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Increased demand for economic citizenship of Vanuatu has given the cyclone-battered south pacific island a massive financial boost, achieving a record US$33.3 million surpluses in the first half of 2020 and marking a 32% year-on-year increase in citizenship-related revenues, exceeding, by August, its annual projection.   These record revenues of 3.8 billion Vatu (US$33.3 million) created courtesy of the country’s Citizenship by Investment programme, comes at a time when such funds are desperately needed to boost Vanuatu’s fragile economy, which has been recently doubly battered, first by the coronavirus pandemic (with many losses in tourism) and then by the category five...

IMMIGRATION BY INVESTMENT NEWS 2020

Grand Duchy has become a preferred destination for funds investing in China The friendship between Adolphe Franck, a Luxembourgish railway worker, and Mao Zedong, founding father of the People’s Republic of China, was the foundation for four decades of close relations between the world's most populous nation and one of its smallest. Franck, an ardent communist, met the Chinese Communist party leader many times for business, sharing his patents on steam locomotives and rising to national fame across China. In 1979. the Bank of China chose the Grand Duchy as the location for its first overseas branch, a move that...

PRIVATE & INTERNATIONAL BANKING NEWS 2020

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

CORPORATE & FIDUCIARY NEWS 2020

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

IMMIGRATION BY INVESTMENT NEWS 2020

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

CORPORATE & FIDUCIARY NEWS 2020

Experienced expats lacking language skills for mainland Chinese clients shut out HONG KONG -- In a sign of changing fortunes in Asia's financial hub, it took almost a year for one experienced foreign private banker in Hong Kong to land a job after he was let go by his previous employer in early 2019.   The reason: most employers said they preferred -- and were easily hiring -- Mandarin speakers for such positions.   The banker, who is originally from the U.K. and has more than a decade of experience in wealth management in Hong Kong, was stunned when companies...

PRIVATE & INTERNATIONAL BANKING NEWS 2020

A major battle in the U.S.-China financial cold war could be fought over a decades-old currency peg. Money is whatever people will use to swap, store, and measure value. Since 1846, Hong Kong residents have relied on notes issued by commercial banks. And for almost four decades, they have been safe in the knowledge that 78 units of the local currency would always fetch 10 U.S. dollars. That certainty has spawned a globally competitive financial center.    But change is on its way. The people of Hong Kong may be asked to try out a new kind of money. Whether they bite could decide the outcome of a great superpower rivalry.  A digital renminbi trial will start in Hong Kong, according to China’s Commerce Ministry,...

PRIVATE & INTERNATIONAL BANKING NEWS 2020

COMPANY INTRODUCTION Founded in 1977, Pafilia is the largest privately-owned residential developer in Cyprus, dedicated to developing world-class properties for personal living and investment. With over 40 years’ experience, Pafilia is Cyprus’ leading luxury property developer with award-winning projects and a comprehensive property portfolio including Minthis, the island’s most exclusive golf resort, ONE, Europe’s tallest seafront residential tower, and Neo, which is set to be a new landmark in the country.  With our uncompromising effort in delivering the best in concept, design, quality and service, we continue to transform and set the benchmark for the Cyprus real estate sector. We...

IMMIGRATION BY INVESTMENT SPONSORED CONTENT 2020