NEWS

Canada: 13 More Countries Added to Electronic Travel Authorization Program   Content: On June 6, 2023, the Canadian Minister of Immigration, Refugees and Citizenship, Sean Fraser, announced the inclusion of 13 additional countries in the electronic travel authorization (eTA) program.   This expansion allows eligible travelers from these countries to apply for an eTA instead of a visa when flying to Canada. The following countries are now part of the program: Antigua and Barbuda, Argentina, Costa Rica, Morocco, Panama, Philippines, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Seychelles, Thailand, Trinidad and Tobago, and Uruguay.   Members...

IMMIGRATION BY INVESTMENT NEWS 2023

Hong Kong has introduced a groundbreaking tax concession regime for Single Family Offices (SFOs) managing Family-owned Investment Holding Vehicles (FIHVs). The new regime aims to position Hong Kong as a premier hub for family offices and provides numerous benefits for high-net-worth individuals and their families.   Benefits of the New Tax Regime: Streamlined process: No pre-approval or application is required. A simple self-declaration suffices, reducing bureaucratic red tape. Exemption of investment profits: Qualified assets are exempt from Profits Tax, providing confidence and tax relief for high-net-worth families. Retrospective application: The tax regime applies from the assessment year 2022/23, ensuring previous...

CORPORATE & FIDUCIARY NEWS 2023

Greek authorities have decided to postpone the increase in the minimum investment amount for the Golden Visa Program in certain areas of the country by three months. This means that wealthy foreign nationals can still participate in Greece's Golden Visa Program by investing €250,000 instead of €500,000 until July 31. The decision to raise the minimum investment amount was initially announced by Greek Prime Minister Kyriakos Mitsotakis, leading to a significant increase in the number of program applications.   The Ministry of Immigration and Asylum reported a 252% surge in applications for the Golden Visa, totaling 1,446 requests in January...

IMMIGRATION BY INVESTMENT NEWS 2023

Jordan is a peaceful Middle Eastern country known for its high living standards, quality healthcare, and welcoming expatriate community. It stands out as a progressive nation with a robust police and military presence. Attaining Jordanian citizenship is possible through a minimum investment of $750,000, offering various avenues such as bank deposits, business or government project investments, and job creation.   Successful applicants gain the privilege of visa-free travel to over 50 countries, and the application process typically takes around three months. Despite bordering nations with ongoing conflicts or unstable political climates, Jordan itself is a tranquil, content, and relaxed place...

IMMIGRATION BY INVESTMENT NEWS 2023

The Residency by Investment program in Cyprus has undergone significant amendments as approved by the government. These changes aim to tighten the application process and establish stricter requirements for prospective investors. Among the key modifications are the introduction of a higher minimum annual income threshold, an increased amount for sponsoring dependents, and the implementation of annual income verification for individuals holding residency status. Additionally, adjustments have been made to the eligibility criteria for family members, excluding parents and adult children from obtaining residency under the main applicant's application.   Under the revised program, applicants seeking residency by investment in Cyprus...

IMMIGRATION BY INVESTMENT NEWS 2023

Over the past decade, Cayman Enterprise City (CEC) has been actively promoting the Cayman Islands and its Special Economic Zones (SEZs) as the perfect destination for knowledge- and technology-driven businesses looking to establish a tangible physical presence. As a result, CEC proudly houses 317 SEZ companies, representing the largest innovation ecosystem in the region.   CEC specializes in facilitating the establishment of offices for startups, mid-sized enterprises, and publicly-listed companies from around the globe within three distinct SEZs: Cayman Tech City, Cayman Maritime & Aviation City, and Cayman Commodities & Derivatives Centre.   Charlie Kirkconnell, Chief Executive Officer of CEC...

CORPORATE & FIDUCIARY NEWS 2023

Campaigners are calling on King Charles to take action against the UK's "network of satellite tax havens," which enable an annual avoidance of £152 billion in taxes. The Tax Justice Network, a coalition opposing tax avoidance, has written a letter to the monarch, urging him to leverage his position to push for a revision of laws that allow rampant tax avoidance across the UK, crown dependencies, and British overseas territories.   In the letter, seen by The Guardian, the campaigners highlight the financial and human toll borne by ordinary people due to the UK's tax havens, for which King Charles...

CORPORATE & FIDUCIARY NEWS 2023

Investments worth 800 million euros in residential tourism have been canceled by April, which would have represented 500 million euros in taxes and the creation of 2,090 jobs. The Portuguese Association of Residential Tourism and Resorts is calling for "common sense" to avoid a "catastrophe."   The government is destroying something that took decades to build in just a few months. It involved the effort of investors, the state, and the people, and now, with a thoughtless decision, we are throwing it all away. The criticism of the end of golden visas, a measure included in the "More Housing" package,...

IMMIGRATION BY INVESTMENT NEWS 2023