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Proposed Golden Visa Changes Will Not Take Place Until June 2021

By Sugee Portugal    The Council of Ministers approved the diploma that puts an end to gold visas in the metropolitan areas of Lisbon and Porto, as well as the entire coast of the country. The instrument only remains for the interior and autonomous regions of Madeira and the Azores. The new regime will be gradual and it will not take effect before June 2021 at least.   As we all know there is a lot of uncertainty in the mind of investors for Golden Visa Portugal about the changes proposed in the budget of Feb 2020 by the Portuguese...
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The Latest CBI Index Shows: Grenada CBI is in the Top 3

By Joanna Zhang Professional Wealth Management (PWM), a publication from the Financial Times, has released its latest CBI Index assessing the CBI programs of 14 countries through nine indicators including freedom of movement, due diligence, minimum investment, timeline, and so on. Grenada CBI ranked in the top three in total and became one of the most popular CBI programs. Why you should obtain Grenadian citizenship: 1) Fast relocation route to the US As the only Caribbean country to hold the coveted E-2 visa treaty with the US, Grenada citizens can apply for a non-immigrant visa to the US, meaning they can then both...
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Mauritius: International Tax Planning Update & Opportunities

By Mr. Patrice Tze Sek Sum, CPA (US), MIntTax, TEP   1. Overview   Over the past few years, Mauritius has undergone significant transformation in order to maintain itself as a serious jurisdiction of substance. While Mauritius remains the de facto hub to Africa due to its political stability, independent judiciary and strong institutional framework, and absence of foreign currency exchange control, it has had its fair share of challenges over the past year. Mauritius has enhanced its AML/CFT laws accordingly and restructured some of its tax regimes which were deemed harmful from the perspective of the OECD especially in regard to some ring-fencing...
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Offshore Bank Accounts - Account Opening

By Gerard Field   As a CEO of an international private bank, I find clients will spend much time and effort in selecting the right offshore jurisdiction for them taking into account the legal framework, regulations and whether the jurisdictions meet their individual requirements for what they require to be that asset protection, privacy, and strength of regulator to name a few key areas.     Once jurisdiction has been selected then a review of the banking partners that are available will be a key determinant of using that jurisdiction. Considerations will include how strong the bank is in terms of a...
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The Future of International Private Banking in the Next "Normal"

By Cheyenna Calderon   COVID-19 has impacted all aspects of life and many of the changes it has brought will be here to stay. Private Banks post-COVID are being called on to reinvent themselves and become more agile and responsive in order to thrive in this new world. For international families and corporate entities that utilize private banks and have assets and interests in offshore jurisdictions like the Cayman Islands, COVID has brought on some enhanced expectations that Private Banks and their Bankers need to meet going forward.   According to the 2020 McKinsey Affluent, Private, and HNWI Customers’ Insights Survey, clients are...
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Investing In Your Future

By Julian Bartolo   With the possibility of obtaining a second residence or citizenship by investment, applicants and their families are choosing to migrate permanently to other countries. Business, education, better healthcare and political or social disturbances are only a few of the reasons these individuals opt to relocate to another country. Others need assurances and a default ”plan b” in the event of uncertain times.   Obtaining dual citizenship or a second residency is more than just a document in hand. Although the advantages vary from one programme and jurisdiction to another, the results of investing in citizenship &...
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Citizenship by Investment: From a Luxury to a Necessity

Citizenship by investment, once the domain of the very few, is increasingly popular with discerning West African high net worth investors. The concept is very simple and enshrined in the relevant country’s No, thanks. I'll come back legislation: in return for a real estate investment or a contribution to the relevant country, an investor is afforded the opportunity to apply for citizenship of a country, and if successful, eligible for many of the benefits that follow, including visa-free travel to many worldwide destinations, access to a tax-efficient jurisdiction, and much more.  From its early beginnings about 40 years ago, it has grown...
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2019 a Record Year for Grenada CIP: Real Estate Outpaces Donations For the First Time in 4 Years

The Grenada Citizenship by Investment Programme (GCIP) raised EC$166 million in 2019, 13% more than its 2018 record. Driving the upward trend was a sharp uptick in real estate investments during the fourth quarter. The GCIP received 373 applications in 2019, 60 more than in 2018, the previous record year. Of those, the Grenada CIU rejected 44, a refusal rate of about 12%. The CIU’s decisions resulted in 814 new citizens. Grenada’s real estate option appears to be enjoying a renaissance; in the fourth quarter, the number of investors who opted for property invested exceeded that of those choosing donations,...