Malta CBI Saved? Dutch Exit Taxes Incoming, Low-Tax Residency Options in San Marino, ++
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Investment Migration This Week
Summaries prepared by James Nuveen
San Marino, the world's oldest republic, offers unique tax incentives for foreign residents, including a 6% tax on pensions, a 3% tax on foreign-sourced dividends, and low taxes on corporate profits. Moreover, the country provides a slew of extraordinary residency options for investors, entrepreneurs, and retirees. Plus, Valentino Coletto notes that San Marino's tax system differs from many European countries by using a "single-phase tax" instead of vat.
The Dutch House of Representatives has passed a motion to explore “fair share” tax measures, including a potential exit tax for high-net-worth emigrants leaving for low-tax jurisdictions. The motion argues that because the emigrants have lifelong benefits of Dutch society, it's reasonable to expect them to contribute to the public good even after leaving. David Lesperance argues that while any concrete changes would require additional legislative steps, wealthy Dutch citizens will preemptively flee.
Canada has introduced new provisions for its Start-Up Visa program, offering open work permits to entrepreneurs awaiting permanent residency. The changes allow SUV candidates to apply for a three-year open work permit and work for almost any employer in Canada while developing their businesses.
The new process introduces potential delays due to the requirement of obtaining an Acknowledgement of Receipt before applying for the work permit, which Christopher Lennon and Melissa Godmer say could impact the program's competitiveness and applicants' ability to launch businesses quickly.
Despite facing processing delays, Egypt's Citizenship by Investment program has increased cabinet meeting frequency, resulting in faster processing and quicker approvals, while also implementing new regulations to enhance the program's framework. Key changes include shared property investments, new bank requirements for private sector purchases, and required building permits for all properties used in citizenship applications, which Hany Mostafa Moawad expects to increase demand for the program.
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The United Workers Party of Dominica has initiated legal action against the government to compel disclosure of contracts and financial operations related to the country's Citizenship by Investment program. Prime Minister Roosevelt Skerrit defends the program as transparent, highlighting its importance in funding national programs and warning that undermining it could cause economic dislocation. The government has established an Independent Due Diligence Unit and cooperated in international affairs, including with the UK to potentially restore visa-free travel for Dominicans.
The Advocate General's opinion in the European Commission v. Republic of Malta case supports Malta's Citizenship by Investment program, asserting that EU Member States retain sovereignty over nationality decisions, provided they don't systematically undermine EU law. While rejecting the need for a "genuine link" between citizens and the state, the opinion emphasizes the importance of rigorous due diligence in such programs to maintain EU citizenship integrity. Ivan L Petrov argues that the non-binding opinion, if adopted by the European Court of Justice, would validate investment-based citizenship programs within the EU.
Advocate General Anthony Michael Collins has recommended that the European Court of Justice dismiss the European Commission's case against Malta's citizenship by investment program, potentially reshaping EU citizenship laws. This opinion challenges the Commission's argument that Malta's program lacks a "genuine link" between applicants and the state, and supports Malta's position that citizenship matters fall within national competence. If the court follows this recommendation, it could have significant implications for investment-based citizenship schemes across the EU, potentially emboldening other countries with similar programs.
Investment migration people in the news this week included:
“It doesn’t matter which party wins in November, that feeling [of unease] will be there. But if Trump wins, it will be a little bit higher.”
Graph of the Week
President at Immigrant Business International Services Limited
1 个月In regards to Canada’s start up Visa program, this program is a revamp of the previous Entrepreneur program, which allowed Entrepreneurs to present a business plan and if approved, The Entrepreneur had 2 years to implement his/her business. The processing time was 6 months min to max of 8 months. Unfortunately it did not work. What needs to be done, Canada needs to stop making the same mistakes, what is needed is an Investor program, a passive investment program, allowing Entrepreneurs/ Investors to Invest at risk. The unfortunate reality, the start up Visa program has turned into a scam program ? Hence 2 years to process a file, more so Immigrants getting scammed.
RCBI Expert | US EB-5 Visa | EU Golden Visa | Caribbean CBI | Immigration
1 个月Insightful