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Cyprus Investment Program: Parliament adopted changes to the program

Changes to the Cyprus Investment Programme officially published in the Government Gazette on August 17-18.   The Cyprus Investment Programme, based on the subjection (2) in section 111A of the Civil Registry Laws of 2002 - 2019, was approved by the Cyprus Council of Ministers on the 13th of September, 2016 and subsequently amended in May 2018, February May, and August of 2019 and August 2020. The latest amendments to the CIP are effective from 18 August and reflected in this memo for your ease of reference.   The amendments include the following changes:   The amount of the donation...

The U.S. Revokes More Than 1,000 Visas of Chinese Nationals, Citing Military Links

WASHINGTON (Reuters) - The United States has revoked more than 1,000 visas of Chinese nationals as of this week, a State Department spokeswoman said on Wednesday, as part of the Trump administration’s push to block entry of students and researchers from China it believes have links to the Chinese military.   In a May 29 proclamation, President Donald Trump restricted the entry of certain Chinese students and researchers to the United States, saying they were being used in Beijing’s campaign to acquire sensitive U.S. technologies and intellectual property.   The State Department began implementing the rules effective June 1.  ...

Corporate Tax Moves Continue Apace

During a speech on August 17, 2020, and ahead of the Republican National Convention, Trump suggested that his administration intends to end America's "reliance on China." He announced: "We will create tax credits for companies that bring jobs back from China to America," although he did not provide further details regarding the proposed tax credits.   Meanwhile, the French authorities have been looking to bolster the country's small business sector, and have announced a scheme to allow small companies to request a specific settlement plan for the payment of their taxes.   The scheme, unveiled by the General Directorate of...

The Citizenship-Revocation Policies of 9 CBI-Jurisdictions: What it Takes to get “Kicked Out”

What is the difference between a disposable tourist and a real citizen? The simple answer is constitutional protection. Indeed, without clearly written and time tested constitutional protections, your citizenship is only a temporary travel pass exposed to the caprices of local politicians, foreign governments, assertive media, or anyone else who can throw their weight around and who wants to take a crack at you.   Before committing to a glossy CBI program advertisement, investors have to do competent due diligence on their preferred CBI program, which includes reading the applicable revocation clause in the country’s constitution and/or pertinent regulation. Independent...

Croatian Prime Minister: Croatia Will Soon Introduce Digital Nomad Visas

Digital Nomads wishing to live in Croatia will soon be able to do so, as the country is in the process of introducing a Digital Nomad Visa, which will allow internationals who are engaged in jobs independent of location and time, to work in Croatia.   The move has been announced by the Croatian Prime Minister Andrej Plenkovic himself, through a post on Twitter, in which he said that Croatia would adjust the Aliens Act to legally regulate the stay of digital nomads.   Prior to announcing the decision, PM Plenkovic met with Dutch entrepreneur, Jan de Jong who for...

Foreign Trust Jurisdictional Considerations

Foreign trusts have both benefits and risks, which vary from jurisdiction to jurisdiction. Jack Millhouse and Charles F. Schultz IV of FGMK look at examples from civil law jurisdictions in Europe, so-called “tax havens” in the Caribbean, no-longer popular New Zealand, and the unique situation in Malta.   In the process of forming a trust, the choice of jurisdiction, and its associated tax or legal regime may play a significant role in impacting the decision. The purpose of this piece is to provide a high-level snapshot of several noteworthy regimes and jurisdictions. Each of these regimes requires a different approach...

The Reason Behind FY2019’s Low Processing Volumes

There’s one observation that can’t be missed when you look at the EB-5 processing statistics from the past decade: FY2019 broke the trend and recorded incredibly low I-526 petition processing volumes. Just like the EB-5 Immigrant Investor Program is a complicated program, the Immigrant Investor Program Office (IPO) is a complicated entity, and the processing volumes are generally the result of numerous processes going on behind the scenes that are not apparent on the surface. That is certainly the case with FY2019’s low processing volumes.   First, we’ll examine the unusually high processing volumes of I-526 petitions in FY2018. One major difference distinguishes the two fiscal...

Eight Offshore Banking Trends

1. Greater Emphasis On Asset Protection   With uncertain economic situations in many parts of the world, it's only natural for people to look for ways to protect their assets from erosion. Choosing to place those assets in settings that are holding up well during the pandemic is a smart move.   That's where offshore banking comes into the picture. Opting for savings, checking, time deposit, and other accounts based in a nation that appears to be weathering the pandemic well translates into greater financial security. Expect more people to set up international accounts for this reason.   2. Financial Technology Continue...