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In a televised speech on Saturday, Greek Prime Minister Kyriakos Mitsotakis announced that the minimum investment amount required under the property investment option of the golden visa program is set to double. “In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a Golden Visa from EUR 250,000 to EUR 500,000,” stated Mitsotakis. The measure was announced at the Thessaloniki International Fair as part of a wider set of economic policies to be implemented, and the Prime Minister did not expound in detail on the...

IMMIGRATION BY INVESTMENT NEWS 2022

By Christopher SimpsonThe British Virgin Islands Financial Services Commission (FSC) has recently recognised Asia-based Fusang Exchange Ltd as its first digital securities and asset exchange. The Exchange was recognised by way of an amendment to the British Virgin Islands Regulatory Code (Recognised Exchanges) Notice, 2015, and took effect on January 5, 2022. The recognition paves the way for Asian-based, BVI-registered companies to benefit from the efficiencies of listing their shares digitally via equity tokens.Fusang joins other leading global exchanges such as the London Stock Exchange, the New York Stock Exchange, the Tokyo Stock Exchange, and the Toronto Stock Exchange, which...

PRIVATE & INTERNATIONAL BANKING NEWS 2022

Yogi Berra, the iconic American baseball catcher, famously said: "Make a game plan and stick to it. Unless it's not working."   US Federal Reserve Chair Jerome Powell may have had this quote in mind when he delivered his 'Jackson Hole speech on August 26th, as the world's Central bankers gathered in Wyoming for their first in-person economic symposium for some years. In contrast to his more optimistic and discursive 2021 effort (promoting maximum employment and transitory inflation), Chair Powell was short and direct, taking just 8 minutes and 49 seconds to deliver his speech. The price stability imperative and...

PRIVATE & INTERNATIONAL BANKING NEWS 2022

MAZATLAN, SIN – The construction of the Mzt Aerospace Park in Mazatlan, Sinaloa, aims to be the new research and development hub for the aerospace industry in Mexico.   This project has a feature that will make it more attractive, which will have its own airstrip to test experimental aircraft, as well as to provide maintenance to the aircraft through an MRO.   Lino Suárez Guzmán, Mexican entrepreneur and partner of Singular Aircraft, stated that the park was created to promote and develop the aerospace industry. The construction project of the Mzt Aerospace Park consists of two stages, the first...

FOREIGN DIRECT INVESTMENT NEWS 2022

by Shirley Ze YuConditioning G7 infrastructure financing on democracy will create a supersized China that is more empowered in the developing world. The G7 economies offered an unprecedented $600 billion infrastructure pledge—the first attempt to form a developing world “Marshall Plan” in the post-colonial era—at the G7 Summit last week. Given the $15 Trillion global infrastructure financing deficit before 2040, the G7’s commitment is encouraging, albeit meager. The plan was conceived by the world’s largest democracies to outcompete China in owning twenty-first-century global infrastructure. However, even worse than failing to outcompete China would be leaving much of the developing world to China.Infrastructure...

FOREIGN DIRECT INVESTMENT OUTBOUND INVESTMENT HIGHLIGHTS 2022

Switzerland has decided to no longer permit to enter the country visa-free Vanuatu citizens whose passports were issued on or after May 25, 2015.The decision has been taken on June 10, 2022, during a meeting of the Federal Council, according to a prior decision of the European Union’s Council to partially call off the visa waiver agreement with Vanuatu taken in early March upon an evaluation of the EU that Vanuatu’s investor citizenship programs, also known as Golden passports, bring risk to the EU countries.In a press release issued by the Federal Department of Justice and Police, which functions within...

IMMIGRATION BY INVESTMENT NEWS 2022

By Krishna Veera VanamaliCorporate tax avoidance costs countries anywhere from $100 billion to $240 billion annually, equivalent to 4-10% of global corporate income tax revenues, according to estimates from the Organisation for Economic Co-operation and Development or OECD.Developing countries are disproportionately affected because they tend to rely more heavily on corporate income taxes than advanced economies.The existing international tax rules are based on agreements made in the 1920s and are today enshrined in the global network of bilateral tax treaties. But they present two problems.The first is that the old rules provide that the profits of a foreign company can...

CORPORATE & FIDUCIARY NEWS 2022

By Chris Devonshire-EllisForeign direct investment and China's outbound investment have hit record levels.      Western media often takes aim at China’s Belt and Road Initiative, which has to be one of the inaccurately reported of all China’s State Initiatives. Readers themselves will be familiar with discussions of ‘slowdowns’, ‘disruptions’, ‘debt traps’, and all manner of problems. It is a similar story of China's domestic slowdowns, with a strict Covid policy attracting all sorts of negative attention amongst stories of ex-pats leaving China and Hong Kong ‘in droves’.While the latter to some extent is partially true, it is also understandable. Strict lockdown regulations...

FOREIGN DIRECT INVESTMENT NEWS 2022