Global Citizenship Seminars Southeast Asia. April 2017
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1 Global Citizenship Seminars Southeast Asia April 2017
2 Introduction and Industry Insight Dominic Volek IMCM Managing Partner and Head Southeast Asia Henley & Partners
3 Focus Residence and citizenship planning Program development for countries Clients Wealthy individuals and families Governments worldwide Reach Over 250 staff Track Record 20 years leading the industry Global Presence
4 Henley & Partners Worldwide Offices Antigua and Barbuda Australia Austria Canada Croatia Cyprus UAE (Dubai) 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 4
5 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 investment-related programs 5
6 Selected 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 investor immigration 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 Mandated with the design, implementation and international promotion of the citizenship-byinvestment program of St. Kitts and Nevis, the most successful citizenship program in the world until The firm also assisted in the negotiation of a visa-waiver 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
7 Selected Government Advisory Milestones Mandated by the Government of Antigua and Barbuda to design and set-up their new citizenship-byinvestment program. Contracted by the government to promote the program internationally. Appointed by the Government of Grenada to advise and assist on the restructure and enhancement of the citizenship-by-investment program, making it competitive in the international market Review and reform 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 program is run by the government jointly with Henley & Partners as concessionaire under a public services concession. It is the most successful citizenship program in the world. Appointed as Global Concessionaire for the Thailand Elite Residence Program to assist with the global promotion of the program; development of a webbased application portal; and enhancement of the program.
8 Comprehensive Private Client Advisory Process Develop a medium to long-term residence and/or citizenship strategy Introduction of client Provide a fully-managed process Implement and manage all administrative tasks when able to. Fly to visit, meet at their office or home Procure the desired residence 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 What s driving investor migration for Asia s wealthy families? Visa Waivers Opens travel to countries previously restricted by time-consuming visa application processes Retirement Freedom to retire in a safe country without worrying about changing immigration laws Independence Be able to travel or have the option to relocate at any time Mobility Freedom of movement when some nationals are overly exposed to physical or financial threats
10 What s driving investor migration for Asia s wealthy families? Protection Increased privacy in banking and improved physical security Tax Planning Citizenship is one of the tie-breaker rules in most double tax treaties Expatriation To renounce citizenship another citizenship must be acquired first Security Guarantees a secure and truly permanent alternative place to go; the permanent right to reside
11 Industry Leading Research and Publications Global Residence and Citizenship Programs 2016 report and index The annual industry benchmark index and report, covers 19 residence programs and seven citizenship programs Henley & Partners Kochenov Quality of Nationality Index The first ever index to objectively rank the quality of nationalities worldwide Global Residence and Citizenship Handbook 6 th Edition New edition released annually 700-page reference covering the industry and programs in great detail H&P Visa Restrictions Index 2017 New edition released annually in cooperation with the International Air Transport Association (IATA) ranking countries according to the total number of other countries which they can access visa-free
12 Global and Regional Events Organized Every Two Weeks GRCC 2016 London GCS Monaco The Economist: EU-Southeast Europe Summit The Economist: 12 th Cyprus Summit Market Groups New York STEP Global Congress Amsterdam Meetings with intermediaries (Russia) IMC Forum 2017 GCS Middle East (Dubai, Turkey, Lebanon) GRCC 2017 Hong Kong SEA Roadshow Ho Chi Minh City GCS New York GCS South America (Colombia, Brazil, Panama City) SEA Roadshow Bangkok SEA Roadshow Singapore SEA Roadshow Manila SEA Roadshow Hanoi GCS South Africa (Cape Town, Johannesburg, Pretoria, Durban, Bloemfontein)
13 Citizenship-by-Investment
14 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
15 Citizenship-by-Investment The term citizenship-by-investment describes the policies of countries in which foreign persons may gain citizenship through capital investments or significant capital contributions in the country Several countries have programs in place to attract foreign investors in return for citizenship The intention is to build a long term affinity between their country and highly successful people
16 The Henley & Partners Visa Restriction Index 2017
17 The Henley & Partners Visa Restriction Index 2017 Top Global Ranking 2017: Selected countries Global Ranking 2017:
18 Citizenship-by-Investment Programs There are currently only seven countries which offer citizenship programs that provide a direct legal route to citizenship based on investment and which have passed Henley & Partners country due diligence Antigua and Barbuda Austria Grenada Cyprus St. Kitts and Nevis Malta St. Lucia Other countries have similar provisions. However, in those countries there is no established or clear practice and/or the programs are not transparent
19 Comparison of Citizenship-by-Investment in the Caribbean Dominic Volek IMCM Managing Partner and Head Southeast Asia Henley & Partners
20 Comparison of Caribbean CBI Programs Antigua & Barbuda Grenada St Kitts & Nevis St Lucia Processing time: 3-4 months 3-4 months 2*-5 months 3 months Visa-free access to: 136 countries 124 countries 136 countries 127 countries Important visa-free travel destinations: Minimum real estate investment: Minimum contribution: Must hold period for real estate: Physical presence required in the country: Canada, EU, UK, Singapore, Hong Kong China, EU, UK, Singapore, Hong Kong EU, UK, Singapore, Hong Kong EU, UK, Singapore, Hong Kong USD400,000** USD350,000** USD400,000** USD300,000** USD200,000** USD200,000** USD250,000** USD100,000** 5 Years 3 Years 5 Years 5 Years 5 days within the first 5-years None None None * A fast-track processing option has been introduced for an additional fee payable to government ** These fees represent the minimum contribution/investment 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
21 The difference between St. Kitts and Nevis and Antigua and Barbuda Processing Time Two* to five months processing time. *Fast track processing of 45 to 60 days has been introduced for a fee Applicant to Swear an Oath of Allegiance No Residence Requirement No Access to Countries Visa Free 136 countries visa-free travel to Tonga, Israel, Bangladesh and Argentina (Antigua and Barbuda does not). No visa-free access to Canada Processing Time Three to four months processing time Applicant to Swear an Oath of Allegiance Yes, either on the island or at an embassy or consulate around theworld Residence Requirement Requires the applicant to spend five days over five years in Antigua Access to Countries Visa Free 136 countries - visa-free travel to Canada, Ukraine and South Africa (St. Kitts and Nevis does not)
22 The difference between St. Lucia and Grenada Processing Time 60 Days Approval Time Perfect option for Single Applicant or Couple Residence Requirement No Access to Countries Visa Free 127 countries visa-free travel to Schengen, UK and Bangladesh Processing Time 60 to 90 Days Approval Time Perfect option for a Family Residence Requirement No Access to Countries Visa Free 124 countries Visa Free travel to Schengen, UK, Singapore, Hong Kong and China
23 Grenada Citizenship-by-Investment and Real Estate Dominic Volek IMCM Managing Partner and Head Southeast Asia Henley & Partners
24 Grenada Introduction Population 185,000 Member of the Commonwealth Tourism based economy The Spiced Island, formerly agriculture dominant Tropical rainforests, waterfalls and magnificent beaches Grenada Direct flights to London, Frankfurt, New York and Miami
25 Why Grenada? Visa Free travel to 124 countries including access to China, UK and Schengen area Relatively inexpensive No residency or visit to Grenada required No country restriction Grenada recognizes Dual Citizenship Fast processing time E-2 Investor VisaTreaty St. Georges University (American offshore) No wealth, gift, inheritance, foreign income or capital gains tax Citizenship by decent
26 Grenada Citizenship-by-Investment Program To qualify for citizenship, applicants have two investment options: A contribution to the National Transformation Fund of USD 200,000 (for an applicant and up to 3 dependents) OR A purchase of government approved and designated real estate with a value of at least USD 350,000 Additional due-diligence fees of USD 5,000 apply for both options and government fees of USD 50,000 apply for the real estate option
27 Grenada Cost Example Family of 4 Applicants Donation Real Estate Real Estate Purchase n/a USD 350,000 Donations USD 200,000 n/a Processing Fees USD 4,000 USD 54,000 Application Fees USD 6,000 USD 6,000 Due Diligence USD 10,000 USD 10,000 Other Fees/Costs USD 23,622 USD 41,525 Total USD 243,622 USD 461,525 Total Recoverable USD 0 USD 350,000 Total Net Cost USD 243,622 USD 111,525
28 Cyprus: The Fastest Route to EU Citizenship Ilya Kustov Senior Manager Henley & Partners Cyprus
29 Main Concerns What are the routes available for the citizenship-by-investment program? What are the benefits of citizenship-by-investment? Can my family apply? Is it a complicated process? How long does it take? Is there a residence requirement prior to my citizenship approval? How attractive is Cyprus for investment?
30 Cyprus at a Glance Capital: Nicosia Geographical size: 9,251 km² Population: 1,189,197 (July 2015 est.) GDP: EUR 18.5 billion (2015) Official language: Greek Political system: presidential republic EU member state since: 1 May 2004 Eurozone member since: 1 January 2008
31 Cyprus at a Glance Cyprus is a small island in the Mediterranean Sea A former British colony, Cyprus became independent in 1960 Dynamic and flexible economy, and has established itself as a business and service centre for shipping, banking and commerce Cyprus is a full EU member state enjoying all the benefits that EU membership offers Despite the economic turbulance Cyprus is still here. Key sectors of the economy, including tourism, shipping and business services have proved much more resilient than originally expected Recent discovery of natural gas reserves and exploitation activities in Cyprus Exclusive Economic Zone create immense prospects for investments
32 A Convenient European Destination The island is strategically located in the northeastern basin of the Mediterranean Sea, at the crossroads of Europe, Asia and Africa. This allows easy traveling and the ability to conduct international business. St Petersburg Moscow London Amsterdam Paris Monaco Mediterranean sea Cyprus Cairo Dubai
33 Travel Visa-Free as an EU Citizen Total Countries: 158 Cyprus Visa-free Visa-on-arrival Visa required Pre-travel internet registration required
34 International Flexibility Easy to travel Access Europe, Asia, Middle East, Africa Double tax treaties with 60 countries Legal system based on UK common law Attractive taxation system Aligned with the EU laws and regulations Robust telecommunications system International airports and ports
35 Cyprus Quality of Nationality Human development Economic strength Peace and stability Weight Travel freedom Diversity Travel freedom Weight Settlement freedom Diversity Settlement freedom Henley & Partners Kochenov Quality of Nationality Index Total: 161 Countries Cyprus Ranks 25 th
36 Best of Education Public universities Private universities State higher education institutions Private institutions of higher education Foreign University Campuses University of East London University of Central Lancashire University of the West of England University of Wales
37 Safety and Peace of Mind One of the most peaceful places in Europe Unlocked doors are normal The low crime rate attracts many European citizens Fifth safest country in the world
38 Cyprus Rankings The Cyprus passport ranks 16 th best in the world according to the Henley & Partners Visa Restrictions Index 2017 Cyprus tourism industry ranks 20 th in the world according to the 2017 Travel and Tourism Competitiveness Index Cyprus ranks 45 th according to 2017 World Bank and Doing Business Index Cyprus rated by Forbes in 2017 as 32 nd best country for business Standard & Poor s rating agency raised its long term foreign and local currency sovereign credit ratings on Cyprus to B+ from B, citing its strong budgetary performance
39 Cyprus Citizenship-by-Investment Program
40 Eligibility Main applicant Spouse Main applicant s adult children up to 28 years old Main applicant s minor children Main applicant s parents
41 Cyprus Citizenship-by-Investment EUR 2 million EUR 2 million EUR 2 million Real Estate Investment Option Local Business Activities Option* Participation in Alternative Investment Funds* *Additional investment of EUR 500,000 into a residence is required
42 Real Estate Option
43 Cyprus Real Estate Market Great potential for tourism/touristic properties Oil and gas industry to drive capital growth Higher demand than supply Limited prime locations Seafront real estate scarce Henley & Partners team with local knowledge Legal and financial due diligence Smooth acquisition process
44 Characteristics of the Current Market The three main areas of interest are currently: Limassol Ayia Napa Paphos Seen as a business hub and attracts 15% of tourism Property value in Limassol is three times higher on average than anywhere else on the island Not a seasonal city Main tourist destination in Cyprus that attracts 50% of tourism Caribbean sandy beaches and turquoise waters Highly developed tourist infrastructure Attracts 35% of Cypriot tourism Mostly rocky coastline Lots of hills, nature and vineyards
45 Gated Projects/Limassol
46 Luxury Apartments/Limassol
47 Beachfront Villas/Ayia Napa
48 Beachfront Villas/Ayia Napa
49 Golf Residence/Paphos
50 Example of Real Estate Cost Family with three minor children:* EUR 2 million for property transaction EUR 100,000 value added tax on EUR 2 million (if applicable)** EUR 4,000 Stamp Duty and land registry fees on EUR 2 million EUR 10,000 escrow agreement fee (if applicable) EUR 15,340 citizenship government fees EUR 70,000 Henley & Partners fees EUR 2,199,340 Total (gross) * Exact calculations could be provided on a case-by-case scenario depending the type of the investment ** Provided that the property is less than 200 m 2
51 Real Estate the Process 1. Signs Henley & Partners agreements 2. Collect all documents needed for application 3. Sign and certify the M 127 application form for naturalization 4. Sign and certify the M 126 application form for minors 5. Visit Cyprus to choose the property/ies and sign all necessary documents 6. Deposit the necessary investment amount into a client/escrow account 7. Settle all Henley & Partners fees 8. Pay the government fees 9. Henley & Partners submits the application and approval is usually within 90 days
52 Latest Investment Incentives A reduction of 50% on transfer fees for all real estate sales Introduction of the non-domicile term which will allow non-domiciled residents to benefit from a beneficial tax status in Cyprus. They will be exempt for the special defense contribution tax, which is 30% on interest income and 17% on dividend income, and which Cyprus tax residents are now subject to Abolition of the immovable property tax
53 Summary of the Citizenship Program 1. Clean Criminal Record The applicants must have clean criminal records 2. Residence in the Republic of Cyprus The applicant must hold a permanent privately owned residence in Cyprus The purchase price of which must be at least EUR 500,000 (plus VAT) 3. Qualifying Investment Options EUR 2 million Real Estate Investment Option EUR 2 million Local Business Activities Option* EUR 2 million Participation in Alternative Investment Funds* *Additional investment of EUR 500,000 into a residence is required
54 Cyprus Permanent Residence Program
55 Cyprus Permanent Residence Program Fast-track application procedure, within two months High approval rate if all criteria are satisfied Residence in an EU member state Residence applies to the whole family (applicant, spouse and children younger than 18 years old) Dependent children aged and parents of the applicant are also eligible Applicant and his/her family will need to visit Cyprus in order to collect their residence permits and have their biometric data captured It is not necessary to reside in Cyprus, but a visit once every two years is required Eligible for citizenship after seven years of residence in Cyprus 6 4
56 Main Requirements Qualifying investment: real estate Purchase of newly built immovable property with value of EUR 300,000* plus VAT Fixed deposit Minimum of EUR 30,000 from abroad deposited in a Cypriot bank, which must be held for three years Proof of annual income Supporting evidence of a secured annual income of EUR 30,000 derived from outside Cyprus** *The applicant may purchase up to two residential properties (apartments/houses), or one residential unit and one shop (with a minimum area of 100 m2), or one residential unit and one office (with a minimum area of 250 m2), provided that the combined value exceeds EUR 300,000. ** This amount is increased by EUR 5,000 for the spouse and for each child, and EUR 8,000 for each dependent parent. 6 5
57 Main Concerns What are the routes available for the citizenship-by-investment program? What are the benefits of citizenship-by-investment? Can my family apply? Is it a complicated process? How long does it take? Is there a residence requirement prior to my citizenship approval? How attractive is Cyprus for investment?
58 Private Client Benefits of the Malta Individual Investor Program Chee Mee Ho IMCM Manager Henley & Partners Malaysia
59 Malta Introduction Population 418,000 Amongst the earliest settlements in the world, 7,500 years of history EU member since 2004, member of the Schengen area since 2007 Citizens enjoy visa-free travel to 168 countries including the US and Australia Malta Citizenship gives the right of work and establishment in all 28 EU countries, the EEA and Switzerland
60 The Malta Individual Investor Programme (MIIP) Launched in March 2014, over half of the applications are applications in progress Massive financial income 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 was designed and is operated by Henley &Partners for the Government of Malta under a Public Services Concession The most exclusive program in the world, capped at 1,800 applications
61 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 AND A residence in Malta for at least 5 years Lease a property: annual rent over EUR 16,000; OR Purchase of a property: value over EUR 350,000 AND Investments into approved financial instruments EUR 150,000 into bonds held for at least five years
62 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 Leasing or purchasing 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.
63 TIGNÉ POINT, MALTA Open sea views, tranquil, yet vibrant and modern VISTA POINT, GOZO Spectacular natural views, unique designs and commitment to quality FORT CAMBRIDGE, MALTA Contemporary apartments, offering the unique combination of a marine environment within the urban hub of Sliema
64 Malta Cost Example Single Applicant Options Lease Property Purchase Property Financial Instruments EUR 150,000 EUR 150,000 Lease/Purchase EUR 80,000 EUR 350,000 Contributions EUR 650,000 EUR 650,000 Due Diligence EUR 7,500 EUR 7,500 Other Fees/Costs EUR 86,500 EUR 88,000 Total EUR 974,000 EUR 1,245,500 Total Recoverable EUR 150,000 EUR 500,000 Total Net Cost EUR824,000 EUR745,500
65 Malta Residence and Visa Program Henley & Partners The Firm of Global Citizens
66 The Malta Residence and Visa Program Implemented in 2015 High level of due diligence; only highly reputable applicants admitted Maltese residence is granted to reputable applicants who pass due diligence and make a significant economic and social contribution to the country Family members may be included in the application Applicant and his/her family will need to visit Malta in order to collect their residence permits and have their biometric data captured It is not necessary to reside in Malta 82
67 Main Requirements Contribution to the National Development and Social Fund Main applicant: EUR 30,000 A residence in Malta to be held for at least five years Lease of a property: annual rent of EUR 12,000; or Purchase of property: value of EUR 320,000 Investments into approved financial instruments EUR 250,000 in government bonds to be held for five years 83
68 Residence-by-Investment
69 Residence-by-Investment The term residence-by-investment describes policies of countries in which foreign persons may be granted a residence permit or card through capital investments in the country Several countries have programs in place to attract foreign investors in return for residence These programs are used to encourage wealthy foreigners to reside in their country
70 Residence-by-Investment Programs Henley & Partners handpicks the most attractive countries with regard to mobility, security, privacy, personal tax and lifestyle Australia New Zealand Austria Portugal Canada Singapore Cyprus Switzerland Hong Kong Thailand Malaysia UAE Malta UK Monaco US
71 Europe s Leading Residence-by-Investment Programs Hakan Cortelek IMCM Managing Partner Henley & Partners UK
72 The Leading Residence Programs We help individuals and families to obtain residence permits in the following countries:
73 Portugal Golden Residence Program
74 Portugal Introduction Population 11 million Lisbon, Oporto and Guimarães have been European Capitals of Culture Portugal The Algarve is a scenic treasure with a long coastline of golden beaches and dramatic cliffs A Portuguese residence card allows you to live, work, and study in Portugal
75 Portugal The Golden Residence Programme Announced in October 2012 Options A capital transfer A real estate investment A venture that creates 10 jobs Alternative investments Allowing non-eu citizens to apply for a temporary residence permit based on investment activity in Portugal Since launch, over 4,000 permits have been issued, families who have started their applications to date have committed over EUR 2 billion in foreign direct investment
76 Recent Changes and Future Developments The real estate option: EUR 500,000* New EUR 350,000* Acquisition of real estate property anywhere in Portugal Acquisition of properties that were constructed more than 30 years ago or in areas of urban regeneration which require refurbishment Other options: EUR 1,000,000 New EUR 500,000 New EUR 350,000 New EUR 250,000* 10 Jobs* Capital transfer into the applicant s bank account in Portugal or specific investment options Capitalization of small/medium sized enterprises Investment into research activities Investment or support of artistic production or culture heritage Creation of at least 10 jobs Extra: *20% Discount available for four of the options mentioned New *20% Discount Reduction of 20% of the minimum quantitative investment if in a low density area
77 The Schengen Area Portugal Member of the EU Member of the Schengen Zone The Schengen Zone Europe s borderless Schengen Area created in 1995 Fully participating Schengen member state Associated Schengen member state Other EU member state EU member state applying some Schengen laws
78 The Numbers* 3,715 ARI Authorizations Granted 2 in in ,526 in in in ,721 Family Reunifications 3715 Options Chosen Main Nationalities 576 in ,395 in ,322 in ,428 in ,509 - Real Estate 200 EUR 1 Million 6 - Job Creation 2,790 - China Brazil Russia South Africa 58 - Lebanon *From 8 October 2012 until 31 July 2016
79 Portugal Requirements for Citizenship? Yes Separate application for each person aged 18 years 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 for a crime Tangible connections with the Portuguese community: 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
80 Portugal Taxation Preferential income tax of 25% for non-residents Standard VAT rate is 19% Corporate tax rate is 12.5% No wealth tax No inheritance tax Non-Habitual Residents (NHR) regime may be more beneficial to new residents who want to stay for longer periods and possibly reside in Portugal: Income derived from a Portuguese source through a number of defined, high-value professions will be subject to income tax at a flat rate of 20%, though some surcharges may apply Income derived from foreign sources may be subject to exemptions
81 Portugal Summary Advantages Disadvantages Top ranked residence program Low cost, may be income producing and may be recovered Gives visa-free travel within the Schengen zone Physical presence requirements are quite low, averaging seven days per year A residence permit provides authorisation to reside not an absolute right to reside Your permit must be renewed after the first year, and every two years thereafter Authorisation could be terminated without notice Laws can change which may effect your residence status + -
82 Henley & Partners The Firm of Global Citizens
83 United Kingdom Introduction Population 63 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 97
84 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 four to eight weeks No requirements on English language for the first five years Investors 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 98
85 United Kingdom Taxation Progressive income tax up to 45% Capital gains tax up to 28% No wealth tax Inheritance tax at 40% The obligation of personal UK taxes is based around the concepts of residence anddomicile It is possible to be resident in the UK for tax purposes but non-domiciled. This can provide many tax benefits 99
86 United Kingdom Summary Advantages London is among the financial capitals of the world World renowned schools Attractive tax system for wealthy individuals (resident, non-domiciled rules) Disadvantages Requirement for minimum physical presence Citizenship only after minimum five years of residence Straightforward investor immigration program with fast processing time
87 Attractive Residence Programs in Southeast Asia Dominic Volek IMCM Managing Partner and Head Southeast Asia Henley & Partners
88 Thailand Elite Residence Visa Program Henley & Partners The Firm of Global Citizens
89 Thailand Overview Henley & Partners Thailand Elite Residence Visa Program
90 Thailand Elite Residence Visa Program Benefits Fast processing time (2 4 weeks) and straight forward process Relatively inexpensive residence options range from five years (~USD 15,000) to 20 years (~USD 60,000) Low cost of living Complimentary VIP services and other privileges included Residence in Thailand is possible for a few days; a few months; or an unlimited period within the validity of the chosen package No minimum stay requirement Attractive tax benefits only taxed on income sourced in Thailand and foreign sourced income is tax free if not remitted in the same year as earned Possible to acquire a tax identification number with income sourced in Thailand
91 Privilege Entry Visa Special renewable five-year multiple entry visa One-year extendable length of stay Full service 90-day report No visa-run while staying in Thailand US UK Swiss Russia Japan France Deutsch China Bangladesh Australia
92 Program Options Comparison
93 Choosing the Right Program
94 Thailand Elite Direct Application Portal URL:
95 Portal Registration Requirement: Registration Screenshot from portal SCREENSHOT What happens in the process: Registration by entering an address and password This log-in process will enable applicants to track their entire application process via a dashboard Registration also provides security to ensure confidentiality of an applicant s personal details As an added measure of security, an will be sent to the applicant to verify their address before continuing What the applicant does: The applicant clicks on APPLY NOW tab The applicant registers their address and enters a password Checkboxes are mandatory, the terms and conditions and the cookies policy must be accepted Details of applicant s dashboard: next page
96 Direct Application Process Dashboard for applicant SCREENSHOT
97 Other Considerations
98 Permanent Residence and Citizenship The Thailand Elite residence visa does not lead to permanent resident (PR) status or citizenship In order to apply to become a Thai PR, applicants must have: held a non-immigrant visa for at least three years prior to submission of application; held three consecutive yearly extensions of the non-immigrant visa; and also be a holder of a non-immigrant visa at the time of submitting the PR application Application for citizenship can be filed to become a Thai naturalized citizen after holding PR status in Thailand for 10 consecutive years
99 Taxation Individual is tax resident if staying in Thailand for an aggregate period of not less than 180 days in a year Resident of Thailand is liable for tax on worldwide income if remitted into Thailand in the same year it is earned (remittance in the following year is not subject to tax) The same logic applies to all types of income (incl. pensions, capital gains, interest etc) they are tax free if earned abroad (from foreign sources/companies/shares) and not brought into Thailand within the same tax year
100 Summary Thailand Elite Residence Visa Validity five to 20 years USD 16,000 USD 65,000 Family member exclusivity Privileges Airport Service (EPA, electro cart, fast track, airport lounge) Limousine service Golf and spa Medical check-up 90-day report and one-year stay extension Customer contact centre 24 hours Work permit / Bank account and credit card / Driver s license
101 Malaysia My Second Home Program 30
102 Malaysia My Second Home (MM2H) Proof of bankable assets of at least MYR 500,000 (USD 115,000) / MYR 350,000 (USD 80,000) (below 50 / above 50 years old) Proof of income of at least MYR 10,000 (USD 2,250) per month Medical test in Malaysia Deposit of at least MYR 300,000 (USD 70,000) / MYR 150,000 (USD 35,000) (below 50 / above 50 years old) in a Malaysian bank account for 10 years Medical insurance in Malaysia Since inception in 2002, more than 32,000 applicants have been approved No minimum age limit No residence requirement
103 Malaysia My Second Home (MM2H) The MM2H visa is valid for an initial period of 10 years and renewable Citizenship application is not possible under the MM2H Program Applicant has to be a permanent resident for more than 12 years Malaysia does not allow dual citizenship
104 Malaysia Taxation Progressive personal income tax rate of up to 26% Standard corporate tax rate of 25% No capital gains tax on equities No gift taxes No inheritance taxes Taxation is based on the territorial source principle Only levied on income sourced in Malaysia
105 Closing Remarks
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