15.04.21, Bosco Online Workshop “Residence Permit and Immigration: the best offers in 2021”: short review

Bosco Online Workshop “Residence Permit and Immigration: the best offers in 2021” was held On April 15,  where  international experts and more than 200 listeners from 40 countries have participated.

The following topics were discussed at the conference:

Cyprus Real Estate Market and perspective of development. - Michael Khanin, Head of St. Petersburg Representative Office, Cybarco Development Limited;

The new Maltese Citizenship (MEIN) and Permanent Residence (PRP) Regulations. Which one is best? - Andres Gutierrez, Investment Immigration Advisor, CSB Group & Malta Sotheby's International Realty;

PORTUGAL - Best EU Golden Visa Residence Permit & Citizenship. - Tiago Camara, Co-Founder, PTGoldenvisa;

Tax residency in the UAE: opportunities and prospects. - Sergey Sorp, Managing Partner, SORP Group.

Michael Khanin, Head of St. Petersburg Representative Office at Cybarco Development Limited, spoke about the Cyprus real estate market.

The speaker began with the benefits of investing in Cyprus:

- Improvement of the credit rating - the growth rate exceeded expectations;

- 2nd largest increase in foreign direct investment in the EU in 2017;

- GDP growth + 3.9% in 2018

- GDP growth + 3.2% in 2019

- Main industries: tourism and hotel business, real estate, shipping, energy, investment;

- 3rd largest merchant fleet in the EU, 10th in the world;

- Stable political and business environment;

- Future major gas exporter.

Michael showed on figures an example of profitability from renting out real estate in 2020:

- Houses - 2.5%

- Apartment - 4.9%

- Offices - 5.5%

- Retail - 5.7%

The speaker also cited statistics on real estate sold in 2020 - 40% of all real estate was sold to foreigners, and the remaining 60% to Cypriots.

In addition, there is a government program “Citizenship by Investment” that allows you to obtain Cypriot citizenship. The advantages of permanent residence in Cyprus:

- Indefinite: for the whole family for life: spouses, children under 25, parents.

- The right to live in Cyprus without time limits.

- The right to enter / exit Cyprus even under lockdown conditions.

- There is no obligation to become a tax resident.

- Citizenship of Cyprus and the EU after 7 years, subject to certain conditions.

- Fast track: permanent residence in 2 months.

- Access to the social infrastructure of Cyprus: education of children in schools and universities, medical care (with insurance), obtaining a driver's license, etc.

- Holders of this residence permit do not have the right to work in Cyprus, but can be shareholders of a company registered in the country and receive income from its activities. They can also receive income from rented real estate.

- Investment in real estate from 300,000 Euro.

Andres Gutierrez, Investment Immigration Advisor at CSB Group & Malta Sotheby's International Realty, spoke about the changed rules for obtaining permanent residence and residence permit in Malta.

First of all, the Speaker voiced the difference between residency and citizenship:

Residence gives the right to live, work, study, as a rule, under certain conditions. Citizenship - the right to obtain a passport, the right to vote, state protection.

Benefits of Malta for living:

- access to world-class education;

- first-class healthcare;

- strong and stable economy;

- close proximity to North Africa, Europe, the Middle East.

Malta MEIN Program - Financial Requirements:

-Requirement for real estate - ownership of real estate for 5 years;

-State contribution - depending on when citizenship is applied;

- Donation to NGOs - 10,000 euros.

Benefits of obtaining Maltese citizenship through the MEIN program:

- the possibility of including family members in citizenship;

- visa-free access to +180 countries (ESTA in the USA, eTA in Canada, EU);

- work and living in the EU.

Malta PRP - Financial Requirements:

Real estate requirement - ownership period 5 years;

State contribution - depending on the lease or purchase of real estate;

Donation to NGO - 2,000 euros.

Malta PRP - other requirements:

- Assets - Minimum capital;

-Medical insurance.

Benefits of Maltese PRP Programs:

- the possibility of including family members in citizenship;

- Certificate of permanent residence and residence card in Malta valid for 5 years;

- work and living in Malta.

Tiago Camara, Co-Founder of PTGoldenvisa, spoke about the possibility of obtaining the Portugal Golden Visa.

Benefits of investing in Portugal:

- 4th safest country in the world;

- excellent logistics infrastructure and advanced communication systems;

- affordable cost of living;

- 290 sunny days a year;

- tax incentives for foreign businesses and investors;

- tax incentives for foreign businesses and investors;

- speak English on the street or in a business environment;

- tourism is growing by more than 40% per year, which allows you to get high profits from short-term rent;

- real estate and real estate funds with high investment returns;

- It is easy for foreigners to invest and do business;

- diversification of investments and risks.

Portugal Golden Visa: Residence and Citizenship in the European Union:

Clients: Non-European wealthy people who are expats or business owners in the Middle East, Asia, Africa and South America.

Minimum investment: from 280,000 euros to 500,000 euros.

PT goal: to attract foreign investment to Portugal.

Investors' challenge: RESERVE PLAN: a residence permit in the European Union and passports for free movement around the world and ensuring future generations.

Sergey Sorp, Managing Partner at SORP Group, spoke about the UAE tax residency.

Sergey spoke about the types of visas in the United Arab Emirates:

Business Investor Visa: Issued subject to incorporation in one of the UAE Free Economic Zones, or on the Main Land. At the same time, the visa does not bear an investment character according to the OECD classification.

Work visa: On the basis of employment in a controlled onshore company, which is registered in the Emirates on local land, or in one of the Free Economic Zones.

Real estate investor visa: On the terms of the purchase of housing, with the fulfillment of the minimum cost requirements, the absence of collateral, in the zones available for purchase - "Freehold".

The speaker also spoke about the reasons for obtaining a resident visa in the UAE:

- Register an onshore company;

- Become an investor in business projects;

- Make investments in real estate;

- Official employment in the UAE.

Opportunities that open up when obtaining UAE tax residency:

- Simplified procedure for obtaining tax resident status;

- Application of agreements on avoidance of double taxation;

- Protection against automatic exchange of tax information;

- Concealment of information about owners and assets;

- Receiving income around the world without paying taxes;

- Withdrawal of dividends without tax burden.

More detailed information about the event is available by the link:

https://bosco-conference.com/en/archive-2021/bosco-online-workshop-15-april-2021

Video recordings of the conference and other events are available on our YouTube channel:

https://www.youtube.com/channel/UC5rGKWFFr7HXqFRrKS-7CKA

Register for our next events and stay tuned!