04.02.21, Bosco Online Workshop «Citizenship by Investment. Immigration and real estate in 2021»: short review

Tuesday, 09 February 2021

On February 4, Bosco Online Workshop “Citizenship by Investment. Immigration and Real Estate in 2021” was held with more than 260 participants from 39 countries. The following topics were discussed at the conference:

CIP trend of 2021 - Montenegro. Best investment in the north - Montis Mountain Resort managed by Splendid. - Sofya Silina, Vice-President Apex Capital Partners, and Rade Vukovic, Managing Partner, Montis Mountain Resort

Business Residence Permit in Slovakia. Investments in Real Estate. - Vadym Polyakov, CEO at POLYAKOFF.EU;

Legislation updates on UAE citizenship: how to get one of the most powerful passports in the world or apply for a residence permit? - Olga Shishkina, Non-executive Director, UPPERCASE;

Citizen of the world: 10 tips how not to waste your money! Algorithm for the correct choice of residence permit and citizenship programs. - Ivanna Pylypiuk, Managing partner, International Consulting Group.

Sofya Silina, Apex Capital Partners, spoke about the benefits of Montenegrin citizenship:

- The country’s accession to the EU until 2025 will give the opportunity to live, work, study in any country of the European Union;

- Thanks to the current agreement, you can apply for an E2 nonimmigrant business visa in the United States;

- Visa-free entry to 120 countries of the world, including Europe and the Russian Federation;

- Agreement on the avoidance of double taxation with more than 40+ countries, including Russia.

According to Sophia, the CBI Program has some limitations: you can only invest in authorized hotel-type development projects. Montenegro selected three marketing agencies for the program in March 2019 through a tender, and Apex Capital Partners is one of them. The term for obtaining citizenship takes up to 6 months, and the application can include a spouse and financially dependent children.

The speaker also spoke in more detail about investment programs:

- Investing in a development project in the South of Montenegro (coast, and Podgorica, the capital) in the amount of 450,000 euros, in state-approved projects that meet the following criteria: a hotel or a whole resort of 5 stars level, with at least 60 rooms/apartments.

- Investing in a development project in the north or central part of Montenegro in the amount of 250,000 euros or more, in state-approved projects that meet the following criteria: a hotel or an entire resort of 4 stars level, with at least 35 rooms/apartments.

Both options have a limit of 2,000 applications from non-EU countries.

Sophya also spoke in more detail about some investment offers:

For example, the Montis Mountain Resort, which has the opportunity to invest 250,000 euros. For this amount, the investor will receive:

- room in the property;

- 40% of the net profit from the room;

- the opportunity to obtain citizenship of Montenegro;

- before the project is delivered, the investor can live 1 week a year at the Splendid Hotel (South). After completion - 1 month a year at Montis Mountain Resort.

Another example is the Boka Place quarter in Porto Montenegro, for investing in which 450,000 euros an investor will receive:

- ownership of apartments;

- the investor receives 50% of the profit of the rental pool;

- expenses for property management are 15%;

- the possibility of selling immediately after the completion of the construction of the project;

- the ability to apply for citizenship in Montenegro.

The process of obtaining citizenship takes place remotely, and the period often does not exceed 6 months.

Rade Vukovic, Managing Partner of Montis Mountain Resort, spoke about the prospects of investing in a 5-star hotel Montis Mountain Resort for further citizenship in Montenegro.

The minimum required investment in Montenegro is €350,000 (including government charges) which makes it the most affordable country for citizenship in Europe.

According to the speaker, there is no obligation to live in Montenegro or learn the local language, dual citizenship is allowed.

Rade also spoke about the location of the hotel. The city of Kolasin is located in the north of Montenegro, on a plateau at an altitude of 954 m above sea level.

Nestled between two magnificent mountain massifs - Bjelasica and Sinjajevina, it is considered Montenegro’s most impressive mountain town, as well as a popular summer and winter tourist destination.

Montis Mountain Resort offers an astounding collection of suites with the recognizable Splendid brand touch, designed to meet the highest expectations of discerning international buyers.

All suites complete with furnishings, fittings and appliances by renowned European manufacturers, as well as year-round complimentary maintenance according to 5-star Splendid brand hotel standards.

Vadym Polyakov, Founder of the POLYAKOFF.EU consulting group, spoke about the advantages of starting a business and obtaining a residence permit in Slovakia.

The country has many strengths that are beneficial to do business:

- 350 million potential buyers within a radius of 1000 km;

- Most of the EU countries within a radius of 2000 km;

- Political and economic stability;

- EU member state since 2004;

- Member of the Schengen area;

- Local currency - euro from January 1, 2009;

- The best place for doing business among the Visegrad countries (Poland, Czech Republic, Slovakia and Hungary);

- Low labor costs in comparison with the high productivity of a highly skilled workforce;

- Large selection of land plots for industrial development and a large number of offices, ready for purchase or rent;

- Excellent telecommunications' infrastructure;

- High quality rail passenger and freight transport;

- Trans-European transport by water transport along the Danube.

All this together gives the following advantages:

- The advantages of doing business in a country with a European legal system;

- Access to European loans at European rates;

- Reasonable and understandable taxation;

- Freedom of movement under the Schengen agreement;

- Free choice of the country of permanent residence;

- Social security, high level of medicine;

- European education of children.

In Slovakia, there are ways to obtain a residence permit on an entrepreneurial basis under two programs: SRO and Zivnost (the size of the SRO Established capital is 22,000 euros, the size of the Zivnost Established capital is 3,700 euros).

It is also possible to use the family program, which was created primarily for family reunification. Family members can get a residence permit thanks to the guarantor (entrepreneur).

Vadim also spoke about the possibility of obtaining a residence permit for a period of 5 years on the basis of real estate investments in the amount of 300,000 euros or more.

With taxation in Slovakia, things are as follows:

Taxes on income:

- income tax, 19% up to 34 401.74 euros and 25% above this amount;

- corporate income tax - 21%.

Local taxes:

- property tax - 0.033 euros/sq. meter;

- land tax - 0.25 euros/sq. meter;

Special fees for regulated activities;
Bank tax;
Value Added Tax (VAT) - 20%;
Excise taxes.

Olga Shishkina, Independent Director of UPPERCASE, spoke about the possibilities of obtaining a passport and residence permit in the UAE.

Olga has listed everyone who has the opportunity to obtain the UAE citizenship:

- Investors;

- Scientists;

- Experts and inventors;

- Talents (laureates of international awards, pioneers of culture and art, letter of recommendation).

Rights and obligations also apply:

- Dual citizenship (the ability to retain current citizenship);

- Oath of Allegiance (commitment to abide by the laws of the Emirates);

- Citizenship notice (notification to the relevant government agency in case of acquisition or loss of any other citizenship);

- Cancellation (in case of violation of the conditions, citizenship may be terminated).

How to get a residence permit in the UAE? There are several reasons for issuing a residence permit:

- Buying real estate in the UAE;

- Starting a business in the UAE;

- Employment in a UAE company;

- Studying at a university in the UAE.

According to the speaker, there are 3 types of resident visas for investment: ten-year, five-year and two-year. All these types differ in terms of conditions, and each investor can choose the best option for himself.

According to the speaker, the most convenient and profitable way to obtain a business visa to the UAE is to open a business.

Benefits:

- Lack of requirements for the minimum investment;

- Low investment cost;

- Processing time - from several days to 3 weeks;

- The activities of the company may be formal;

- Validity period - 3 years with subsequent renewal.

Ivanna Pylypiuk, Managing Partner of International Consulting Group, shared her thoughts on the algorithms for the correct choice of residence permit or citizenship.

Algorithm for the correct choice of a residence permit or citizenship program:

Understand yourself;
Make a meaningful decision;
Choose a provider/lawyer/consultant;
Choose a program: residence permit, visa, citizenship, tax residency, passport

for travel, etc.;

Examine all the details: lines, procedures, penalties, visits, nuances;
Qualitatively prepare documents for changing the status in a new jurisdiction;
Save or change the existing status;
Submit documents and make all payments on time;
Adhere to the terms of the program;
Be able to change your status.

In order to determine the need for a change of residence, Ivanna recommended asking herself 10 questions, and answering them honestly:

What do I really want?
Do you really plan to move to another country, if so, when?
What languages do you know, and which level do you have? What languages are interesting to learn?
Which countries do the relatives live in? Where would you like to buy property? Where do children study? Where is the registered company?
Which of these countries attracts you the most: USA (Canada) Asia or Europe,?
Do you want to do business in another country, if so, in which one?
What budget are you counting on (from and to)?
Are you planning to arrange the registration for yourself or for the whole family?
What from the list attracts you the most:

- investment program,

- buying a property,

- favorable tax residency.

Which country are you a tax resident in? Interested in a tax residency program?

If after these questions you have a desire to obtain a passport of another country, the International Consulting Group will advise and help you to make your wishes come true.

More detailed information about the event is available by the link: https://bosco-conference.com/en/archive-2021/bosco-online-workshop-4-february-2021