Nauru CIU Chief Reveals Details, Spain Closer to Killing GV, Another 8-Figure IM Acquisition, ++

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Investment Migration This Week

Summaries prepared by James Nuveen

In an exclusive interview with IMI, CEO of Nauru’s new citizenship by investment program Edward Clark revealed details, including annual agent licenses of US$5k and US$25k commission for successful agent applications. Clark, who manages the program from New Zealand, emphasizes strict due diligence, a fully remote application process, critical environmental projects such as energy security and water access, and their intention to expand the passport's visa-free access.

On January 1, Malta's Permanent Residency Program (MPRP) will implement significant changes, including increased property purchase and rental minimums, standardized property requirements across Malta and Gozo, and higher administration and dependent fees. Residency Malta Agency asserts these modifications aim to maintain the program's competitive position, reflect current economic trends, and improve processing times while maintaining rigorous due diligence standards.

Sarawak's Malaysia My Second Home (S-MM2H) program has experienced a dramatic surge in applications, rising from an average of 89 annual approvals between 2007 and 2020 to 542 in 2023, with Chinese and UK nationals comprising the bulk of applicants. The program, which has maintained its immigration policy autonomy and more flexible terms compared to the federal program, will raise the fixed deposit requirement to RM500,000 and implement a new RM5,000 processing fee. With a new one-stop panel for coordinating applications and expanded local oversight, Sarawak continues to attract international participants.

Following BLS International’s acquisition of Citizenship Invest for $31 million, Vancis Capital and Global Residence Index - Citizenship by Investment Consultancy (GRI) have merged with an implied combined valuation of €21 million. With Dwayne Chauhan as Group CEO, the companies expect to complete integration within two months while maintaining offices across multiple global locations. Built on six years of operational collaboration and projecting annual revenue of €7.2 million within 24 months, the merger will leverage GRI's digital platform and Vancis Capital's services to expand European residency programs and real estate operations.

“Wealth taxes failed before because governments didn’t know what people owned. Now they do,” cautions Jimmy Sexton, LL.M. on Registers of Beneficial Owners (RBOs). He argues that RBOs enable governments to track, tax, and potentially confiscate wealth. Sexton ultimately recommends protecting one's wealth by relocating to tax-friendly jurisdictions and utilizing legal structures like trusts or foundations that can shield personal financial information from government scrutiny.

In a strategic move to expand its reach, Thailand Privilege Card Co has launched a new Bronze membership tier at THB 650,000 (USD 18,850), available for a limited time. The Bronze package includes a five-year visa validity, fast-track immigration services, and access to the Privilege Entry Visa, while representing a 28% cost reduction from the Gold tier. Despite price increases and regional competition, the program continues to show strong demand, especially in Chinese, Japanese, American, Taiwanese, and UK markets, notes Bastien Trelcat.

A Chinese national, Daren Li, who obtained Saint Kitts & Nevis citizenship through its citizenship by investment program, has pleaded guilty to a cryptocurrency "pig butchering" scam that defrauded victims and now faces up to 20 years in federal prison. St Kitts & Nevis authorities “deactivated” his passport following Prime Minister Dr. Terrance Drew’s comprehensive reforms, including mandatory interviews and new Continuing International Due Diligence Unit to monitor investment-based citizens. 

A Latvian investigation has alleged that Russian businessman Aleksejs Pospehovs facilitated hundreds of Russians obtaining EU residence through Latvia's startup visa program by registering 295 fraudulent companies at a single address in Riga. Launched in 2016 to establish Latvia as a startup hub, the program granted temporary residence permits to 292 Russian citizens before suspending Russian applications in 2022 following the Ukraine invasion. Latvia has since implemented stricter visa conditions, including mandatory board membership and detailed company justification.

James Nuveen explores five Latin American countries that offer attractive tax-free or low-tax environments for investors, highlighting their unique benefits such as territorial tax systems and easy residency paths. While each country offers distinct opportunities for tax optimization, Nuveen emphasizes that the best choice depends on individual needs for tax planning, lifestyle preferences, and long-term goals, with a caveat for US citizens who remain subject to worldwide taxation.

The Spanish Congress has approved amendments to end the country's golden visa program, with the legislation now pending Senate review and potential final Congressional approval. Prime Minister Pedro Sánchez initially proposed terminating the program in April 2024, citing concerns about alleged housing crises and criminal misuse. The bill allows investors to submit applications until January when the socialists aim to fully cancel the program.

In the latest installment of “10 on the Weekend,” Sebastian Downing, CEO of Forevergood Hotels and advisor at ITA - Invest in Italy, shares insights in a personal interview about his professional journey in the investment migration industry. 

Graph of the Week