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Citizenship and Residence PlanningPresentation to The Belgrade Wealth Forum
September 28-29, 2017
The Agenda
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
1. Henley & Partners and the Industry
2. Serbia- Facts and Citizenship Program
3. Top Citizenship-by-Investment Programs
4. Helping Clients Make Informed Decisions
5. Questions and Answers
Contents
Henley & Partners — Residence and Citizenship Insight Session 2017
Track Record
Over 20 years’ industry experience
Investment migration pioneers
Reach
Over 25 offices around the world
Global presence
Focus
Residence and citizenshipplanning
Program development for countries
Clients
High net worth individuals anand their families
Governments worldwide
About Henley & Partners
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Antigua and Barbuda
Australia
Austria
Canada
Croatia
Cyprus
Dubai (UAE)
Grenada
Hong Kong
Jersey
Latvia
Lebanon
Malaysia
Malta
Philippines
Portugal
Singapore
South Africa
South Korea
St. Kitts and NevisSt. LuciaSwitzerlandThailandTurkey
United Kingdom
Vietnam
Global Presence
Henley & Partners — Residence and Citizenship Insight Session 2017
Henley & Partners is the leading firm worldwide advising governments on residence and citizenship programs
Its assignments range from strategic consulting to assistancein the design, set-up and operation of residence- and
citizenship-by-investment programs
Unique Track Record in Government Advisory
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
The Difference Between Residence and Citizenship Programs
Citizenship• The right to vote• Ability to pass citizenship on to future generations
• Allows international travel• Affords protection from the state
Residence• The right to live, work, travel and study in a country
• Usually comes with conditions or requirements
• May give some travel rights• Can be withdrawn• Is likely to affect tax status
Henley & Partners — Residence and Citizenship Insight Session 2017
Ideal place of residence
• High quality of life
• Good education for children
• Access to modern and reliablemedical facilities
• Financial privacy
• High level of legal and physicalsecurity
• Low-tax jurisdictions orjurisdiction with special taxregimes for foreign investors
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Publications and Research from Henley & Partners
Global Residence and Citizenship Programs 2016 Report
Contains two indexes, reports on the industry, and provides an overview of 26 programs in total
Global Residence and Citizenship Handbook
New edition released annually — 700-page book covering the industry and the programs in great detail
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Henley & Partners — Global Events
Annual Global Residence and Citizenship Conference
Early November each year, 2015 in Dubai
2016 in London2017 in Hong Kong
Global Citizenship Seminar
Various locations worldwide on an annual basis
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Portugal• In 2015 , EUR 3 Billions + have been invested in the local economy,
since the Golden Visa program inception (mostly through capitaltransfer or real estate property purchase)
• More than 5,000 resident permits issued, mainly to Chinese andBrazilian applicants.
Greece• 1,684 resident permits issued since the program inception, mainly to
Chinese, Russian, Turkish & Egyptian applicants.
United Kingdom• During 2015 & 2016 more than 2,000 visas issued combined among
the entrepreneur and investor visa programs, with main interestderived from Chinese and Russian applicants.
Relocation – Facts & Statistics
Relocation Trends
Millionaire relocating
Remarks:
In 2015, 2.6 M + people have been commuting / changing residence within the EU among
popular destinations such as United kingdom , Poland Germany, Italy & France (In Number of
applications)
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
HNWI relocation trends
There has been an increase in the number of HWNI relocating, 64,000 in 2015 , 82,000 in 2016.
Migratory Outflow
Migratory Inflow
• France• China• Brazil• India• Turkey
• Australia• USA• Canada• UAE.
Main motivations for Relocation
• Personal safety (geopolitical context or due to the AEOI)• Visa Free travel (especially within the EU)• Tax optimization
Remarks:
In 2017, we noticed an significant demand for relocation from clients coming from the Middle
East , Latin America, France & China
Most popular programs in 2017: EU citizenship (Malta, Cyprus), Caribbean Islands and Portugal
Residence
About Serbia
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• Strategic geopolitical position, sharing borders with several countries
• The Danube, which is the most important river in Europe, flows through Serbia at a
length of 588 km
• Highly educated people, and skilled labor force available at competitive cost
• One of the lowest corporate tax rates in Europe of 15%
Serbia – An Attractive Country
Visa Restrictions first page
Henley & Partners Visa Restrictions Index V170327
7 Australia
Korea (Republic of,South)
170
8 Iceland 169
9 Czech Republic 16816710 Hungary
Malta
11 Lithuania 166
16512 Latvia
Liechtenstein
Slovakia
Slovenia
16413 Estonia
Malaysia
14 Poland 162
15 Monaco 160
16 Cyprus 158
17 Chile 157
18 Brazil 156
19 Andorra
San Marino
155
20 Argentina 154
Finland 22 Hong Kong (SARChina) 152
Italy 23 Brunei Darussalam 151
Spain 24 Israel 148
United States 25 Barbados 143
4 Austria 173 26 Mexico 142
Belgium 27 Bahamas 141
France 28 Uruguay 138
Luxembourg 29 Seychelles 137
Netherlands
Norway
30 Antigua and Barbuda
St. Kitts and Nevis
136
Singapore
United Kingdom
31 Taiwan
Costa Rica
134
5 Ireland (Republic of) 172 VaticanCity
Japan 32 Trinidad and Tobago 132
NewZealand 33 Mauritius 131
6 Canada 171 34 Venezuela 129
Greece 35 Paraguay 128
Portugal
Switzerland
36 Macao (SAR China)
Panama
127
St.Lucia
St. Vincent and the
Grenadines
Montenegro
51 Micronesia(Federated
106States of)
Russian Federation
52 Palau
Turkey
105
53 Bosnia Herzegovina 103
54 Moldova 102
55 Albania 98
SouthAfrica
56 Belize 95
57 Ecuador 83
Timor-Leste
58 Ukraine
82
59 Guyana
81
60 Kuwait
80
Maldives
Nauru61 Fiji 79
7862 Jamaica
Qatar
63 Papua New Guinea 76
64 Bolivia 75
65 Botswana 74
Suriname
37 Grenada 124 66 Bahrain 73
38 Honduras 121 67 Kazakhstan 71
United ArabEmirates Namibia
39 El Salvador 120 Thailand
40 Dominica 119 68 Georgia 69
Guatemala Kenya
41 Peru 118 Oman
42 Solomon Islands 116 69 Saudi Arabia 68
43 Serbia 115 70 Belarus 67
44 Samoa 114 Lesotho
45 Vanuatu 113 Malawi
46 Marshall Islands 112 71 Gambia 66
Nicaragua Swaziland
47 Tonga 111 72 Tanzania 65
48 Macedonia (FYROM) 110 73 Cape Verde 63
Tuvalu Tunisia
49 Kiribati 109 Zambia
50 Colombia 107 74 Azerbaijan 62
75 Philippines 61
1 Germany 176 Bulgaria
2 Sweden 175 21 Croatia 153
3 Denmark 174 Romania
Rank Citizenship/Passport Score
Benefits of a Serbian Citizenship
Serbia is ranked 43, according to the citizenship/passport source, allowing to travelvisa free to 115 countries
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Serbia Citizenship
Three ways to obtain citizenship:
Detailed information can be found at: http://www.mfa.gov.rs/en/consular-affairs/citizenship
A - By origin (if both or one parent is a national of the Republic)
B - By admission (if you are a foreigner who has a residence permit, shows that you will give up
your citizenship to get the Serbian one or if you are married to a Serbian national, you can also
express your desire to get Serbian citizenship
C- Serbians from the diaspora can get Serbian citizenship under the Article 23 of the Law (A
member of the Serbian nation who does not have residential status on the territory of the Republic
of Serbia can be granted citizenship of the Republic of Serbia if he/she is 18 years old or more, has
not been deprived of legal capacity, and submits a written statement that the Republic of Serbia is
his/her state’)
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• The country suffered from important economic sanctions and achallenging political situation
• An average salary in Serbia is around €450 per month• An unemployment rate at about 14% with prices not significantly
lower than in the rest of Europe
Emigration trend is on constant rise
Outflow of population to mainly
• Germany• Canada• Switzerland• England or the US
According to the World Report on operations, Serbia is the second in the world to lose highlyintellectual citizens in proportion to its population, and those usually leaving are electricalengineers, doctors, dentists and economists
The consequences of the civil war
Leading Citizenship-by-Investment Programs
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Citizenship-by-Investment Programs
There are currently only seven countries which offer citizenship programs that
provide a direct legal route to citizenship based on capital contribution and which
have passed Henley & Partners’ country due diligence
Other countries have similar provisions. However, in those countries there is no
established or clear practice and/or the programs are not transparent
St. Kitts & Nevis
Antigua & Barbuda
Grenada
St. Lucia
Cyprus
Austria
Malta
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Malta
Individual Investor Program
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• Launched in March 2014, over 1,400 applications in progress
• EUR 1 billion has been added to Malta’s Foreign Direct Investment pipeline
• High level of due diligence; only highly reputable applicants admitted
• Citizenship is granted to reputable applicants who pass due diligence and make
a significant economic and social contribution to the country
• The program has been designed by Henley & Partners and is managed together with
the Government of Malta
The Malta Individual Investor Program (MIIP)
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Main Requirements
• EUR 650,000 for main applicant• EUR 25,000 for spouse• EUR 25,000 for each dependent under 18 years• EUR 50,000 for each dependent over 18 years
Contribution to the National Economic and Social Development Fund
Contributions to approved financial instruments
• EUR 150,000 into bonds for at least five years
A residence in Malta for at least five years
• Lease a property: annual rent over EUR 16,000; or• Purchase of a property: value over EUR 350,000
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Cyprus
Citizenship-by-Investment Program
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• EUR 2 million — Real estate purchase option• EUR 2 million — Local business activities option• EUR 2 million — Participation in alternative investment funds
Main Requirements
Qualifying options; real estate or financial structure*
Due diligence and government fees
• EUR 7,820 per applicant over the age of 18• VAT and other taxes depending on selection
A residence in Cyprus forever** • EUR 500,000 in private residence if a ‘residential real estate’was not the qualifying investment property
*You may select a combination of any of the above qualifying options amounting to at least EUR 2 million. This combination may include a maximum contribution of EUR 500,000 in special government bonds of the Republic of Cyprus (excluding those on secondary market)**If qualifying by a EUR 2 million private residence purchase, you may liquidate after three years and replace your private residence with a EUR 500,000 property
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Summary — The Difference between Cyprus and Malta
Con: Good Health RequiredPeople with certain illnesses will not be able to acquire citizenship
Pro: Recoverable CapitalThe majority of capital is recoverable.
EUR 500,000 is locked in property but can be rented out
Pro: FlexibleApplication process may allow more
flexibility than other programs
Pro: Due DiligenceThe Government of Malta has engaged
Henley & Partners Government Advisory and implemented our
recommended due diligence standards
Pro: International TravelYou may travel to 167 countries, including
the US and other key destinations, visa-free with a Maltese passport
Con: Requires More CapitalMinimum requirement of EUR 2 million with the entire contribution being held for three years
Con: Due DiligenceThe government of Cyprus has not worked with Henley & Partners Government Advisory team nor implemented our recommended due diligence standards
Pro: Future SpousesNew wives may acquire citizenship in Malta after five years of legal residence
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Grenada
Citizenship-by-Investment Program
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• A contribution to the National Transformation Fund of USD 200,000 (for an applicant and up to three dependents)
• A purchase of government approved and designated real estate with a value of at least USD 350,000
To qualify for citizenship, applicants have two options:
An additional flat government fee of USD 50,000 applies for the real estate option. Additional due diligence fees of USD 5,000 apply for both options.
Additional government processing fees of USD 1,500 apply for both options. Government application and passport fees of USD 1,750 apply for both options.
Grenada — Citizenship-by-Investment
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• Fast processing time
• Relatively inexpensive
• Visa-free travel to 124 countries including China
• E-2 Investor Visa Treaty
• St. George’s University (American offshore)
• No wealth, gift, inheritance, foreign income or capital gains tax
• Citizenship by descent
Grenada — Citizenship-by-Investment Program
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
St. Kitts and Nevis
Citizenship-by-Investment Program
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• A contribution to the Sugar Industry Diversification
Foundation of USD 250,000 (for a single applicant)
• A purchase of government approved and designated real estate
with a value of at least USD 400,000
St. Kitts and Nevis — Citizenship-by-Investment Program
Additional due-diligence fees of USD 7,500 apply for both options and government fees of USD 50,000
apply for the real estate option
One of the world’s most
successful programs
To qualify for
citizenship, applicants
have two options:
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
St. Lucia
Citizenship-by-Investment Program
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• A contribution to the St. Lucia National Economic Fund of
USD 100,000
• Purchase of an approved real estate project with minimum
value of USD 300,000
• A contribution to an approved Enterprise Project with
minimum value of USD 3.5 million
St. Lucia — Citizenship-by-Investment Program
Due diligence and government fees are charged on all options
To qualify for citizenship,
applicants have four options:
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Antigua and Barbuda
Citizenship-by-Investment Program
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
• USD 200,000 for single applicant;
+USD 100,000 for a family of two, three or four
If family is larger than four people:
• +USD 25,000 per additional dependent under 18
• +USD 50,000 per additional dependent over 18
Contribution to the National Development Fund (NDF)
Real estate acquisition
• USD 400,000 property purchase
Additional government fees applicable as follows:
• USD 50,000 for main applicant
• USD 50,000 for spouse, and dependents over 18
• USD 25,000 per dependent under 18
or
Due diligence fees:
USD 7,500 for main applicant, USD 4,000 for dependents over 18, USD 2,000 for dependents 12–17 years
Antigua and Barbuda — Citizenship-by-Investment Program Requirements
Henley & Partners — Residence and Citizenship Insight Session 2017Henley & Partners — Residence and Citizenship Insight Session 2017
Marios RafailHead of Geneva Office
Henley & Partners Switzerland AG Quai des Bergues 231204 Geneve Switzerland
Telephone +41 44 266 22 22 Facsimile +41 44 266 22 23
marios.rafail@henleyglobal.com
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