Tax and Citizenship New Programs-Amendments
With all of the chaos in the world since the pandemic situation, it's better to be years early than one day too late.
Governments of citizenship by investment programs are passing or amending laws, regulations, and tax cuts faster than ever, and better to be prepared. Some programs that (may be) closing down or changing dramatically:
1. Portugal Golden Visa - Higher Investment
This Golden Visa allows investors to live in Europe and work toward Portuguese citizenship without changing their nationality of origin, lifestyle and recent amendments allowing investors' children to grant Portugeuse citizenship by 'Jus Soli' principle are advantageous. But investment levels will increase on January 1, 2022; some of the most popular investment options are closing.
2. Thailand announces 10-year visa program to attract wealthy foreigners
Thailand has announced a new long-term visa program that would allow wealthy foreigners to stay in the country for a period of 10 years and applicants for this long-term visa would get "automatic work permits".
The visa program is part of a new economic stimulus government package announced in September following a Cabinet-level meeting as the country looks for ways to give a shot in the arm to its pandemic-hammered economy.
The long-term visa would be open to wealthy foreigners as well as highly-skilled professionals from abroad. Applicants who work remotely for foreign companies would be exempted from taxes on their global incomes; for others, the tax rate would be the same as it is for Thai citizens. Also, taxes on foreign ownership of property and land would be exempted.
Long-term visa holders would also be allowed to bring in their spouses and children into the country. Additionally, they would not be required to report to Thai immigration authorities every 90 days like before.
Foreign pensioners would need to have a minimum pension of $80,000 during the last two years. Remote workers and highly skilled professionals would also need to show a minimum income of $80,000 during the last two years.
3. Jordan offers $1 million CBI route to foreign investors
Announced the new amendments to the country's citizenship laws following a Government Cabinet meeting in September, Jordan is now offering passports and citizenships to foreign investors who put in at least $1 million for a minimum period of three years as the country looks to generate employment and boost businesses in its fragile economy.
CITIZENSHIP OPTIONS FOR FOREIGN INVESTORS
a. Deposit and maintain at least $1 million in Jordan's Central Bank, interest free, for a minimum period of three years.
b. Put $1 million in treasury bonds for a minimum period of six years.
c. Buy shares worth at least $1.5 million in Jordanian companies and hold them for a minimum period of three years.
d. Establish an investment project worth at least $1 million in the capital, Amman, which must generate at least 20 jobs for Jordanians; the investment requirement drops to $750,000 while the job creation condition goes down to 10 spots if the project is made outside the capital. Investors utilizing this option would have four months to meet the employment generation requirement. In this particular case, applicants would be granted a temporary Jordanian passport for three years and once authorities are satisfied that all conditions have been met, citizenship would be granted.
FIVE-YEAR RESIDENCY OPTION
Foreign investors also have the option to go for a five-year residency option by investing in property worth at least 200,000 Jordanian dinars (around $288,000).
The property’s worth would have to be assessed by Jordan's Department of Lands and Survey while investors would not be allowed to sell or mortgage this property for the five-year period. Dependents can also get citizenship in Jordan. The government has capped this investment immigration stream to just 500 places per year.
TAX FREE INVESTMENT
4. UAE
Earlier September, the UAE announced a new visa stream, Green Visa, which allows foreign investors to live and work in the country self-sponsored. Earlier this year, UAE also announced amendments to its citizenship laws, granting nominated foreign investors a path towards Emirati passport.
5. Puerto Rico Act 60 - Higher Taxes
If you're an American looking to reduce both income and capital gains taxes, Puerto Rico has offered two very attractive programs. Now it seems that Puerto Rico is considering increasing taxes on passive income from 0% to 12%. The proposal wouldn't affect current decree holders, so if you want to be in Puerto Rico for 2022, you'll want to do earlier. .
6. St. Kitts and Nevis - Higher Fees
While St. Kitts and Nevis is a popular Caribbean citizenship option, it does work well for larger families and some crypto investors. St. Kitts has been running a 'buy one, get three free' special where a family of four can pay the price of a single applicant, but that likely ends on January 1, 2022.
Colombia's permanent residence program is more affordable due to currency fluctuations, and Costa Rica took the rare step of lowering their residence investment. (by citinavi team)
