The Bosco Online Workshop “How to immigrate in 2021: Citizenship by Investment and Real Estate” was held On March 18, where international experts and more than 200 listeners from 40 countries participated.
The following topics were discussed at the conference:
Immigration to Canada by Investment. - Inna Kogan, Canadian licensed immigration attorney, Founder of the international Law Firm of Inna Kogan;
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;
When you live in an interesting time - not having a backup plan is dangerous! - David Lesperance, Managing Director, Lesperance & Associates;
US Residency Through Investment: Practical Guide to EB-5 Due Diligence. - Vitaly Modlo, Director of Investor Relations, CMB Regional Centers.
Inna Kogan, Canadian licensed immigration attorney, Founder of the international Law Firm of Inna Kogan, presented the benefits of immigration to Canada by investment.
First of all she remained about specific nuances and helped to dispel myths regarding this process:
- There is no advantage to buying real estate;
- Requirement of physical residence in Canada to obtain a passport;
- Knowledge of English or French is a requirement.
There are two types of immigration by investment - passive investment and active investment.
Examples of passive investment programs:
- Start Up Visa;
- Meet the requirements for the level of proficiency in English (IELTS passed 5.5 out of a maximum of 9 points is an intermediate level);
- Have a sufficient amount for settling in Canada on the applicant's account (the amount depends on the number of family members and varies from 30,000 to 60,000);
- Receive a letter of sponsorship from one of the accredited foundations or incubators.
Examples of existing passive investment programs:
- New Brunswick Entrepreneurial stream;
- Nova Scotia Business Program;
- Prince Edward Island Program;
- Saskatchewan Entrepreneur Program.
The Speaker also provided examples of specific investment proposals:
Shopping center in Toronto:
- Receptacle existing project which is currently generating income;
- Investment from 3,000,000.
Ontario Residential Area Construction Project:
- The project is supported by the municipal government;
- Tax incentives are offered;
- Possibility to move to Canada in the near future with a work permit;
- Investment from 1,000,000.
- Order from the Canadian government;
- Already at the final stage of development;
- Fall under state tax benefits;
- Investment from 800,000.
Olga Shishkina, Independent Director of UPPERCASE, spoke about the possibilities of obtaining a passport and residence permit in the UAE.
Olga mentioned and specify everyone who has the opportunity to obtain the UAE citizenship:
- 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: 10-year, 5-year and 2-year. All these types differ in terms of conditions, and each investor can choose the best option for itself.
According to the speaker, the most convenient and profitable way to obtain a business visa to the UAE is starting a business.
- The absence of requirements for the minimum investment;
- Low value of an investment;
- Processing time - from several days to 3 weeks;
- The company's activities may be formal;
- Validity period - 3 years with subsequent renewal.
David Lesperance, Managing Director, Lesperance & Associates, spoke about the benefits of Plan B during this unstable time.
David compared possible life situations to wildfire.
Being in a forest fire zone, safety depends on three things:
The first is fire prevention:
Tax planning, for example - trusts, foundations, international donation of accounts, tax collection, freezing of real estate, etc.
The second is fire insurance:
Alternative citizenship and alternative housing
The third is a fire escape plan:
Financial planning to minimize taxes on possible departure from the current tax house and to carry out future asset protection and planning.
According to the Speaker, alternative citizenship is necessary because passports are the property of the issuing government and can be revoked at any time.
Ways to obtain alternative citizenship:
- Obtained from birth;
- Alia (Israel Law of Return);
- Citizenship by Investment.
An alternative residence is required to change the tax house by reducing the physical presence.
Ways to provide alternative accommodation:
- Through the right of citizenship;
- Through a spouse;
- By occupation, experience, education, etc.;
- Through residency by investment (also known as Golden Visa).
Lesperance & Associates can help you get a Plan B.
Vitaly Modlo, Director of Investor Relations, CMB Regional Centers, spoke about permanent residence in the United States through investment.
The speaker talked about a popular way to get a Green Card through EB-5. EB-5 is an immigration program for obtaining permanent resident status in the United States through investment.
Details of the EB-5 program:
Minimum investment - $ 900,000 (as of November 21, 2019);
Issuance of a visa - 10,000 green cards per year.
There is no need to renew the green card;
Possibility to apply for US citizenship after 5 years;
The ability to live and work anywhere in the United States, the ability to open a business in the United States;
Lower tuition fees.
EB-5 immigration process:
Investing $ 900,000 + $ 70,000 commission.
Submission of a petition form I-526 for a temporary green card (waiting for approval of the form about 2 years).
Change of visa status or interview at the US consulate (6-12 months).
Obtaining a temporary Green Card, which is valid for 2 years.
Submitting a Form I-829 petition for a permanent Green Card (waiting for the form to be approved for about 2-3 years).
Obtaining a permanent Green Card and a possible return of capital for 6 years.
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