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By Ministry Of Financial Services By giving institutional investors more investment options, the Insurance (Amendment) Bill, 2022 is intended to strengthen the Cayman Islands' position in international reinsurance and domestic insurance.Minister of Financial Services and Commerce, the Hon. André Ebanks, will bring the amendment to the Cayman Islands Parliament during its third meeting of the 2021-2022 session, which will begin on Wednesday, 8 June.He also will present the Public Recorder (Amendment) Bill, 2022; and table the Auditors Oversight Authority's Annual Report for the Year Ended 31 December 2021, and Audited Financial Statements for the year ended 31 December 2021.Minister Ebanks said...

FOREIGN DIRECT INVESTMENT NEWS 2022

Erdogan government raises amount that foreigners must invest in property in order to become eligible for citizenship ANKARA: A price hike for foreigners seeking citizenship through real estate investment is the latest attempt by the Turkish government to ease the country’s financial woes. The move is estimated to help Turkey overcome its current account deficit and change the profile of foreign investors. “Only up to June 3 you can apply for Turkish citizenship by investing $250,000. Obtain a Turkish passport and citizenship in the most prestigious projects in Istanbul,” a popular advertisement reads. Amid widespread criticism of skyrocketing house prices...

IMMIGRATION BY INVESTMENT NEWS 2022

Becoming a Danish permanent resident could become easier than before, as the New Danish Minister for Immigration and Integration, Kaare Dybvad Bek, has expressed his intentions to facilitate the procedure for workers.  In an interview with Politiken newspaper, Minister Bek said that people engaged in paid internships should be considered as sufficient criteria for permanent residency, saying he wants Denmark’s immigration rules to be “tight, but not crazy,” SchengenVisaInfo.com reports.  More specifically, the minister said that internships and trainee programs should count toward the work requirement, indicating that applicants for permanent residency must have worked for at least three years and six...

IMMIGRATION BY INVESTMENT NEWS 2022

By Samir Kajosevic Prime Minister Abazovic on Thursday in Brussels vowed to end the economic citizenship program by December 31, following criticism of such programs by the European Commission. Montenegrin Prime Minister Dritan Abazovic on Thursday said during his first official visit to Brussels that the controversial economic citizenship program will end on December 31. Abazovic’s minority government was elected on April 28, with a one-year mandate to prepare for early elections next spring.   “The government understands the negative comments of the European Commission when it comes to the program of economic citizenship. I think it is clear that the...

IMMIGRATION BY INVESTMENT NEWS 2022

By Nabila Rahal Ten-year-residency and similar initiatives, coupled with UAE’s coronavirus response, are the driving forces behind property market’s success, the ZāZEN Properties COO said Recent updates to the UAE’s Golden Visa regulations have a positive impact on many sectors, including Dubai’s real estate said, Madhav Dhar, Co-founder and COO, ZāZEN Properties. Dhar credits the recent updates to the ten-year residency, along with the successful coronavirus response that the UAE exhibited, for the significant recent boom in Dubai’s property market. In an exclusive interview with Arabian Business, Dhar also discusses the importance of sustainable real estate, especially in light of the UAE hosting COP28...

IMMIGRATION BY INVESTMENT NEWS 2022

By Tax Notes Staff Elodie Lamer and Nana Ama Sarfo of Tax Notes discuss the tax implications of golden visas and passports, which allow affluent foreigners to receive residency or citizenship in exchange for a minimum level of investment.   This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I'm David Stewart, editor in chief of Tax Notes Today International. This week: good as gold. The idea of immigration often conjures up black and white images of huddled masses on ships in New York Harbor. People seeking new opportunities to make their fortune. But what happens for people...

IMMIGRATION BY INVESTMENT NEWS 2022

Features of the Incubator Fund  The BVI’s Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015  (the “Regulations”) introduced the "Incubator Fund” which provides a streamlined basis for start-up investment managers to establish a track record of managing funds with an open-ended strategy. The Incubator Fund regime under the Regulations does not have some of the more stringent requirements that are found with the more established investment fund options (such as Professional Funds, Private Funds, or Public Funds) under BVI law.   The key features of an Incubator Fund are:   - Limited to a total of 20 Investors (Sophisticated Private...

FUNDS & FUNDS SERVICES EXPERT INSIGHTS 2022

With inflationary pressures coming to the fore in certain areas of the global economy and the continuing impact of Covid-19, there are many important and urgent issues to discuss. In our capacity as offshore legal advisers, we wanted to highlight some of the features from our Investment Funds/M&A and Finance practice from 2021 which we think will continue to trend in 2022, subject to global economic pressures, the recovery from the impact of the pandemic and the economic fallout from the developing conflict in Ukraine.  Series Financing: Many of the legal developments and client trends in 2021 will continue to...

FUNDS & FUNDS SERVICES EXPERT INSIGHTS 2022