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wealth-munshi · 2 days ago

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What is Investment Migration?

Investment migration is a process that allows individuals to obtain residency or citizenship in a foreign country by making a significant financial contribution. This contribution could be in the form of real estate investments, business ventures, government bonds, or donations to government-approved programs. Investment migration programs offer a pathway to global mobility, better lifestyle opportunities, and financial diversification while contributing to the economic development of the host country.

This process is especially appealing to high-net-worth individuals (HNWIs) seeking benefits such as visa-free travel, access to world-class education and healthcare systems, improved quality of life, and opportunities for expanding business operations internationally. Countries such as Portugal, Malta, the Caribbean nations, and Canada are popular choices for their attractive investment programs.

Why Choose Wealth Munshi for Investment Migration?

Wealth Munshi is a trusted partner in helping individuals and families navigate the complexities of investment migration. Here’s why Wealth Munshi stands out as the ideal choice for this journey:

Expertise and Experience Wealth Munshi has years of experience in investment management and migration services. Our team of experts understands the nuances of global residency and citizenship programs, ensuring personalized guidance tailored to your needs and goals.

Comprehensive Services From initial consultation to successful application, Wealth Munshi provides end-to-end support. Our services include financial planning, documentation assistance, investment selection, and compliance with legal requirements.

Global Network We have established partnerships with trusted legal advisors, government agencies, and investment firms across the globe. This ensures seamless processing and access to the best opportunities available in top destinations.

Customized Solutions At Wealth Munshi, we recognize that every client has unique aspirations. Whether you’re seeking visa-free travel, better educational opportunities for your children, or a secure retirement plan, we design customized strategies that align with your objectives.

Integrity and Transparency We uphold the highest standards of integrity and transparency in all our dealings. Our clients trust us for our honest advice, detailed cost breakdowns, and commitment to delivering results.

Post-Migration Support Wealth Munshi doesn’t just help you achieve residency or citizenship; we also offer post-migration support to ensure a smooth transition. From settling into your new country to managing your investments, we’re here for you every step of the way.

Unlock a World of Opportunities Investment migration isn’t just about relocating—it’s about embracing global possibilities. With Wealth Munshi as your partner, you can confidently take this life-changing step, knowing you’re in capable hands. Let us help you achieve your dreams of global mobility, security, and financial freedom.

Contact Wealth Munshi today to explore the best investment migration options for you and your family!

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gracewang-293942 · 5 years ago

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Big country green card and small country passport which is more suitable for you？

For immigrants, we often hear the words "green card" and "passport." However, those who are new to this area can't tell the difference between the two. They always think that when they get a green card, they become citizens of the country, however this is not the fact.

How far are "green cards" and "permanent residence status" from "nationality"? And what's the difference between them?

Firstly, let us clarify some concepts: permanent residence, green card

Permanent residency

Refers to the right of an individual to be allowed to residence permanently in a country, but not necessarily enjoy civil rights. A person with permanent residency is called a "permanent resident."

Green card

The official name is "permanent resident card". Green cards have become synonymous with permanent residence permits in many areas.

Nationality

It refers to the legal qualifications of a person belonging to the nationals of a country, and is also the basis for the country's diplomatic protection. A country will only issue its own passport to its nationals.

Generally obtaining permanent residency gives you the right to legal permanent residence and work in this country. After living for a certain number of years, meeting certain naturalization conditions and getting approval, you will be naturalized, become a citizen of this country, and have your own passport.

Big country green card and small country passport, which is more suitable for you？

Big country is more suitable for life

These big countries have comparative advantages in economy, culture and education. You can visa-free in many developed countries, allow your children to have better education resource, and enjoy better social welfare.

Small country passport can quickly obtain status

Due to the high threshold and long schedule of traditional immigration country, small country passport become more and more popular among high net worth individuals.

These countries are mainly represented by Commonwealth countries such as Cyprus, Saint Kitts and Nevis, Malta, Antigua and Barbuda.

The biggest advantage of a small country passport is that it can not only facilitate global travel, allocate overseas assets, but also solve problems such as tax planning and children education.

St. Kitts passport program:

Advantages

1. Commonwealth passport program with low investment amount;

2. Get citizenship: one person apply, four generations benefit;

3. Safety: approval first, investment later;

4. Short application period;

5. No stay requirements*;

6. Tax incentives: exemption of personal income tax, inheritance tax, gift tax, overseas income tax, etc.;

7. Enjoy the commonwealth's national treatment, enjoy free English education from primary school to high school in the country of Saint Kitts and Nevis, and most mutual recognition of credits between commonwealth member states.

8. Visa-free landing signing more than 150 countries and regions: including the EU and Schengen countries, the United Kingdom, Hong Kong, Taiwan, Singapore, Russia, India and Indonesia, etc.

Requirements

1. Non-criminal record;

2. Donate $150,000 to the government or buy more than $200,000.

WZ&P— leader in residence permit and citizenship planning of the EU, tailored to ur need！

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hezexoli-blog · 5 years ago

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Find Out Who is Worried About Ukraine E Visa and Why You Should Care

http://de.ivisa.com/ukraine-e-visa

Thankfully it is not difficult to acquire travel authorization to enter Ukraine. Visa issuance is going to be dependent on the Embassy and no refund will be offered for visas that have been refused. In some nations, if you're asking for a visa to remain in the UK for at least six months, you may have to be tested for active tuberculosis before we'll accept your application.

The bulk of the country citizens are anticipated to have a visa to enter India. Retirement visas aren't always compulsory and there are lots of countries throughout the world where it's feasible for retirees to reside with no formal citizenship. Citizens from eligible countries do not will need to visit a Ukrainian embassy or consulate to be able to get a visa for Ukraine.

English is popular in Malta. Visitors requiring a visa that are merely passing through Ukraine can make an application for a transit visa which allows a five-day stay in the nation. For people who considered traveling to Ukraine, now you can breathe freely.

If you're outside the united kingdom, you should have your Spouse Visa to join your partner in the united kingdom. If you own a spouse or children, they'll be qualified for a J-2 Visa.

If things fail, you are going to be stuck, and not even a visa agency will be in a position to help as you'll just have run out of time. The S-travels company is among the companies which always attempt to look at the people's taste for the function of travelling and holds many tours in the Iranian provinces. It is extremely difficult for a couple to choose an ideal place from a broad range of honeymoon destinations.

Furthermore, the S-Travels using its experts in tourism attempts to hold the best tours with the very best quality at a fair price. Thus a tourist visa with sole aim of tourism will likewise be launched soon. The bank is quite near the embassy and they guy will grant you the address.

In the last few years, increasing quantities of American teachers have experienced contractual and other difficulties. To acquire an eVisa to go to Kuwait, eligible citizens can finish the on-line application form in only a couple of minutes. Foreign nationals won't be in a place to conduct work beneath the e-visa.

In the event the range of days differs from 30, specification is provided in brackets. Again, whether ESTA applicants will be given a waiver will be set on a case-by-case basis, in agreement with the conditions of the law. On certain browsers, you won't have the ability to complete your employment information, on others you may not have the ability to pay.

Retirement in a foreign country is often as exciting and adventurous for a lot of people simply to learn more about the world! Ukraine isn't normally at the very top of the majority of people's to do list and this is precisely why it's such a wonderful country to see. You wish to stop by the country yourself but you simply do not know whether it would be safe to accomplish that.

What You Can Do About Ukraine E Visa Beginning in the Next 7 Minutes As stated by the Ministry of Labor and Social Development, there are various government-sponsored centers for individuals with disabilities. For more information, take a look at the site of the State Border Guard Service of Ukraine You could possibly be requested to offer evidence that you have enough funds to support you during your stay. The Ukraine e-Visa is easily obtained by completing the on-line application form.

Information on visa applications can be seen at travel.state.gov. Travelers just require a few minutes to complete the application.

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yogicaqi-blog · 6 years ago

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Trinidad Visa Reviews & Tips

http://www.ivisa.com/trinidad-visa-on-arrival

The Ultimate Trinidad Visa Trick Travel Insurance for the usa A valid travel insurance is quite important once you go to the United States of america. Public transportationis highly advisable. Once you are in possession of a new passport, the Department of State advises that you apply to get a new U.S. visa to ensure it is less difficult for you to travel to and from the usa.

Trinidad Visa for Dummies During their stay in Aruba tourists aren't allowed to do the job. Keep away from people who don't. Trinidad and Tobago is the best pick for an active expat who is searching for a more relaxing means of life in retirement.

Trinidad Visa - Is it a Scam? Permanent residence in Serbia can be gotten on bases of various stipulations. Visitors from these Caribbean islands will need to get a visa so as to enter the BVI. These fees vary from US$40 to US$200, depending upon your citizenship and the length of your stay.

What's Really Going on with Trinidad Visa The US visa photo requirement is just one of the primary requirements for each and every visa you apply for. Please confirm whether you will need to turn in an application for a visa. Your visa is going to be affixed within your passport.

You want a Zimbabwe visa to go to Zimbabwe, this can be gotten from the Zimbabwe Embassy in the usa or on arrival in Zimbabwe. All holders of OAS passports do not need visas. Australia is making it quicker and simpler to apply for lots of our visas.

Top Trinidad Visa Choices You may decline to present such info, but that could bring about a slower response from our benefits team. Other methods to apply If you own a relative or near relative who is a UAE resident, they can put in an application for a visa for your benefit. Any group of five or more applicants who aren't related but are traveling along with the exact same itinerary must schedule an appointment for the whole group.

The True Meaning of Trinidad Visa You should also think about checking with your transport provider or travel company to ensure your passport and other travel documents fulfill their requirements. The registration is at no charge. The current collection of payment options will be shown during the purchase procedure.

As soon as your application is finished, we'll return it to you via a safe and encrypted email keeping your own personal information safe. Any info provided on our internet form isn't retained and is used only so as to process your present request or answer your existing questions. Please follow this link for additional details.

Attempt not to mix tenses within paragraphs, but don't hesitate to use the correct tense in various paragraphs (it is among the few exceptions to the mixing tense rules whom I know of). Third parties may finish an internet application on behalf of a visa applicant by using their consent. Approach the body that is appropriate for your requirements.

If you're asking for a nonimmigrant visa your shall finish the on-line application form DS-160. All applications must be made in person. Migration and visa applications can be a trying experience.

Introducing Trinidad Visa Underline the subject line, capitalize the previous name, and if you would like put the entire subject in bold. The choice of available jobs changes often, and sometimes there aren't any vacancies. Download this shape and fill it.

Please make certain that you have your updated documents ahead of your scheduled immigrant visa interview to be able to avert any delays in visa processing,'' the Embassy stated. This sort of visa is valid for three (3) months with a single entry into the nation. If you need to mail your passport, take care not to use regular mail.

Yes, your entry is currently granted. For those making a quick trip, you just need to bring a passport to see the nation. Based on the goal of your travel to Malta, there are several types of visas that will apply to the occassion.

The Basic Principles of Trinidad Visa That You Will be Able to Learn From Beginning Right Away Make sure that you have liability insurance. For urgent instances, the expedited service is available. Medical facilities are good in Dakar, but are limited in the remaining part of the nation, and travellers should be sure they have comprehensive medical insurance.

The very first step you've got to take to be able to begin your US visa application, is to find out under what sort of visa you're permitted to enter the usa. If you're unclear about any facet of the entry requirements, or you require further reassurance, you are going to want to get hold of the embassy, higher commission or consulate of the nation or territory you're travelling to. Prior to applying, you need to examine the visa requirements for the territory or Commonwealth country you're travelling to.

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baoanhwin · 4 years ago

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Laundering Reputations: China and its Uighurs

Screen shot from BBC news coverage

It’s time to talk about the Uighurs again. Despite a harrowing Panorama programme and this header, last December no-one was much bothered, beyond some token expressions of concern. What a difference 7 months, a Made in China pandemic, a security law obliterating HK’s freedoms and news of Huawei’s active involvement in the security apparatus used for Uighur persecution make. 25 years after the Srebrenica massacre by Serbs of 8,000 Muslim Bosnian men and boys – the inevitable murderous conclusion of a campaign of ethnic cleansing and hate – the West has noticed China’s brutality to another little known Muslim community. There are Holocaust and Bosnia echoes with recent revelations of organ-harvesting, prisoners’ hair sold, rape of women and blindfolded prisoners being loaded into trains. Now there is to be a Parliamentary debate on sanctions against China over this (following the indefatigable Maajid Nawaz’s campaign).

What effective steps can be taken are less clear. There will certainly be no NATO bombing or UN supplies to trapped communities. Speaking up may be all we can do. Do not, though, underestimate the power of protest when wrongdoers would prefer silence. It was, after all, the entire raison d’être of Amnesty’s prisoners of conscience campaigns.

How about taking steps here to stop or limit the laundering of reputations that often goes hand-in-hand with the money-laundering the authorities claim to be worried about? All states and persons with a questionable reputation do it: the Russians, Ukrainians, Saudis, Qataris, Chinese. The higher echelons of British society, so very well used to polishing rough diamonds in return for their money (think of all those penurious aristocrats with ideas above their bank balances bestowing their titles on American heiresses) provide lots of ways for the laundering to happen.

Property purchases – of prime property, mostly in London and in the fashionable countryside. So much of it is simply a bank for those with money to hide or keep safe. This ecosystem is the “trickle down” effect in action: at least to all those providers of services to the rich foreigners and the middle classes, watching the prices of their houses rise even as they find themselves pushed out from central London. Anyone can buy if they have the money. Even Switzerland – famous or infamous (according to taste) for its discretion about money – imposes some requirements on those wishing to buy property.

Buying residency. Britain is not quite as notorious as Cyprus or Malta. But its Tier 1 Investment Programme allows those with £2 million for a mere 3 months before application to get residency (and later citizenship) in double quick time; the more you have the quicker it is to get citizenship. The “investment” needed is not particularly onerous. In theory, the wealth needs to have been properly earned though quite how the necessary due diligence can have been done properly given the speed of the applications is a mystery. Due diligence is often a fancy way of describing a tick box process devoid of any serious investigation. Why wouldn’t it be, given the money being dangled? Why no fuss about this type of FoM, selling British citizenship and its advantages to the highest bidder?

Investment. A good thing, of course, but let’s be realistic about what dependence on Chinese or Russian or Qatari investment means in reality. When those jobs and tax revenues are dependant not just on that investment but on not criticising the governments of the countries from whence it comes, it becomes so much easier to persuade yourself that those investing companies really have nothing to do with their governments, even in the face of all the evidence. Or that economic considerations will prevail or that the investing companies will be changed and adequately controlled by British laws and culture. Comfort is taken in the belief that commerce can be divorced from politics or security, a very recent British view, one not shared by states such as China or Russia. Or, frankly, the US or EU or, indeed, Britain itself when it was top dog. Commerce and politics cannot be divorced as Britain’s former colonies know only too well. Money talks – as China has tartly reminded Britain in recent days.

The charitable foundation: the first refuge of a scoundrel these days. If it can be linked to art, say, with all its many opportunities for hobnobbing with the great and the good, so much the better. Get an obscure art critic on the Board, perhaps one linked to a senior politician through family connections, get the right doors opened to London society, be photographed at parties with Prime Ministers and their coterie and away you go. Most will assume that you must be ok because, well, someone else has checked you out, haven’t they? You don’t need to look far to find people with the most questionable histories and backgrounds in positions of influence or advantage to themselves. A little more curiosity about their past, why they are here and what they are doing would not go amiss.

Flattery – Board positions (see Huawei’s Board members) or dialogue councils for senior (meaning retired but still self-important) politicians, academics and others: the Imperial Orthodox Palestine Society, linked to former members of Russian Intelligence, for instance. Or the 48 Group Club with its array of British luminaries keen to bring China and Britain closer together.

Political donations: an area ripe for abuse, requiring reform and unlikely to get it, not in any meaningful way. Do politicians really think that large donations are given without thought of any quo for the quids being showered on them?

Education: until recently the Saudis and other Middle Eastern governments were some of the biggest philanthropists to British universities, usually for departments focusing on Islam and Middle Eastern history. There is much to learn about both: free inquiry is badly needed. Perhaps one of the first inquiries might have been whether being funded by governments with a very particular view on both topics and with little regard for free inquiry of any type is entirely sensible. Even Gaddafi got in on the act with the LSE, which had to rely on the guidance provided by the moral compasses of Shami Chakrabarti and Howard Davies. It did not end well – for Gaddafi, the LSE or Davies (resigning for his errors of judgment). Ms Chakrabarti went on to more whitewashing as Corbyn’s Shadow Attorney-General in the Lords. Davies now advises various Chinese banking and securities regulators and chairs RBS. The LSE’s experience did not put off other universities from chasing Chinese money and students, so much so that it is reported that 9 of them face bankruptcy if China stops its students coming to Britain. More worryingly, there have been reports of China putting pressure on British universities to eliminate criticisms of it, cancel speakers or permit spying on anti-China protestors. So much for British academic freedom when it comes up against China’s iron determination to get its own way.

All of these things: investment, dialogue, study, charity etc can be forces for good. Exposure to British freedoms, intellectual inquiry, rule of law, democratic norms, vigorous debate, cultural life, the wisdom of British thinkers and achievers can – in theory and maybe sometimes in practice, for some at least – open cracks in otherwise closed societies and minds, show an alternative way, a better future, help win the battle of ideas.

They can. But have they? Or has Britain been woefully naïve? Has it been too willing to sell itself to those who care nothing for our strengths, save other than how they can seize or use those strengths for themselves? Has it really been using its soft power? Or has it just been treated as a useful idiot, desperate and needy, hawking what’s left of its honour and the family silver to ruthless, ambitious competitors, nasty, unfriendly authoritarians willing to spend lavishly on PR and those with an eye for a bolt hole if life turns nasty at home?

Realpolitik dictates that Britain needs to deal with nasty countries. But there is a difference between supping with a long spoon and sitting in someone’s lap. The government’s recent Magnitsky law sanctions and HK actions are a welcome dose of realism. A start. Now Britain needs to use its UN vote against Xi Xinping’s wish for a seat on the UN Human Rights Council, if the concept of “human rights” is to have any worthwhile meaning, that is.

Morality cries out for some sort of action for HK, the Uighurs and other victims. Protest, exposure and a home for some may be the limit of what Britain can and will do. It is something. As Elie Wiesel (Holocaust survivor, Nobel prize winner and the man who publicly begged President Clinton to act over Bosnia at the opening of Washington’s Holocaust museum) said: “There may be times when we are powerless to prevent injustice, but there must never be a time when we fail to protest.”

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jeremysavory · 5 years ago

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It’s fairly common nowadays for people to look for second passports. A European Union passport can be extremely handy for those who enjoy travelling but getting one can take much work. One of the options you have as a citizen of the United States is to gain dual citizenship with an EU country that is also open to dual citizenship. After that, all you have to do is apply for a passport in that country.

There are several different options for gaining citizenship including using your own rights of heritage, choosing to naturalize into a country in the EU, or using your spouse’s nationality as a way to become a citizen. Once you become a citizen of the country, you can apply for a passport. While that all sounds pretty easy on paper, it can be a daunting process.

You Might Also Like: Citizenship by Investment in Europe - Malta or Cyprus?

The Basics of EU Citizenship

When you have citizenship in the European Union, that gives you the option to travel, work or study in any part of the EU without the need for a visa. However, keep in mind that becoming a citizen can take many years. To become an EU citizen, you have to apply for citizenship in one of the many EU countries; and every country has its own process and requirements.

"Four distinct paths to citizenship may work for you, depending on your current situation"

You will have to live in the country for a certain number of years; find plenty of proof that you are eligible to be a citizen, and then turn in an application for citizenship. In some cases an appliance fee, language tests and citizenship tests may be required. Those who have already been living in an EU country for quite some time may have the best chance of gaining citizenship.

Most Common Individuals Seeking a Second Citizenship

All sorts of different people are interested in getting a second passport, one of the most important things to consider is who you are and why you want to do this. The most common types of people seeking a second passport include:

You Might Also Like: How Do I Choose the Best Citizenship for Me? What is a Golden Visa Why Should You Consider a Nationality

· United States Citizens – often those who wish to renounce their citizenship or do so in the future. There are many reasons for this wish ranging from investment opportunities to taxes, privacy, business limitations and others. If you are looking into renunciation, a second passport is going to be required no matter what the actual reason is.

· Emerging World Citizens – who may be losing opportunities due to their current passports. Arab and Chinese citizens are the most likely to take part in citizenship-by-investment programs or residency-by-investment programs. This is because their passports may be restrictive and they appreciate having a plan B on the table. Those who are in these countries and wealthy can choose a second citizenship or even residency and pay for it while getting travel benefits in return.

In contrast, Arabs are more likely to apply for residency by investment programs as some of their home countries do not allow dual citizenship; indeed, some countries permit a renunciation of citizenship, while others do not.

· Investors and Business Owners – often these people are also looking for a plan B. US citizens are the most likely to require a second passport, but other countries citizens can also benefit from it in some cases. Some people just want to know that they have another option if something goes wrong in the country they are currently a citizen from.

The Process of Becoming a European Citizen

If you have already done the research and know you want to become a European citizen, it’s time to think about the options that are available to you. Four distinct paths to citizenship may work for you depending on your current situation.

"High-Net-Worth individuals from diverse nationalities are seeking a second citizenship"

Citizenship by Descent – Those who have a parent, grandparent and in some cases, a great grandparent who is or was a citizen of a European country might be able to become a citizen as well. Keep in mind that there are going to be certain conditions in place that you will need to meet if you choose this method.

Naturalization – This type of process involves receiving a resident permit for the country of your choice in Europe and simply waiting around until naturalization takes its course and you are allowed to become a citizen; this method usually takes several years depending on the country of your choice.

Citizenship by Investment – In some EU countries, making a substantial investment into the country can offer you citizenship in the country:

Cyprus Citizenship-by-Investment Program: Cyprus offers investors a safe and stable environment which is ideal for raising families. At the crossroads of Europe, Asia, Africa and the Middle East, Cyprus is the perfect setting for global travel. An important member of the European Union, it is also an active member of the British Commonwealth.

Minimum Investment: 2 million euros plus fees ("EUR 75,000 contribution to the Research & Innovation Foundation and EUR 75,000 contribution to the Cyprus Land Development Corporation" has been added since May 2019). Time to Citizenship: 3 to 4 months Visa-Free Access: 150+ countries

The Cyprus Citizenship-by-Investment Program is ideal for business and investment purposes recognising numerous investment opportunities for investors.

Malta Citizenship-by-Investment Program: Malta lies in the heart of the Mediterranean. The country has a very rich history with a great number of historic sites. The country is a member of the major international organizations including the United Nations and the Council of Europe, the International Monetary Fund and is a member of the European Union as well as the Eurozone and the Schengen Area.

Minimum Investment: 1.2 million euros plus fees Time to Citizenship: 1 year Visa-Free Access: 160+ countries

Having a Malta passport and dual citizenship benefits future generations with increased political and economic freedom, as well as significant educational opportunities in the west.

Turkey Citizenship-by-Investment Program: After the Ottoman Empire fell in 1918, Turkey transformed itself into the vibrant, modernising, secular state it is today. As a result of its vibrant history and geography, Turkey is a very varied country, rich in culture and with a strong economy.

Turkish passport allows visa-free access to 110+ countries in the world including Singapore, Hong Kong, Argentina, Japan, Jordan, Malaysia, Moldova, Montenegro, Qatar, South Africa, Thailand, Lebanon. Investors do not need to renounce their current citizenship(s), therefore they can benefit from different nationalities.

Minimum Required Investment: USD 250,000 + fees Time to Citizenship: 4 to 6 months Visa-Free Access:110+ countries

Citizenship by Exception – Government bodies like the prime minister, parliament, or the president can grant citizenship to people for a country. This often only occurs in cases of exceptional merit.

You will want to consider which of these options works best for your situation. Some of them can take far less time than others, but none are instant, and all will require some work on your end. This is also why it is integral to get the process started sooner rather than later. You’ll be in a situation where you have more opportunities and nobody can really argue against that being a great thing.

To schedule a no-obligation consultation, please sign up on our website or call our team of expert consultants in Citizenship and Residency by Investment Programs: +971 (0) 4 430 1717 or WhatsApp +971 54 440 2955.

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bowsetter · 6 years ago

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Why Cryptocurrency Investors Are Renouncing Their US Citizenship

Andrew Henderson is the founder of Nomad Capitalist, a company which helps people from around the world move to different countries while minimizing their tax obligations. In recent years the company has created plans for dozens of people who made their wealth from the cryptocurrency sector, including business owners, traders, investors and consultants. News.Bitcoin.com interviewed Henderson to learn about the process and specifically how it relates to U.S. citizenship.

Also Read: Major Players Discuss BTC Rollback Following an Alleged Hack

US Citizenship Is Costly and Toxic

What makes the plight of Americans stand out is that the U.S. applies its own taxation system on its citizens no matter where in the world they live, which includes its ever-changing rules in on cryptocurrencies. This is in contrast to most countries where taxes are linked to residency.

The Trump tax reform made the taxation of cryptocurrencies worse according to Henderson. So if you’re an American living overseas with crypto income you can’t pay zero taxes. “Basically, there is no way to escape tax if you’re in crypto. Even if you live outside of the US 365 days a year, you will probably pay a substantial amount of tax of your crypto,” he lamented. Obviously, some people in this situation will just not report their cryptocurrency earnings to the IRS, but that opens them up to legal problems.

Beyond the tax issues, U.S. citizens are also facing limitations on who they can work with due to companies’ fears of dealing with American regulations. In the crypto space there were many ICOs, for example, that banned U.S. citizens from investing, but some banks around the world are also banning U.S. citizens from opening accounts with them. “There’s a lot of financial institutions around the world that view US citizens as toxic, and I think that the US may make regulations more difficult for people in the future,” Henderson explained.

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Where Do They Go and How Long Does It Take?

For people who want to sell as little of their crypto as possible, it makes sense to go with a citizenship by investment program, according to Henderson. “The Caribbean is generally good enough so there’s no need to go to Malta. Dominica, St Lucia, Antigua, are basically the cheapest ones. There are minor differences between them,” he explained. “There are many different passport options but I think that if you have any decent amount of crypto you should do citizenship by investment because you get the immediate effects and you reduce your opportunity cost.”

As for cryptocurrency investors selecting a new residency, it’s all over the map. Some people even become perpetual travelers, taking a Dominican passport and then traveling around the world. However, people generally want to go to a country that is tax-friendly. “What I recommend is the trifecta approach. My fiancé and I live in Malaysia for four months, we live in Montenegro for four months, four months somewhere else,” Henderson gave as an example.

People can get citizenship by investment, passport in hand, in about five to six months depending on how organized they are with the paperwork according to Henderson. His company’s cases process a little faster than people who do it on their own because Nomad Capitalist know how to fill out the large amount of paperwork involved. Going through naturalization can take two to five years.

How Much Do You Need to Make It Worth Renouncing Your US Citizenship?

Asked how much a person needs to have to make it worth the investment, Henderson replied: “Look at it as an insurance policy. How much you need to have before you take out more car insurance limit to avoid being sued if you hit somebody? It’s a personal decision. I think if you have a million dollars, you should have a second passport. If you don’t want to renounce to avoid the tax issues, you should at least find a country where you can work towards the second passport through naturalization.”

He also recommended people try applying for two or three of those countries to make sure that one or two come through. And if you’re paying $100K in tax, buying citizenship by investment will give you a 100% return on investment according to Henderson, in addition to freeing you from the system.

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“The equation is different for everybody, there are some people who would say ‘Listen, I don’t care if I can save 10 million dollars, my US citizenship is worth more.’ No doubt, there are people in China, etc. who would pay 10 million dollars for US citizenship. That’s a personal discussion. My goal is: if I can make an ROI in six months or less, it’s worth it. If you look how much you’re going to save in the long run, you save the money every year, [and] you’re freeing yourself from what I call ‘a psycho ex-girlfriend’,” Henderson opined.

As for client reactions to being told they should renounce their citizenship, Henderson said it gave him a lesson on human behavior. “People, especially men, it’s hard for men to be vulnerable. They say ‘Yeah, I’ll renounce! Yeah, I’ll buy a passport!’ and then when they talk with the rest of the team who is about to help them proceed with the plan we hear: ‘Well, I’m concerned about it…’ When we say that renouncing is the best thing, most people get concerns or they delay the process. The problem is, you don’t know how it works until you do it, and once you do it – you can’t undo it.”

Would you consider renouncing your citizenship? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post Why Cryptocurrency Investors Are Renouncing Their US Citizenship appeared first on Bitcoin News.

RELATED CONTENT:

FAQs: What is "public charge" and how does it affect green card applications?

FAQs: Taxes and your Immigration Status

What happens at a naturalization interview? What should I expect during my citizenship interview appointment?

Rasoulpour Torregoza is the law firm for immigrants, by immigrants. We are founded on the motto of LegalEase: we do away with the legal jargon and make law easy to understand, so you can focus on what’s important to you – going for your American Dream. Contact us at (888) 445-7066 or [email protected]. We are also on social media and on Skype: @LegalEaseUS. || www.LegalEase.us This website and blog constitute attorney advertising. Do not consider anything on this website or blog legal advice as the law is dynamic, particularly in the immigration field and nothing in this website constitutes an attorney-client relationship being formed. Set up a one-hour consultation with us before acting on anything you read here. Past results are no guarantee of future results and prior results do not imply or predict future results. Each case is different and must be judged on its own merits.

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miichellejone · 5 years ago

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Can I Get Medicare if I hold An Australian Visa?

If you’re applying for an Australian Visa, you’re probably wondering what your healthcare entitlements are under Australian Law. Australia has a strong public health care program. However, not every person holding an Australian visa is covered by the Medicare Program.

Some visas will specifically require you to purchase private health insurance and maintain that coverage throughout your stay in Australia. Once you are granted a visa, a permanent resident visa or Australian Citizenship, you will then be entitled free access to the Medicare Program. However, until that is granted, your access to Medicare can often be a little more complicated.

What is Reciprocal Health care cover?

Australia has reciprocal health care agreements in place with some specific countries. If you are a visitor, or you hold a visa, and you’re from one of these specific countries, you may be able to access some of the publicly-funded care under Medicare Australia. However, it is important to keep in mind that not all agreements between countries are similar and the reciprocal health care offered is not equal. Consequentially, the entitlements may vary between the following countries. Australia currently has reciprocal agreements with the following countries:

New Zealand

Sweden

Slovenia

Norway

Malta

The Republic of Ireland

Netherlands

Italy

Finland

Belgium

This is likely to apply to the standard of care which you will receive under reciprocal health care agreement and would generally apply irregardless of the type of visa that you hold. Likewise, visa holders from certain countries may be able to enroll in Medicare for up to 6 months from their travel in Australia. You should check precisely the level of cover provided under the reciprocal agreement for your specific country. If the cover is not complete and comprehensive, we recommend that visitors also purchase overseas visitor health cover as a standard insurance policy to cover you during your time in Australia.

Permanent Visa Holders and Applicants

As a permanent resident visa holder or applicant, you may also be able to obtain a Medicare card. It is important to know the range of exclusions that are placed and some applicants will need to pass through cooling-off periods before they can access Medicare. If you are living in Australia and you’ve been granted permanent residency, you should visit the Medicare center and apply for Medicare card.

If you are a visitor from a selected country with the reciprocal agreement in place, you should also be able to apply. When you’re enrolled in Medicare with your bank details, any reimbursements will be directly paid into your account. When you attend the Medicare office in order to enrol in Medicare, you should also take the following documents with you:

Passport for every person who is applying

The Visa grant letter for each person

When an applicant does not have permission to work, they will need to provide evidence that their spouse, parent or child is a permanent resident.

Can I Get Medicare on a Bridging Visa?

You can enrol in Medicare if you’ve applied for either:

a permanent residency visa

a permanent protection visa.

You can also enrol in Medicare while you’re appealing a refusal decision or requesting Ministerial Intervention.

You generally cannot enrol in Medicare if you have only applied for a Temporary visa.

For more information, check out the Department of Human services website here.

If you’d like to learn more, you should contact Summit Migration for assessment of your eligibility under the Partner Visa program.

The post Can I Get Medicare if I hold An Australian Visa? appeared first on Summit Migration.

Can I Get Medicare if I hold An Australian Visa? posted first on https://www.summitmigration.com.au/

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gracewang-293942 · 5 years ago

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How to choose among traditional immigration countries, European countries and small country passports?

With the development of the economy and increase opportunities for departure, having multiple international identities has become the choice of most high-net-worth individuals.

But which country is the best for you? What immigration status is right for you? And how to choose among traditional immigration country, European country and small country passport?

1. Traditional immigrant countries

Such as UK, US, Australia, Canada, New Zealand. Traditional immigrant countries have an irresistible appeal to many people who want to immigrate. The reason is inseparable from the well developed economies, high-quality education, rich social welfare and perfect living environment.

However, with the growing demand for immigration, the maturity of immigration policies, and changes in domestic and foreign situations, immigration policies in these countries have gradually tightened, immigration thresholds have increased, and the application period has been relatively long.

2. New European immigrant countries

Such as Ireland, Greece, Austria, Portugal, Cyprus, Malta. In recent years, due to early economic problems in many European countries, immigration policies have been relatively open in EU. Short application periods, stable policies, low thresholds and high cost performance are common characteristics of many European immigration programs.

In addition, these European countries are not inferior to traditional immigration countries in terms of living environment, education and welfare. And with the status of EU and Schengen member states, they also can pass unimpeded on the European continent.

3. passports of small country

Such as Saint Kitts and Nevis, Turkey, Cyprus, Antigua and Barbuda. When choosing a passport program, you should not only consider about the function, price, value of it, what's more important is to choose a professional immigration agency, and then choose the most suitable immigration program according to your needs.

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canadaetavisaapplication · 5 years ago

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Canada Electronic Travel Authorization

Prior to 2016, travelers from visa-exempt countries wishing to travel to or transit through Canada could do so without the need of a visa. In April 2015 however, Canada adopted an Electronic Travel Authorization (eTA) program that is in line with the Electronic System for Travel Authorization (ESTA) in the United States and the Electronic Travel Authority(eTA) in Australia. Since August 1, 2015, eligible travelers were able to apply online for an Electronic Travel Authorization (eTA) for visiting Canada. And, starting 15 March 2016, it was made mandatory for travelers from visa-exempt countries to be in possession of an Electronic Travel Authorization (eTA) to board a flight to Canada. Let us further elaborate on the process of eTA by way of some frequently asked questions:

What is an eTA?

An eTA or an Electronic Travel Authorization is an electronic endorsement given by the Canadian Immigration authorities to visitors from visa-exempt countries to fly to Canada. It is an automated procedure that allows Canadian Immigration authorities to examine and screen passengers before they disembark in Canada and ascertain their eligibility to enter Canada to evade any security risk.

Which are the Visa-exempt Countries for Canada?

Citizens from the following 55 countries could travel to Canada visa-exempt before March 2016:

Andorra, Australia, Austria, Bahamas, Barbados, Belgium, British citizen, British National (Overseas), British overseas citizen (re-admissible to the United Kingdom), British overseas territory citizen with citizenship through birth, descent, naturalization or registration in one of the British Overseas Territories, British Subject with a right of abode in the United Kingdom, Brunei Darussalam, Bulgaria, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong Special Administrative Region of the People’s Republic of China, Hungary, Iceland, Ireland, Israel, Italy, Japan, Republic of Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Netherlands, New Zealand, Norway, Papua New Guinea, Poland, Portugal, Romania, Samoa, San Marino, Singapore, Slovakia, Slovenia, Solomon Islands, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates, United States, Vatican City State.

Why was eTA introduced by the Canadian government?

Before the formulation of the eTA program, the Canadian Government had a limited competency to screen overseas visitors. Citizens of visa-exempt countries could not be examined until they arrived at the port of entry in Canada. Later in March 2016, the Canadian government kicked off an eTA program, which helps them customize their screening requirements based on threats posed by travelers, making it faster and easier for authentic low-risk travelers from visa-exempt countries to travel to Canada.

What do I need to apply for an eTA?

You would need: a valid passport from a visa-exempt country, a valid e-mail address (to receive notifications from immigration) and a valid credit/debit card (such as Visa, Mastercard, American Express, UnionPay, JCB card or Interac) to make a payment towards the eTA processing fee.

What are the points I need to remember while filling up the eTA application form?

Some important tips while filling up the form are:

You can only apply and pay for only one person at a time. E.g., if you have a family of three, you need to fill out and submit three different forms.

Print your receipt as soon as you are done with the process, as it is not available afterward.

You would receive any notification my mail only. Make sure you check your spam or junk folder to make sure that spam filters have not blocked automated emails from IRCC.

You have limited time to complete the form, and your information can not be saved. If you need more time, make sure you click the “Continue session” button, when the “Session timeout warning” box appears.

Make sure you enter the passport details correctly, as your eTA is electronically linked with your passport and you won’t be allowed to board the flight if you entered a wrong passport number.

It is highly advisable to fill out any personal and passport related information cautiously, as any information on the eTA form cannot be modified once the form is submitted.

How much time does it take to obtain an eTA?

Most applicants get their eTA approval (via an email) within minutes so that an eTA application could be submitted near to the intended date of departure. However, since some requests can take several days to process if you're asked to submit supporting documents, it is advisable that travelers apply for an eTA well in advance of the intended date of departure.

Who needs an eTA to travel to Canada?

You need an eTA if you are one of the following:

A visa-exempt foreign national, flying to Canada or transiting through Canada.

A Permanent resident of the U.S., flying to or transiting through a Canadian airport.

A Citizen of Brazil, Bulgaria or Romania, flying to or transiting through a Canada if you have been in possession of a Canadian visitor visa in the last 10 years, or presently are in possession of a valid US non-immigrant visa.

How long can I stay in Canada with an eTA?

An eTA is valid for a period of five years for multiple entries, with each stay not exceeding 6 months, starting from the day on which the eTA is issued or until:

the day your passport expires, or

the day your eTA is canceled, or

the day a new eTA is issued to you.

Whichever is the earliest, if they occur before the end of the eTA validity period of 5 years.

Who is exempt from the eTA requirement?

Following do not need an eTA to visit Canada:

Visitors with a valid Canadian visa or the ones with a valid status in Canada (e.g., worker, visitor, or a student) who re-visit Canada after visiting the US or Saint Pierre and Miquelon.

French citizens who reside in St. Pierre and Miquelon and are taking a flight directly to Canada from Saint Pierre and Miquelon.

Non-Canadian passengers headed to, or coming from, the US (on a flight that halts in Canada only to refuel) and possess appropriate documents to enter the US, or were legally permitted to enter the US.

Non-Canadian passengers on a flight that makes an unplanned halt in Canada that was not scheduled.

Non-Canadian passengers who transit through a Canadian airport under the “Transit Without Visa Program” (TWOV) or “China Transit Program” (CTP).

Accident investigators, Crew members of the flight, and civil aviation inspectors who would be working in Canada.

Members are constituting Armed Forces of any country designated under the “Visiting Forces Act” visiting Canada to execute their official duties.

Diplomats certified by the Canadian Government.

What are the Basic requirements to enter Canada?

You will need to meet the following basic requirements to visit Canada:

Be a citizen of a country that is exempt from having to obtain a temporary resident visa.

have a valid travel document, such as a passport

have a valid eTA

have documents to convince the Border Services Officer (BSO) that you have ties—such as a job, studies, home, property, financial assets or family in your home country that you would go back to

have documents to convince the BSO that you will leave Canada at the end of your approved stay, such as an onward ticket or a return ticket to your home country

have documents to validate that you have sufficient funds to sustain your stay in Canada

have no convictions related to crime or immigration.

Does an eTA guarantee entry to Canada?

An eTA doesn’t guarantee entry to Canada. You could be denied entry if you fail to furnish documents asked by the BSO at the port of entry or fail to convince the border services officer that you have enough finances to support your stay in Canada or if you fail to convince him of your timely exit from Canada. Also, you won’t be admissible if you try to sneak false or incomplete information.

What are the possible reasons, my eTA could get refused?

The following reasons might bring about an eTA denial:

Providing a wrong passport number, i.e. a passport number that is lost or stolen

Having a history of visa denial

Having a history of inadmissibility into Canada

Having overstayed in Canada on a previous visit

Having links with criminal or terrorist organizations

Having engaged in unauthorized work on a previous visit

Not having convincing reasons for you to visit Canada.

Can I still travel to Canada, if my eTA is denied?

If your eTA is denied, you could still apply for a temporary resident visa at the nearest Canadian embassy or consulate in your country. You might be issued a “Temporary Resident Permit” based upon why you were deemed inadmissible in the first place and the continuing justification for travel.

What should I be prepared for once I enter Canada?

When you arrive in Canada, airport authorities will check your identity to ensure that you are the same visitor who has been approved to visit Canada, in the following ways:

Your fingerprints might be checked automatically at a primary inspection kiosk, which will help the system verify your identity against the data collected when your eTA application was submitted.

You would be approached by a CBSA (Canada Border Services Agency) officer at the port of entry, who would ask to see your passport and travel documents.

If you are a minor (below 18 years of age), the officer will check your passport, birth certificate and a letter of authorization, signed by both parents or by your legal guardian. This letter of authorization should list your parents’ details such as an address, telephone number, and similar details of the adult who would be your local guardian in Canada.

If you succeed the identity check and meet the entry requirements, the BSO may stamp your passport for 6 months or let you know how long you can stay in Canada, depending upon the motive of your visit to Canada.

The post Canada Electronic Travel Authorization appeared first on Canada eTA.

Article source here: Canada Electronic Travel Authorization

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coin-river-blog · 6 years ago

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Also Read: Major Players Discuss BTC Rollback Following an Alleged Hack

US Citizenship Is Costly and Toxic

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Where Do They Go and How Long Does It Take?

How Much Do You Need to Make It Worth Renouncing Your US Citizenship?

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Would you consider renouncing your citizenship? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.

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gs-offshore · 8 years ago

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Jurisdiction Spotlight: Malta (revisited)

I have practically run out of new tax havens to write about so it’s time to revisit some old articles, which I strongly feel are in need of some polishing. First in line is one of my personal favourites: Malta.

Overview

Malta is made up of a a couple of islands, mainly the island of Malta (which accounts for 77% of the area and 91% of the population), Gozo, and Comino (with its four permanent residents). It is tucked between the southern tip of Sicily and almost equal distances to Tunisia and Libya.

Despite its minute size and because of its strategically location, Malta has a very rich history. Practically all major socities or civilizations that have inhabited the Mediterranean have had presence in Malta and chances there are still echoes of them.

In 1964, Malta declared independence from the United Kingdom, becoming the State of Malta. It had thitherto been a crown colony since 1813. In 1974, the constitution was amended and Malta became a republic within the Commonwealth of Nations.

Malta’s history before 1813 is very interesting but also very convoluted. With many countries, it’s pretty easy to discuss their history either in broad strokes or in fine detail. With Malta, both are difficult because it got passed around between so many owners — sometimes as a gift, sometimes as a tribute, sometimes through conquest or uprising.

I may be biased because I spend a lot of time in Malta and have grown very fond of it.

English name: Republic of Malta Official name: Repubblika ta’ Malta Population: 445000 Area: 316 km2 Region: Europe Official language(s): Maltese, English Other major languages: None GDP (PPP): 16 billion USD GDP (PPP) per capita: 36,000 USD Currency: Euro (EUR) Government: Parliamentary republic Indepence: September 21st, 1964 Legal system: Mixed common law (English) and civil code (Roman and Napoleonic) Tax system: Worldwide, Remittance FATCA: IGA Model 1 CRS/AEOI: Yes (2017) OECD Rating: Largely Compliant TIEA: 5 DTC: 76 FATF 40+9: Compliant FATF AML Deficient: No Corruption Ranking: 47 (of 176) Narcotics Majors List: No Fragile States Index: Very Stable (39.6) Basel Index: 17 (of 149) Financial Secrecy Index: 50

Tax System

The Maltese system is such a special case that it needs its own headline before anything else. In no way is this a comprehensive explanation of how taxes work in Malta. You will probably need a tax adviser if you are thinking about using Malta to reduce personal or corporate taxes.

First of all, all persons are treated equally for income tax. That is, both natural persons (humans) and legal/juridical persons (companies) are subject to the same income tax legislation. But the tax rates are different and interpretation of laws are effectively different between natural and legal persons.

Second, Malta is one of very few jurisdictions to tax on remittance and domicile basis, although tax residence plays a significant role as well.

Domicile

Domicile is an intentionally vague concept. In practice, it is defined by looking at things like where a person is from (culturally, emotionally, family heritage), where a person intends to one day die and be laid to rest, and generally where a person belongs. For most foreigners with no family in Malta or Maltese at-birth citizenship, it’s enough to claim you have no intention of staying in Malta forever and you can qualify as non-domiciled.

Citizenship obtained through investment or residence doesn’t necessarily exclude one from remaining non-domiciled, although it does open you up to additional screening and consideration if questioned.

Residence

Residence is used as one factor when determining someone’s tax status. Generally speaking, if you live in Malta or if you are a legal entity which is incorporated in Malta or which has its operations and management in Malta, you are tax resident there.

Income Tax

Companies are taxed a flat rate of 35% on their profits. I will return to this later because as you can guess, Malta wouldn’t be one of the finest tax havens in the world if it were keeping 35% of companies’ profits.

Income tax on natural persons in Malta is progressive and goes from 0% to 35%.

However, if you are a foreigner and have a specialized profession with a salary over circa 84,000 EUR, you might qualify for the Highly Qualified Persons scheme with a flat 15% income tax. Chances are you would find this out from your employer and not from reading here, but maybe you stumbled upon this blog when looking for a new job and Malta sounded interesting.

Malta Incorporation and Business

General

It’s relatively easy to form a company and start a business in Malta. Easy, but not fast. The whole process generally involves a a lot paperwork than jurisdictions that have streamlined the process more, such as UK.

Once all the paperwork is filed with the MFSA, the company is usually formed in a couple of days depending on workload. I have seen same-day incorporation on a couple of occasions.

Obtaining a VAT number can take up to two months, so plan accordingly if you are starting a business that needs a VAT number.

Malta is one those jurisdictions where I would strongly and broadly recommend that you only use local corporate service providers. (The exception would be large, reputable multi-national service providers.) Starting a business in Malta is much more intricate than starting a business through an IBC-like entity. Chances are you will need local expertise.

Taxation

With one of the absolutely highest corporate tax rates in the world at 35%, you’re not the first to wonder why Malta keeps being classified a tax haven.

The trick is how it’s applied and, rather, how much of it you can get back.

Now, it’s out of the scope of this blog to discuss minute details of how tax laws work. In essence, though, if a Maltese company is owned by a non-domiciled shareholder, such as a foreign holding company, this shareholder can claim much of the taxes back.

The most common structure is that the Maltese trading company is owned by a foreign holding company. In this example, the Malta trading company would pay 35% and the foreign holding company would claim most of it back, for an effective tax rate of 5%.

That makes it the lowest effective normal corporate tax rate in the EU/EEA, not counting the special non-residence regimes of Gibraltar and Cyprus. And you can be resident in Malta while using this structure. As long as the ultimate shareholder is non-domicile, they can be resident in Malta all they want.

This is the point where I remind you that STREBER Weekly does not actually offer any tax advice.

Reputation

Malta has a generally excellent reputation. Its only significant reputational blemish is that it’s occasionally deemed a tax haven. However, it’s EU membership and strict compliance with international standards of transparency and cooperation keep Malta away from black lists.

Sometimes, people don’t know what or where Malta is.

Regulator

The MFSA oversees and supervises the corporate service sector. However, it is entirely possible and lawful to set up companies through someone who isn’t accredited by the MFSA.

Types of Legal Entities

There are a few different kinds but in reality, it’s rare to find something other than private limited company being used.

Bearer Shares

Not issued.

Record Keeping and Audit

All companies are required to keep records and all companies must submit to an annual audit, similar to for example Hong Kong. Some find this off-putting, whereas others accept or even embrace it. I see it as a necessary evil. It adds an operational and financial burden, but in return you can leverage the reputational advantages of being an audited company when applying for bank accounts, credits, loans, or otherwise engaging in business that requires due diligence.

For smaller companies, audits are often performed by an off-shoot of the same company as helped you set up the business. Fees start at just under 1,000 EUR and go up as your business transactions and complexity scale.

For accounting, you’re probably better off outsourcing; very often to the same company that helps you form your company. Fees vary a lot from 20 to 50 EUR per hour, depending on complexity and number of transactions involved. Some have a fixed minimum, some don’t. It’s usually negotiable and it can pay off to shop around.

Public Records

Directors, shareholders, and a number of other appointments are available for free and online via the MFSA Registry of Companies. Nominees and holding companies are often used, whether for tax or privacy reason.

In the case of holding companies, it’s up to the public records of that jurisdiction what information is ultimately made public.

Banking in Malta

General

Banking in Malta is suitable for personal banking and corporate banking alike. Non-residents are generally welcome but IBCs and other such offshore companies face hurdles and are often turned down.

Regulator

Banks are regulated by the MFSA, which is easily one of the most responsive, pragmatic, and nimble financial service authorities in the world today.

As I mentioned under Incorporation, some systems within the MFSA aren’t electronic or fully interconnected yet. If this doesn’t get resolved in the next couple of years, the MFSA might lose some its charm and favour.

Malta Banking License

Follows the same principles as all EU member countries, which I will get to in a future article.

Open a Bank Account in Malta

While it’s nowhere near as bad as Panama, opening a bank account in Malta is becoming increasingly difficult. The authorities work hard to keep away criminal elements and money laundering. In part, this is required where the banking sector is heavily used by financial service providers and gambling operators (online and offline).

Be patient and be cooperative. I have so far not seen Maltese banks ask for anything outrageous.

It’s usually not a problem to open a bank account for a local company (whether controlled/operated from Malta or not). Foreign companies will find it more difficult, especially those incorporated in shady tax havens and secretive offshore jurisdictions. BOV used to be easy-going here but have tightened up a lot recently.

Personal accounts for residents are pretty easy, even if many expats complain about being treated like criminals when they come to Malta. It can be hard to get credit cards without 100% security deposit as a new arrival in Malta.

Personal non-resident bank accounts in Malta are opened and in some cases can be done fully remotely, although your chances of success will improve drastically if you pay the bank a visit in person.

The banks are generally good, with reasonable fees, and sophisticated, modern internet banking. Two-factor authentication is well established, sometimes a bit overbearingly.

Banking Secrecy

There is no nor has there ever been any noteworthy banking secrecy in Malta. Authorities can easily compel banks and financial institutions to disclose information about account holders.

If you want to hide money, Malta is probably not where you’d do it.

Both CRS (AEOI) and FATCA are in place.

Banks in Malta

There have been 29 banks (credit institutions) licensed in Malta, of which two have surrendered their license and one has been revoked. Nemea Bank is still technically licensed even if the MFSA has recommended its license be revoked.

Of the active banks in Malta, some are worth mentioning in this context:

Banif – a very confused bank that some corporate service providers still insist on working with. It’s not a bad bank as such. They have ownership and management problems, though.

Bank of Valletta (BOV) – a long-standing favourite of mine. They have tightened controls recently and made it a lot more difficult to open accounts.

HSBC – in Malta, the H in HSBC stands for Headache.

Mediterranean Bank and MedCorpBank – a pretty good bank but limited in their services (still no cards, last I checked). Higher fees, but they are still quite receptive of offshore companies.

Satabank – very young, very promising bank. Compliance is tight but pragmatic. Known for its close ties to the popular EFI LeuPay.

Sparkasse – used to be a bit of a maverick, taking on all sorts of clients and turning a blind eye to compliance breaches. They have improved their controls and lost clients as a consequence, including some good clients that don’t like the bank’s new personality.

Nonetheless, Malta is not a jurisdiction where large sums of wealth are stored. I have had many clients grow significant wealth in Malta and once their personal assets start exceeding one or a few million EUR, I very often end up placing them with banks in for example Switzerland, Dubai, or Singapore that are better suited for long-term maintenance of wealth (whether it be private banking or just the peace of mind that a Maltese bank can’t offer).

Igaming (online gambling)

Malta operates one of the world’s finest igaming legislations. Hundreds upon hundreds of gambling operators and gambling websites, some holding their own license and many being white-labels that use someone else’s license, are based here. Some parts of the license application and maintenance procedures are a bit archaic and stiff, failing to be as pragmatic as for example UK and a handful other jurisdictions.

The MGA (Malta Gaming Authority) is a responsive and responsible overseer. Arguably, though, there is a conflict of interest in that the MGA is responsible both for licensing and for the enforcement of the gambling law. While player complaints are treated seriously and operators don’t like getting complaints notifications form the MGA, nearly all disputes are settled in the operators’ favour, even when it isn’t obviously the case. Still, the MGA is far better than many regulators in the online gambling world.

There is a threat on the horizon for the MGA and Malta, with more and more jurisdictions in the EU enacting local licensing regimes. UK, France, Spain, Italy, Belgium, Denmark, Ireland, and several others now require that operators hold a local license. While many operators in Malta are getting or already have such licenses yet still operate from Malta, it chip away some at the MGA’s revenue. Nonetheless, the MGA and igaming in Malta continue to grow year on year.

Igaming has made a strong impact on Maltese society, with thousands of foreigners (mostly North European) having settled on the island. It has created a boom in services and entrepreneurship that likely would not have come as quickly otherwise to Malta.

Living in Malta

Residence Permit

If you carry an EU passport – congratulations. You could just pack your bags, book a flight, and set up shop in Malta.

For non-EU citizens, there are quite a number of ways for highly skilled workers and entrepreneurs to relocate to Malta.

EU Blue Card

Economic Self Sufficiency

Employment/Self Employment

Long Term Residents

Head over to Identity Malta for more information.

Citizenship

Under the Individual Investor Programme, 650,000 EUR and some spare change in administrative and legal fees will get you a Maltese passport with full EU mobility. There is some debate as to whether you can vote; many of the locals prefer that you don’t.

This programme has been equal parts successful and criticized. The population is quite divided on the issue, with many seeing their nationality cheapened and others recognizing that its bringing revenue to the government.

Identity Malta is tough on compliance and turn down suspect applications. The whole screening and application process takes a couple of weeks to a few months depending on how much additional documentation is required.

As a general suggestion, avoid working with non-Maltese service providers if you plan to obtain Maltese citizenship by investment. You’ll want to go right to the source on this one and preferably one of the biggest and most well-established firms. Some shady reseller sitting in Latvia operating through a Seychelles company isn’t going to be childhood friends with a compliance officer at Identity Malta.

Otherwise, citizenship can be obtained through residence after five years or fast-tracked if you have family ties to Malta (including marriage). The turnaround time for these applications can be months or even years.

Taxation

With the right structure, it is possible to live in Malta as an entrepreneur and pay very little tax.

If you hold a salaried position with an employer earning at least 82,353 EUR per year and you qualify under the Highly Qualified Persons Rules, you can still enjoy a very favourable 15% tax rate.

But even at normal tax rate, it’s well below EU average.

On top of this are a number of concessions for foreign incomes, passive incomes, and foreign passive incomes that all together can make Malta very attractive for nearly every situation.

Final words

Don’t come to Malta if you want to live tax free through shady offshore companies and bank accounts shrouded by impenetrable banking secrecy. Not that you couldn’t do it in Malta. You can because controls on foreigners is pretty lax. Rather, don’t do it because there are perfectly legal and relatively simple means to achieve an almost tax-free life in a country that’s easy to migrate to for EU/EEA nationals and where the sun shines 300 or so days a year.

Although Malta has lapses when it comes to disclosing ownership, it is also not a place where you can expect significant secrecy comparable to the likes of BVI or Cayman Islands. Malta is close to fully compliant with EU recommendations.

Compliance can be a headache in Malta, but it’s how the island keeps its reputation so (mostly) nice and clean. It doesn’t want to become Cyprus. Have all your papers in order and be prepared to have to get more.

Come to Malta with your legitimate business or wealth, structure it correctly, and you can enjoy a very comfortable life.

The post Jurisdiction Spotlight: Malta (revisited) appeared first on STREBER Weekly.

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gs-offshore · 8 years ago

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AEOI Mitigation (How to Avoid AEOI, CRS, FATCA)

The idea of automatic EOI (AEOI) goes back far in time and finding means to avoid AEOI is an idea at least as old. The first realizations were first the so-called EU Savings Directive and then the big bomb: FATCA.

EOI is short for Exchange Of Information. The information referred to here can be divided into two broad categories: banking information and non-banking information.

Banking information is information related to a bank account; traditionally the kind of information presumed protected by banking secrecy.

Non-banking information is information about legal entities (companies, partnerships, foundations) and trusts.

What about TIEA?

With the adoption of the Common Reporting Standard (CSR), whose implementation is often called AEOI (Automatic EOI), the need for TIEAs has decreased dramatically.

However, because the CSR doesn’t automatically exchange the minute details about corporate ownership and instead mostly focuses on banking information, there is still a need for TIEAs to be signed.

Banking Information

Under the old-style TIEA and similar arrangements, banking secrecy would sometimes block EOI and while this was criticized, it was more or less accepted as normal order of business in the world of international financial services and regulatory enforcement. You did what you could with TIEA and went after people based on ownership.

Non-Banking Information

With FATCA and CRS/AEOI, the focus has been almost exclusively on banking information. By and large, companies that do not bank are not subject to automatic disclosure. If you form an offshore company and it doesn’t hold a bank account, it’s possible even in this day and age to keep the company confidential.

Understanding UBO

Long-term readers and industry veterans will know what UBO is and traditionally has been. Short for Ultimate Beneficial Owner, the UBO is a person who ultimately benefits from a financial arrangement, such as a bank account or a company (or a trust, or a foundation, or an exotic multi-layer arrangement).

I explained this in detail in a recent article, Offshore Basics.

CP and PSC

These are relatively new terms and have come about after arrangements were made to make UBOs essentially not UBOs. I.e., structures were put into place by service providers, law firms, and agents whereby an UBO under existing UBO definitions were declared but weren’t actually the person benefiting from the setup.

A CP is a Controlling Person and a PSC is a Person with Significant Control. These concepts are relatively new at least as parts of the general discourse.

Recognizing that UBO dodging was prevalent, the concepts of CP and PSC were introduced to capture persons that control a company or other through other means other than company ownership.

Reporting Profile

The terminology is still pretty loose here, but I’m seeing Reporting Profile used more than anything else right now. In addition to how banks score applicants based on their Risk Profile (as I talked about recently), you are also assigned a Reporting Profile based on a myriad of factors, such as:

Citizenship

Residence

Mailing addresses

Employer

Phone number

IP address geo-location

Email top-level domain

Language

Ethnicity

Of course, not all parameters are treated equal. Having a US citizenship is a lot more likely to qualify you for a FATCA Reporting Profile than having an email address that ends in .us.

My point is that banks piece all these data points together to determine what type of reporting they are obligated to do for your account. You can have multiple Reporting Profiles if you for example fit under both FATCA and CSR/AEOI.

You can also (and as such) be reported to multiple jurisdictions, so-called multi-jurisdictional reporting.

Techniques

A colourful plethora of words have sprung up to describe means, mechanisms, and techniques to mitigate exposure to AEOI.

Evasion

Evasion of AEOI is when a person leverages non-compliant or non-signatory jurisdictions.

This is typically illegal or at least non-compliance with regulations.

Deception

Deception to mitigate AEOI is when a person lies to banks and service providers regarding the person’s citizenship, residence, and other factors that go into ascribing someone a Reporting Profile.

This, too, is typically illegal or at least non-compliance with regulations.

Obfuscation

Now we’re entering the more lawful territories.

With the introduction of CP and PSC declarations, obfuscation has become quite a lot harder but it’s still possible.

As much as I wish I could be more specific here, I can’t because obfuscation requires intricate knowledge of the applicant’s situation. If you’re a Swede living in New Zealand, operating an online business through a Hong Kong company with a subsidiary in UK and bank accounts in Hong Kong and Switzerland, you’re going to be in a whole different situation than a South African national (with UK dual citizenship) living part-time in Namibia and part-time in Singapore with a passive income earned through a Hong Kong holding company owned by a BVI company, both of which bank in different jurisdiction.

In essence, for every factor that is unique about you, count the number of possible permutations for that factor, and then multiply the number of permutations for each factor. Then double it for good measure. That’s, more or less, how many possible unique situations there are.

Adaption (Mooting)

This is the peace and quiet approach, where you make arrangements to be fully compliant.

You can spice this one up a bit by going for mooting, where you make reporting moot by making lawful arrangements whereby the reporting doesn’t matter or at least doesn’t cause a negative impact on your life. For many, this means moving to a jurisdiction with tax advantages, such as UAE, Panama, or Malta.

It might in many cases not end up tax free, but it instead comes with the advantage of being legal and sustainable with relatively little to no headache. There should be no risk of repercussions due to tax law non-compliance to you or your business.

How to avoid CRS/AEOI

Illegally, keep running from one jurisdiction to another to use evasion or deception techniques. While stressful and impractical in many cases, it can absolutely work in cases where the reputation of jurisdictions don’t matter much or where uprooting and suddenly moving company or bank account to a new jurisdiction isn’t going to cause a ton of friction.

Legally, stop being the UBO, CP, or PSC of a company, trust, foundation, or similar and any bank accounts associated with them. This can be done by obfuscation or by mooting, as explained above. Basically, you need to remove yourself from the entity or arrangement in question to such a degree that you do not fall into any Reporting Profile.

Even though it has undergone revisions and quality control, there are still loopholes in the Common Reporting Standard. I’m not aware of any reputable, reviewed, public sources but if you search around the web for “CRS loopholes”, there are websites out there describing loopholes. (I don’t at all mean to imply that the websites are irreputable or conclusively state that the information therein is incorrect. Just be careful taking free legal advice about loopholes.)

How to avoid FATCA

Illegally, stay informed about jurisdictions that haven’t signed IGA and even in such jurisdictions, make sure you don’t bank with a bank that has on its own volition opted in for FATCA compliance.

Legally, stop being a US person, stop being a US citizen, stop being a permanent resident in the US, stop being even a temporary non-tourist resident in the US, and stop having any strong ties to the US.

Conclusion

If you have reached the end of the article and find yourself thinking “You wasted my time, Streber, just tell me how to avoid CRS, AEOI, and FATCA” or “I thought you were cool“, I have two things to tell you:

Re-read the article. The whole thing. Every paragraph.

Understand that CRS/AEOI is good business for many service providers out there. As I mentioned in the epilogue to The Best Offshore Banks of 2016, AEOI is good business for me. It’s good because it is cleaning up the industry’s reputation, it’s indeed lucrative to make obfuscation and adaption/mooting structures and arrangements (although the gold rush is dying down/will die down as things normalize and competition picks up), and – this is truthfully one my main drivers – it’s a lot of fun and professionally challenging to do.

Those who throw up their ands and declare banking secrecy and offshore secrecy dead are obsolete service providers.

The reality for most is that adaption (mooting) is cheaper, safer, and preferable than any other option. With the right financial means, obfuscation arrangements can be made. As a general rule, it’s probably not worthwhile unless the assets have a seven-figure value of some kind.

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