healthiest Citizenship by Investment destination

Dominica Citizenship By Investment Program

Dominica has the world's best Citizenship by Investment (CBI) Program, according to an annual ranking by the

Financial Time's PWM magazine, for the sixth consecutive year (2022., 2021., 2020., 2019., 2018., 2017.).

Dominica’s Citizenship by Investment Program was established in 1993. Vardikos & Vardikos is a

Government Authorized Agent and a Service Provider for the Citizenship By Investment Program of Dominica.

Dominica Office: 36 Great George Street Roseau, Commonwealth of Dominica 00112 West Indies

dominicaservices@vardikos.com | Tel: +17672751888

Greece Office: 4 Koumbari Street, Kolonaki Square, Athens, 10674 Greece

info@vardikos.com | www.vardikos.com | Tel: +306932488888

Brokers and agents are welcomed.

BECOME A EUROPEAN RESIDENT

Invest In Greece

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4 Koumbari Street, Kolonaki Square, Athens, 10674 Greece

Tel: +30 210 3627888-9 | +30 210 361 1505 | +30 693 2488888

Emergency response: +30 693 4555555

Fax: +30 210 3617848

info@vardikos.com | www.vardikos.com



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COUNTRY SPOTLIGHT

Greece

Greece is one of the oldest countries in

Europe and is generally considered to

be the cradle of Western civilisation.

Situated in Southeast Europe on the

southern tip of the Balkan Peninsula,

the country shares land borders with

Albania to the northwest, North

Macedonia and Bulgaria to the north,

and Turkey to the northeast. The rest of

the mainland is washed by the Aegean

Sea to the east, the Mediterranean and

the Cretan Sea to the south, and the

Ionian Sea to the west.

22



COUNTRY SPOTLIGHT

With its rich history, delicious cuisine,

many beaches and countless islands,

Greece is always a trendy destination.

As such, there are numerous things you ought to

see when visiting the Mediterranean country.

Greece is a leading world destination for tourism thanks to its

cultural heritage, extensive beaches and Mediterranean climate.

The country has no fewer than 18 UNESCO World Heritage

Sites and its island Santorini – a favourite destination for cruise

passengers as well as direct holiday-maker.

The total number of international tourists to Greece reached 34.2

million during 2019, almost 20% higher than 2018’s total of 28.7

million and more than double the number of arrivals in 2009.

Probably the most striking image that comes to mind when one

hears the name Athens (and Greece) is the Acropolis, and for

good reason. Guarding the city on top of the sacred rock, the

Acropolis is definitely a wondrous site to visit, and the complex

includes a number of other tructures such as the Parthenon, the

Temple of Athena Nike and the Erectheion.

Golden Visa news update

Greek prime minister Kyriakos Mitsotakis announced on

10th September 2022 that the rules of Greece’s Golden Visa

scheme will be revamped.

“In order to increase the affordability of real estate for

Greeks, we are now increasing the minimum amount of

investment required for the issuance of a Golden Visa from

€250,000 to €500,000 (£434,000, $500,000).”

We don’t have many other details at this stage as to when the

price rise for the Greek Golden Visa will take effect, but it

could be as early as 2023.”

ALBANIA

ITALY

MACEDONIA

GREECE

BULGARIA

TURKEY

Another one for the bucket-list is the mystical site regarded

as sacred by the ancient Greeks, the sanctuary of Delphi and

thought to be the centre of the world. Located in central Greece,

at the foot of Mount Parnassos, and home to the Oracle of

Delphi, the site bore strong religious importance in the ancient

world and features in many myths and legends.

IONIAN SEA

SICILY

Athens

AEGEAN SEA

Greece has an advanced high-income developed economy with

a high standard of living. The country went through a period of

rapid economic growth after joining the EU, averaging over 2.5%

real year-on-year growth between 1984 and 2007, by which time

Greece had climbed into the World Bank’s list of top 30 largest

economies by nominal GDP.

The economy, which now ranks 53rd in terms of nominal GDP,

is largely based on services, tourism and shipping. It has been

subject to stringent spending measures, enforced after the 2008

banking crash, but the last of those has now been lifted so the

Greeks are looking forward to having more control of their own

future again.

As a tourist destination, the COVID pandemic also hit Greece

hard but a subsquent drop in revenue and GDP, but the

economy has rallied well in 2022 and is set fair, barring any other

unforseen shocks.

GDP growth was 8.3% in 2021 (bouncing back after a large fall

in 2020), and is estimated to be 3.5% for 2022.

MEDITERRANEAN SEA

CRETE

Advantages of the Greece Golden Visa Programme:

• No requirement to actually reside in Greece

• Residence permits can be acquired within 30–60 days

• Visa-free travel within Europe’s Schengen Area

• Unlimited expiry date of residence permit, subject to

continued property ownership

• Opportunity to rent out the investment property

• Residence applies to the whole family (married spouse,

children under 21 years old, and parents of the main

applicant and spouse)

• Permit holders may hold shares and receive income from the

dividends of a company registered in Greece; however, they

are not allowed to be employed in Greece.



Greek Golden Visa:

Full 2023 Guide

By Golden Visa Greece team

When Greek Prime Minister Kyriakos

Mitsotakis announced a price hike for

Greece’s Golden Visa a few months back,

many may have pondered whether the

program would maintain its status as the most

attractive residency by investment program in

the world. The vague announcement, coupled

with a peculiar lack of details, made people

believe that the Greek Golden Visa would

jump from being one of the most affordable

options in Europe to one of the most

expensive. Fast forward to January 2023, and

all those fears have dissipated.

24



Through its new regulations, the Greek Government has limited

the minimum investment increase to just four jurisdictions:

• THE NORTH, CENTRAL, AND SOUTH SECTOR

OF ATHENS

• MUNICIPALITY OF VARI - VOULA - VOULIAGMENI

IN ATTICA

• MUNICIPALITY OF THESSALONIKI IN MACEDONIA

• REGIONAL UNITS OF MYKONOS AND SANTORINI

The fact remains that the vast majority of Greece’s regions will

continue to operate under the €250,000 property valuation.

This means that there remains an abundance of high-potential,

high-yield investment areas open to Golden Visa applicants, thus

ensuring the Greek Golden Visa maintains its glamor in full flow.

Moreover, the Greek Government has introduced a grace period,

allowing investors to qualify through a €250,000 investment

in one of the areas undergoing a price hike if they make a 10%

deposit before the 30th of April and complete their purchase

and application before the end of the 31st of December, 2023.

This regulation gives investors interested in owning property

within certain areas of Athens, Thessaloniki, Santorini, or

Mykonos to conduct their business.

It is important to note that the financial products and business

establishment investment options did not undergo any changes,

and remain at their current price points of €400,000 and

€250,000, respectively.

However, the news about the limited price hike has

overshadowed some significant steps the Greek Government has

taken to ensure the Golden Visa remains exceptionally attractive;

and we will highlight them in detail.



Funding Options for the Greek Golden Visa

An essential aspect the Golden Visa boasts that is regularly

underestimated is its high tolerance for funding applicants.

Golden Visa applicants can acquire funding from blood relatives

up to the second degree. They can transfer the investment

amounts from their relatives’ bank accounts to the investor’s

Greek bank account and then to the seller’s or the developer’s

bank account.

Since the Golden Visa allows the addition of three generations

of family members (main applicant, spouse, dependent children,

parents and parents in law), allowing blood relatives to sponsor

each other makes the program more viable and beneficial for

family-oriented investors.

Greek banks will conduct their internal due diligence regarding

the transfer, but the Government does not implement the tiring

due diligence process other countries do on funders for their

CIP applicants. This regulation provides the Golden Visa with

even more flexibility while maintaining its streamlined process

and quick turnover time.

But wait, there’s more.

Moreover, investors can also acquire funding from foreign

banks, as it still constitutes FDI and Greek banks will have an

easier task confirming the source of funds. Both funding from

relatives from foreign banks (as a loan) is acceptable in terms of

taxation and the Greek Golden Visa Law. The amounts must be

transferred from the investor’s foreign bank account to his Greek

bank account

By allowing funding of investors, the Greek Golden Visa

evolves from an excellent global mobility solution to a robust

tool to hedge against inflation through precise financial

planning and investment.

Adjustment Period for the New Greek Golden

Visa Rules

While many may look at the Greek Government’s grace period

with slight apprehension that they may not be able to find the

property of their choice within the area of their liking within

the given period, working with a strong partner in Greece can

alleviate that concern.

Investors must make their deposit before the last day of

April ends and must apply before the deadline in December.

Nevertheless the Greek Government understands that

investment activities are complex ones, and have safeguards that

investors can use to ensure that their investments are maintained.

Therefore, in case an investor makes a deposit but finds

themselves facing legal, taxation, or technical issues during

the grace period in relation to the property they’ve chosen,

there are intricate provisions available that allow them to

switch their deposit to another one, but it is not like flipping a

switch and this delicate procedure requires the assistance of a

sophisticated partner.

This is why many investors decide to work with Golden Visa

Greece, that unlikely probability becomes a real possibility, as

26



our vast internal network and impressive real estate portfolio

mean we can help investors source the properties they like,

and make sure they qualify for the €250,000 pricing through a

well-timed deposit that we can help safeguard efficiently while

maintaining the expertise to act if any external issues arise.

Real estate is one of the most emotional investment asset classes,

and we understand that investors may want to take time to find the

property that suits them best, but they do not want to pay double

what they could for a Golden Visa. That is why our team continues

to build our real estate portfolio and grow our network of robust

partners in Greece, to allow us to serve our clients and help them

find the investment that will leave them completely satisfied.

Digital Application For the Greek Golden Visa

Greek Golden Visa applications went digital on the 16th of

November, 2022. Applicants can apply online through their

lawyers via a governmental portal, making the entire process

much easier and less time-consuming.

Add to that the fact that applicants can complete the entire

process (except submitting biometrics at the last stage) remotely,

then the process of applying for a Greek Golden Visa is easier

than applying for a Schengen Visa; no appointments are needed,

and the application is online, while a Temporary Residence

Certificate is issued at the same time.

Another regulation amendment allows applicants to submit

their application through a proxy (someone to apply on their

behalf ) through a Power of Attorney (POA).

Applicants can also apply for a Greek Tax Number, open a Greek

bank account, acquire properties, elaborate business plans,

and conduct intangible investment implementation remotely

through a well-placed POA.

Applicants can draw up and sign a POA before any Greek

Consular authority or eligible, competent foreign authority. A

notary bearing the Notation of The Hague can also conduct the

required activities, making it much simpler for applicants hailing

from Hague Convention nations such as Turkey or India.

The Greek Government has taken significant steps to make the

Golden Visa process as seamless as possible, and at the moment,

it has the simplest residency by investment procedure not just in

Europe, but the globe.

firm to become the top-tier investment advisory and investment

facilitator in Greece.

Our mission is to facilitate international investments in Greece,

simplify complicated processes, and ensure sustainable &

profitable investments.

We are able to do this through our veteran team of professionals

and our data-driven approach. We rely on numbers, analytics, and

core internal knowledge of the Greek investment environment.

Our firm acts as a one-stop shop for investors, combining the

immigration and investment components while doing justice to

both. We understand how important the investment element

of the Golden Visa is to our investors, and we always deliver

outstanding value for money in a notoriously expansive real

estate market.

To know more about the Greek Golden Visa and how you can

access all it has to offer through a shrewd investment that fits

your objectives, budget, needs, and desires, contact us today via

https://www.goldenvisa-greece.com/contact

About Golden Visa Greece

The founders of Golden Visa Greece specifically designed the



GREECE PR not

just a Golden Visa!

By Golden Visa Greece team

and Mr. Samahit Bal, Investor

Over the last decade, in a constantly

changing environment, from different

corners of the world, more and more

people are realizing its value and join

the league of global citizen- an identity

that allows them to enjoy among others,

International free movement, Access

a country's growing economy and its

opportunities, Wealth protection,

Security against political and economic

uncertainties, Better quality of life,

Overseas residence rights, A wider

choice of educational opportunities and

advanced healthcare systems.

28



Advantages of Greek Golden Visa and Greece's

Residence Programs

REGARDLESS OF WHAT MOTIVATES YOU, Greece,

scoring high on all major factors taken into consideration when

choosing their Plan B Destination.

When it comes time to present the Greek Golden Visa Program

this seems to be a fairly easy task:

Starting from the low investment level of €250,000, the low

government fees, the five-year duration, the flexible and fast

integration process within 2 months, the three generations that

benefit from the same investment, the multiple investment

options, the free movement in the Schengen countries and

ending up in the right of free access to the health and education

systems of the country, you feel that you have not communicated

to the prospective investor all your advantages, keeping for the

end, the Country itself.

Why Chose Greek Residence Permit?

• The geographical location of Greece is conveniently placed at

the point where the East meets the West providing a strategic

investment destination.

• As a member of the European Union and the Eurozone,

Greece continues to be the economic hub of Southeast Europe,

an ideal gateway to the Middle East, Western Europe, and

North Africa, and an emerging energy and logistics hub for the

entire region.

• A new economy is in the making. Investment opportunities are

abundant and attractive, in a wide variety of sectors. Greece’s

massive reform efforts are opening new investment frontiers

that reward both first movers and established players. The next

decade is set to see sustained growth in Country’s economy.

• World Class cultural heritage - 5,000 years of History & Culture

• Quality of Life - Cost of living



• Gastronomy - Mediterranean diet

• Ideal weather, clear blue sky, protected environment, 300+

days of sunshine per year, Mediterranean climate

• Access to Higher Education and Health care system ranking

11th among 191 surveyed countries

Βut whatever you will promote, you feel that it is never enough,

because you can never be able to get the pulse, to convey that

unique sensation, the life experience that only an already

partaker can share by speaking with his own words.

Expats in Greece: Experience from a Golden

Visa Investor

For this article, entitled GREECE PR not just a Golden Visa, we

will let an investor share with us what he experienced and continues

to enjoy as a Greek Golden Visa holder. We give the floor to Mr.

Samahit Bal to share with us his own opinion and position.

Having taken 50 rounds of the sun, Samahit was intending to run

away from the mundane things of everyday life and allow a break

to his tired legs. Albeit the idea was not to go on a wild goose

chase, he was, without slightest of a hint, already counting his

chickens before they hatched. They say being at the right place

at the right time always helps. Chancing upon the golden visa

programme, perhaps, he feels, holds every testimony of that. A

casual inquiry over a web link was certainly not something that

Samahit thought would change his life forever. But it actually

did, making him feel like an early bird that caught some worms.

peace, harmony and the pride of being the cradle of western

civilization, the birthplace of democracy, western philosophy,

western literature, major scientific and mathematical principles,

and the Olympic games.

Great Geopolitical Location

Geo-politically speaking, its exit from the EU’s enhanced

surveillance framework for its economy has only augmented

its economy, putting an end to over a decade long turmoil and

allowing more flexibility in terms of making own policies. This

has also helped in enhancing Greece as a major investment

destination. The geographical location of the country gives it

an enviable edge over the rest. Situated at the junction of three

continents, it is a meeting point of age old classical heritages

of various kinds. If this is not reason enough to leave anyone

awestruck, then nothing is.

Economic Growth

The financial crisis of the last decade was largely the upshot of

structural problems that ignored the loss of tax revenues due to

systematic tax evasion. However, the course correction measures

Turquoise water and blue sky to retire to

Greece's Rich History

The rich history and heritage of Greece would always capture

anyone’s imagination. The country as a whole is beaming with

30



adopted post the global economic recession have contributed

immensely in getting the fiscal house in order. Taking baby

steps, Greece has now limped back to a safe place to invest with

significantly lower rate of interest in comparison with most of

the European nations.

Soaring inflation rates, high fiscal deficits, exchange rate crisis

and low fiscal deficits that crippled the nations for decades are

things of past now. Over the past ten years, the Government

has systematically moved away from a bailout funding induced

by the Eurozone crisis to positive GDP growth, lowered tax

rates, decreased unemployment rate, and renewed rewards for

domestic and international investors. Turquoise water and

blue sky certainly feel better when you have a sound financial

ecosystem watching your back.

Basket of opportunities

To each his own- Samahit had his own considerations to weigh

when it comes to moving to a new place for residence. Several

factors including of course the cost involved in the golden visa

programme, the investment potential of the place and the sheer

beauty of the mountains and the sea ensured that his task was

cut out. It’s only after staying here that one would discover the

other intangible benefits. The country and the people lay out

the welcome mat like no one else does. If one is considering

investment, the latest date from the European Investment Monitor

(EIM) suggests that Greece has witnessed in 2021, its second

highest performance in FDI in greenfield projects since 2000.

With this shift in investment, Greece has gained significant

comparative advantages in agri-food, transport and logistics,

software and IT services sectors. The improvement in the

qualitative components of the investment ecosystem has

contributed immensely to raise high level of optimism in terms

of the evolution of the country’s attractiveness and increased

potential for investment. Samahit’s move from India to Porto

Rafti can be looked at as a testimony to Greece’s attractiveness

despite the challenging times, which is also reinforced by the

EY’s attractiveness survey of 2022.

Right Partner’s seamless processing

A penny saved is a penny earned. This is exactly what Golden

visa programme by the right Partner in ground has in

offer. You choose a place, and they will do the rest. With

opportunities galore, it is not going to be an easy task. One

would only get spoilt for choices. Samahit felt lost for a while.

However, his professional consultants helped in narrowing

down the search and eased off the anxieties. The plater

had everything in it, starting with beautifully catalogued

properties, followed by a meticulously laid down procedure

to go about owning one. The people handling your case

would surprise you with the amazing turn- around time. The

information that one needs and a flow-chart of activities

would be there in your inbox even before you thought you

needed them to make your decision. They would not suggest

you to put all your eggs in one basket, rather offer you a basket

of possibilities with long, short and medium term returns on

investment to choose from. The minimum invest threshold

is also quite mouth-watering if one considers other such

comparative programmes.

The golden visa programme, to sum up, is an extremely

simplified one coupled by its super-quick processing time.

Nothing could be more seamless than choose a place, make the

payment, get the papers together, submit the biometrics and

then take a nap. A residence permit valid for five years with

terms for renewability will be at your doorstep, more amazing

being the non-mandatory requirement of physical residence. If

this is not seamless, then nothing is.



COUNTRY SPOTLIGHT

Grenada

Grenada is one of the most magnificent islands in

the West Indies, in the Windward Islands of the

Caribbean. Grenada, known as the ‘Isle of Spice’,

renowned for its spice production. Over 2,600

hectares of nutmeg are planted in this magnificent

island, accounting for one-third of the world’s

total production. Nutmeg even finds its way to the

national badge and flag of the islands.

32



COUNTRY SPOTLIGHT

The country consists of the main island of

Grenada plus the two smaller islands of

Carriacou and Petite Martinique. The

picturesque tropical islands offer the perfect

getaway destination for both adventure lovers and

those seeking rest and relaxation or a romantic

break with a partner.

The islands are of volcanic origin with extremely rich soil. Its

beaches are idyllic, with white or golden sand, palm trees, and

the delicate aroma of the island’s native spices. Its natural beauty

remains largely untouched by industrialisation. With its lush, fertile

landscapes and award-winning white sandy beaches and invitingly

clear waters, it attracts 500,000 international tourists annually.

Grenada offers culture, fun, and friendliness typical of the

authentic Caribbean life – making Grenada the perfect place in

which to live, work and play. Grenada is the perfect setting for

both adventure and relaxation: its wildlife attractions, marine

life, and national parks make it an exciting place to explore,

while its super-yacht marina and pastel towns make it ideal for

strolling and unwinding.

Grenada, an offshore financial centre, is a member of the

Commonwealth and also has a commerce, trade and navigation

treaty with the United States.

Grenada’s currency, the East Caribbean dollar (XCD), is pegged

to the United States dollar (USD).

Grenada Citizenship By Investment:

The Citizenship by Investment Programme came into being in

August 2013, when the Grenadian Parliament passed Act No. 15

of 2013, referred to it the ‘Grenada Citizenship by Investment

Act, 2013.’ The stated objective of the Act is to “enable persons

to acquire permanent residence and citizenship of Grenada

by registration following investment in Grenada.”Grenada’s

Citizenship by Investment Programme allows individuals and

their families to obtain citizenship or permanent residence.

Applicants must apply through licensed agents, and may not

make submissions to the Government on their own behalf.

Investment Options:

Applicants may chose between two types of investments to

obtain permanent residency or/and citizenship in Grenada:

OPTION 1

Make a payment into the National Transformation Fund (NTF).

The National NTF is responsible for funding Governmentsponsored

projects in Grenada.

OPTION 2

Make a payment towards an approved by the government of

Grenada (real estate) project.

‘Approved project’ is defined under Section 3 of the

Grenada Citizenship by Investment Act, 2013 as “a project

that is approved by the Minister following the review and

recommendation of the Citizenship by Investment Committee’.

National Transformation Fund (NTF): Option 1

The contribution to National Transformation Fund (NTF)

was established in 2013 was behind transforming Grenada’s

economy into one that is ever more prosperous and

independent. The NTF finances various projects in Grenada

for the benefit of its many industries, including tourism,

agriculture, and alternative energy. Having made a donation

to the NTF, investors are left with a true sense of having

contributed to their new nation’s wellbeing.

NTF CONTRIBUTION:

• Required Contribution for Single Applicant: $150,00;

PLUS

Application Fee: $1,500;

Due Diligence Fee: $5,000;

Processing Fee: $1,500

• Required Contribution for Main Applicant & Spouse:

$200,000

PLUS

Application Fee: $1,500 per person;

Due Diligence Fee: $5,000 per person;

Processing Fee: $1,500 per person.

• Required Contribution for Family of Four Family Members:

$200,000

PLUS

Application fee: $1,500 per person (No charge on dependent

child from 0 - 16 years old);

Due Diligence Fee: $5,000 per person. (No charge on

dependent child from 0 - 16 years old). ($5,000 for dependent

child from age 17 - 25 years old).

Processing Fees: $500 per person ($500 for dependent under

18 years old).

$1,500 per person (aged 18 years and over).

• Required Contribution for Family over Four Family

Members: $200,000

PLUS

Additional dependant after the third dependant: $25,000

per person;


Due Diligence Fee: $1,500 per person (aged 18 year

and over);

$500 for persons under 18 year old.



COUNTRY SPOTLIGHT

Approved Projects (Real Estate) in Grenada: Option 2

One of the options available to applicants seeking to obtain

citizenship by investment in Grenada is to invest in a Governmentapproved

project. Currently, these projects encompass real estate

developments such as hotels, villas, and resorts. Because of the

growth of the tourism industry, there is rising demand for tourist

housing facilities. Real estate developments are thus fantastic

opportunities for investors looking for high returns. The real

estate most be kept for at least five (5) years following the grant of

citizenship.

Applicants opting for the approved project (real estate) route must

invest at least:

REAL ESTATE OPTION 1:

• Required Contribution Amount for Single Applicant:

$350,000

Government Fee: $50,000;

Application Fee: $1,500;

Due Diligence Fee: $5,000;

Processing Fee: $1,500.

• Required Contribution Amount for Main Applicant & Spouse:

$350,000



Due Diligence Fee: $5,000 per person;

Processing Fee: $1,500 per person.

• Required Contribution Amount for Family of Four Members:

$350,000



Due Diligence Fee: $1,500 per person (Dependent child aged from

0-16 year old free). (Dependent child aged from 17-25 year old:

$5,000);

Processing Fee: $1,500 per person aged 18 year and over,

$500 for persons under 18 year old.

• Required Contribution for Family over Four Family Members:

$350,000

Government Fee: $50,000 and $25,000 per additional dependant

after the third dependant;


Due Diligence Fee: $1,500 per person (Dependent child aged from

0-16 year old free). (Dependent child aged from 17-25 year old:

$5,000);

Processing Fee: $1,500 per person aged 18 year old and over, $500

for persons under 18 year old.

$1,500 per person aged 18 year old and over, $500 for persons

under 18 year old.

REAL ESTATE OPTION 2:

Applicants opting for the approved project (real estate) route must

invest at least $220,000. They must keep the real estate for at least

five (5) years following the grant of citizenship.

• Required Contribution for Single Applicant: $220,000 (for each

share in the unit)

Government Contribution: $50,000.

• Required Contribution for Main Applicant + Spouse: $220,000

(for each share in the unit);


• Required Contribution Amount for Family of Four Members:

$220,000 (for each share in the unit);


• Required Contribution for Family over Four family members:

$220,000 (for each share in the unit);

Government Contribution: $50,000 + $25,000 for each additional

dependent.

The following charts highlight the costs and fees associated with

citizenship by investment in Grenada.

Key Benefits & Business Advantages:

International mobility - Grenadian citizens can travel without

visa and visa on arrival to more than 149 international and

Commonwealth countries, including:

• The United Kingdom (UK);

• All members of the European Union (EU);

• Singapore and Hong Kong;

• Visa free to People’s Republic of China.

• Access the US through the US E2 Treaty Visa within 6-9 months

Grenada is the only Caribbean country (with a citizenship by

investment programme) whose citizens (including economic

citizens) are eligible to apply for a US E-2 visa (under a treaty

entered into between the USA and the Government of Grenada).

There have been many successful cases where Grenadian economic

citizens have received a US E-2 visa. A US E-2 visa allows an

investor to live and do business in the United States of America in

exchange for a “substantial” investment (minimum recommended

threshold is US $150,000 in the United States of America).

This investment must be in an enterprise that the investor is able to

“develop and direct” and at least 50% owned by the investor.

34



COUNTRY SPOTLIGHT



COME DISCOVER

Westerhall Point, Saint David, Grenada

$1,497,500

4 5

Exceptional architect designed

waterfront property set within an

exclusive gated community and

offering panoramic views.

This stunning property consists of 2 buildings:

a main house with 2 bedrooms, 2.5 bathrooms

and a pool-house with a bedroom lounge and

bathroom with exotic private 'outdoor' shower

overlooking breathtaking sea views.

The property has been expertly reconceptualized

and renovated, with incredible designer details.

The extra-ordinary home features a fully equipped

kitchen with Italian marble and high-end

appliances, a large open-planned living/dining

area with office space, tropical hardwood floors,

and terrace with multiple seating areas (both

covered and open air) for outdoor lounging and

dining. Attractively outfitted maid’s quarters with

bathroom facilities and single car garage complete

these amazing premises.

This parcel of real estate stands at 43,497 square

feet and is attractively landscaped with a wide

range of ornamental and flowering shrubs and

mature exotic trees. Ref: 7879.

36



$2,950,000

4 6

Magnificent waterfront home with

impressive deep water access.

This luxurious residence for yacht enthusiasts is

located in an idyllic setting with access to the

South Atlantic Ocean from its private dock.

The property is surrounded by lush greenery and

features an enclosed garden with beautifully

landscaped French lamp posts and large planters.

The waterfront estate boasts a grand 'Old French'

architectural design, sitting on 23,540 square feet

of land with stunning views of the south, including

Petit Bacay Reef & Lobster Point. The interior of

the home features exceptional craftsmanship and

attention to detail with oversized arched hardwood,

mahogany balustrades, and hand-crafted doors.

The property also features a swimming pool,

garden, multi-purpose room, and guest suites

with a separate entrance for added privacy.

Outdoors, there is a Sea Pavilion/Boat House/Artist

Studio, a Greenheart jetty for yacht docking,

and a Mediterranean Mooring System for added

security. Conveniently located near marinas and

yachting facilities, this residence is the ultimate

waterfront paradise. Ref: 7808.

Hyacinth McBarnette

hyacinth@remax-grenada.com

T: (473)4406675

RE/MAX Grenada



COUNTRY SPOTLIGHT

Malta

The Republic of Malta consists of a group of

islands located in the Mediterranean, with only

the three main islands of Malta, Gozo, and

Comino being inhabited. Malta attracts many

tourists due to its sunny weather and rich history,

including architecture and historic landmarks.

The islands have a long history of habitation

dating back to 5900 BC and several of its

megalithic temples are recognized as UNESCO

World Heritage sites.

38



COUNTRY SPOTLIGHT

Malta is strategically situated in Europe

as a hub for historical trade between

Europe, the Middle East, and North

Africa. Its warm Mediterranean climate and

abundant sunshine make the Maltese islands

a desirable tourist destination. Malta is also

a popular place to learn English, which is the

official language along with Maltese, and has

a highly rated education system based on the

British model and funded by the government.

The islands are renowned for their safe environment, low crime

rate, and high-quality public and private healthcare system.

The primary industries in Malta include tourism, financial

services, manufacturing, and foreign trade. The government has

a business-friendly approach, providing competitive incentives

to attract various industries to establish operations on the

island. Malta has also entered into double tax treaties with over

70 countries, including emerging economies, to encourage

international trade and the growth of financial services. These

efforts are expected to continue in the future.

Malta Permanent Residence Programme (MPRP)

The Malta Residency and Visa Programme (MPRP) is a

straightforward way to obtain residency through investments in

real estate and contributions to the government. It promises a

speedy process of only 4 to 6 months from the time a complete

and accurate application is submitted, making it a valuable option

for individuals looking to establish a second home in Malta.

Benefits of this visa:

• The right to permanently reside, settle and live in Malta

• The ability to travel visa-free within the Schengen area for up

to 90 days out of 180 days

• Access to Malta’s affordable real estate market

• The option to include multiple generations, up to four, in a

single application

Eligibility and requirements

Requirements for Eligibility in the Malta Residency and Visa

Programme (MPRP):

• Applicants must be third-country nationals and not citizens of

the EU, EEA, or Switzerland

• They cannot be from countries sanctioned by the Agency

• They cannot benefit from other relevant regulations

or programs

• They must have a stable and regular source of income to

support themselves and their dependents without relying on

Malta’s social assistance system

• They must have capital assets of at least €500,000, with a

minimum of €150,000 being financial assets

• Applicants must be of good standing with a clean criminal

record and not pose any threat to Malta’s national security,

public policy, public health, or public interest.

To participate in the Programme,

applicants must:

• Submit the application through a licensed agent

• Pay a non-refundable administrative fee of €40,000

• Rent a property for a minimum of €10,000 in the South of

Malta/Gozo or €12,000 in other parts of Malta

• Or purchase a property with a minimum value of €300,000 in

the South of Malta/Gozo or €350,000 in other parts of Malta

• Pay a government contribution of €28,000 if purchasing a

property or €58,000 if leasing a property

• Pay an additional €7,500 for each additional adult dependent,

excluding the spouse

• Maintain ownership of the qualifying property for a minimum

of 5 years and provide a residential address after this period

• Make a €2,000 donation to a local philanthropic organization

registered with the Commissioner of Voluntary Organizations

• Have a valid travel document

• Obtain a comprehensive health insurance policy covering all

risks in Malta

• Acquire travel insurance for trips within the Schengen area.

Nomad Residence Permit

The Nomad Residence Permit allows individuals to reside in

Malta while maintaining their job based elsewhere. This permit

is designed for individuals who can work remotely through

the use of technology. Malta already has a growing community

of digital nomads from the EU who enjoy the island lifestyle,



COUNTRY SPOTLIGHT

business networking, and cultural experiences. The permit is

available to non-EU citizens who may normally require a visa

to enter Malta. The permit will be issued for a year and can be

renewed annually based on the applicant’s continued eligibility.

Benefits

• Fast Process (1-2 Months Processing Time)

• Freedom to reside & work in Malta whilst keeping current

employment abroad

• Family Members may also be included

• Maltese residence card giving visa-free access to the

Schengen Area

• High standard Educational & Healthcare facilities

• No personal income tax

Eligibility

• Only non-EU nationals can apply

• Applicants must be in possession of a valid travel document

• Applicants must earn at least € 2,700 gross monthly income

• Applicants must hold a health Insurance policy

• Applicants must hold a valid property rental or

purchase agreement

• Applicants must demonstrate that they can work remotely and

independent of their location

Acquisition of Citizenship via Exceptional

Services by Direct Investment

The Granting of Citizenship by Naturalisation for Exceptional

Services by Direct Investment is regulated by the Granting of

Citizenship for Exceptional Services Regulations (S.L. 188.06).

Eligibility Criteria

The requisites for filing an application are:

• Provide a proof of residence in Malta for a period of thirty

six (36) months, provided that this period may by exception

be reduced to a minimum of twelve (12) months, subject to

an exceptional direct investment (of six hundred thousand

euro [€600,000] and seven hundred fifty thousand euro

[€750,000] respectively), to be effected prior the issue of the

certificate of naturalisation;

• Purchase an immovable residential property in Malta having a

minimum value of seven hundred thousand euro (€700,000)

or take on a lease a residential immovable property in Malta for

a minimum annual rent of sixteen thousand euro (€16,000),

which property shall be adequate and suitable for the applicant

and his dependants, for a minimum period of five (5) years

from the date of issue of the certificate of citizenship;

• Carry out an exceptional direct investment in Malta, in

accordance with the Granting of Citizenship for Exceptional

Services Regulations (S.L. 188.06); and

• Donate, prior to the issue of the certificate of naturalisation,

a minimum of ten thousand euro (€10,000) to a registered

philanthropic, cultural, sport, scientific, animal welfare or

artistic non-governmental organisation or society, or as

otherwise approved by the Agency.

Reference: Community Malta Agency (the Agency): https://

komunita.gov.mt/en/

40



Malta.

New chapters, new possibilities.

The Malta Permanent Residence Programme grants beneficiaries

the right to reside permanently in a safe and stable country while

enjoying visa-free travel across Schengen for 90 out of 180 days.

Boasting excellent educational institutions, access to top

class healthcare and a breadth of business opportunities in a robust

economy, Malta is the right choice for your family's future.

MALTA PERMANENT

RESIDENCE PROGRAMME

Residency Malta Agency

Zentrum Business Centre, Level 2,

Mdina Road, Qormi, QRM 9010, Malta

residencymalta.gov.mt



Malta: an attractive proposition

for second residency

There has never been a time when

considering economic mobility was more

justified. In the wake of the pandemic, where

movement across continents, countries

and borders was seriously stifled, many

individuals and families across the world

are considering their future options, both in

terms of quality of life and family wealth.

Malta: an attractive proposition

Malta is one of the safest countries in the world. This holds

great pull for families who would like to spend their time in an

environment where they feel secure.

Malta’s health care ranks among the top for its health

institutions. With a range of world class state hospitals, private

clinics and regional health centres, a simple health insurance

cover ensures access to these reputable care services. Living

in Malta could be considered as much easier than in other

42



The cherry on the cake is the country’s mild climate with 300

days of sunshine a year and the proximity of things being a small

Island state.

The Malta Permanent Residence Programme

(MPRP)

The MPRP is a property-based residency-by-investment

programme that gives beneficiaries the right to stay, settle and

reside permanently in Malta. With options to purchase or lease

property, and make a direct contribution to government, up

to four generations may apply, making family relocation

a possibility.

Applicants must also make a contribution to the Government's

Consolidated Fund and a donation to a local registered Non-

Governmental Organisation. Managed by Residency Malta

Agency, applicants must go through a four-tier due diligence

exercise that ensures that only fit-and-proper individuals and

families are given Maltese residence status. Applications are

required to be submitted via a licensed agent, who will act on

their behalf.

Malta’s residency programme places itself among the most

popular European programmes. The MPRP gives exceptional

value for money. At a very competitive financial outlay, it

offers permanent residency from day one, visa-free access

across Schengen countries for 90 out of a rolling 180 days, the

possibility of property lease, and family relocation possibilities in

a strong jurisdiction with lucrative business opportunities.

countries. The Maltese are a hospitable and welcoming people.

A large expat community has fostered a multi-cultural ambience

over the years. With English being an official language, people

find it easy to communicate. The level of education is high with a

large selection of both public and private schools. The 400-yearold

University of Malta offers a wide variety of faculties and

research institutes for both local and foreign students.

Investors and entrepreneurs look for jurisdictions with strong

economies, high regulation, government support and marked

demand. Malta has all these elements while constantly garnering

positive ratings from credit agencies and topping the EU charts

for economic growth. Flourishing industries include aviation,

maritime, film, financial services, fintech, hospitality and

knowledge industry.

The Malta Startup Residence Programme

In collaboration with Malta Enterprise, Residency Malta has

recently also launched the Malta Startup Residence Programme

offering non-EU founders, co-founders and core employees of

highly innovative startup and scale up ventures the possibility to

reside in Malta while launching their business.

Entrepreneurs are asked to make an investment of €25,000

in paid-up share capital or tangible investment and be ready

to reside and pay taxes in Malta. With lucrative non-dilutive

financial support offered by Malta Enterprise and a sound

startup ecosystem, Malta is the next destination for startups.

More information about the Malta Programmes may be found at

www.residencymalta.gov.mt



INTERVIEW

Malta CBI Application:

Health for your wealth

Why Malta CBI & RCBI applicants should consult

Award winning Laferla Insurance Agency

By Keith Laferla (left)

IMCM, ACII, Chartered Insurer,

Joint Managing Director

& Mark Laferla Jr (right)

Joint Managing Director

What makes Malta attractive for residency

by Investment?

Malta is a fantastic place to live and work. One of the main

attractions is that the island is blessed with a great climate, with

the sun shining approximately 300 days per year on average and

most winters are also relatively warm.

The education system is a good one, and curriculums are taught

in the English language. This makes it ideal for expats to find

good schooling options for their children.

The country’s economy is small, yet resilient. The economy

is based on many pillars including tourism, manufacturing,

aviation, yachting and shipping, financial services, online

gaming, digital game development, property, sciences, and more

recently, new industries such as AI and blockchain. The Maltese

government continues to invest in new industries in an attempt

to continue expanding the country’s skill sets, and being a small

and agile country helps to achieve this more efficiently.

With a low unemployment rate, increasing number of

companies setting up and relocating to Malta, as well as certain

tax incentives for Highly Qualified Persons to relocate and work

here, there are plenty of reasons why an RBI applicant would

choose Malta as their new home. The Maltese economy looks

extremely favourably at RBI applicants who relocate and provide

their expertise which in turn helps to grow the economy.

Of course, being part of the EU and Schengen Area and being

extremely well-connected in terms of both air and sea travel is

another great advantage.

As Part of an application for the Malta Residency

by Investment, Investor will be required Health

Insurance, what are the legal requirements?

The requirements set out by Residency Malta state that the

main applicant as well as all dependents must be covered

by a health insurance policy for a minimum of €30,000 per

annum each. Also, if travelling within the Schengen Area,

each beneficiary must be covered by an appropriate Travel

Insurance policy.

Laferla offers a variety of plans to suit these requirements, with

an entry-level plan at an excellent price point covering the

minimum requirements, and also more comprehensive plans –

probably the best one will find in Malta - which will provide an

excellent level of cover to families relocating to the island.

The company also offers Travel Insurance on a single-trip basis,

or alternatively, Annual Travel Insurance cover which will cover

families year-round in a more convenient and efficient manner.

Non EU nationals applying for a Work Permit in

Malta are required to obtain Insurance policy,

what Insurance are required and what dedicated

products and Services does Laferla offer?

Health Insurance requirements for ‘Single Permit’ (work permit)

and ordinary residence permit applicants are quite similar to

those under the Malta Permanent Residence Programme.

The difference is that the scope of this requirement revolves

solely around ‘hospitalisation’ and therefore a basic plan covering

the minimum requirements of these programmes will not cover

44



INTERVIEW

any out-patient treatment. Whilst this means that insurance

plans covering the basic requirements are more affordable, it

leaves the insured with quite a gap in cover.

It is always recommended to invest in a better level of cover

to have your mind at rest in case of need. Medical expenses in

Malta are relatively high, and a simple out-patient cases involving

a couple of consultations and tests can easily run into multiple

hundreds of Euro.

Laferla is an Award winning Insurance company

and what makes Laferla the go to choice for

investors and families?

Laferla has been around for almost 40 years – since 1984, to

be precise. The company is one of the market-leaders and is

particularly known for offering an excellent customer service.

We are also extremely technologically advanced and invest

plenty of resources to this on an ongoing basis. This leads to



INTERVIEW

better customer experience, loyalty, and our general brand image.

The company also invests staff members with multi-lingual skills

to help us serve our customers better.

Another factor which makes Laferla unique is that we offer all

lines of general insurance, including Health, Life (including

protection and also savings and / pension products), Travel

(single trip or annual), Property (personal home or commercial/

landlord), Boat / Yacht, Motor and also Pet Insurance in our

personal lines division.

The company is also well-known for Commercial insurance

products including Business Combined servicing anything from

micro enterprises up to large industrial risks, Liability, Travel,

Employee Benefits (including Group Health, Life, Accident, and

Corporate Pension Schemes), Construction insurance and more.

Our decades of experience, expertise and vast product lines

truly make Laferla a one-stop shop for any family or investors

relocating to Malta.

The CBI and RCBI industry market is growing

each year and every reputable agent is seeking to

align themselves with professional and reliable

insurance providers, what makes Laferla their

natural choice?

Mostly, it is everything mentioned above. Furthermore, we

understand that agents are relying on us to provide a reputable

and efficient service to their valuable clientele. As mentioned,

customer service is one of the main pillars of our company, yet

we also keep this in mind to ensure satisfaction to both our

clients and agents recommending our services.

Also, and quite importantly as we are all in business,

Laferla offers a fair and generous remuneration for business

46



INTERVIEW

204A, Vincenti Buildings

Old Bakery Street

Valletta VLT 1453

W: www.laferla.com.mt

E: info@laferla.com.mt

About Laferla Insurance Agency Ltd

Laferla Insurance Agency Ltd is a family business founded

in 1984 by Mark Laferla, now led by his sons and second

generation owners Mark Jr, Keith and Kevin Laferla. Laferla

is an insurance agency operating as a Managing General Agent

in Malta. The company is the leading insurance provider for

applicants of the various Maltese Citizenship and Residence by

Investment programmes, providing services to over 4,000 High

Net Worth and Ultra High Net Worth individuals and families.

Laferla Insurance Agency Ltd (C14529) is enrolled under the

Insurance Distribution Act, Cap 487 of the Laws of Malta, to

act as an Insurance Agent for MAPFRE Middlesea plc (C5553),

“MMS” on General Insurance business and MAPFRE MSV

Life plc (C15722), “MMSV” on Long Term Business. MMS

and MMSV are authorised by the Malta Financial Services

Authority, “MFSA”, under the Insurance Business Act, Cap 403

of the Laws of Malta. All entities are regulated by the MFSA.

introduced through recommendation.

All (at least, to our knowledge) major RCBI agents registered

in Malta, and most of the more boutique agents have

introduced over 4,000 families to Laferla since the industry

was founded here in 2014. We’re proud to say that we have

experienced an excellent satisfaction rate all around, leading

to extremely high retention. To sum up, we must be doing

something right, and will always continue to invest and explore

how we can improve further.

The management of Laferla have vast experience

in the Insurance, CBI and RCBI industry. What

motivates Laferla to align themselves for the

RCBI space?

The RCBI industry intrinsically requires a higher level of

expertise, understanding, customer service and importantly,

relationship-building. This aligns completely with what the

Laferla brand stands for, and so our company was a perfect fit to

service the RCBI industry.

The company continues to invest heavily in maintaining

relationships with agents and clients. Both Mark Jr and myself,

now Joint Managing Directors of the firm, have built strong

relationships throughout the industry and give personal

attention to it. We have also both been members of the

Investment Migration Council and are in fact now recognised as

Fellows of the IMC.

We look forward to growing our relationships and standing in

the RCBI industry further. The next step in our evolution would

be to take our experience to different markets, and we are more

than happy to work with the industry to realise this together in

order to replicate the tremendous success and standards we have

set in Malta.



COUNTRY SPOTLIGHT

Saint Lucia

St. Lucia is an independent island

nation situated in the eastern

Caribbean Sea. As part of the Lesser

Antilles, it lies between St. Vincent

to the south and Martinique to

the north, with Barbados located

southeast at a distance of 174km.

The island boasts a compact area of

43km in length and 22km in width,

surrounded by a stunning 158km

coastline. Boasting sandy beaches

lined with palm trees, crystal clear

waters, picturesque bays and lush

rainforests, St. Lucia attracts a

plethora of tourists and cruise ships.

48



COUNTRY SPOTLIGHT

The unique distinction of the island lies in

the fact that it is the only nation globally

to be named after a woman from history,

Saint Lucy of Syracuse. Saint Lucia achieved

independence from the UK on February 22, 1979,

after being one of the West Indies Associated

States since 1967, and became a member of the

Commonwealth of Nations. English is the official

language of the island, although Saint Lucian

Creole French is also widely spoken.

St. Lucia boasts a unique landscape compared to other

Caribbean islands, with its mountainous terrain, including a

drive-in volcano. On the southwestern side of the island, two

towering volcanic peaks, the Pitons, rise out of the crystalclear

waters. The Gros Piton is 771 meters high while the Petit

Piton stands at 743 meters. This area, located near the town of

Soufriere, was designated as a UNESCO World Heritage site in

2004 and was once the French capital of Saint Lucia. Tourists

flock to Soufriere for its serene Saint Lucia Botanical Gardens

and the therapeutic Sulphur Springs.

Castries, a thriving port city, is the modern-day capital and home

to almost a third of the island’s population. Castries became the

capital city in 1967 and maintained its status when Saint Lucia

gained independence.

Saint Lucia has a tropical climate, tempered by northeast trade

winds, with average daytime temperatures of around 30°C

and nighttime temperatures of around 24°C. The temperature

remains relatively stable throughout the year, due to its location

near the equator. The island experiences two seasons annually,

with a dry season from December to the end of May and a wet

season from June to November.

Citizenship by Investment

The St. Lucia Citizenship by Investment Program offers full

citizenship to applicants and their families in exchange for a

substantial economic contribution to the country. However, this

is contingent on successful completion of a rigorous application

procedure and thorough background checks. The program is

governed by the Citizenship by Investment Act No. 14 of 2015.

Benefits

Saint Lucia is a stable country with a high standard of living

that is hard to match elsewhere in the world. A passport from

St. Lucia provides visa-free or visa-on-arrival access to 146

destinations, including the Schengen Area in Europe, Hong

Kong, Singapore, the UK, and many others.

Saint Lucia allows dual citizenship, offering potential benefits

for business growth and tax reduction. The country has no

wealth tax, gift tax, foreign income tax, or capital gains tax. The

application process does not require a visit to Saint Lucia, there

is no interview requirement, and no residency requirement.

Applications for the Citizenship by Investment Program must be

submitted in English by a designated representative on behalf of

the applicant. The applicant can include their spouse, children

under 31, siblings under 18, and parents over 55 years old as

dependents, and they may also add additional dependents after

being granted citizenship. In order to qualify for citizenship,

applicants must choose one of the following four options:

1) NATIONAL ECONOMIC FUND

2) REAL ESTATE PROJECTS

3) ENTERPRISE PROJECTS

4) GOVERNMENT BONDS



COUNTRY SPOTLIGHT

1) National Economic Fund

4) Government bonds

The Saint Lucia National Economic Fund is a pool of funds

generated from the Citizenship by Investment Program,

which will be utilized for financing government-sponsored

projects. The Finance Minister must obtain approval from

Parliament before utilizing the funds for any purpose.

Once an application for citizenship through investment in the

Saint Lucia National Economic Fund has been approved, an

investment is required as follows:

• Single applicant: $100,000

• Main applicant plus Spouse: $140,000

• Applicant applying with spouse and up to two other

qualifying dependants: $150,000

• Each extra qualifying dependant, of any age: $25,000

• Each qualifying dependent in addition to a family of

four (family includes a spouse): $15,000

2) Real Estate Projects

The Ministry of Cabinet examines potential real estate

projects for eligibility in the Citizenship by Investment

Program. Eligible projects can include high-end luxury hotels

and resorts or upscale boutique properties.

Upon approval, the main applicant must make a one-time

minimum investment of $200,000, along with government

fees of $30,000 for the primary applicant, $45,000 for the

spouse, and an additional $10,000 for each dependent over 18

years old, and $5,000 for each dependent under 18 years old.

The real estate must be maintained for a minimum of 5 years

after citizenship has been granted.

3) Enterprise Projects

The Saint Lucia Citizenship by Investment Program offers

applicants the option of investing in pre-approved business

ventures, such as marinas, research facilities, or infrastructure

projects. Joint investments are accepted, with each participant

contributing a minimum of $1 million and the total project

value being no less than $6 million and generating at least six

permanent job opportunities. For sole applicants, a minimum

investment of $3.5 million is required and must result in the

creation of at least three jobs.

Applications for St. Lucian citizenship can be made by

investing in the National Action Government Bonds. This

option involves buying non-interest-bearing government

bonds that must be registered in the applicant’s name for at

least five years and will not earn any interest. The minimum

investment required for this option is $300,000 for the main

applicant, plus a non-refundable government fee of $50,000.

The amount remains the same regardless of the number of

dependents included in the application.

Procedures and time frame of the St. Lucia

Citizenship by Investment Program

The application process should take no longer than four

months from submission of the application to issuance of

the certificate of citizenship, assuming there are no areas of

concern with the application.

The Citizenship by Investment Board, which provides

oversight to a dedicated citizenship by investment unit (CIU),

will consider an application for citizenship and its outcome

may be to either grant, deny, or delay for cause.

All requisite supporting documents must be attached

to an application before it can be processed by the CIU.

All applications must be accompanied by the relevant

nonrefundable processing and due diligence fees for the

principal applicant, their spouse, and each qualifying

dependent. Where an application has been approved in

principle, the CIU will notify the applicants that the

qualifying funds and requisite government administration

fees must be paid before the certificate of citizenship can

be granted.

The main applicant must remit the required funds for the

qualifying option within 90 calendar days after notice of

approval of their application. A successful applicant shall sign

the oath or affirmation of allegiance before an attorney-at-law,

notary royal, or notary public. The minister may, by order,

revoke a grant of citizenship in exceptional circumstances as

may be deemed necessary.

50





COUNTRY SPOTLIGHT

St Kitts & Nevis

The St Kitts and Nevis is one of the

Caribbean’s most idyllic Locations.

Saint Kitts and Nevis, also known as the

Federation of Saint Christopher and Nevis,

is an island state in the West Indies and a

member of the Commonwealth. Part of

the Leeward Islands chain of the Lesser

Antilles, it is the smallest sovereign state

in the Western Hemisphere, in area and

population. The capital city, Basseterre, is

on the larger island of Saint Kitts. English is

the official language but Saint Kitts Creole is

also widely spoken.

52



COUNTRY SPOTLIGHT

In 1984, the Federation of St. Kitts and Nevis

established the world’s first Citizenship by

Investment Programme. As the oldest and

most established of its kind globally, the scheme

offers citizenship to reputable individuals and

their families through a robust and efficient due

diligence process.

The St. Kitts and Nevis Citizenship by Investment Programme

is an attractive option if one is looking to acquire a second

citizenship through investment without prior residence

requirements. St. Kitts and Nevis citizens enjoy a passport

with an excellent reputation and very good visa-free travel,

including to all of the EU’s Schengen Area, Hong Kong,

Switzerland, and many other countries including Russia, Asia,

Africa and Latin America. St. Kitts and Nevis citizinship also

provides leisure opportunities and opens up new cultural and

tourism experiences.

The St. Kitts and Nevis Citizenship by Investment programme

is committed to delivering value and opportunities to investors

and citizens alike in a responsible way, contributing to the social

and economic success of the Federation. Building on its heritage

and expertise as the longest running citizenship by investment

programme in the world, St Kitts and Nevis develpde efficient

processing systems. The St. Kitts and Nevis Citizenship by

Investment Unit can now efficiently and robustly finalise most

applications within a 60-day period.

Citizenship of the St. Kitts and Nevis Means:

• Obtaining a passport with an excellent reputation & visa-free

travel to more than 157 destination.

• Full citizenship for life, which can be passed on to future

generations by descent.

• You have the right to take up residence in St. Kitts and Nevis at

any time and for any length of time.

• No taxes on foreign income, capital gains, gift, wealth, or

inheritance tax so this may complement your current wealth

protection and tax planning strategies.

• Allowed to hold dual citizenship, and the acquisition of

citizenship is not reported to other countries.

Citizenship by Investment:

Applicants may apply to become a citizen by making a one-off

contribution to the Country’s Sustainable Growth Fund (SGF)

or by investing in pre-approved real estate projects.

Investors can acquire citizenship if they pass the government’s

background checks and make an investment into an approved

real estate development. The Government has introduced

extensive legislation to attract financial services businesses to

the island.

Growth Fund (SGF)

Contribution SGF, a contribution is made directly to a

government-held fund, with the Citizenship by Investment Unit

(CIU) being able to check receipt immediately and speed up the

application. The SGF represents the ongoing advancement of St

Kitts and Nevis to realise their potential as a prospering smallisland

nation with an accelerating economy.

The Sustainable Growth Fund (SGF) is the newest investment

channel under St Kitts and Nevis’ CBI Programme, introduced

in March 2018. It is the most secure and straightforward

route to second citizenship, qualify for citizenship through a

contribution to the SGF.



COUNTRY SPOTLIGHT

The priority of the country at the present time is to create

sustainable investment opportunities. St.Kitts and Foreign

Direct Investment (FDI) goals are fully aligned to foster

inclusive growth and an environmentally and socially

sustainable economy.

The St. Kitts is particularly keen on the attention being

given to High Tech Agriculture (smart farming) and Green

Energy as two key sectors for sustainable development.

Investment opportunities in High Tech Agriculture are

designed to achieve sustainable food security while investment

opportunities in Green Energy are designed to reduce

dependence on fossil fuels, at the same time decreasing the

cost of energy to the citizens and residents of the country.

Technological change in the agribusiness sector and the

construction of green energy systems requires investment from

both foreign and local investors.

Option 1: Real Estate Investment:

Applicants may qualify for citizenship through an

investment in a pre-approved real estate project, which may

include hotel shares, villas, and condominium units. The

minimum real estate investment required by law is $200,000

(resalable after 7 years) or $400,000 (resalable after 5 years)

for each main applicant.

Upon submission of an application, non-refundable due

diligence and processing fees must also be paid. These fees

amount to $7,500 for the main applicant, $4,000 for each

dependant of the main applicant who is over the age of 16

years, and $4,000 for siblings.

On approval in principle of an application made through a

real estate investment, a Government fee applies, as follows:

• Main applicant: $35,050

• Spouse of the main applicant: $20,050

• Any other qualified dependant of the main applicant

regardless of age: $10,050

• Siblings: $40,000

In addition to these fees, real estate buyers should be aware

of purchase costs (mainly compulsory insurance fund

contributions and conveyance fees).

Real Estate Investment Options:

The Real Estate option under the CBI programme continues to

gather interest from investors.

The prospect for growth of Foreign Direct Investment remains

optimistic in the country. FDI inflows, in particular, real

estate related projects are expected to continue to be a major

contributor to the country’s economic growth and overall

development. there are a number of other large scale investment

projects in the pipeline, which are expected to sustain FDI flows

into the foreseeable future.

Option 2: Private Home Investment:

The sale of private homes under the Citizenship by

Investment Programme was allowed for a period of two years

only (November 1st 2020 to November 1st 2022).

Resale:

• A property purchased under the Private Home plan shall

not be resold for a period of at least 5 years

• The sold property does not qualify for use in a subsequent

Citizenship by Investment applicationty

Option 3: Alternative Investment (AIO):

The Alternative Investment Option (AIO) is a third form of

investment under the Citizenship by Investment Programme.

The AIO will provide the Government with the means of

achieving its capital investments goals without having to

endure the drawbacks associated with the use of its existing

limited resources or from taking additional debt.

Potential projects should be identified and listed by the

Government or can be brought forward by private individuals

with access to financing who approach the Government with

potential projects not on the Government’s infrastructure

list. However, the asset when completed and operated for a

reasonable period of time (that allows for a reasonable return

on investment) must be turned over to the Government in a

maintained condition consistent with prudent ownership.

For those projects on the Government’s infrastructure

list, they can be advertised seeking expressions of interest

for initial review by the Government and the creation

of individual project “short lists”. The Government will

endeavour to ensure that to the extent practicable, shortlisted

companies will not only maximise local employment but also

embark upon programs including transfer of technology and

capacity building.

54





COUNTRY SPOTLIGHT

United Kingdom

Home to cutting edge culture

and royal pageantry, the four

home nations of the UK offer

something for everyone – from

the modern to the historical,

and everywhere in between.

56



COUNTRY SPOTLIGHT

The United Kingdom offers a robust, businessfriendly

environment to reliably expand,

trade and invest. The UK has a mature,

high-spending consumer market and an open, liberal

economy, a world-class talent pool and a businessfriendly

governmental and regulatory environment.

The language, legal system, funding environment, time zone and

relative lack of red tape helps make the UK one of the easiest

markets to set-up, scale and grow a business.

From culture, sport and entertainment to food, design and

technology, the impact of British talent and entrepreneurial spirit is

felt in every corner of the globe. Investors can access a market of over

67 million people, diverse suppliers and partners, and benefit from a

range of programmes to help businesses of all shapes and sizes grow,

including current £100 billion infrastructure spending commitments.

The UK has also one of the lowest corporation tax rates in the

G20 and is highly competitive within Europe. The government

offers a range of tax reliefs to give flexibility to domestic and

international companies.

A place for education and talent

With a labour force of 32 million and an employment rate

of around 75% (against a 69% European average), the UK is

one of the top European economies for attracting, cultivating

and retaining global talent, according to the Global Talent

Competitiveness Index.

The UK’s flexible labour laws help businesses hire staff in a way

that suits their needs. Contract options vary from full-time, parttime

and agency staff to freelancers, consultants and contractors.

Freedom to recruit quickly and for as long as needed, helps

companies to react to changing circumstances.

Four out of the top 10 universities in the world are from the

UK [QS World Ranking 2019], namely Oxford, Cambridge,

University College London and Imperial College London.

Fast facts: UK innovation:

• The UK is ranked fifth on the Global Innovation Index 2019

and highest ranking G7/G20 economy.

• The UK has a world-class intellectual property regime

that’s helped produce 78 Nobel Prize winners in scientific

disciplines – more than any other country except the USA.

• Many of the world’s biggest and most dynamic companies

– including Google, Facebook, Amazon, Coca-Cola – have

chosen the UK as their European headquarters.

• More than half of all UK-based R&D business expenditure

comes from foreign-owned companies.

• Small and medium-sized businesses can apply for venture

capital schemes that offer generous tax reliefs for investors.

• The R&D expenditure tax credit offers generous incentives

of up to 230% for companies investing in UK projects.

• There is a corporation tax rate of 10% – compared to the

usual 19% – on profits from inventions patented in the UK.

• To help encourage local innovation, the UK Government

has created the Global Entrepreneur Programme to

encourage ambitious founders to export and expand their

enterprises from the UK.

• The government’s innovation agency, Innovate UK,

helps businesses develop new ideas and turn them into a

commercial success.

NORTH SEA

UNITED

KINGDOM

NORWAY

The British higher education system has been the basis for

international higher education standards for a long time, and

has led with revolutionary teaching styles and embedding

international norms.

London

NETHERLANDS

The UK is also immensely popular with international students

because of the diverse culture, the attraction of global cities such as

London, and the variety of onward career opportunities. In fact, it

is the second most popular destination for overseas students with

485,645 choosing to study at UK universities in 2018/19.

REPUBLIC

OF IRELAND

ATLANTIC

OCEAN

BELGIUM

FRANCE



UK Self Sponsorship Visa: How you

may obtain Permanent UK Residency

What is Self-Sponsorship? Self-Sponsorship refers to an application

to come and work in the UK for their own business without the

need of having a UK Sponsor. This may lead to permanent residency

and British citizenship for yourself and your family.

By Sam Hussain

Who is the opportunity for?

If you are an entrepreneur and a successful businessperson,

and you and a great business opportunity in the UK, or a great

business idea and seek to explore you business opportunity in

the UK.

The main motivation be that you want to own a UK Business,

UK seek to lead, manage and maintain UK operations, you want

a legal path without the fear of losing a UK Visa. Than this route

can be for you.

Who can apply?

Self-sponsorship is open to anyone who satisfies all of the

following criteria.

A) Has experience or skill or qualification within the area of

business they want to establish

B) Has a business idea or has already established a UK business

C) Has the funds to support the proposed business

D) Ideally, has a UK local person who is settled or British

58



3. Employer liability insurance certificate (minimum employee

cover £5 million)

4. PAYEE OR Account Office reference letter from HMRC

5. Copy of regulatory approval, i.e., Health & Safety star rating

for food business, ACCA, SRA

6. VAT Certificate (if registered)

7. SIGNED Annual accounts (if the business is over 18

months old)

Step 3: APPOINTING AN AUTHORISING OFFICER

You must appoint an Authorising Officer (AO) during the

application stage.

The person needs to be your employee whom the Home Office

will contact in regard to the application. Any suitable employee

for this role, such as managers/directors, or employee with good

communication skills who has knowledge of this application.

It is better to appoint someone who is a British citizen or

someone who has a Indefinate Leave to Remain (ILR) in the UK

to act as your Authorizing Officer.

Step 4: HAVE A ROBUST HR SYSTEM IN PLACE

Citizen to take on the responsibilities of authorising officer

E) Has the ability to sit and pass an approved English language

test at Level B1* (Basic English language requirements)

What business would qualify for Self-Sponsorship?

Any business can qualify for the self-sponsorship route

Can I be a 100% shareholder in the UK business

and the Director?

Yes, you can have 100% of shares and you could be the Director.

What’s the procedure of Self-Sponsorship?

Step 1: ESTABLISH A BUSINESS IN THE UK

Step 2: APPLY FOR A SPONSOR LICENSE

There are certain documents required for a sponsor license

application, you’ll need a minimum 4 of the following:

1. Minimum 1-month business bank statement

2. Copy of lease OR freehold OR tenancy agreement

As a mandatory requirement for sponsor licence applications,

you must have a robust HR system in place to prove that you are

able to comply with the sponsor duties for your skilled workers.

Step 5: GETTING YOUR SPONSOR LICENCE

It usually takes around 8 weeks to get a decision from the

Home Office.

However, it might take longer if the Home Office wants to

conduct further checks on your business or wants to visit your

company address.

Step 6: ASSIGNING A CERTIFICATE OF SPONSORSHIP

(COS) TO A SKILLED WORKER

After your licence is granted, you're able to assign a CoS to an

employee of the company that you wish to sponsor.

As there are no restrictions for the shareholdings of a skilled

worker, you can assign a CoS to yourself, so that you can use the

CoS to apply for a skilled worker visa. WorkPermitCloud can

assist you with the CoS allocation and visa application.

Step 7: APPLYING FOR A SKILLED WORKER VISA

After you have assigned the CoS to yourself, you can use the CoS

to apply for a Skilled Worker Visa. This Visa allows you to work

in the UK legally.



COUNTRY SPOTLIGHT

United States of America (USA)

60



COUNTRY SPOTLIGHT

The United States is a massive country

that ranks as the fourth largest in

terms of total area and the third most

populated globally, after China and India. With

a population of over 327 million people from

diverse ethnic backgrounds, the US also boasts

of being the largest economy in the world, with a

GDP of 23.32 trillion dollars.

The country is abundant in natural resources, leads in scientific

research and technological advancement, and is home to

numerous leading global companies, particularly in the financial

and IT sectors. Dubbed as a nation of immigrants, the USA

has a long-standing tradition of accepting individuals from all

corners of the world and granting them American citizenship.

For those who aspire to live the American Dream, the USA is a

sought-after destination. It boasts a diverse landscape, ranging

from bustling cities to sprawling agricultural lands, as well as

revitalized post-industrial areas where one can find affordable

housing or investment opportunities. The American education

system and healthcare are highly regarded, the economy is

robust and diverse, and the country remains inviting to investors

seeking to secure their slice of the American Dream.

There are several avenues for investing in the US. The EB-5

Visa program was established by congress designated by USCIS

after November1990 with the aim of boosting the economy by

attracting foreign investment from non-American citizens and

creating jobs.

On March 15, 2022, President Biden signed the EB-5 Reform

and Integrity Act as part of the Consolidated Appropriations

Act, 2022 and this created new requirements for the EB-5

immigrant visa category and the Regional Center Program.

Immigrant visas are were re-authorized under the Regional

Center Program through Sept. 30, 2027.

This EB-5 visa Program allows foreign investors to become US

residents and receive a Green Card. Annually, the US typically

allocates 10,000 EB-5 Visas to foreign investors who invest a

significant amount of money in a business or regional center

in the US, which must generate jobs as part of the investment.

To apply, investors must choose an approved project to invest

in, either through Direct Investment or a Regional Center

Investment. US citizenship, which can be obtained by investors,

offers visa-free travel to 176 countries with one of the strongest

passports in the world. Another option is the E-2 Treaty Investor

Visa, which enables an investor, their spouse, and children to

move to the US to own and operate a business. Eligibility for

this visa is limited to citizens of specific countries, which can be

found on the uscis.gov website.

A quick guide for EB-5 Program:

• Minimum investment in a Targeted Employment Area

(TEA) – $800,000

• Minimum investment amount outside of a TEA

– $1.05 million

• All EB-5 Investment must be in a new commercial

enterprise (NCE). A new commercial enterprise means any

for-profit activity formed for the ongoing conduct of lawful

business, including:

- A sole proprietorship;

- Partnership (whether limited or general);

- Holding company and its wholly owned subsidiaries

(provided that each subsidiary is engaged in a

for-profit activity formed for the ongoing conduct

of a lawful business);

- Joint venture;

- Corporation;

- Business trust;

- Limited liability company; or

- Other entity, which may be publicly or privately owned.

- 10 new Job Creations

This definition does not include non-commercial activity,

such as owning and operating a personal residence.

There were significant changes made to the EB-5 program

as of March 11, 2022, including the retention of priority

dates for certain EB-5 investors, substantial increases in

the minimum investment amounts, reforms to the targeted

employment area designations, clarification of USCIS

procedures for removing conditions on permanent residency,

and other technical and conforming revisions. One of the

talked about topics is Visa Set-Asides:

The EB-5 reform and integrity act created new EB-5

immigrant visa set-asides for qualified investors. Each year a

percentage of EB-5 immigrant visas are available to qualified

immigrants who invest in specific areas:

• 20% allocation for Rural Area project

• 10% allocation for high unemployment area

• 2% allocation for infrastructure project

Any of the set-aside visa that are not used for the fiscal year

will be moved over to the next year, however if these setaside

visa are not used in year two they will be allocated to

unreserved EB-5 immigrant visa in the third year.



COUNTRY SPOTLIGHT

Who is interested in the EB-5 Program?

• Families that want to settle in the US

• High-net-worth individuals

• Those looking to start a business in the US

• Parents seeking better education opportunities for

their children

• Those seeking safety and security

• Those seeking economic stability and business diversification.

Who is eligible for the EB-5 Program?

Under this program, investors (and their spouses and unmarried

children under 21) are eligible .

The EB-5 Program has generated over tens of billions in capital

investment across the globe to stimulate American businesses,

creating hundreds of thousands of job opportunities for

U.S. workers.

Many countries such including Australia and the United

Kingdom, use similar programs to attract foreign investments.

The American program is more stringent than many others,

requiring substantial risk for investors in terms of both their

financial investment and immigration status.

Investments made through the U.S. EB-5 program must be “at

risk” in the same way that investments in stocks or equity funds

carry an inherent risk. There is no guaranteed financial return.

When the application is approved by USCIS, EB-5 investors

receive a conditional visa that is valid for two years. In order

to receive a permanent visa, these investors must demonstrate

that the legally required economic benefits flowing from their

investments have been achieved.

Understanding the Immigration Process

Immigrant investors participating in the EB-5 program follow

a two-stage process established by the federal government that

determines their eligibility for the program as well as their

admissibility to the United States.

STAGE ONE: FILING OF ELIGIBILITY PETITION

• Individuals first file a petition with USCIS to determine their

eligibility to participate in a visa category. For EB-5 this is the

I-526 petition.

• The I-526 petition must include

• For EB-5, as for any visa category, approval of an eligibility

petition does not constitute approval of a visa on the petitioner.

• USCIS also has well-established procedures and criteria to

request expedited review of eligibility petitions2. Expedited

review does not mean expedited approval – just expedited

consideration of the petitions for this first step of the two-stage

process.

• As part of the eligibility review, USCIS can issue a request for

evidence (RFE) if more information is needed to determine an

individual’s eligibility for the program.

STAGE TWO: DETERMINING ADMISSIBILITY AND

GRANTING OF VISAS

Once an eligibility petition is approved, the next step in the process

is the same for EB-5 applicants as for applicants under any other

visa category.

• Immigrants file either a visa application with the Department

of State, if they reside outside the U.S., or an adjustment of

status application with USCIS, if they already side in the U.S. on

another visa.

• Approved petitions for immigrants residing outside the United

States are sent by USCIS to the National Visa Center, the State

Department’s clearinghouse for applications in all visa categories.

• The NVC then requests supporting documentation from the visa

applicants before sending the completed file to the appropriate

U.S Embassy or consulate

• Visa processing can take months or years while these

investigations are conducted.

If the EB-5 applicant approved, a conditional visa is granted

allowing the applicant to reside in the United States for two years.

Before the end of that two-year period, the immigrant must file

an I-829 petition documenting that their investment through the

EB-5 program has created a minimum of 10 U.S. jobs so it’s critical

for the applicant to invest in a project that creates 10 new American

jobs. If USCIS confirms that job creation, the I-829 petition may

be approved, lifting the conditions.

The EB-5 program is ever evolving and industry lead.

62





Long Prairie

What is an Expedite?

We have launched multiple EB-5 projects that have been granted expedited

processing by USCIS due to the urgent humanitarian crisis that our

projects are serving: addiction and mental health treatment. It is no secret

that the U.S. is deeply mired in an addiction epidemic made worse by the

Covid-19 pandemic. For EB-5 investors, this means waiting a few months

(compared to a few years for non-expedited projects) for USCIS to approve

the investor’s I-526 petition.

Rural project

Investing in an EB5 Rural TEA Project prioritizes the processing

of EB-5 petitions under the EB-5 Reform and Integrity Act

(RIA) of 2022.

Rural EB5 Project investors are allotted 20% EB-5 Visa setasides

out of the total annual allotment of 10,000 EB 5 Visas.

Investing in an EB5 Rural Area TEA project is particularly

beneficial for foreign investors applying from countries with

significant visa retrogression (backlog).

PROJECTS

Long Prairie

• 130-acre property located at 1280 180th Street, near Long

Prairie, Minnesota

• 36-bed residential facility and 12-bed detox facility

• Construction has already begun, will finish mid-2023

• Renovation of existing lodge and construction of two

new buildings

• Construction loan already approved - used to fund purchase of

existing lodge

• After construction completion, 6 months for licensing, staffing

and certification - open for clients early-2024

• 16.9 jobs created for each of the 10 EB-5 investors

• Both Expedited and Rural Project

East Ohio Hospital (EOH)

• Hospital is fully operational

• New Behavior Health unit will serve addiction patients

• Hospital is fully financed with funding from State of Ohio and

developer Bridge funds EB-5 will replace Bridge funds

64



East Ohio Hospital (EOH)

• Previous EB-5 investors have been granted

expedited processing

• Job creation requirement already achieved - 23 jobs

per investor

• At least $9 million developer equity subordinate

to EB-5

• Expedite Granted by USCIS

Copper Valley

• 3,000-acre Master Planned Community in the rolling foothills

of Sierra Nevada Mountains

• Multiple revenue streams; townhouses for sale, hotel, retail

space and entertainment

• Excellent Northern California location - 2-hour drive from

12 million people

• Rural TEA designation - avoid visa backlog

• 13 jobs created per EB-5 investor

• Strong Capital Stack

• $29,600,000 EB-5 investment backed by developer guarantee

with assets valued at $121,500,000

• Clear exit strategy in 5 years

Copper Valley



INSIGHT

The United States as the

Next Big Destination for

Immigration-by-Investment

Why many high-net-worth individuals are choosing to

relocate to the US, and what to look for when considering

an investment

By Reid Thomas, Managing Director, JTC

Americas, an Invest in the USA (IIUSA) member

Gaining citizenship or residency through

investment has long been a popular option for

high-net-worth individuals who are interested in

relocating or in gaining the advantages of a second

passport. Over 100 countries worldwide have

some sort of investment migration legislation

in place. Political changes (such as Brexit) have

increased interest in the stability offered by the

most useful passports, while the varying COVID

travel restrictions of the past few years have clued

many into the value a second passport provides.

The United States has its own unique advantages as an

immigration-by-investment destination, but bad actors and

uncertainty surrounding the future of the EB-5 program

have caused a lot of hesitancy on the part of investors. When

considering an investment in the United States, it’s important

to understand the programs available, what they allow for and

what they don’t, and how to pick the right partners for

your investment.

People Coming and People Going: HNWI’s

in America

The United States is home to 38% of centimillionaires globally.

Americans now form one of the largest investor groups when it

comes to residence and citizenship by investment applications,

as American High-Net-Worth Individuals (HNWI’s) seek to

66



INSIGHT

in the country and move one’s family here. The U.S. is home

to some of the world’s best schools and universities, and U.S.

residency can be a gateway to opportunities for the

next generation.

The U.S. also offers a safer, more stable environment for those

leaving regions beset by conflict. Russia is estimated to have

lost 15% of its HNWI population over the last year, with

Ukraine expected to have lost more than 40% of its millionaire

population. The renewal of the EB-5 Regional Center

Program gives these investors the opportunity for a fresh

start in the U.S.

diversify, reduce the risks presented by currency fluctuations and

geopolitical conflict, travel more easily, and many other reasons.

The decision of which program to apply for is a big one, as each

domicile has its own advantages and drawbacks.

While the above may cause some to think the U.S. is a poor

destination for HNWI’s (“If it’s so welcoming to the wealthy,

why are they leaving?”), this would be too narrow a view, for

there are many upsides to American residency and citizenship.

Not only is America seen as fertile ground for gaining wealth

(there’s a reason why so many centimillionaires come from the

U.S.) but offers specific advantages that make it a top destination

for wealthy immigrants.

The Advantages of Immigration by Investment

to the U.S.

Travel mobility is often a top consideration for HNWI’s, and

for many, a U.S. passport is coveted for its ability to allow

holders to travel visa-free to many countries. Whether a U.S.

passport would offer one greater travel freedom may depend

on where the individual is from. Similarly, depending on where

an individual hails from, taxes could also be a motivating

factor. However, taxes should rarely if ever be the main driving

factor, and careful planning is required in order to avoid being

caught in multiple tax zones, which is why getting advice from

qualified tax professionals is an important component of any

relocation decision.

The bulk of America’s advantages come from the ability to live

Work permits matter to those who wish to keep earning a living

after they relocate. The EB-5 Immigrant Investor program,

since the changes made by the EB-5 Reform and Integrity

Act of 2022, allows those filing an I-526 visa application

to concurrently file an I-765 application for employment

authorization. This means that while waiting for adjudication

on your visa application, you and your entire family could

potentially obtain authorization to work in the US.

All these are reasons why there has been increased interest in

the U.S. as an immigration-by-investment destination. However,

there are some negatives to the U.S. that interested investors

should be aware of.

Drawbacks of the U.S. as a CBI Destination

There are two main types of investment programs offered

by various countries, and it’s important to understand them:

Citizenship by investment enables qualified and carefully-vetted

candidates to be granted full citizenship in exchange for their

significant economic contribution to the passport-issuing state.

The U.S. doesn’t have a true CBI program, but there are several

nations that do, and at lower investment amounts than the EB-5

program requires.

The other option is Residence by investment, where candidates

are granted temporary residence that can be extended to

permanent residence or, in some cases, citizenship at a later stage

if they fulfil certain other criteria (such as length of time living in

the country, passing a citizenship test, etc.).

To gain a U.S. passport takes a long time and requires such

commitment that if what you’re after is to simply make an

investment to quickly gain a second passport, you’re better off

looking somewhere else. You’ll also need to relocate to the U.S.

for these programs, so anyone who wants to stay where they are

won’t be a good candidate for EB-5, which is what is known



INSIGHT

as a “Golden Visa,” allowing candidates to emigrate to the U.S.

through investment without granting citizenship simply based

on the money being invested.

For those who want to move to the U.S., there are pathways to

both residency and citizenship that can be explored.

The E-2 Treaty Investor Visa

Those who aren’t capable of making (or don’t want to make) the

financial outlay required for EB-5 can apply for an E-2 Treaty

Investor Visa, which allows “an investor, spouse and children

to move to the United States for the purposes of owning and

operating a business.”

This visa is only available for migrants from certain countries,

but it does have advantages such as a lower financial

commitment, the ability to put your investment toward your

own business (or a franchise business), and fast processing times.

However, if you aren’t familiar with the intricacies of operating a

business in the U.S. or don’t have experience in an industry that

you believe can be successful in your new country, the risk may

be much lower with an investment in another industry, which

can be done through the EB-5 program.

The EB-5 Immigrant Investor Program

For more than 30 years, the EB-5 Immigrant Investor Program

has provided an incentive for foreign investors to put capital

toward job-creating commercial enterprises in the United

States. By making an investment of $1,050,000 ($800,000 if

in a Targeted Employment Area), investors can file an I-526

immigration petition. Investors can relocate their families to the

U.S., apply for employment authorization, and continue on their

path to permanent residence or citizenship while their funds are

at-risk in a job-creating enterprise.

Since the passage of the EB-5 Reform and Integrity Act of 2022,

all pooled EB-5 investments must go through a Regional Center.

Because your visa application depends on the success and

compliance of the investment project, your choice of project and

Regional Center are of the utmost importance. Three areas of

consideration should paid to both the investment opportunity

and the Regional Center when ruminating an EB-5 investment

in a project: security, transparency, and compliance.

Security: Protecting Your Investment

To protect against fraud and abuse, many in the industry

embrace best practices for fund security that include ensuring

funds are held by an experienced independent escrow agent,

with funds held in separate accounts at highly-rated banks

and never commingled with operating funds. While a

third-party fund administrator can act as cosignatory and

approve release of funds, it is worth noting that the RIA does

allow for projects to utilize a yearly audit in lieu of a fund

administrator. To learn more about the benefits and drawbacks

of both options, refer to, “Understanding Audits and Fund

Administration Under the Reform & Integrity Act” in IIUSA’s

Fall 2022 edition of the Regional Center Business Journal

available at www.iiusa.org.

Transparency: Getting the Information and

Documentation You Need

Greater visibility into project status not only provides

assurance for investors, but gets them the documentation

they need for their immigration applications. Regional

Centers that work with a fund administrator can take

advantage of technology like an online investor portal

that provides investors with access to up-to-date fund and

project information, as well as job creation information

and immigration workflow. The greater visibility a project

provides, the more confidence an investor can have that funds

are being used properly, and the easier it will be to complete

all necessary paperwork for visa applications on time and with

accurate information.

Compliance: Staying on Top of Regulations

The EB-5 Reform and Integrity Act of 2022 introduced a

wealth of new security measures to help fight fraud and abuse

in EB-5. If any of these rules is violated, the Regional Center

could be terminated, causing major problems for investors.

Comprehensive third-party fund administration can not only

satisfy the RIA’s Fund Administration requirement, but help

issuers understand and follow all USCIS rules, including those

recently imposed by the RIA. And if Escrow Agent, Escrow

Administration, Fund Administration, and other EB-5 services

are all provided by the same entity, issues can be addressed

quickly by experienced professionals.

Specific Considerations Based on Country

of Origin

Beyond working with a Regional Center that employs a

dedicated third-party fund administrator, there are other

things investors can look for that may vary based on their home

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INSIGHT

country. For example, investors from countries like China and

India, where there is a backlog of I-526 applications, may be

encouraged to look for investments in rural areas, which are

allocated 20% of visas in each fiscal year, allowing investors who

put their capital toward those projects to effectively “skip the

line” ahead of others from the same country.

Investors from certain countries may also have difficulty

with source of funds documentation. Indian investors are

subject to currency remittance regulations imposed by the

Indian government that only allow limited amounts to be

remitted outside India each year, and there are additional tax

considerations for those dealing with the sale of real estate and

other assets. Similarly, Russian investors may have difficulty in

documenting source of funds due to issues with the country’s

banking system.

Because each investor is different, there is no one-size-fits-all

solution when it comes to citizenship or residence by investment.

Prospective investors need to research not only the program

they are seeking to use (EB-5, E-2), but the project and Regional

Center (in the case of EB-5) as well. Understanding the

requirements and asking the Regional Center the right questions

about their operations and the investment opportunity will help

the investor feel confident that their investment is being handled

in a way that meets EB-5 best practices and will give them the

best opportunity for success in the long term.

This is an IIUSA member perspective, and the views of the author are their

own and do not necessarily reflect the views or position of IIUSA.

IMPORTANT INFORMATION: The content of this article

is intended for general information purposes only. It does not

constitute, should not be interpreted as constituting and cannot

be relied upon as providing (i) legal, investment or tax advice

or any other form of professional advice, (ii) an offer to sell,

a solicitation of an offer to buy, or a recommendation of any

service or any other product or service regardless of whether

such security, product or service is referenced in this article. JTC

has sought to ensure that the information provided in the article

is adequate, accurate and complete as at the time of publication

but offers no assertion or warranty as to its adequacy, accuracy

or completeness either at the time of publication or thereafter.

No responsibility or liability will be accepted for any losses

resulting from reliance placed upon the content of this article.



INSIGHT

By K. David Andersson,

President, Green Truck Financial

Two simple

questions:

The two most commonly asked questions by

potential U.S. immigrant investors are “how

much does it cost?” and “how long does it

take?” In attempting to provide as complete

an answer as possible to those important

questions, it is hoped that potential EB5

investors and their advisors will find some

useful guidance.

Q1: HOW MUCH DOES IT COST?

Minimum Investment Amount

The EB5 Reform and Integrity Act of 2022 (RIA), set the

standard minimum investment amount in $1,050,000. These

amounts are locked in by statute until January 1, 2027 and will

increase in increments of $50,000 thereafter based on the change

in the urban consumer price index.

There are three ways the minimum investment amount may be

reduced to $800,000.

a) Investment in a Rural area. The determination of rural is

straightforward. Any place with a population less than 20,000,

and not located in a metropolitan statistical area.

b) Investment in a High Unemployment Area. The

determination of a high unemployment area (HUA) takes

a little more work. Due to past aggressive gerrymandering

in some major U.S. cities, the USCIS has now taken direct

oversight of HUA determination. The RIA defines an

HUA as an area contained within contiguous census tracts

where the unemployment rate for each census tract and any

adjacent census tract is at least 150% of the national average

unemployment rate.

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INSIGHT

c) Investment in an Infrastructure Project. The term ‘infrastructure

project’ means a capital investment project in a filed or approved

business plan, which is administered by a governmental entity

(such as a Federal, State, or local agency or authority) that is

the job-creating entity contracting with a regional center or

new commercial enterprise to receive capital investment under

the regional center program as financing for maintaining,

improving, or constructing a public works project.

Historically, most EB5 investors have gravitated to the reduced

investment amount. The difference is currently $250,000. When

the standard minimum amount increases in 2027, the RIA

mandates that the reduced sum shall not be less than 75% of the

standard investment.

USCIS Filing Fees

On January 23, 2023 U.S Citizenship and Immigration Services

(USCIS) proposed a doubling of investor EB5 investor filing fees

from just under $10,000 to over $20,000 per investor family. This

increase was published in the Federal Register and is now in the

comment and analysis phase, as required by the Administrative

Procedures Act. Therefore, implementation of the increased fees

might happen as soon as March or April of 2023.

Form

I-526E Immigrant Petition by

Regional Center Investor

I-485 Application to Register

Permanent Residence or

Adjust Status

I-765 Application for

Employment Authorization

(with biometric services)

I-131 Application for Travel

Document

I-485, I-765, I-131

Concurrent Filing

I-829 Petition by Investor

to Remove Conditions on

Permanent Resident Status

Current

Fee

$3,675

$1,140

$495

$575

$1,225

$3,750

Proposed

Fee

$11,160

$1,540

$650

$630

$2,820

$9,525

There are additional increased fees which must be paid by the

Regional Center and its sponsored projects. While these are not

paid directly by the investor, they are worth noting, as they will

impact future Regional Center projects.

Department Of State Fees

Form

I-956 Application for

Regional Center Designation

I-956G Regional Center

Annual Statement

Current

Fee

$17,795

$3,035

Proposed

Fee

$47,695

$4,470

Many, if not most EB5 investors begin their immigration process

from outside the United States and will acquire an immigrant

visa at a U.S. Consulate in their home country. The Department

of State filing fees for processing and issuance of an immigrant

visa are $345.

Fees To Agents

The RIA contemplates fees to direct and third-party

promoters including migration agents (Agent Fees). All Agent

Fees must be be fully disclosed and paid in addition to the

minimum EB5 investment.

Each regional center, new commercial enterprise, and

affiliated job-creating entity shall maintain a written

agreement (Fee Agreement) between or among such entities

and each direct or third-party promoter operating on behalf

of such entities that outlines compliance with the rules and

standards of both USCIS and the Securities and Exchange

Commission (SEC).

While the Fee Agreements must be made available for

inspection by USCIS and the SEC, there is no publicly

accessible data of the amount of promotional fees. Current and

historical market trends indicate promotional fees may be in the

5-10% of the EB5 investment. In addition, some projects may

pay trailing commissions.

USCIS places the onus upon EB5 investors to ask three

important questions.

Who is getting paid? How are they getting paid? And how much

are they getting paid?

The RIA states that each EB5 investment will “include a

disclosure, signed by the investor, that reflects all fees, ongoing

interest, and other compensation paid to any person that

the regional center or new commercial enterprise knows has

received, or will receive, in connection with the investment,



INSIGHT

including compensation to agents, finders, or broker dealers

involved in the offering, to the extent not already specifically

identified in the business plan filed”.

Attorney Fees

Given the complexity of the EB5 program prospective investors

are strongly advised to retain the services, assistance and

guidance of a competent U.S. immigration attorney. There are

a couple of good public resources available to find an attorney.

The American Immigration Lawyers Association consisting of

nearly 16,000 attorneys has a listing of EB5 qualified attorneys.

www.AILA.org. In addition, the EB5 trade association, IIUSA,

has a large number of experienced EB5 attorney members.

www.IIUSA.org

Legal fees are negotiated privately with the attorney and it is

believed those fees may range from $5,000 on the low end to

$25,000 or more on the higher end.

In addition, prospective immigrant investors may wish to seek

professional advice regarding U.S. real estate, business structures,

business feasibility, securities and taxation.

Q2: HOW LONG DOES IT TAKE?

To Get A Green Card

Best Case Scenario: Under a section of the RIA entitled

“Timely Processing”, USCIS sets out a goal of completing

adjudications of I-526E Petitions for certain investors in 120

days after receipt of the I-526E Petition. Those certain investors

are those investors who have made their investment in a Rural

Area or a High Unemployment Area.

In order to meet these lofty goals it appears that USCIS is

attempting to set up an electronic filing system whereby the

regional center, project documents and bona fides of all persons

involved in the regional center program are vetted and approved

in advance of the EB5 investor’s I-526E petition. In light of this

streamlining, 4-8 month processing times may not be wildly

optimistic or unreasonable expectations. Once the I-526E is

approved, it should take another 6 -8 months to consular process

an EB5 immigrant visa.

If the investor is already in the U.S. and chooses concurrent

EB5/Adjustment of Status filing, then initial benefits

(employment authorization and travel document) should issue

within 2-6 months. The final adjudication and issuance of the

green card may take another year or so.

Worst Case Scenario: USCIS publishes its processing times on

its website. www.egov.uscis.gov/processing-times

Current published processing times for I-526 petitions average

5 years!

Note, however, that the data references pre-RIA enactment

I-526 petitions.

USCIS calls petitions in that queue “Immigrant Petitions

by Standalone Investors”. Most of the petitions referenced

however are not “Standalone” – they are pooled regional

center investments.

There is no published data for I-526E Petitions. In the face

of that confusing and ugly historical data, conservative

prognosticators might guesstimate 2 year processing times for

I-526E Petitions filed under the new Regional Center program.

The fact is, we just don’t know. However, as the new I-526E

Petitions filed in the summer and fall of 2022 make their way

through the system, we should have more useful data within the

next six months for guidance.

To Obtain Return of Capital

The RIA states that EB5 minimum investment amount is

“expected to remain invested for not less than 2 years". That said,

most EB5 projects on the market today target return of capital

around five years from investment or approval of I-829. Timing

of return of capital is less of an issue if the EB5 project provides a

reasonable return on investment.

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INTERVIEW

Türkiye: a thriving hub for expats

and nationals to transition to the US

Why many high-net-worth individuals are

choosing to relocate to the US, and what to

look for when considering an investment

By Elif Egeli Izmiri,

Director, Investor Relations,

Turkey

Türkiye is a rising star for the RCBI market.

Why is that?

Türkiye has always been an attractive country for inbound and

outbound investment due to its unique positioning in the world.

As the bridge between the east and west, it provides easy market

access for investors around the world, especially from Europe,

Asia, and Africa. Türkiye is a rising star in the RCBI industry

because its many benefits are getting more exposure in far

reaching places. The Turkish citizenship by investment program

stands out in the RCBI industry largely because it is one of only

four CBI countries that has the E-2 investor visa agreement with

the United States. Since Türkiye is a treaty country with the

U.S., Turkish citizens can invest into an active U.S. business and

obtain long-term non-immigrant visas allowing them to live and

work in the U.S. for as long as the business is operational. The

E-2 visa is also a popular stepping stone to the EB-5 immigrant

visa which leads to permanent residency in the U.S.

In addition, Turkish property prices, unlike Caribbean

counterparts, are competitive in the open market due to the lira’s

depreciation, so it has become a very popular place for foreign

investors to buy property. Overall, the program is a direct

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INTERVIEW

and easy way to obtain a Turkish passport, which allows dual

citizenship, visa-free travel to more than 100 countries, and the

right to live, work, and study anywhere in Türkiye.

There has been a surge of interest for Turkish

nationals looking to obtaining a U.S. Green Card.

What is the best route for Turkish nationals now?

There are several types of U.S. visas for foreigners to live and

work in the United States; however, most of them do not lead

to permanent residency (Green Cards). The EB-5 investor visa

is the best route for Turkish nationals looking to permanently

relocate in the U.S. While many Turkish citizens are drawn

to the E-2 visa, it’s important to note that the E-2 is a nonimmigrant

visa and does not directly secure Green Cards for the

family – the E-2 functions more like a European Golden Visa.

Plus, unlike China and a few other countries, there is no EB-5

visa backlog for Turkish citizens, so the approval process is not

as long.

What are the risks involved with the E-2 visa

compared to an EB-5?

Although the E-2 visa is more affordable, it comes with

its own risks. That is not to say that EB-5 is less risky and

better across the board. These two U.S. investor visas are just

different and are intended for varying purposes. The E-2

investor visa is a good option for business owners, but not all

applicants are entrepreneurial and business savvy, so in my

opinion if you’re not business-minded, there could be added

risk in an E-2 application. As an alternative, applicants can

Eckington Park ( JF26)

invest through an EB-5 Regional Center which manages the

entire investment process for the investor, mitigating some of

the risk. The key is to select a Regional Center with experience

and a long history of proven Green Cards and repayments.

The E-2 business also needs to stay profitable for the visa to

be renewed indefinitely, and EB-5 does not have this sort of

requirement (rather, jobs must be created). Another risk/

downside the E-2 carries is that the applicant’s children can

only stay in the U.S. until their 21st birthday. After that, the

child will age-out and then the child will need their own

status to remain in the U.S. With EB-5, since it’s a Green Card

program, the children will have permanent status and not

have to seek alternative methods to stay.

Is the EB-5 Regional Center pathway lower risk

than going via the direct route for EB-5?

The Highline ( JF13)

In my opinion, yes. All EB-5 investments, whether direct or

indirect, must create at least 10 jobs and comply with the

United States Citizenship and Immigration Services’ (USCIS)

various requirements. There are several significant differences

between direct and indirect EB-5 projects such as the job

creation process, the structure of each investment type, and

the intermediating role of a Regional Center in indirect

EB-5 projects. Throughout the EB-5 program’s history,

the direct route has never been popular and since the EB-5

Reform and Integrity Act (RIA) passed in 2022, the Regional

Center program will only become more attractive due to

new rules and regulations put in place for Regional Centers.



INTERVIEW

The passing of the RIA is good news for companies like us

because competition with all Regional Centers will weed out

over time, and the direct program has never truly been our

competitor anyhow.

What source of funds are needed to file an

EB-5 application?

The source of funds requirement is one of the most important

aspects of the EB-5 visa application. To file for an EB-5 visa,

the investor must invest a minimum amount of $800,000 in a

commercial enterprise principally doing business in a targeted

employment area in the United States. The funds may be

earned from different sources – for example, earned salary,

sale of real estate, inheritance, etc., and it is essential that these

funds are traceable back to their source of origin. We always

recommend that the first step investors should take is to retain

an experienced immigration attorney to determine the safest

source and path of funds for them before they invest in one of

our projects.

What advice would you give to HNWIs and

families looking to immigrate to the U.S.?

Before selecting an EB-5 project, prospective investors should

thoroughly review the performance and background of the

Regional Centers they are considering. The Regional Center is

just as, or perhaps more, important than the project itself. Since

the EB-5 industry can be tricky to navigate, a Regional Center’s

longevity should signal to prospective investors traits of stability

and success. A deep internet search is a good place to start before

reaching out to companies because it should tell investors a lot

about a Regional Center’s track record.

L.A. Agoura Hills Marriott Hotels ( JF19)

Repaid EB5 Capital Investor

Also, the number of EB-5 deals the Regional Center has

completed is paramount. If a Regional Center has successfully

completed 20+ projects, then it clearly knows what it is doing.

The Regional Center may have 1,000+ investors, but only three

or four completed projects, which likely isn’t enough experience

to give investors comfort. Projects, especially real estate projects,

can be complicated, and repetition signals success.

The true test of a Regional Center’s track record is whether they

have led investors through the full immigration and investment

cycle. At EB5 Capital we have accompanied our investors

through their immigration and investment cycles many times

before and investors will only find this in Regional Centers that

have been in business for a long time.

EB5 Capital has strategically placed you to

oversee the Turkish market. How important is it

for Turkish nationals and the expat community

living in Turkey to have you as their liaison

through the EB-5 process?

I think we might be the only Regional Center that has a

Turkish Investor Relations full-time employee located in

Türkiye. I think EB5 Capital hired me because the company

understands the importance of investors wanting some cultural

and language familiarity while immigrating to a new country.

Having a physical presence and close proximity to both local

and international investors is one of the many attributes that

make us stand out in the industry. We are headquartered in

Washington, DC, right by USCIS, have close to a 40-person

team, and staff across eight countries. Our investors in Türkiye,

and in the greater region, know that we are here for them and

are always ready to meet in person to support them with their

EB-5 journey.

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INSIGHT

Sustainable Insights

Luxury car manufacturers are embracing the pursuit of

of green technology in their quest to produce vehicles

that are totally environmentally friendly

By Sinnthya Macek,

mail@sinnthya.com

Source: slashgear.com/mercedes-benz-vision-eqs-is-an-unexpectedly-practical-concept-of-eco-luxury-10590868

The new era of eco-responsible luxury cars

What do BMW, Mercedes-Benz, Audi, Jaguar, Roll-Royce,

Bentley, Porsche all have in common? Apart from being

luxury, they are all embracing sustainable exterior and interior

alternatives in their manufacturing processes. After all, the next

generation of movers (or buyers) are mobilizing their green

agenda very seriously. And this is where all the roads lead to.

atmosphere. But major technological innovations can help

offset this rise in demand.

Did you know? The transportation industry is a major direct

contributor to employment and national and global GDP. In

The progress of a mobility sector defines the economic progress

of a nation because this calculates growth in qualitative as well as

quantitative terms.

But there is a flip side that cannot be overlooked. Mobility, or

the transportation sector, is currently the largest producer of

energy-related CO₂ emissions, accounting for 24% (based on

global transport emissions in 2018, which totaled 8 billion

tonnes of CO₂), and 74.5% of transport emissions come from

road vehicles. And the demand for transportation is expected

to rise in the coming years as we see a rise in the population

and a growth in urban areas. Mobility depends highly on

fossil fuels, which release a large amount of CO2 into the

Source: Innovative materials (group.mercedes-benz.com)

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INSIGHT

addition, the efficient mobility of people, goods, and materials is

a vital enabler of sustainable social and economic development,

connecting people to basic services, jobs, markets, and each

other. Transportation can play a crucial role in achieving the

UN SDGs. Innovative mobility trends, such as shared mobility

and sustainable options for people, can help achieve global

sustainability goals.

We focus on a few sustainable textile and body part options that

have seen success in the recent past and are the crowning glories

of world-class auto brands today.

Look beyond the exterior

When we think of electric vehicles, or EVs, we immediately

identify them as being run on batteries, or in these current times

as hybrid vehicles. However, with rapidly evolving demographics

and consequent massive urbanisation, vehicle systems will have

to be redesigned to preserve the environment while meeting the

increasing demand for mobility.

Source: Quadrofoil Q2 Electric (quadrofoil.com)

Hydrofoil

Source: Bentley EXP 100 GT uses a range of sustainable material

(luxebook.in)

Here, recycling and upcycling the interiors is becoming

increasingly popular. Gone are the days when leather seats were

the epitome of luxury. Today, leading car brands are looking

for alternates that can push the industry’s mission towards

sustainability. Those are biodegradable alternatives that will not

harm the environment once removed from the vehicle.

Aligning themselves with the goals of the Paris Agreement, car

manufacturers are slowly but surely shying away from traditional

materials such as leather, and plastics to reduce their carbon

footprint. At the same time, moving to eco-friendly alternatives

that use fewer resources and cut down on emissions, whilst also

focusing on their ‘luxury’ USP (unique selling point).

With a hundred years of history backing them, hydrofoils are

known for their high speeds. Swiftness is achieved by using

aircraft-like wings beneath the craft to lift the hull out of the

water and ‘fly’ above the surface to reduce drag. A hydrofoil is

a lifting surface, or foil, that operates in water. They are similar

in appearance and purpose to the aerofoils used by aeroplanes.

Boats that use hydrofoil technology are also termed hydrofoils.

As a hydrofoil craft gains speed, the ‘wings’ lift the boat’s hull

out of the water, decreasing drag and allowing greater speeds.

This hugely reduces water resistance and fossil fuel consumption

by 80%.

Econyl

Could you ever imagine fishing nets being transformed into a

luxury statement? Automobile manufacturers such as Mercedes-

Benz, Jaguar, Land Rover, and BMW are using resource

conserving materials such as Econyl (this is just one example)

as floor coverings and fabrics to fulfill their sustainable targets.

For the uninitiated, Econyl is manufactured by recovering

nylon waste destined for the landfill, for example, old fish nets

and fabric remnants from mills and carpets. These are collected



INSIGHT

Source: The Econyl Process, Nizam Shaikh (shifting-gears.com)

and transformed into a new thread having the same properties

as nylon made from new raw materials. The recycling process

used to produce the thread saves CO2 in comparison with new

production. With this, the brands are not only encouraging the

use of recyclable materials but are also making a luxury statement

for others to follow.

Recycled Plastic

Let’s not discard plastic in our sustainable movement. There

is a growing variety of more sustainable plastics. Sustainable

feedstocks such as plant fibers, wood, and starches are increasingly

being used in plastics; these alternative feedstocks are readily

available and affordable and, with responsibility, can be accessed

indefinitely. These sources can be used to replace petroleum-based

feedstocks. Brands such as Ford, Audi, and GM are creating body

components from recycled PET bottles to educate how the ‘cheap

disposable material’ can be made into something opulent.

Vegan

The fact that there is now a high-quality vegan surface material

with equivalent properties to the real leather previously used

in the production of steering wheels represents another major

step towards CO2 reduction. Replacing raw materials of

animal origin makes a significant contribution to increasing

sustainability in vehicle production.

The BMW Group has for a long time been offering various

Source: LENZING has developed automotive interiors solutions from

botanic origins (automotiveworld.com)

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INSIGHT

fabric alternatives to leather. It plans to launch its first vehicles

featuring completely vegan interiors in 2023 through the

development of innovative materials with leather-like properties.

It will also be possible to use these materials for steering wheel

surfaces, which must fulfill demanding criteria when it comes

to feel, premium appearance, and wear resistance. A few

alternatives include MirumTM, which is 100 percent biobased

and petroleum-free, that has the potential to mimic all

the properties of traditional leather, as well as a new material,

DeserttexTM, which is made of pulverised cactus fibres with a

bio-based polyurethane matrix.

Aluminium

Aluminium, also known as the green metal, is often missed

in sustainability conversations when it comes to the mobility

sector. It has been used in vehicle frames and bodies, electrical

wiring, wheels, lamps, paint, transmission, air conditioner

condensers and pipes, and engine parts for nearly a century. This

metal is used in the uber-BMW Z7, Z8, X5, and X6, as well as

the Jaguar F-Type, and Jaguar XJ. The Aluminum Association’s

report found that replacing a fleet of steel vehicles with

aluminum vehicles can save 108 million barrels of crude oil and

avoid 44 million tons of CO2 emissions. Lightweight, strong,

durable, corrosion resistant, and infinitely recyclable, aluminum

builds a more sustainable structure. And with a 70+ year life

span for some building products, it’s a material that will serve

generations to come.

Source: The positive impact of electric cars is increasing, Jack Stewart

(wired.com)

low maintenance are some of the benefits that have accelerated

the growth of Li-ion as a battery technology. Today, some of the

world’s best-selling cars, such as Tesla Model S and X, Porsche

Taycan, Audi e-tron, etc., are battery-operated.

Batteries

This is the age of EVs. The electrification of mobility is

taking place faster than imagined in the wake of inflation

and emissions. Electric vehicles are not just good for the

environment, but also for our pockets. Despite the higher sticker

price, there is a long-term benefit to our money. As we continue

to deal with both inflation and emissions, EVs run on batteries

that are beneficial for the planet and us because they have no

tailpipe, thus producing no emissions. Emissions from cars and

trucks are not only bad for our planet, but they’re also bad for

our health. Air pollutants from gasoline and diesel powered

vehicles cause asthma, bronchitis, cancer, and premature death.

The emergence of lithium-ion technology has fueled the growth

rate of batteries over the last two decades. Li-ion batteries have

been the primary solution for automakers to power plug-in

hybrid electric vehicles (PHEVs) and battery electric vehicles

(BEVs). High-energy density, charge retention capacity, and

Source: Luxury EV cars, André Gonçalves (youmatter.world)

Changing Gears

The role of the mobility sector in ‘Planet Over Profits’ is moving

ahead. It is our mission to help the transition towards sustainable

transport systems with innovative and environmentally-friendly

solutions. Just making EVs will not suffice in the long run.

Brands will have to formulate and adopt innovative ‘fabrics’

of eco-friendly nature to define their sustainability agenda

and fulfill their pledge to zero emissions soon. A push to swap

out unsustainable materials leaves eco-friendly suppliers in a

dominant position. The truth is that we still have a long way to

go in order to achieve a sustainable transportation model that

connects people without harming the environment. But the race

to achieve this goal has already begun. Are you on board?



INSIGHT

Millionaires in a Global

Movement with Their Fortunes

A look at the changing and growing trends

in the migration of the wealthy persons

By Yasmin Husein

This article looks at the changing and growing

trends in the migration of the wealthy persons.

It first provides a background on migrant

millionaires, considers the opportunities and

challenges that this type of migration poses to

various stakeholders in sending and receiving

countries, and considers future developments

surrounding migration-for-investment trends.

Certainly, globalisation has not “died” as many believed during

the two years of the spread of the Covid-19 pandemic. After

stagnation in the movement of people and money during

two years of the epidemic, the year 2022 began to open real

investments in many countries and many regions around the

world. Today, the world is regaining its normal activity and the

movement of millionaires is regaining its energy and momentum

in opening real investments in many countries and regions

around the world.

What is happening today, and especially what the latest data

shows, is that the state of continuous uncertainty due to

the outbreak of the Russian-Ukrainian war is fuelling and

increasing the demand for capital migration and investment by

immigration. In addition to the security and political risks, the

increasing anxiety due to economic conditions and the state of

uncertainty due to the waves of high prices and the exacerbation

of inflation in most countries of the world encourage wealthy

families to reconsider their priorities to ensure and protect their

legacies and wealth and ensure better lifestyles.

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INSIGHT

The state of continuous uncertainty

due to the outbreak of the Russian-

Ukrainian war is fuelling and increasing

the demand for capital migration and

investment by immigration.

The United States continues to realise net gains from capital

flight, although it decreased in 2021 by 89% over 2019 (1,500

vs. 10,800). Not surprisingly, New York City ranks first on the

list, but it might come as a surprise that Gotham City would lose

12% of its millionaires in 2021. Another surprise might be that

the San Francisco Bay Area, which was hit hard by remote work

during the pandemic years, saw a 4% increase in the number of

millionaires. Tech wealth seems to be leaving the San Francisco

offices, but never leaving Silicon Valley.

In this environment, interest in investment immigration

continues to rise as more investors explore residency and

citizenship through investment programs that offer them peace

of mind, reduced risk, and in search of better options including

the freedom of movement and travel that so many people desire.

Forecasts for the year 2023 predict that the emigration of

millions will lead to a record increase in the movement of highnet-worth

individuals looking to invest their wealth in buying

new homes for themselves as a successful type of investment.

Where is the money going?

Immigration Destinations for Investment:

Recent data and reports on investment immigration show the

top 20 cities in the world for millions of immigrants in search of

investment in exchange for immigration and citizenship. But on

the list of the most attractive countries for the rich in the world

are as following:

• United States of America

• Canada

• Australia

• Swiss

• Portugal

• Greece

• Malta

Houston, which ranked eighth in the list of US cities, saw the

largest growth in the number of millionaires at 6%. Dallas and

Fort Worth saw a 3% increase in the number of millionaires, so it

looks like the rich are moving to Texas. This shift is due, in part, to

many companies relocating their headquarters to Texas, which has

led to strong wealth growth in the state. In addition, the report

listed Austin, West Palm Beach, Houston, Greenwich and Miami

in a separate category as the fastest growing of the 25 cities in the

world - each seeing an increase of 5% or more in the number of

millionaires. However, Austin saw the largest increase, at 14%.

Some reports indicate that Canada could become one of the

top 10 countries, and is expected to be the destination of many

wealthy people in 2023. Australia was also described in the

report as a “high performer in the long run”, which constantly

attracts large numbers of wealthy people and where New World

Wealth estimates that more than 80,000 millionaires have

moved to the country over the past 20 years.In 2022, the volume

of influx to Australia is expected to rank second in the world.

Neighbouring New Zealand is also highly popular, with It

receives 800 millionaires during the year 2023. Singapore is also

considered an outstanding performer in the continent of Asia, as

it is expected to reach 2,800 millionaires in 2023, an increase of

87% compared to 1,500 in 2019.

Europe did not stand out much in this regard, with the

exception of Geneva and Paris, where they retained their

positions in the list of million cities. Switzerland and France are

mostly considered fast-growing European cities, and Frankfurt

and Zurich rank 13th and 15th, respectively. Which indicates



that the concentration of European wealth is still stable.

As for the countries that export global wealth, such as Russia

and Ukraine are expected to witness the largest net inflows

of wealthy people in 2023, with the same momentum and

more, following the outbreak of the Russian-Ukrainian war

in February 2022. China, India, Hong Kong, Brazil, the

United Kingdom, Mexico, Saudi Arabia and Indonesia are also

witnessing an influx from the wealthy to the outside.

Digital Nomad Programs:

Many countries offer immigration-for-investment programs

tax incentives, and visas to immigrants in an attempt to tempt

the cross-border millionaires, as many countries offer attractive

incentives to people whose income exceeds a certain limit in

addition to other benefits. For example, Portugal offers an

unusual resident tax program that includes multiple exemptions

and other benefits for foreign nationals who earn a large share of

their income abroad and transfer their income to Portugal.

Additionally, digital nomad programs are a growing

phenomenon catering to affluent professionals.

Digital nomad programs are a growing phenomenon that

caters to affluent professionals. Policies allowing employees

to work remotely from abroad accelerated after the onset of

the pandemic, as more white-collar workplaces abandoned

requirements for employees to come into the office.

As of June 2020, more than 25 countries and territories had some

type of program for international freelancers, freelancers, and other

remote workers. Digital nomad programs visas last from a few

weeks to several years, tend not to authorize work in destination

countries, and require varying levels of monthly income.

In connection with this type of visa, historically, a policy

targeting wealthy immigrants has allowed securing residency

and citizenship through investment, such as buying a home,

as more than 40 countries have offered residency programs by

investing in the purchase of real estate, with an increase in the

number in recent years. However, these kinds of policies have

attracted new scrutiny amid allegations of corruption and after

Digital nomad programs are a

growing phenomenon that caters to

affluent professionals. Policies allowing

employees to work remotely from

abroad accelerated after the onset of the

pandemic, as more white-collar workplaces

abandoned requirements for employees to

come into the office.

84



Russia’s invasion of Ukraine. In 2022, EU member states such

as Bulgaria, Cyprus and Malta have scaled back citizenship

programs based on investment in real estate purchase amid EU

opposition to such type of visa.

This type of immigration-for-investment program differs in the

duration of residency granted on this basis and whether it allows

obtaining citizenship and the right to citizenship. For example,

in Portugal, buying property worth at least €350,000 in certain

areas, starting a business that creates at least ten new jobs, or

transferring at least €1.5 million to a Portuguese bank allows

someone to become a resident. In the European Union, which in

turn grants visa-free access to the entire European Schengen area

and puts the investor and his family on the path to citizenship.

The Cayman Islands offers a program that allows applicants to

invest $2.4 million in real estate to obtain permanent residence

and possibly citizenship. While a more robust citizenshipby-investment

program like the one Turkey offers, with an

investment of $400,000, provides a much faster path to

obtaining a new passport in just a few months.

References:

https://www.businesstoday.com.

https://www.visualcapitalist.com

https://www.moneycontrol.com

https://finance.yahoo.com/news



INSIGHT

Tsunami Emigration of

Millionaires from Russia

and Ukraine

By Yasmin Husein

The latest approved reports on immigration and

investment indicate that, in general and all over

the world, private wealth owners and companies

are witnessing a migration towards investing in

countries that are attractive to capital. However,

the most recent reports on this matter indicate

that Russia and Ukraine are witnessing the largest

exodus of high net worth individuals (HNWIs).

The world is witnessing a huge movement of wealth, especially

its movement outside of Russia and Ukraine alike. However,

we must mention that this does not necessarily mean that the

migration of capital from Russia and Ukraine is the only factor

in the immigration options of the wealthy around the world in

general at the present time or throughout recent history.

In the second half of 2022, Global Wealth Owners Reports

(New World Wealth “HNWIs) revealed that Russia experienced

net of 15,000 outflows, accounting for 15% of its population.

Ukraine is also witnessing a decline in the number of its wealthy,

with a net loss of 42% of its total population of wealthy people,

or approximately 2,800 millionaires so far, which is the largest

number of emigration of the wealthy of Ukraine in its history.

A brief view of Western sanctions on Russia shows that the

already imposed sanctions and the new up coming have

definitely made life more difficult, especially for the wealthy

elite. Therefore, it is expected that in 2023 Russia will suffer

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INSIGHT

a great loss of high-net-worth people, who are known to have

assets of more than one million dollars, at the very least.

Data mentioned in a CNN report shows that the emigration of

millionaires from Russia is expected to double in 2023 to more

than nine times compared with what it was in 2021, before the

outbreak of war and the imposition of sanctions, and Russia is

expected to witness the emigration of millionaires, or the socalled

“tsunami of Capital flow from Russia”

Data published by the CNN report indicate that Russia was

and still “bleeding millionaires”. The report also mentions the

emigration of skilled workers, or what is called “brain drain”

from all of Russia as well as Ukraine. Al-Jazeera news channel

also refers to a recent study confirming that the Academy

of Sciences Russia continues to sound the alarm about the

sharp acceleration in the emigration of scientists and other

specialists with higher education, and the exacerbation of the

phenomenon of “brain drain” from the country and its reaching

record and dangerous levels, reaching a new level, following the

unprecedented package of sanctions in terms of size, shape and

sectors imposed by the Western countries against Moscow on

the background of its war in Ukraine.

In this regard, Dmitry Babich, a researcher on international

affairs in Russia, says that the United States of America

Therefore, it is expected that in 2023

Russia will suffer a great loss of high-networth

people, who are known to have assets

of more than one million dollars, at the

very least.

is constantly trying to prevent the development of high

technologies in Russia, while at the same time improving its

economy by using special tactics to deprive Russia of its top

scientists with the help of visa “bait”.

Babic explained - in an interview with Al-Jazeera Net - that

Washington continues to facilitate the process of granting visas

to transfer the best Russian specialists with experience in the

communications sector, space technology, cyber security, nuclear

engineering, artificial intelligence, space technology and other

specialised scientific fields to the United States, which is the

same strategy that the United States tested. In Soviet times.

It is noteworthy that historically, the largest percentage of

immigrants were millionaires from Chinese citizens and

from India, but the repercussions of the Russian-Ukrainian

war that broke out in February 2022 and the great economic

downturn after the pandemic that struck the entire world for



two full years, and the growing local unrest in both Russia and

Ukraine, pushed thousands of citizens of these two countries

to leave their country of origin and move to Western Europe or

to other countries.

But the wealthy Russians did not go to Europe, due to the strict

sanctions imposed by the United States and Europe on Russia.

On the contrary, most of the wealthy Russians left Europe,

in particular Britain, which was their preferred destination

before the outbreak of the Russian-Ukrainian war, due to the

tightening of the grip on the wealthy Russians in Britain and

the confiscation of their wealth by the British government.

According to some data issued by the British Ministry of

Defence, about 15,000 Russian millionaires have fled Britain

until June 2022. In general, many Russian and Ukrainian

millionaires fled in the opposite direction from Western

European countries to other countries such as Turkey and to

other new destinations.

According to New World Wealth, more millionaires are

expected to flee Russia and Ukraine in 2023, according to

analyses of migration data. According to this data, wealthy

people emigrate from Russia is steadily increasing numbers every

year over the past decade. This was portraying an early warning

sign of the problems that the country will face in the future,

which is what actually is happening now. Historical experience

indicates that the collapse of major powers is usually preceded by

an acceleration of the emigration of the wealthy, who are often

Historical experience indicates

that the collapse of major powers is

usually preceded by an acceleration of the

emigration of the wealthy, who are often

the first to leave because they have the

means to do so.

the first to leave because they have the means to do so. (HNWIs)

As for Ukraine, it is expected to suffer the largest loss in highnet-worth

individuals from its population, as more than 2,800

millionaires, or 24% of the wealthy population of Ukraine, are

expected to have left the country by the end of 2022.

The world’s wealthy traditionally move to the United States

and the United Kingdom, but Australia is currently expected to

attract nearly 3,500 of the world’s wealthy by the end of 2022.

Large numbers of Russian and Ukrainian millionaires are also

expected to move to Malta, Mauritius, Monaco and Turkey.

Most Russian immigrants are expected to move to countries

in southern Europe, where many of them already have second

homes. Here we would like to stress out that Malta has always

been one of the great success stories in Europe over the past

decade, not only in terms of millionaires’ immigration but also

in terms of wealth growth in general. Malta is currently one of

88



the fastest growing markets in the world, with US dollar wealth

growing by 87% between 2011 and 2021. Its citizenship through

the naturalisation process has brought significant new wealth

to the island nation, and is credited with driving Malta’s strong

growth in multiple sectors including Including financial services,

information technology and real estate. It is expected that the

number of millionaires who moved to Malta in 2022 will reach

more than 300 millionaires.

In this regard, the Guardian newspaper mentioned in one of its

articles in 2022 that many wealthy people from several countries

of the world buy “golden passports” to Malta, at a time when,

often, many of these wealthy people do not live actually in Malta,

but short staying in the island only, which is a convenience to the

Government of Malta.

As for Mauritius, which is also an island country located in

the Indian Ocean, it also enjoys great attractiveness to people

with wealth, and it is expected that the wealthy Russians

and Ukrainians will turn to it at the present time, due to the

intensification of the war crisis. Mauritius is also very attractive,

especially because of the establishment of an international

financial center that offers significant tax cuts, and there is

no capital gains tax in the country, nor inheritance tax, as the

island enjoys a very low tax rate, with a maximum of 3% on

international companies (corporate tax).

According to the African Wealth Report 2022, the island

of Mauritius is now home to more than 4,800 ultra-wealthy

people, compared to about 2,700 a decade ago. More than 150

millionaires are expected to move to Mauritius in 2023, most of

them Russians, South Africans and Europeans.

As is the case in Monaco, it has also long attracted the world’s

wealthy because it does not impose income tax, capital gains tax,

or a tax on real estate. Worth to mention that in Monaco, 7 out

of 10 Monegasques are millionaires.

Reference:

https://www.theguardian.com/world/2022/jun/13/millionaires

https://www.aljazeera.net/politics/2022/7/13/

https://edition.cnn.com/2022/06/14/



INSIGHT

Turkey reduces visas for Russians:

Are Russians living in Turkey

becoming stateless?

Until recently, families from Russia were

welcomed to move to Turkey. Now, the

Turkish government is taking a stance and

making it difficult, by introducing hurdles

and fines.

By Sam Hussain

It’s becoming virtually impossible for Russians to

remain in exile

Recent years there has seen in influx of Russian migrating

to Turkey, who had often thought or bought apartments in

Turkey for the Turkish Citizenship program, or properties

that could be rented or used for their own vacation. With

the recent government stance many families are questioning

their investment.

When Russian President Vladimir Putin ordered the war against

Ukraine many Russians opted for Turkey instead of the other

Citizenship By Investment Program.

With the rise in popularity of Turkish Citizenship Programs,

many Russians are flocking to coastal cities such as Antalya and

Istanbul to purchase property. The program, previously priced

at $250,000, has now increased to $400,000, making real estate

investments the preferred method for obtaining a Turkish

passport. However, there are alternative options, including

investing $500,000 in securities, businesses, or bank deposits,

90



INSIGHT

but with a more stringent application process that can take 3 to

6 months and may result in rejection. Despite the challenges, the

option to obtain a residence permit, which provides the freedom

to live in Turkey for at least one year with the ability to travel

in and out of the country, remains attractive to many. Yet, the

recent surge in rejections is causing stress and uncertainty for

applicants and their families

Many Russians residing in Turkey are facing a pressing dilemma,

as they are being told they must leave the country within a

mere 10 days. For many, returning to Russia is not a feasible

option, leaving them with limited options. As rejection rates

for residence applications increase, those who have invested

in real estate in Turkey have reportedly had greater success

in obtaining a residence permit, fuelling suspicions about

the discriminatory treatment of Russian cases. Despite the

challenges, many Russians have successfully secured a residence

permit by presenting their rental contract, health insurance

documentation, and proof of income.”

Russian nationals were the majority of foreigners who received

Turkish residency permits up until last October. In 2022, a total

of 153,000 Russians received permits, 132,000 of which were

issued for touristic purposes.

However, since the end of December, more and more rejections

have been reported in different Turkish cities. Precise statistics

are not available.

According to data gathered from telegram chats, there have

been more than 250 rejections since the end of December, with

slightly more than 100 permits approved.

“Lots of people are being rejected, but there are approvals as

According to data gathered from

telegram chats, there have been more than

250 rejections since the end of December,

with slightly more than 100 permits

approved.

well. The reasons and criteria are unclear. Official explanations

have not been given.

Turkey introduces stricter rules and checks. Many lawyers

based in Istanbul confirmed that the number of rejections

has increased and it’s has been happening ever since summer,

particularly in Antalya, a city especially popular with Russians.

Since July, Turkey has added another 1,169 places to the list of

areas where residence permits can no longer be issued on the

basis of rental contracts. The reason is that, in these areas, foreign

residents constitute more than 20% of the local population.

Russians that have invested in the Turkish Citizenship program

are now aware of the process and have the ability to apply for an

E2 Visa to US, or may seek to obtain a Citizenship from another

country that has a track record in sustaining its program.

Russians made up the largest group of foreigners with residence

permits in Turkey in 2022, numbering 154,297 in January 2023.

Russian nationals are followed by citizens of Iraq, Turkmenistan

and Syria.

BLS 11th Residency and Citizenship Program taking

place at Istanbul will showcase all the options available.

FOREIGNERS IN TÜRKIYE WITH A RESIDENCY PERMIT IN 2023

(TOP TEN COUNTRIES)

487,452

154,279

130,643

115,279

99,663 94,656

68,612

59,970 51,107 47,236 45,638

RUSSIA

IRAQ

TURKMENISTAN

SYRIA

IRAN

AZERBAIJAN

UZBEKISTAN

AFGHANISTAN

UKRAINE

KAZAKHISTAN

OTHER



FEATURE

Zaha Hadid: The World

Iconic Migrant Architect

Zaha Muhammad Hadid is a British-Iraqi

architect, born in 1950 in Baghdad to one

of the well-known Iraqi families. Zaha, in

addition to being an architect, she is an

international artist and designer.

By Yasmin Husein

She is considered as one of the best architects

in the world, and one of the most well-known

and famous key figures in architecture in the late

twentieth and early twenty-first centuries. In

2012, the Late Queen Elizabeth II awarded Zaha

the title of “Lady”.

Zaha Hadid had a luxurious upbringing attending boarding

schools in England and Switzerland. She knew from a young age

that she would become famous one day, as she was smart and

ambitious. Zaha has devoted most of her life to her work. Lady

Hadid was the highest paid architect in the world. At the time of

her death in 2016, her net worth was estimated at $215 million,

which included her real estate holdings, equity investments,

beauty ventures, restaurants, a soccer team, fragrances, and a

fashion line.

As for her educational background, Zaha studied Mathematics

at the American University of Beirut. In 1972, she then moved

to London to study architecture at the Architectural Association

School of Architecture. There, she got to know many professors

and students, which was the reason for her successful launch into

practical life. She later acquired British citizenship and set up her

own architecture firm with tremendous success.

Zaha is known for her expressive, fluid designs from multiple

perspective points, and is considered one of the pioneers

of contemporary architecture.In 2004, she became the first

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FEATURE

During her lifetime (1950-2016),

Zaha has presented 950 projects in 44

different countries.

Arab woman to receive the Pritzker Architecture Prize. Zaha

Hadid is known for designing the Rosenthal Center for

Contemporary Art in the United States and the Heydar Aliyev

Center in Azerbaijan.

Architect Lady Zaha was cited for her creative designs for many

buildings in many countries of the world, including Britain,

America, Germany, Austria, Japan, Hong Kong, the Emirates

and Morocco. Her works are characterised by modernity and

fluidity, while following the style of deconstructive architecture

with multiple perspectives. She is also known worldwide for

her innovative, experimental designs, and was the creative mind

behind the design of the London Marine Sports Center at the

2012 Olympic Games, the Eli and Edythe Broad Art Museum

in the USA, among many other architectural creations.

innovative and abstract designs gained international fame, and

over the years it has established itself as one of the world’s most

famous architects.

In addition to her architectural work, Zaha has pursued a

teaching career and has undertaken some high-class interior

design. Her teaching work included being appointed as a

professor at the School of Architecture at the University



FEATURE

of Illinois at Chicago during the 1990s. She has also served

as a visiting professor at several educational institutions,

including: the University of Fine Arts Hamburg, Germany

Hochschule für bildende Künste Hamburg (HFBK

Hamburg), the Ohio State University School of Architecture,

and the Graduate School of Architecture and Planning at

Columbia University.

Some of Zaha’s Achievements:

During her lifetime (1950 - 2016), Zaha has presented 950

projects in 44 different countries.

• She began her wonderful working life in 1977, when she joined

the Office for Metropolitan Architecture in the Netherlands,

and began teaching at the Architectural Association College.

• In 1980, Zaha established her own architectural office in

London, employs more than 350 people today.

• Zaha first successful project was the Vitra Fire Station in

Wil-am-Rhein, Germany. The period of work on the project

lasted from 1990 to 1993, and then the building was turned

into a museum.

• In 1994, Zaha’s design was chosen for the Cardiff Bay

Opera House in Wales, UK. Which increased its fame, but

unfortunately the building was not approved. Because the city

decided to spend the money allocated to building a sports

stadium instead.

• In 1998, Zaha achieved great success when her design was

chosen for the Rosenthal Center for Contemporary Art.

This was its first project in the United States of America,

and its design won two awards: the Royal Institute of British

Architects Award in 2004, and the American Architecture

Award from The Chicago Athenaeum the following year.

• In 2004, Zaha great design of Swimming complex in

London was accomplished. This complex has been dubbed

a masterpiece for its curved design that resembles the shape

of waves. It is also distinguished by the stairs designated

for jumping in the swimming pool, which resembles the

modernity of the exterior design of the building.

• In 2005, Zaha designed the main center of BMW in Germany,

this design received several awards for its engineering,

including the European RIBA Award in 2006, and its main

goal is to be a laboratory for the manufacture of German cars

with its 3 Series design.

Since the beginning of the year 2000,

Zaha received an award annually. In one

year, number of awards that Zaha was

received reached 12 awards. More than

100 prestigious awards and honors have

been awarded to Zaha.

• In 2007, Zaha designed the Art Complex in Abu Dhabi.The

building itself is a masterpiece for its harmonious vertical

design, far from the typical geometric design. The complex

includes 5 theaters, in addition to an opera house, a music

complex, and a concert center.

• In 2010, Zaha designed Abu Dhabi bridge, which is the third

of its kind in the world. It is considered one of the artistic and

unique masterpieces, the length of the Sheikh Zayed Bridge is

about 800 meters, extending from the island of Sheikh Zayed

Bridge to the mainland.

• In 2012, Zaha creative mined was behind the great design of the

London Marine Sports Center at the 2012 Olympic Games.

Some of Zaha’s Famous Sayings:

"I do not think that architecture is limited to shelter, it is not just

a simple fence. Rather, it should excite one, calm one’s nerves, and

make one think."

"Quality education is very important, we need to review the way it

is taught. Education is not just a qualification for getting a job, it is

about how one is educated."

"Education, housing and hospitals are among the most important

needs of society."

"Of course my family and brothers helped me in the beginning, but

after I established my office in London I had to help myself. Some

people think I have an oil field in my garden! It’s a good idea, but

it’s not real."

"I miss some things in the Arab world, I miss the language and

the tranquility that exists in those cities with their great rivers.

Whether you are in Cairo or Baghdad, you will sit there and think

that the river used to flow through it thousands of years ago. There

are magical moments in those places."

"Contrary to tradition, I have not been persecuted in the Middle

East. The men there may treat women differently, but they don’t

94



E

and h

the mo

of soci

FEATURE

treat them with disrespect. They don’t hate women, but it’s a

different mentality."

"There are 360 different angles, so why stick to just one?"

Some of Zaha’s Awards:

Since the beginning of the year 2000, Zaha received an award

annually. In one year, number of awards that Zaha was received

reached 12 awards. More than 100 prestigious awards and

honors have been awarded to Zaha.

I do not think that architecture is

limited to shelter, it is not just a simple

fence. Rather, it should excite one, calm

one’s nerves, and make one think.

• She received her first award in 1982, “The Gold Medal for

Architectural Design” for her designs in Britain.

• In 2003, she finished building the Rosenthal Center for

Contemporary Art, the first American museum to be designed

by a woman. The New York Times considered it the most

important American building since the Cold War.

• In 2010, she was awarded “The Stirling Prize” for her design

of the Maxxi National Museum of Art, Rome, Italy. The

Guardian newspaper says of the museum: “It is an architectural

masterpiece fitting to juxtapose the wonders of ancient Rome.”

• In 2004, she became the first woman and one of the youngest

recipients of the Pritzker Prize for Architecture. This award is

the highest honor in the world in the field of architecture.

• In 2012, Zaha was awarded the “Dame Commander of the

Order of the British Empire”. The Most Excellent Order of the

British Empire - Dame Commander DBE (Dame Commander

of the Order of the British Empire), is the second from highest

rank in the order and is awarded to service personnel in

recognition of outstanding public service.- In 2014, her design

for the Heydar Aliyev Cultural Center won “The Museum

Design of the Year” award.Zaha Hadid died of a sudden heart

attack on March 31, 2016 in Miami, USA, and was then

undergoing treatment for pneumonia.



INSIGHT

Unlike immigrants who arrive as lowskilled

workers, asylum seekers, or through

other pathways, wealthy immigrants rarely

compete for jobs with natives, and tend not

to overburden healthcare systems and other

social services.

What Does Money Migration Mean?

“The migration of the wealthy is an excellent

measure of the health of an economy”,

said Andrew Amwells, head of research at

New World Wealth. “Wealthy individuals

are very mobile and their movements can

provide an early indication of a country’s

future directions.”

By Yasmin Husein

Countries that attract wealthy individuals and

families to immigrate to their shores tend to be

strong, with low crime rates, competitive tax

rates, and attractive job opportunities.

Wealthy individuals have bought real estate and secured

residence in new countries in increasing numbers in recent years.

After a brief pause in this trend due to the pandemic, this trend

has recently resumed due to the easing of restrictions on public

health borders, as well as due to the outbreak of global unrest in

the aftermath of the Russian-Ukrainian war, and the economic

turmoil that followed. Although investment to migration are

smaller than most migration flows in general, the number of

people with wealth over US$1 million moving internationally

has more than doubled, from 51,000 in 2013 to 110,000 in

2018. After declining during the pandemic to About 88,000

high-net-worth individuals were expected to relocate by the end

of 2022, and 125,000 cross-border millionaires are expected to

relocate in 2023, according to forecasts from certified industry

consulting firms.

The immigration of millionaires and other wealthy immigrants

does not include the politically-oriented discussions of

traditional immigration. Unlike immigrants who arrive as

low-skilled workers, asylum seekers, or through other pathways,

wealthy immigrants rarely compete for jobs with natives, and

tend not to overburden healthcare systems and other social

services. They are likely to invest money in local economies,

which helps in development and employment.

However, immigration in exchange for investment may also put

pressure on real estate markets in the host country, Turkey as an

obvious example.

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INSIGHT

When choosing countries of destination,

transnational millionaires tend to consider

the country’s quality of life, political and

economic stability, financial incentives

such as preferential tax treatment, and

favourable immigration policies.

Reasons behind the flows of wealth

in exchange for immigration:

When choosing countries of destination, transnational

millionaires tend to consider the country’s quality of life,

political and economic stability, financial incentives such as

preferential tax treatment, and favourable immigration policies.

Programs that offer residency and citizenship to people who

invest a large amount of money (sometimes known as “golden

visa” or “golden passport” programs), or so-called “digital

nomad” policies, and other programmes offered by destination

countries, tend to facilitate and shape choices of investors. An

estimated 30% of wealthy immigrants enter their new countries

through investment immigration programmes. Many wealthy

people also obtain residency in a new country but do not

immigrate personally to those countries, instead using such

programs for tax purposes or other benefits only.

However, immigration in exchange

for investment may also put pressure on

real estate markets in the host country,

Turkey as an obvious example.

However, the most recent migration patterns trend of the

wealthy have changed, depending on the changing geopolitical

trends. Wealthy immigrants have usually been attracted to

countries with safe social and political environments. These

are, but not exclisively, the United States, Canada, Germany,

Australia and the United Kingdom. However, recently though,

it seems that the international elite of millionaires in the world

has begun to choose much more stable economies, especially

during the year 2022. Among these countries are Australia,

Singapore and Switzerland. This partly reflects the continued

movement of increasing numbers of Russian citizens who may

face sanctions or political pressure in the Western countries. As

from November 2022, this trend has been witnessed increased.

Factors attributing for foreign wealth flows:

The increase in foreign flows of wealthy people from one country

to another in recent times is attributed to a group of factors, the

most important of which are:

• First, the increase in the number of the open- minded

millionaires and high net worth people. Estimates vary widely

depending on the methodology of the research, but Credit

Suisse estimated that there were 62.5 million millionaires

worldwide as of the end of 2021, a number that is expected to

grow to 87.6 million by 2026.

• Secondly, the presence and facilitation of immigration policies for

investors, which would provide an easy path to obtaining residency

or citizenship. This constitutes another very effective factor in the

movement of rich people and capital around the world.

• Third, it provides attractions for investors such as the purchase of

land and other property which are often provides a safe deposit

for high net worth migrants to store and grow their savings,

especially in global cities with safe economic policies and stable

currency. London is on the top of the property investment

trend. London has long been a favourite destination for property

investors from China. London was also very popular among the



Russian elite before most of them fled after the outbreak of the

war between Russia and Ukraine. The United States of America

and its global cities are centers of information and capital

that transcend national borders. They also typically offer high

standards of living and good schools and universities.

• Fourth, the availability of tax havens such as the Cayman

Islands, Monaco and Switzerland, which traditionally attract

wealthy cross-borderers.

• Fifth, some countries, such as those in southern Europe, have

generally sought to boost immigration in the face of aging

populations, taking steps to introduce preferential tax regimes

and other policies targeting wealthy immigrants.

• Sixth, the great climatic changes in many parts of the world. It

is also plays a driving role in the migration of capitals around

the world.

• Seventh, the deregulation of local jurisdictions where the

investment tax imposed by some countries of destination

on foreign buyers in real estate is common to be waived for

immigrants seeking investment-based residence, and they

tend to obtain some local advantages. Real estate developers,

builders and others also make significant returns from the

increase in housing demand.

• Eighth, the increase in the rates of short-term immigration

of pregnant women who intend to give birth in some of the

countries of destination in order for their children to obtain

citizenship. This practice exists only in countries that grant

citizenship to newborns on their territory, such as Brazil,

Canada and the United States. Because of the costs inherent

in such attempts, most pregnant women who undertake this

type of migration tend to be economically well off. The most

striking example of this migration in exchange for citizenship

is the increase in Russian birth tourism to Brazil.

Benefits for Investors’ Home Countries:

Although immigration for investment can be conceived as a

migration of capital from the country of origin, it also and at the

same time helps to enable wealthy immigrants to establish a wide

network of economic ties between the expatriates themselves and

with their countries of origin and new ones. So that immigration can

be a powerful means to promote development in the countries of

origin by sending money and remittances to their countries of origin.

The best example of this is that most remittances come from highincome

countries, led by the United States, as it ranks first among

sending and exporting countries with about $74.6 billion in official

remittances in 2021, according to data from the World Bank.

Among other countries that topped the list of remittances is;

Saudi Arabia ($40.7 billion), China ($22.9 billion), Russia

($16.8 billion), and Luxembourg ($15.6 billion). it is worth

noting that remittances to the country of origin far exceed

foreign direct investment and development aid in developing

countries and tend to increase aggregate demand and GDP of

the investors’ home countries.

In conclusion, we believe that the future of immigration of

millionaires and wealthy people is constantly evolving and

expanding in several directions. The uncertainty of global

insecurity, political upheaval, standard of living concerns or

environmental change all lead to the migration of cross-border

millionaires, who hope to secure their legacies, wealth and

lifestyles in stable destinations. Residency and citizenship

programs in tourist destinations help give greater impetus to these

trends, just as signs of social, economic and political stability in

polarising countries further encourage the wealthy to emigrate.

Reference:

https://www.weforum.org/agenda

https://www.oecd.org/els/mig/38840502.pdf

https://www.ifad.org

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CBI Magazine Winter/Spring 2023

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