7/13/16 2016 New York EB-5 & Investment Immigration Convention Migration Agent Workshop Citizenship by Investment in the Caribbean Barry Collymore, De Savary Chisanga Chekwe, Citizenship by Investment Unit: Antigua and Barbuda Wendell Lawrence, Caribbean Governance Consultants, Inc. Moderated By: Maria Patsalos, Mishcon de Reya Introduction Ma Maria Pa Patsalos Partner Immigration Group—Mishcon de Reya LLP 1
7/13/16 Citizenship by Investment Options Eur European: 1) United Kingdom 2) Cyprus 3) Malta 4) Portugal Caribbean: Ca 5) Antigua 6) Grenada 7) St Kitts and Nevis St. Kitts and Nevis Wen Wendel ell Lawren ence Chairman Caribbean Governance Consultants, Inc. 2
7/13/16 Benefits of St. Kitts and Nevis Citizenship • Citizenship for life which can be passed on to future generations • Visa-free travel to 130 countries including the U.K., Schengen Area (EU), Hong Kong, Singapore and Brazil • No personal income tax whatsoever and no need to file Income Tax Returns • Full residence status and the right to work in the federation • Dual citizenship is allowed • Social and economic stability • Rights to travel and work within the OECS and CARICOM region • A range of legitimate tax planning devices including IBC’s, captive insurance companies, limited partnerships, LLC’s, exempt companies, trusts and foundations • Can be useful to EB-5 applicants while they wait to qualify for U.S. citizenship SIDF Contribution Option St. Kitts and Nevis T o qualify for citizenship of St. Kitts and Nevis under the SIDF Option, the Government requires a contribution to the St. Kitts and Nevis Sugar Industry Diversification Foundation. Under this option, the minimum contributions to the SIDF to qualify persons to apply to Citizenship by Investment are as follows: Number of Persons Required Contribution 1 applicant US $250,000 Applicant + 3 US $300,000 Applicant + 5 US $350,000 Applicant + 7 US $450,000 US$ 50,000.00 additional contribution for each dependent above 7, inclusive of all Government fees 60 to 90 days processing time Overall outlay is clear, very efficient processing 3
7/13/16 Real Estate Option St. Kitts and Nevis US$400,000 real estate purchase required (minimum; in an approved project) Fees • US$ 50,047 Government fees for main applicant, plus US$ 25,047 for spo use and child ren under 18years, • US$50,047 for each dependant between 18 and 25 years attending school or parents 65 and older dependent on main applicant • US$7,500 due diligence fees for main applicatio n and US$4,000 for d ependen ts 16 years and over Approx. 1-2% purchase costs (taxes, conveyance, etc) 60 to 90 days processing time Real-estate can be after 5 years of ownership and qualifies next buyer for citizenship Grenada Ba Barry Collymo more Co-director De Savary 4
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7/13/16 Antigua and Barbuda Chisanga Puta-Chekwe CEO Citizenship by Investment Unit Program Overview Antigua and Barbuda • Antigua and Barbuda Citizenship by Investment Act, 2013 • Unit staffed with private sector personnel • Offers visa-free access to over 130 countries, including Schengen area, United Kingdom and Canada • Decisions within 90 days on most files, • No restrictions on dual nationality, • Citizenship for life, once residency requirement is met,* • Straightforward application process, no minimum net worth requirement or previous business experience, • No tax on worldwide income, inheritance, capital gains or investment returns. • History of a stable currency US$1 = EC$2.70 (XCD) 6
7/13/16 Investment Options Antigua and Barbuda 1 . National Development Fund A . Single applicant * , or a family of 4 or less: • US$200,000 Contribution ** B . Family of 5 or more: • US$250,000 Contribution (Up to three dependents pay no processing fees) 2. Real Estate Investments US$400,000 investment minimum - in an approved project 3. Investment in Business – Single investor US$1.5M, two or more investors US$5M (each at least US$400,000) *Any person 18 and above who makes a qualifying investment and his/her dependents. **All options are subject to processing, due diligence and passport fees Contact Us CONTACT US Maria Patsalos Chisanga Puta-Chekwe Partner, Immigration Group Government of Antigua and Barbuda Mishcon De Reya LLP Citizenship by Investment Unit 70 Kingsway 3 rd Floor, ABI Financial Centre Africa House Redcliffe Street, St. John’s, Antigua W.I. London Tel: 1(268) 481-8400/1/2 WC2B 6AH info@cip.gov .ag United Kingdom E: maria.patsalos@mishcon.com www.cip.gov .ag T: +44 20 3321 7457 Mr. Wendell Lawrence Chairman Caribbean Governance Consultants Inc. Koi Building Barry Collymore One Airport Road De Savary Basseterre St. Kitts T el: 869 465 0051 Email: info@cgcinconline.com 7
7/13/16 Disclaimer This presentation outline and the presentation itself are for general education purposes only and are not intended to provide specific guidance or legal advice about what to do or not to do in any particular case. You should not rely on this general information to make decisions about specific immigration matters. If you are not yourself a lawyer, you should seek the assistance of an immigration lawyer to help you resolve these issues. Thank you. 8
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