Vương quốc Anh và Việt Nam ký biên bản kết thúc phiên đàm phán Hiệp định Thương mại Tự do: Khám phá các lựa chọn nhập cư vào Vương quốc Anh

Chiều ngày 11/12, lễ ký kết Biên bản Kết thúc đàm phán Hiệp định Thương mại Tự do (FTA) Việt Nam-Vương quốc Anh (UKVFTA) chính thức diễn ra tại Hà Nội.

By Simon Ngyuen

Theo số liệu của Tổng cục Hải quan, năm 2019, tổng kim ngạch xuất nhập khẩu hai nước đạt 6,6 tỷ USD, trong đó xuất khẩu đạt 5,8 tỷ USD và nhập khẩu đạt 857 triệu USD. Tuy nhiên, khi Anh rời EU, các ưu đãi mang lại từ Hiệp định thương mại tự do Việt Nam-EU (EVFTA) sẽ không được áp dụng tại thị trường Anh. Bởi vậy, việc ký kết một FTA song phương sẽ tạo điều kiện cho hoạt động cải cách, mở cửa thị trường, thuận lợi hóa thương mại ở hai quốc gia trên cơ sở kế thừa các kết quả đàm phán tương đối tích cực ở EVFTA, tránh gián đoạn các hoạt động thương mại do hệ quả mang lại của Brexit.Sau 6 phiên làm việc chính thức và nhiều phiên làm việc kỹ thuật, 2 bên đã chính thức đi đến ký kết biên bản kết thúc đàm phán Hiệp định thương mại tư do Việt Nam-Vương quốc Anh.Bộ trưởng Bộ Công Thương Trần Tuấn Anh khẳng định, đây là bước quan trọng để 2 nước sớm đi đến ký kết chính thức Hiệp định này trong thời gian tới.Hiệp định song phương UKVFTA giữ nguyên các lợi ích trong quan hệ thương mại hiện tại giữa Vương quốc Anh và Việt Nam thông qua Hiệp định Thương mại EVFTA, đồng thời có những điều chỉnh để phù hợp với cả 2 bên. Hiệp định UKVFTA được kỳ vọng sẽ tiếp nối động lực thúc đẩy quan hệ thương mại, đầu tư của hai bên trong những năm tới.Những cơ hội và lợi ích lớn nhất tạo ra từ Hiệp định UKVFTA là thúc đẩy xuất khẩu các mặt hàng chủ lực của Việt Nam. Các ngành hàng xuất khẩu được hưởng lợi là thủy hải sản, gạo, dệt may, gỗ, rau quả, da giày… Theo đó 99% thuế xuất nhập khẩu giữa 2 nước sẽ được xóa bỏ sau khi kết thúc lộ trình cắt giảm thuế quan.Theo Bộ trưởng Thương mại quốc tế Anh Liz Truss, Vương quốc Anh và Việt Nam có chung cam kết chiến lược đối với thương mại toàn cầu và tự do hóa giao dịch vốn và đầu tư. Thỏa thiện UKFTA là một bước tiến quan trọng trong bối cảnh nước Anh sẽ chính thức xin gia nhập Hiệp định Đối tác Toàn diện và Tiến bộ xuyên Thái Bình Dương (CPTPP) vào đầu năm 2021.


Điều này cũng mở ra cơ hội cho nhiều doanh nghiệp Việt Nam muốn mở rộng thị thường và hoạt động kinh doanh tại Vương Quốc Anh thông qua các chương trình thị thực dành cho các doanh nhân, quản lý. Trong số đó, phải kể đến các lựa chọn đang là ưu tiên với quy trình giải quyết nhanh, chi phí thấp như:

1.    Sole-Representative Visa: Thị thực yêu cầu người nộp đơn thiết lập sự hiện diện thương mại đầu tiên của công ty tại Vương quốc Anh, bằng cách mở một chi nhánh hoặc công ty con đã đăng ký tại Vương quốc Anh

.2.    Start-up Visa: Một trong những loại thị thực được giới thiệu gần đây, thị thực này đã thay thế thị thực Doanh nhân (Entrepreneur) và tốt nghiệp (Graduated). Thị thực này rất phổ biến do người nộp đơn không yêu cầu bất kỳ khoản tiền nào trong giai đoạn nộp đơn. Thị thực này dành cho những cá nhân có đầu óc kinh doanh với mong muốn xây dựng một công ty theo ba tiêu chí chính là (i) ý tưởng kinh doanh sáng tạo, (ii) tính khả thi và (iii) có thể mở rộng

3.    Innovative Visa: Loại thị thực này nhằm vào những doanh nhân có kinh nghiệm hơn, những người đang muốn thành lập doanh nghiệp tại Vương quốc Anh với quỹ đầu tư tối thiểu 50.000 bảng Anh. Tương tự như thị thực khởi nghiệp, người nộp đơn phải được sự chứng thực từ cơ quan được chỉ định của Vương quốc Anh đối với ý tưởng kinh doanh.

Liên hệ ngay với Davies and Associates LLC để biết thêm thông tin chi tiết và chúng tôi có thể tư vấn lựa chọn phù hợp nhất cho dự định làm việc, sinh sống của bạn tại Vương quốc Anh.

Explore UK Immigration Options as Vietnam & UK sign Free Trade Agreement

On the afternoon of December 11, the signing ceremony of the Agreement on Free Trade Agreement (FTA) Vietnam-UK (UKVFTA) officially took place in Hanoi.

According to the General Department of Customs, in 2019, the total import-export turnover of the two countries reached 6.6 billion USD, of which exports reached 5.8 billion USD and imports reached 857 million USD. However, when the UK leaves the EU, the incentives brought in from the Vietnam-EU Free Trade Agreement (EVFTA) will not be applied in the UK market. Therefore, the signing of a bilateral FTA will facilitate the reform, opening of markets and trade facilitation in the two countries on the basis of inheriting relatively positive negotiation results in EVFTA. and avoid disruptions in commercial activities as a result of Brexit.

After 6 official working sessions and many technical sessions, the two sides officially came to sign the conclusion of the negotiations on the Vietnam-UK Free Trade Agreement.

Minister of Industry and Trade Tran Tuan Anh affirmed that this is an important step for the two countries to soon come to the official signing of this Agreement in the coming time.

Bilateral Agreement UKVFTA retains the interests in the current trade relationship between the UK and Vietnam through the EVFTA Trade Agreement, and at the same time makes adjustments to suit both sides. The UKVFTA Agreement is expected to continue the driving force of the two sides’ trade and investment relations in the coming years.

The greatest opportunities and benefits created from the UKVFTA Agreement are to promote the export of Vietnam’s key products. The export sectors to benefit are seafood, rice, textiles, wood, vegetables, leather and shoes … Accordingly, 99% of import and export taxes between the two countries will be eliminated after the tax cut is completed. concerned.

According to British International Trade Minister Liz Truss, the UK and Vietnam share a shared strategic commitment to global trade and liberalization of capital transactions and investment. The UKFTA agreement is an important step in the context that the UK will officially apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in early 2021.

This also opens up opportunities for many Vietnamese businesses to expand their markets and do business in the UK through visa programs for entrepreneurs and managers. Among them, there are options that are priority with a fast, low-cost process such as:

  1. Sole-Representative Visa: The visa requires the applicant to establish the company’s first commercial presence in the UK, by opening a branch or subsidiary registered in the UK.
  2. Start-up Visa: One of the recently introduced visas, this visa has replaced the Entrepreneur (Entrepreneur) and Graduated (Graduated) visa. This visa is very popular because the applicant is not asking for any money during the application stage. This visa is for business-minded individuals wishing to build a company under three main criteria: (i) innovative business idea, (ii) feasibility and (iii) open wide
  3. Innovative Visa: This visa is aimed at more experienced entrepreneurs who are looking to start a business in the UK with a minimum investment fund of £ 50,000. Similar to a start-up visa, an applicant must obtain endorsement from a designated UK agency regarding the business idea.


What Impact Will Biden have on E-2 Treaty Investor Visa?

While Joe Biden spoke favorably about immigrants in the run-up to the 2020 election, he may find his ability to act favorably hampered by a hostile Senate and an economy ravaged by Covid. Despite this uncertainty, once visa category is likely to continue to be unscathed by all the dramas in Washington: the E-2 Treaty Investor Visa.

This is because the E-2 Visa is governed by treaties with sovereign countries that long outlast one president or another. In fact, the oldest E-2 Treaty – with the United Kingdom – dates back more than 200 years.

The E-2 Visa allows foreigners to move to the United States with their families for the purpose of owning and actively managing a business. This could be something they start-up from scratch, or it could be an off-the-shelf franchise business.

There is no fixed investment required for an E-2 visa, but the amount of capital being brought into the United States needs to be proportionate to the needs of the business.

The spouse of the E-2 visa holder can apply for work authorization in the United States and is not tied to working in the E-2 business. This offers a lot more employment flexibility than the H-1B visa, which somewhat bounds and employee to a particular employer.

The E-2 Visa does not bestow permanent residency, but can be renewed indefinitely provided the underlying business is still in operation. There are options for transitioning to a Green Card – for example, through the EB-5 Visa Program.

The E-2 has enjoyed bipartisan support in the United States because it brings investment and creates jobs. In fact, when President Trump chose to suspend a swathe of visa categories in response to Covid, he deliberately exempted the E-2 Visa from the “ban”.

Unlike other visa categories, there are no quotas or country caps for the E-2 Visa, and processing times are very fast in comparison.

The key limitation is whether your country holds a relevant treaty with the United States. You can find out if you country holds a treaty with the US here.

If your country does not hold a Treaty then don’t worry, there are still options. Firstly, new countries are sometimes added to the list. For example, Israel and New Zealand are recent additions to the list of E-2 Countries.

Nevertheless, citizens of countries like India, China, Vietnam, South Africa and more are not eligible for the E-2 Treaty Investor Visa. Citizens of these countries have to obtain citizenship of an E-2 Treaty Country first.

The two countries that offer the most cost-effective and fastest routes to citizenship are Grenada in the Caribbean and Turkey. Once you have obtained citizenship of one of these countries, you can apply for the E-2 visa.

Grenada offers citizenship for a real estate investment starting at $220,000 or a donation of $150,000. Processing times are extremely fast and you are not required to visit the island. There is no tax on worldwide income and there are no residency requirements. Grenada allows dual citizenship.

Turkish citizenship can be obtained in a matter of months in exchange for a $250,000 investment in real estate or $500,000 deposits in a Turkish bank. Turkey is a popular option because of its helpful position as a global aviation hub.

Table: E-2 Countries Offering Citizenship By Investment

View our step-by-step infographic detailing the process of obtaining an E-2 Visa through citizenship by investment

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.


Clients Wait Out the EB-5 Queue in the USA Using E-2 Visa

D&A Clients Wait Out the EB-5 Queue in the USA Using E-2 Visa

We are delighted to have received yet another E-2 Treaty Investor Visa approval today. This time it’s for a client who already has an approved EB-5 application, but is facing a wait before an EB-5 visa becomes available. In fact, she is part of a growing trend of people looking to the E-2 visa as a means of moving to the United States faster than EB-5 allows.

The EB-5 Visa is proving fantastically popular in some quarters – especially China and Vietnam where supply is often outpacing demand. As well as India, South Korea and Taiwan where demand is fast catching up with supply.

When demand exceeds supply, that country is subject to a waiting list for EB-5.

There are normally around 700 EB-5 visas available to each country per year. The quota does not take account of population size, which partially explains why demand is so high in certain countries.

Growing demand can also be explained by the fact that the EB-5 investor visa is offers permanent residency at a lower cost than other similar nations, for example the UK starts from £2 million and Italy, which was mostly more expensive until the Italian government reduced its investment amounts over the summer in response to Covid-19.

How long are the delays?

It is hard to calculate the exact length of the delay faced by each country because they are subject to so many moving parts. We explain the delays in more detail in our analyses of the visa bulletins.

Citizens of China are subject to extremely long, multi-year delays. For Vietnam the delay is shorter but still an inconvenience. And for India there is currently no delay, but there were delays as recently as this summer. Taiwan and South Korea have never faced delays, but they are heading in that direction.

Some people opt to wait out the delays in their home country, but others are keen to get to the United States sooner. That is where the E-2 visa comes in.

The E-2 Visa has no waiting list and processing times are very fast

The EB-5 country-quota depends upon a person’s country of birth rather than their current citizenship. For example, the client approved for E-2 today was born in mainland China but is currently an Australian citizen. That means that for EB-5 purposes our client is subject to the China quota – which has a long waiting list – rather than the Australian quota which has never come anywhere close to its annual cap.

Yet that Australian citizenship has come in handy when it comes to the E-2 Treaty Investor Visa. Because, although there are no caps or quotas for E-2, eligibility for this visa is determined by your country of citizenship.

China does not hold and E-2 Treaty Country with the United States, so its citizens are ineligible. Australia, on the other hand, has a well-established treaty that makes its citizens eligible for the E-2 visa.

Essentially, you must be a citizen of an E-2 Treaty country in order to qualify for an E-2 visa. This means the country in which you hold citizenship must hold a relevant Treaty with the United States. Click here to find out if your country is on the list.

Becoming eligible for the E-2 Visa

If your country is not on the list then you can become eligible through a two-step process. First you need to obtain citizenship of an E-2 Treaty country, then you can apply for the E-2.

It sounds complicated, but in reality it is relatively simply. We have done this for a number of clients in the past. The whole process can take as little as nine months if everything runs smoothly.

Grenada and Turkey offer fast and cost-effective routes to citizenship that can provide a springboard to the E-2 Visa. Learn more about Grenada’s citizenship program here. Learn more about Turkey here.

Benefits of the E-2 Visa

So why have people bothered going to so much trouble? Well for one thing, Turkey and Grenada offer multiple benefits in their own right. But also because people get excited by the E-2 visa, which allows them to move to the United States for the purposes of owning and operating a business.

  • Investment requirements are relatively modest (no hard-and-fast rule, but usually starting from around $100,000).
  • You can start your own business or purchase a franchise
  • You can bring your spouse and children with you
  • Spouses can apply to work outside the business
  • You have freedom to travel to and from United States
  • There is no longer a requirement for a physical office space
  • The visa is renewable indefinitely – if the underlying business remains

E2 to EB-5

Unlike the EB-5 visa, the E-2 visa does not offer permanent residency. So if you close the underlying business, you would be required to leave the United States or find an alternative.

The E-2 Business Could Qualify for EB-5 if it Meets the Requirements

That is where the EB-5 comes in. There are two options for transitioning to EB-5 from E-2. Firstly, if your E-2 business has grown large enough, it may qualify as an EB-5 investment in its own right. The invested capital would need to be more than $900,000 if your business is situated in a targeted employment area ($1.8 million outside of these areas). It would also need to be able to sustain ten full-time employees.

Alternatively, you can invest in the EB-5 Regional Center program separately to your E-2 business. This removes the challenge of ensuring your business is consistently compliant with the EB-5 rules. While the Regional Center works to ensure compliance, you and your attorney should still be conducting due diligence on the Regional Center’s investment project to identify any risks to your Green Card and investment.

Case study

Our client established a New York-based company that sells well-designed, high quality, comfortable women’s clothing. It sells products online but the items will also be available in luxury department stores.  

Customers are able to order items directly from the Company’s website, Instagram, or mobile application. The Company uses engaging social media content, with a focus on building a brand through storytelling and it employs technology to create an immersive experience for clients through application of augmented reality (AR).

Our client was born in China but is currently an Australian citizen. She already has an approved EB-5 application (Form I-526), but faced a long wait for an EB-5 visa with all other Chinese-born applicants.

Chinese citizens are not eligible for the E-2 visa, but by holding Australian citizenship, she was eligible. This means the client was able to apply for an E-2 visa to pursue her entrepreneurial dreams in the United States.

Nevertheless, most of her funds came from China, which meant there were restrictions on the transfer of funds that required careful planning. Additionally, the closure of the US consulates in Melbourne delayed the interview and slowed the whole process by several months.

We wish her the best of luck in America.

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.


Am I a Citizen of Country that Holds an E-2 Visa Treaty with the United States?

The E-2 Treaty Investor Visa is one of the most sought-after US visa categories. Little wonder. The E-2 visa allows a person to own and operate a business in the largest economy in the world.

It can be renewed indefinitely provided the underlying business is in operation and still performing; Spouses can apply for work authorization outside the business; Dependent children can join you in America; You are not taxed in the same way as citizens and Green Card holders; You are free to travel to and from the United States; You can opt for an off-the-shelf franchise business or start your own.

Yet to qualify for this popular visa, you need to be a citizen of a country that holds a relevant treaty with the United States. Check out the list below to see if you are eligible.

List of E-2 Treaty Countries

Note: If your country is not on the list, Read on! We can still help.

  • Albania
  • Argentina
  • Armenia
  • Australia
  • Austria
  • Azerbaijan
  • Bahrain
  • Bangladesh
  • Belgium
  • Bosnia & Herzegovina
  • Bulgaria
  • Cameroon
  • Canada
  • Chile
  • Colombia
  • Costa Rica
  • Croatia
  • Czech Republic
  • Democratic Republic of Congo
  • Denmark
  • Egypt
  • Estonia
  • Ethiopia
  • Finland
  • France
  • Georgia
  • Germany
  • Grenada
  • Honduras
  • Ireland
  • Israel
  • Italy
  • Jamaica
  • Japan
  • Jordan
  • Kazakhstan
  • Kosovo
  • Kyrgyzstan
  • Latvia
  • Liberia
  • Lithuania
  • Luxembourg
  • Macedonia
  • Mexico
  • Moldova
  • Mongolia
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Paraguay
  • Philippines
  • Poland
  • Republic of Congo
  • Romania
  • Serbia
  • Senegal
  • Singapore Slovak Republic
  • Slovenia
  • South Korea
  • Spain
  • Sri Lanka
  • Suriname
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Togo
  • Trinidad & Tobago
  • Tunisia
  • Turkey
  • Ukraine
  • United Kingdom

If your country is on the list then you can go directly to an E-2 Visa. If it is not on the list (and more than half the world’s population are citizens of countries that are not on the list), then you need to become a citizen of a country that is on the list first.

You see, unlike the EB-5 investor visa program, E-2 is determined by your country of citizenship. (While citizens of all counties are eligible for the EB-5 visa, each country is subject to an annual quota. Which EB-5 country quota you are subjected to is dependent on your country of birth rather than country of current citizenship.)

But with E-2 visa, obtaining dual citizenship or a new citizenship will make a difference to your eligibility.

So you need to become a citizen of one of the countries on the above list.

While several of these countries offer a pathway to citizenship, the timing and cost can be prohibitive. For example, you can invest your way to UK residency for £2 million. This sets you on a path to possible citizenship, that takes six years. You can reduce this time if you invest more. But even with a £10 million investment, it will still take 3 years to be eligible for citizenship.

That is quite the wait for the E-2 visa. Besides, if you ultimately looking to move to the United States and have such sums of money to invest, you might want to consider the EB-5 investor visa instead. Under this program, a family can all receive Green Cards in exchange for a $900,000 investment.

Yet there are two countries on the list that offer fast and cost-effective routes to citizenship: Turkey and Grenada. We have helped clients obtain E-2 visas via both countries. It takes a matter of months to complete the entire process.

Grenada offers citizenship in exchange for a real estate investment from $220,000 or a donation to the government of $150,000 (more depending on how many family members you are bringing). It takes less than three months to obtain the passport, you don’t need to visit during this process, and Grenada allows dual citizenship so you do not need to give up your existing citizenship (unless this is required by the other country).

Turkey offers citizenship in exchange for a $250,000 investment in Real Estate or a $500,000 in bank deposits held with a Turkish bank. The process takes only slightly longer and citizenship can be obtained in just a few months.

Both countries offer many benefits aside from the E-2 visa. Both are dynamic economies with considerable investment opportunities. Some of our clients prefer Turkey because it is an international transit hub often en route between their home country and the United States. Others prefer Grenada for its proximity to their new home in the United States.

A third option is Montenegro. It is newer and a bit more expensive that the other programs. It requires a minimum €250,000 investment in Real Estate as well as a €100,000 donation. Montenegro shares a border with the European Union and it is a candidate for membership.

Our attorneys can talk you through the whole process. Our clients who have pursued this route have found it surprisingly simply. To discuss your circumstances with our team, please contact us to arrange a free consultation.

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.


EB5 Visa: Cost of Form I-526 Increasing by 9% from October

US Citizenship and Immigration Services (USCIS) announced the outcome of its biennial fee review earlier this month. Form I-526 – Immigrant Petition by Alien Investor – will be subject to a price increase. The form, which is the first step of the EB-5 application process, will increase to $4,010 from October. This represents a 9% increase on the current price of $3675.

An increase in the minimum investment amount last November is the principle reason for the large increase. At that time, the minimum investment requirement almost doubled from $500,000 to $900,000 in a Targeted Employment Area (TEA) and from $1 million to $1.8 million outside of a TEA.

USCIS argues that the increased investment amount means that the Source of Funds work – critical to an I-526 adjudication – has become more complicated, resulting in additional work for the agency. Complicated source of funds often need to go through a managerial review, adding extra cost.

While the price increase is partly to reflect the increased workload for USCIS case officers, there is another reason behind this. The review states that USCIS significantly “overestimated” demand for EB-5, which will lead to a budget shortfall. USCIS is almost entirely fee funded, which makes this especially problematic.

The reason for the overestimation is that demand was calculated before the minimum investment amount increased last November. That increase has dampened demand and the cost of the I-526 has been increased to mitigate that.

The I-829 Form – the Petition by Investor to Remove Conditions on Permanent Residency Status – has registered a more modest 4% price increase. This form comes later in the EB-5 process when an investor is eligible to remove the conditions on their Green Card. The new price of an I-829 is $3,900.

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.


E2 Visa: You Now No Longer Need a Physical Office Space

By Sukanya Raman, Associate, D&A Mumbai Office

On July 17th 2020, the Foreign Affairs Manual (FAM) was updated by the United States Department of State (DOS). The updates state that an applicant need not have a physical office space to qualify for E Visa.

E-1  Treaty Trader and E-2 Treaty Investor visa applicants shall benefit the most. E-1 and E-2 visas are non-immigrant visas. Under an E-1 visa, applicants of the treaty country are permitted to enter the U.S. wholly to engage in international trade. Under the E-2 visa, applicants of the treaty country are permitted to enter the U.S. by investing a substantial amount of capital in a U.S. business.

The E visa the classification has a lengthy list of requirements, a few of the  general ones are as follows:

Treaty Agreement

Nationality of E visa qualifying country

50% ownership and/or control & possession

Trade is predominantly between the United States and the treaty country

Enterprise must be real and operating a commercial enterprise

Substantial capital investment

Must be in the position to “develop and direct” the enterprise

Physical office space (no longer mandatory)

Above mentioned are a few mandatory requirements for the E visa application. However, having a physical office space is now optional to qualify for an E visa application.

E visa can now be available for businesses with virtual offices in the U.S. This gives the flexibility to  the applicants to save a huge amount of money from the substantial capital investment in leasing office space and other associated costs to it. We see a lot of clients substantial capital investment amount was invested in leasing the office premises, which they can now utilize in the business for explanation or for development, provided the other requirement of the E visas are met.

The new FAM  reads as “An applicant does not necessarily need a physical office space to qualify for an E visa.  Although having physical office space may be relevant in determining whether the requirements for an E visa have been met, it is not a requirement to qualify for the visa.”

The E-2 Visa is available to citizens of Treaty Countries. Click here to see if your country is on the list. If your country is not on the list, it is possible to become eligible by first obtaining citizenship of an E-2 Treaty country. Click here to learn more about this process.

sraman@usimmigrationadvisor.com

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients.


The Italian Dream is now Half Price

The Italian government is reducing key investment requirements for its Investor Visa by 50%.

By Matteo Tisato, Senior Immigration Analyst, D&A Italy

Just yesterday, the Italian Parliament passed into law a governmental Decree with a number of measures aimed at relaunching the Italian economy as a response to the dramatic impact that the Covid-19 health emergency had on the Italian and global economy.

In particular, the Italian government has taken actions in order to attract and encourage foreign capitals and investments from abroad, by reducing by 50% some of the minimum thresholds of the “Investor Visa for Italy”. 

In light of the above said, citizens from all around the world are now entitled to apply for and obtain this visa and its related Permesso di Soggiorno (Permit of Stay) by performing one of the following investments in the country:

• at least 250.000 Euros (previously was 500.000 Euros) in an innovative start-up company incorporated in Italy; 

• at least 500.000 Euros (previously was 1 Million Euros) in equity instruments of companies incorporated and operating in Italy; 

• at least 2 million Euros in Government Bonds issued by the Italian Republic (no changes in the new law)

• philanthropic donations of at least 1 million Euros, in the field of culture, education, immigration, scientific research, recovery of cultural assets and landscapes. (no changes)

The above change in the law does not affect the practical aspects of the procedure. Once the Investor Visa has been issued, the investor (and their family) is entitled to enter Italy and to apply for the Permesso di Soggiorno (permit of stay), which will be issued on the sole condition that the applicant performs one of the above-listed investments within 3 months after the date of first entry in the country. 

The Permesso is issued for an initial period of 2 years and can be renewed for further periods of 3 years, provided that the investment has been fully executed according to the Italian Immigration Law

The steps for obtaining the citizenship of Italy, which is the 3rd largest economy in the European Union, and the 8th largest by nominal GDP in the world, can be quite extended unless all the documents are prepared in accordance with the requirements imposed by the Italian authorities. 

If you think of applying for the Investor Visa for Italy, contact our offices in Florence or Miami, and our attorneys will assist you step by step with this process.

mtisato@usimmigrationadvisor.com

This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients.


UK, Canada, Australia: Gateways to The E-2 Treaty Investor Visa

Trump’s Immigration Ban leads to Surge in Interest in UK Visas

By Duncan Hill, Marketing Director, Davies & Associates

Our clients have always been interested in the UK, but we have certainly seen a spike since President Trump suspended a whole lot of US visas in April (and then a whole lot more last week).

The first thing to say is that not all US visas have been suspended. We specialize in two key categories that are exempt. The EB-5 Immigrant Investor Visa Program and the E-2 Treaty Investor Visa were not included by President Trump, probably because they create jobs and promote investment in the United States.

Nevertheless, our teams around the world are noticing above-average-levels of interest in Britain, especially from clients and agents in Vietnam and India.

One of the ostensible aims of Brexit is to create a more “Global Britain“, attracting the best and brightest from around the world. As part of that, a new points-based immigration system will be introduced next year. Points will be awarded for things like English-language capability, salary bands, and education levels.

As the UK gears up to this, one change has already been made with the introduction of the Global Talent Visa in February. This change is rather more one of style than substance, since it is mostly a rebranding of the “Exceptional Talent Visa

The Global Talent Visa is one of a range of so-called “Tier One” visas offered by the British government. Tier One visas are for “high-value migrants”, such as people bringing investment or talent. By contrast, Tier Two visas are for skilled immigrants with a job offer in the UK.

Another Tier One visa is the Investor Visa, which requires a minimum £2 million investment in UK bonds or shares. Anyone with this visa can apply for Indefinite Leave to Remain (IDLR) in the UK after five years. That waiting time can be reduced to three years for a £5 million investment or two years for a £3 million investment. It is possible to apply for UK citizenship 12 months after obtaining IDLR, subject to certain other requirements.

Investment AmountApply for Indefinite Leave to Remain
> £2 million5 years
> 5 million3 years
> 10 million2 years
UK Investor Visa

The Innovator Visa and the Start-Up Visas, are also classified as Tier One. These visas are very similar in that they target people with a business idea that is deemed innovative, viable and scalable.

Where they differ is in the stage of development of the businesses they target. The Start-Up visa targets early stage companies and does not require any investment requirement, whereas the Innovator Visa targets slightly more mature firms by requiring minimum investment funds of £50,000.

Start-up visa holders are expected to transition to the Innovator visa when they can prove they have hit the funding threshold. After three years, anyone with an innovator visa can apply to settle in the UK, subject to certain other conditions.

All of these visas will be transitioned to the points based system in a favourable way. So, for example, a £2 million investment will give a person 75 points meaning they automatically exceed the 70-point-minimum threshold for entry.

While there is still considerable uncertainty surrounding immigration policy as the Brexit negotiations drag on, one thing is clear: The UK still wants to attract the “best and the brightest” to its shores.

Davies & Associates has offices in the United Kingdom and throughout the world. We are able to offer advice on the best ways for you to move your business and family overseas. As a law firm with both immigration lawyers and corporate lawyers, we are able to help our clients not just obtain visas, but to establish their firms overseas and stick by their side as they prosper.

Nothing in this blog constitutes legal advice. Please contact Davies & Associates to schedule a free consultation.


India Tax Changes on Remittances Delayed to October

Sukanya Raman, Associate in our Mumbai office, analyses changes to India’s taxation of remittances.

In February, 2020 the Union Budget had proposed the levy of Tax Collected at Source (TCS) on remittances made under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India. Although, the Scheme was introduced in the year 2004 with a limit of USD 25,000. This is the first time TCS shall be levied at 5% on remittances over and above certain limit.

TCS was to be applicable for remittances on or after April 1, 2020, as per the budget 2020. However, the provision shall now be effective from October 1, 2020.

In a Financial Year (FY) April- March under the Liberalised Remittance Scheme a resident individual can remit USD 250,000, equivalent to INR 1,90,00,000 with an exchange rate of INR 76.00.

LRS is applicable to resident individuals which also allows minors to remit money to any permissible current or capital account transaction or a combination of both. If remitter is a minor, then their natural guardian must undertake a declaration form. The LRS cannot be availed by corporates, partnership firms, HUF, Trusts etc.

TCS shall be collected at the rate of 5% on remittances aggregating to INR 7,00,000 or more in a financial year. 

Per the RBI guidelines, LRS is permitted for private visits to any country (except Nepal and Bhutan), gift or donation, traveling abroad for employment, emigration, investment abroad, maintenance of close relative abroad, medical treatment abroad, overseas education and Any other current account transaction which is not covered under the definition of the current account in FEMA 1999.

Under the LRS, remittances can be consolidated in respect of close family members. However, it shall be subject to the individual family members complying with the terms and conditions of the LRS.

The remitter is eligible to claim credit for the tax collected (TCS) by the bank while filing their Income Tax returns, if it is remitted to the sender’s own account abroad.  

Based on the data released by RBI, remittance rose by 36% in  FY20 to USD 18.75 billion over the previous high of USD 13.78 billion in FY19.

This blog is for informational purposes only and is not meant as legal advice. For advice on this matter, please contact our team.