Global Citizenship Seminar. Phnom Penh ǀ September 2018

Transcription

1 Global Citizenship Seminar Phnom Penh ǀ September 2018

2 Agenda 1. Welcome and Introduction to the Investment Migration Industry 2. Keynote Address from the Cambodia Chamber of Commerce 3. The World s Leading Residence-by-Investment Programs 4. Travel Freedom through Caribbean Citizenship-by-Investment Programs 5. European Citizenship-by-Investment Programs 6. New Citizenship-by-Investment Programs in Moldova and Montenegro 7. Questions and Answers

3 Welcome and Introduction to the Investment Migration Industry

4 UHNWI Citizenship Trends Region Considering Emigrating Permanently Considering a second passport / dual nationality Already holding a second passport / dual nationality AFRICA 19% 27% 28% ASIA 19% 26% 24% AUSTRALASIA 6% 12% 26% EUROPE 19% 20% 31% LATIN AMERICA 30% 45% 41% MIDDLE EAST 19% 35% 39% NORTH AMERICA 10% 16% 24% RUSSIA & CIS 45% 50% 58% GLOBAL AVERAGE 21% 29% 34% Source: Knight Frank: The Wealth Report Attitudes Survey 2018

5 HNWI s Around the World Movements (2016~2017) There has been an increase in the number of HNWI s relocating , ,000 Canada +5,000 United Kingdom -4,000 Russia -3,000 United States +9,000 Caribbean +3,000 France -4,000 Turkey -6,000 China -10,000 UAE +5,000 India -7,000 Brazil -2,000 Australia +10,000 New Zealand +1,000 Source:

6 Focus Residence and citizenship planning Program development for countries Clients High net worth individuals anand their families Governments worldwide Reach Over 30 offices around the world Global presence Track Record Over 20 years industry experience Investment migration pioneers

7 Global Presence Antigua and Barbuda Australia Austria Canada Croatia Cyprus Dominica Dubai (UAE) Grenada Hong Kong Jersey Latvia Lebanon Malaysia Malta Philippines Portugal Singapore St. Kitts and Nevis St. Lucia South Africa South Korea Switzerland Thailand Turkey United Kingdom Vietnam ` `

8 Comprehensive Advisory Process Focus: Introduction of client Develop a medium to long-term residence and/or citizenship strategy Provide a fully-managed process for busy people Implement and manage all administrative tasks when able. Fly to visit, meet at their office or home Procure the desired citizenship and/or citizenship Ongoing strategy optimization Implement strategy Understand client profile Define strategy Henley & Partners office in the target country Henley & Partners office nearest to the home country of the client

9 Unique Track Record in Government Advisory Henley & Partners is the leading firm worldwide advising governments on residence and citizenship programs Its assignments range from strategic consulting to assistance in the design, set-up, and operation of residence- and citizenship-by-investment programs

10 Selected Henley & Partners Government Advisory Milestones Design, implementation and international promotion of the Swiss Residence Program, which consists of agreements with a number of cantons and is linked to the lump-sum tax facility offered in the Swiss tax codes. Review and design of the new investment migration program for Latvia, which was launched in Widely recognized as one of the most advanced and successful residence programs in Europe. Review and reform of UK Tier 1 (Investor) Rules in Great Britain and launch of the new program in April Design, implementation and international promotion of the citizenship-by-investment program of St. Kitts and Nevis, the most successful citizenship program in the world until The firm also assisted in the negotiation of a visawaiver agreement between St. Kitts and Nevis and the EU. Design and partial implementation (including design of application forms) of a planned citizenship-by-investment program in Montenegro.

11 Selected Henley & Partners Government Advisory Milestones Mandated by the Government of Antigua and Barbuda to design and set up their new citizenship-by-investment program. Contracted by the government to promote the program internationally. Appointed by the Government of Grenada to revitalize and enhance its citizenship-by-investment program, making it competitive in the international market Review and reform of Canada s Federal Investor Immigration Program, including recommendation to increase required investments (together with HSBC Global Investor Immigration Services), which was implemented according to our recommendation. Design, implementation and international promotion of a new citizenship-by-investment program in Malta. The Malta Individual Investor Program is run by the government with Henley & Partners as concessionaire under a public services concession. It is the world s most successful citizenship program. Appointed as global concessionaire for the Thailand Elite Residence Program to assist with the global promotion of the program; development of a web-based application portal; and enhancement of the program.

12 The Difference Between Citizenship and Residence 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

13 The Leading Investment Migration Programs Henley & Partners assists individuals and their families to obtain citizenship and/or residence of the following countries: St. Lucia

14 The World s Leading Residence-by-Investment Programs

15 Residence-by-Investment The term residence-by-investment describes the policies of countries in which foreign persons may be granted a residence permit or card through capital contributions in the country Several countries have programs in place to attract foreign high net worth individuals in return for residence These programs are used to encourage wealthy foreigners to reside in their country

16 Reasons for an Alternative Residence Quality of Life Security Better quality of life, climate and personal security Cleaner environment Better healthcare and transport systems Safe alternative in times of instability More privacy in investment banking A defined and stable legal environment Education Taxes Graduation at high-ranking schools and language skills are becoming increasingly important as the basis for a successful career Often the only way to reduce the tax burden and regulatory restrictions legally is to relocate

17 Australia Residence-by-Investment Program

18 Australia Introduction Population: million Multi-cultural society Liberal approach to immigration it welcomes people to work and invest A high quality, affordable lifestyle Australia

19 The Business Innovation and Investment Program (visa subclauses 188 & 888) 1. The Business Innovation Stream For people with a successful business career and a genuine commitment to be involved as an owner in a new or existing business in Australia (188A) 2. The Investor Stream For people with a successful record of qualifying business or eligible investment activity who make a designated investment of AUD 1.5 million in a state or territory of Australia (188B) 3. The Significant Investor Stream For people who make an investment of at least AUD 5 million into a complying investment in Australia (188C) 4. The Entrepreneur Stream For business entrepreneurs who have secured a legally binding agreement to receive venture capital funding in Australia (188E) Involves a two-stage visa process: Applicants initially obtain a four year provisional (temporary) visa and then, after demonstrating a certain level of business or investment activity, they are eligible to apply for the permanent Business Innovation and Investment (subclass 888) visa.

20 2. The Investor Stream (visa subclasses 188B & 888B) Applicants must make an investment of AUD 1.5 million into a state or territory government bonds for four years Applicants must also meet the following requirements: Be less than 55 years of age Meet the business skills points test pass mark Have at least three years business or investment experience Have net business and personal assets of at least AUD 2.25 million After four years, applicants must meet the following requirements to be eligible for PR: Have continuously held the investment for four years Have a genuine and realistic commitment to continue in business or investment in Australia Have held the provisional visa and lived in Australia for at least two years in the last four years

21 3. The Significant Investor Stream (visa subclasses 188C & 888C) (1/2) Applicants must make an investment of AUD 5 million into a complying investment fund and maintain their investment for at least four years At least AUD 500,000 must be invested into a Venture Capital fund At least AUD 1.5 million must be invested into an emerging companies fund The balance of AUD 3 million can be invested into other eligible assets Applicants must also meet the following requirements: Must meet standard health and character requirements Must lodge an expression of interest and be sponsored by a state or territory No upper age limit or minimum English requirement No need to satisfy the business skills points test After four years, applicants must meet the following requirements to be eligible for PR: Have continuously held a minimum of AUD 5 million in a complying investment fund for at least four years Have been in Australia for a cumulative period of 160 days over the four year period of the provisional visa Applicants may be eligible to renew the visa up to two times for two years each time

22 The SIV program commenced on 24 November 2012 as of 31 March ,974 SIV visas have been granted 3. The Significant Investor Stream (visa subclasses 188C & 888C) (2/2) 1,644 (subject to regulations prior 1 July 2015) 330 (subject to regulations post 1 July 2015) AUD billion has been invested in Complying Investments Top five source countries Percentage of total visa applications China 88.1% Hong Kong 1.9% Malaysia 1.1% South Africa 0.9% Vietnam 0.9%

23 The Business Talent Program (visa subclause 132) 1. The Significant Business History Stream For highly successful business people who wish to invest in or start a significant business in Australia (132A) 2. The Venture Capital Entrepreneur Stream For entrepreneurs with a high-value business idea who have sourced AUD 1 million in venture capital from an Australian company or institution specified by the Immigration Minister (132B) These are permanent residence visas there is no provisional visa stage.

24 Australia Citizenship The applicant must: Lived in Australia as a lawful resident for at least four years, including one year as a permanent resident* Pass an English test involving reading, writing, listening and speaking** Pass a citizenship test Show the steps they have taken to integrate into and contribute to the Australian community Applicants must pass the Australian Citizenship Test, which focuses on Australia s values, history, and traditional and national symbols An applicant can fail the citizenship test only three times * Likely to change to four years of permanent residence ** Legislation to introduce the English test is currently before the Australian parliament.

25 Canada Quebec Immigrant Investor Program (QIIP)

26 Québec Introduction Largest City: Montreal Total Area: 1,542,056 km 2 Population: 7,568,540 One of ten Provinces of Canada Quebec is Canada's largest province by area and its second-largest administrative division The climate around the major cities is four-season continental with cold and snowy winters combined with warm to hot, humid summers

27 Québec Investment Requirements The main applicant and their spouse must have legally obtained a personal net worth exceeding CAD 2 million The main applicant must invest CAD 1.2 million for a period of five years at no interest (0%) under one of the two available Immigrant Investor Programs. The investment is government-guaranteed and will be repaid in full at the end of the investment period o A Canadian financial intermediary would be able to provide financing with an investment amount from CAD 350,000 The applicant must demonstrate proper business experience, as defined under the regulations. In essence, the applicant must have previously managed or operated a qualified business for at least two out of five years preceding their application. Businesses in one of the following categories are acceptable: o Businesses in agriculture, trade or industrial o A legitimate business enterprise employs at least two full-time employees o International office, government or departments or agents No Criminal Record

28 QIIP Advantages No language requirement No requirement to be a business owner No business plan requirement The only investment migration program managed by the government and guaranteed to repay the investment Permanent resident (PR) for family (does not include dependent children over 21)

29 Permanent Residence and Citizenship Time spent living in Canada A permanent resident can live outside of Canada but must live in Canada for at least two years in a five-year period. If you live outside of Canada for longer, you may lose your permanent resident status. You must show that you will be able to meet the minimum of 730 days of physical presence in Canada within five years of the date you became a permanent resident. Citizenship In order to be eligible for citizenship, the requirement is a physical presence in Canada for at least 1,095 days during the five years right before the date of signature of the application.

30 Portugal Golden Residence Permit Program

31 Portugal Introduction Population: 10.3 million Lisbon, Oporto and Guimarães have been European Capitals of Culture The Algarve is a scenic treasure with a long coastline of golden beaches and dramatic cliffs Portugal A Portuguese residence card allows you to live, work, and study in Portugal

32 Portugal The Golden Residence Permit Program A capital transfer Qualifying Options Purchase of real estate A venture that creates 10 jobs Alternative investments Allowing non-eu citizens to apply for a temporary residence permit based on capital contributions to Portugal Since the program s launch, over 6,400 permits have been issued, families who have started their applications to date have committed almost EUR 4 billion in foreign direct investment

33 Portugal Residence-by-Investment Program Requirements Current Options A. EUR 1 million; or B. EUR 500, Capital transfer into Portugal (flexible investments) 2. Purchase of real estate anywhere in Portugal Additional Options D. EUR 500,000; or E. EUR 350,000; or F. EUR 250, Capitalization of small/medium enterprises (SME) 2. Real estate purchase in an urban regeneration area 3. Real estate purchase older than 30 years 4. Investment into research activities 5. Artistic production or natural heritage Government fees over the five-year permit period: EUR 11,830 for main applicant EUR 10,530 for each dependent aged 16 or over

34 Portugal Statistics (8 October 2012 to 31 August 2018) Total Approval = 6,498 61% China 9% Brazil 4% South Africa Investment Route 95% Real Estate 5% Capital Transfer Real Estate 98% opt for EUR 500,000

35 Portugal Requirements for Citizenship Yes A separate application for each person aged 18 and over Letter from government stating you were a recognized resident in Portugal for six* or more years Reasonable knowledge (A2 level) of the Portuguese language Must not have been convicted of a crime Tangible connections with the Portuguese community: o o o o Portuguese bank accounts, income, investments Residential address and ownership Memberships of sports or leisure clubs, library, etc. Contribution of money and support to local charities * The Portuguese Nationality Law was recently amended by the Law no. 2/2018, of July 5 to allow an individual who has been a legal resident in Portugal for just five years to apply for the Portuguese Nationality. This Law is not yet in force, since the Portuguese Nationality Regulation is also to be amended accordingly.

36 United Kingdom Investor Immigration Program

37 United Kingdom Introduction Population: million One of the most attractive places in the world to live and do business United Kingdom International business environment London is the financial capital of the world World-renowned schools and universities Well connected with direct flight connections to almost all major cities in the world Strong and stable rule of law

38 United Kingdom Investor Immigration Program Part of the points-based system, the Tier 1 Investor category is for high net worth individuals who want to make a financial investment in the UK Quick processing time of one to six weeks No requirements on English language for the first five years Applicants are permitted to be gainfully employed or study in the UK Different Program Options: GBP 10 million or more may apply for PR after two years GBP 5 million or more may apply for PR after three years GBP 2 million or more may apply for PR after five years

39 United Kingdom Permanent Residence Status Conditions for Permanent Residence (PR) Residence Required English Requirement No Expiry Date No more than 180 days spent outside the UK in any 12-month period All applicants must pass a Life in the UK test (very easy, multiple choice) PR, once granted, has no expiry date PR will remain in force as long as the holder does not spend more than two years consecutively outside the UK

40 United Kingdom Conditions for Citizenship Each applicant must spend, on average, 75% of their time in the UK over five years Unlike for PR, each individual is on their own time-line

41 United States of America US Investment Immigration Program EB-5

42 United States Introduction Population: 314 million Multi-cultural society One of the most attractive places in the world to live and do business World-renowned schools and universities

43 The EB-5 Immigrant Investor Visa Permanent residence status (green card) for foreign investors who are willing to make a significant investment Purpose is to stimulate the US economy through job creation The options are: Active investment Min. USD 1 million or USD 500,000 (in a high unemployment area) Creating at least 10 jobs Passive investment Min. USD 500,000 into a Regional Center (investment vehicle), which assumes the responsibility of creating the 10 jobs The capital will get refunded after the holding period (5 7 years)

44 US Permanent Residence Status After approval of the application: Conditional PR (green card) valid for two years Three months prior to conditional PR expiry: Submit evidence that: Full investment has been made; and 10 jobs have been created

45 US Citizenship An application for citizenship can be made following a five-year residence period Conditions are: Basic knowledge of English Basic knowledge of US government and history

46 Singapore Global Investor Program

47 Singapore Introduction Population: 5.7 million One of the world s best places to live Singapore It is frequently voted best Asian city to live in One of the wealthiest and safest countries in the world

48 Singapore Global Investor Program Investors who are interested in starting up a business or investing in Singapore can apply for Singapore Permanent Residence (PR) status through the Global Investor Program (GIP). To be eligible one must: Prove an entrepreneurial track record of at least three years; and Own at least 30% of a company; and Company must have a turnover of at least SGD 50 million in the prior year and an average of at least SGD 50 million for the last three years The applicant can choose one of the following options: Financial commitment of at least SGD 2.5 million in either (1) a new business entity or (2) to expand an existing business entity; OR A financial commitment of at least SGD 2.5 million in a GIP-approved fund that invests in Singapore-based companies

49 Singapore Citizenship Upon GIP approval, applicants are issued with a PR and Re-Entry Permit (REP) for five years. Following the first five years, the REP will be renewed for another five years if the applicant and his/her dependents have resided in Singapore for more than half of the time. An applicant who is granted PR for two years is eligible to apply for Singapore citizenship Maximum of one year absence from Singapore out of the two years prior to the date of application Singapore does not allow dual citizenship

50 Leading Citizenship-by-Investment Programs

51 Citizenship-by-Investment The term citizenship-by-investment describes the policies of countries in which foreign persons may gain citizenship through significant capital contributions in the country Several countries have programs in place to attract foreign high net worth individuals in return for citizenship The intention is to build a long term affinity between their country and highly successful people

52 Reasons for an Alternate Citizenship (1/2) Visa Waivers Retirement Opens travel to countries previously restricted by time-consuming visa application processes Freedom to retire in a safe country without worrying about changing immigration laws Independence Mobility Be able to travel or have the option to relocate at any time Freedom of movement when some nationals are overly exposed to physical or financial threats

53 Top Global Ranking 2018: The Henley Passport Index 2018

54 Southeast Asia Ranking 2018: The Henley Passport Index 2018

55 Reasons for an Alternate Citizenship (2/2) Protection Tax Planning Increased privacy in banking and improved physical security Citizenship is one of the tie-breaker rules in most double tax treaties Expatriation Security To renounce citizenship another citizenship must be acquired first Guarantees a secure and truly permanent alternative place to go; the permanent right to reside

56 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 Antigua & Barbuda Malta Austria Moldova Cyprus St. Lucia Grenada St. Kitts & Nevis Other countries have similar provisions. However, in those countries there is no established or clear practice and/or the programs are not transparent

57 Travel Freedom through Caribbean Citizenship-by-Investment Programs

58 Henley & Partners Residence and Citizenship Insight Session 2017

59 Caribbean Citizenship-by-Investment Program Requirements Minimum Contribution Antigua & Barbuda USD 100,000 Dominica USD 100,000 Grenada USD 150,000 St. Lucia USD 100,000 St. Kitts & Nevis USD 150,000 OR Real Estate Options Antigua & Barbuda (LTO) USD 200,000 Dominica USD 200,000 Grenada USD 350,000 St. Lucia USD 300,000 St. Kitts & Nevis USD 200,000 **Real Estate Options: Additional government fees are applicable

60 Dependents Child Dependents Age Adult Dependents Age Siblings Antigua & Barbuda Up to 28 years old From 58 years old Not allowed Dominica Up to 30 years old From 55 years old Not allowed Grenada Up to 30 years old (Don t need to be enrolled in school) From 55 years old Yes if unmarried St. Kitts & Nevis Up to 30 years old (Don t need to be enrolled in school) From 55 years old Not allowed St. Lucia Up to 25 years old From 65 years old Not allowed Succession investment that can be handed down through generations Future spouses may also get the citizenship

61 Comparison of Caribbean CBI Programs Antigua and Barbuda Dominica Grenada St. Kitts and Nevis St. Lucia Government processing time: 4 to 6 months 3 to 5 months 4 to 6 months 2* to 6 months 4 to 6 months Visa-free access to: 149 countries 136 countries 141 countries 151 countries 142 countries UK, UK, China, Russia, UK, UK, Important visa-free Schengen, Schengen, UK, Schengen, Schengen, Schengen, travel destinations: Singapore, Singapore, Singapore, Singapore, Singapore, Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Minimum real estate purchase**: USD 200,000*** (available till 31 October 2018) USD 200,000 USD 350,000 USD 200,000 / USD 400,000 USD 300,000 Must hold period for real estate: Minimum contribution**: Five years Five years Three years USD 100,000 (available till 31 October 2018) USD 100,000 Seven years/ Five years Five years USD 150,000 USD 150,000 USD 100,000 Physical presence required in the country: Five days within the first five years None None None None *A fast-track processing option ( Accelerated Application Process ) is available for an additional due diligence fee payable to the government ** These fees represent the minimum contribution for a single applicant and would still incur property transaction costs and/or misc. government fees, due diligence fees and processing fees that differ per program *** The minimum investment requirement remains at USD 400,000, however, two applications from related parties can make a joint investment, with each applicant investing a minimum of USD 200,000 in order to qualify

62 European Citizenship-by-Investment Programs

63 Malta Individual Investor Program

64 Malta Introduction Population: 431,618 Among the earliest settlements in the world, 7,500 years of history EU member since 2004, member of the Schengen area since 2007 Portugal Citizens enjoy visa-free travel to 182 countries Malta Citizenship gives the right of employment and establishment in all 28 EU countries, EEA, and Switzerland

65 The Malta Individual Investor Program (MIIP) Launched in March 2014 Over 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

66 Main Requirements Contribution to the National Economic and Social Development Fund 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 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 Contributions to approved financial instruments EUR 150,000 into bonds for at least five years

67 First Steps to Securing Legal Residence in Malta The applicant must hold residence status in Malta for a minimum of 12 months prior to the issuance of a certificate of naturalization. As a minimum, this means: Holding a valid residence permit card for 12 months, which provides visa-free travel access to the Schengen area Renting or owning a residence in Malta Establishing links with Malta (coordinated by Henley & Partners) Spending a number of days in Malta in order to arrange the residence card, tender biometric data, pledge the Oath of Allegiance, etc.

68 Cyprus Citizenship-by-Investment Program

69 Cyprus Introduction Cyprus is a small island located in the Eastern Mediterranean Sea. A former British colony, Cyprus became independent in 1960 Cyprus has a dynamic and flexible economy; and has established itself as a business and service center for shipping, banking, and commerce Cyprus Full EU member state enjoying all the benefits that EU citizenship offers including right of work and establishment in all 28 EU countries

70 Cyprus Investment Programme Citizenship of an EU member of state, and as an EU citizen you enjoy the right to freedom of movement, freedom to work and study, and security within the EU social and legal system Full citizenship with passport is granted to the applicant and family A Cypriot passport allows visa-free travel to 171 countries including Canada, Hong Kong, Singapore, and the UK Flexible options with no residence required and granting of citizenship within 180 days A simple documentation process for investing, not donating, your wealth

71 Main Requirements Qualifying options; real estate or financial structure* EUR 2 million Real estate purchase option EUR 2 million Local business activities option EUR 2 million Participation in alternative investment funds A residence in Cyprus forever** EUR 500,000 in private residence if a residential real estate was not the qualifying investment property Due diligence and government fees EUR 7,820 per applicant over the age of 18 VAT and other taxes depending on selection *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

72 Comparison of European CBI Programs Cyprus Malta Processing time: 6 to 8 months 14 to 18 months Visa-free access to: 171 countries 182 countries Important visa-free travel destinations: Canada, Europe s Schengen, UK, Singapore, Hong Kong Canada, Europe s Schengen, UK, US, Singapore, Hong Kong Best passport for travel: 14 th best worldwide 7 th best worldwide Minimum contribution: EUR 2 million* EUR 880,000* Must hold period for assets: Application and process complexity: Time required in the country: Three years Least complicated Two mandatory visits and no physical presence requirement Five years Complicated Two mandatory visits and at least 14 days in 12 months from starting your application * These fees represent the minimum contribution for a single applicant and applicants would still incur additional property transaction costs and/or misc. government fees, due diligence fees and processing fees Henley & Partners Residence and Citizenship Insight Session 2018

73 New Citizenship-by-Investment Programs in Moldova and Montenegro

74 Location Map

75 Moldova Citizenship-by-Investment Program

76 Moldova Introduction Population: 4 million In addition to its strong agricultural and foodprocessing industries, Moldova is one of the world s main wine exporters Moldova has entered into an association agreement with the EU and is aiming to become a candidate country for EU Membership Moldova Citizens enjoy visa-free travel to 121 countries, including Russia, Turkey, and the countries in Europe s Schengen Area Moldova has spearheaded some of the most impressive advancements in the tech world

77 Moldova Citizenship-by-Investment Program Launched in 2018 Full citizenship with passport is granted to the applicant and family Citizenship in a European country with an open culture, a continental climate and a charming landscape A reasonable contribution amount and a highly efficient application process 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 Moldova

78 Main Requirements Non-refundable contribution to the Public Investment Fund EUR 100,000 for a single applicant EUR 115,000 for a couple EUR 145,000 for a family of four EUR 155,000 for a family of five or more Government service provider and licensed agent fees amount to EUR 35,000 per application.

79 Moldova vs Montenegro CBI Programs Moldova: Henley & Partners was recently awarded the mandate to design and implement the Moldova program which is expected to officially launch in November 2018 but we will start accepting applications from August 2018 Montenegro: Henley & Partners is an approved marketing agent for the Montenegro program which is due to be officially launched in Q / Q Program Comparison Moldova Montenegro Population / Area 4 million / 33,846 km² 650,000 / 13,812 km² Government processing time 3 to 4 months To be determined Passport ranking 44 th best worldwide 42 nd best worldwide Visa-free access to 121 countries 123 countries Key visa-free travel destinations Minimum contribution/investment European Schengen Area, Russia, Turkey EUR 100,000¹ (non-refundable contribution) ¹ These fees represent the minimum investment/contribution for a single applicant. Applicants would still incur additional property transaction costs and/or misc. government fees, due diligence fees and processing fees Henley & Partners Residence and Citizenship Insight Session 2018 European Schengen Area, UAE, Singapore EUR 250,000¹ / EUR 450,000¹ (investment) Must hold period for assets N/A To be determined

80 Comparison of European CBI Programs Program Comparison Cyprus/Malta Caribbean Moldova Montenegro Government processing time 6 to 18 months 4 to 6 months 3 to 4 months To be determined Visa-free access to 171 to 182 countries 130 to 150 countries 121 countries 123 countries Key visa-free travel destinations EU Member (Settlement freedom throughout EU) Australia, Canada, Schengen, UK, US, Singapore, Hong Kong China, Schengen, UK, Singapore, Hong Kong Schengen, Russia, Turkey Schengen, UAE, Singapore Yes No No No Minimum investment/ contribution EUR 1 million EUR 2 million¹ USD 100,000 USD 200,000¹ EUR 100,000¹ EUR 250,000¹ or EUR 450,000¹ ¹ These fees represent the minimum contribution for a single applicant and applicants would still incur additional property transaction costs and/or misc. government fees, due diligence fees and processing fees Henley & Partners Residence and Citizenship Insight Session 2018

81 Questions and Answers

82 Your Partner for Residence and Citizenship Advising hundreds of clients every year on residence and citizenship Mandated by governments worldwide Henley & Partners The Leader in Residence and Citizenship Planning Our unique knowledge and experience is your advantage

83 Dominic Volek CA (SA) IMCM Managing Partner, Head Southeast Asia Henley & Partners Singapore Pte. Ltd. 36 Robinson Road City House, Level Singapore Telephone Internet Alexis Tan, IMCM Senior Manager Henley & Partners Singapore Pte. Ltd. 36 Robinson Road City House, Level Singapore Telephone Internet