Tag: News

The sandy beaches of Phuket, the bustling streets of Bangkok, and the mountains of Chiang Mai could all soon be options for digital nomads looking for their next home base.

Thailand will soon offer a 10-year visa to potential long-term residents, with applications opening Sept. 1. The scheme hopes to attract “foreign human resources with high potential and skills,” Narit Therdsteerasukdi, deputy secretary general for the Thai Board of Investment, told Nikkei Asia.

The visa is targeted primarily at people working in high-tech industries, like electric vehicles, biotechnology, and electronics. But the visa will also be available to employees of foreign companies who want to base themselves in Thailand as a digital nomad—or “work-from-Thailand professionals,” as the visa describes them.

Visa holders would be taxed at a lower rate—17%, as opposed to the 35% charged on income greater than $140,000. (For comparison, the U.S. charges a 35% tax rate on income between $215,950 and $539,900.) The visa will also be available to those with over $1 million in assets, or retirees with stable incomes, similar to other so-called golden visa programs that offer residency to wealthy foreigners.

Thailand is the latest country to seek out remote workers as a new source of visitors, as hotspots try to rebuild and revamp their tourism industries in the wake of the COVID pandemic. 

Thailand hopes to bring in a million people from Japan, South Korea, China, the U.S., and Europe. Therdsteerasukdi told Nikkei Asia that he expects visa holders to contribute about $28,000 per person to the local economy, with the whole scheme contributing $27.6 billion in total.

Documents from Thailand’s Board of Investment lay out the requirements for becoming a “work-from-Thailand professional”: You need to have earned $80,000 per year for at least two years (with some exceptions), have at least five years of experience, and work for a company that’s generated at least $150 million in revenue over three years.

The Board is clearly interested in attracting remote workers. Its website trumpets a survey from workspace company Instant Offices that designates Bangkok as the world’s second-best location for digital nomads (behind Lisbon). 

Digital nomads

Other Southeast Asian countries are also appealing to digital nomads. Indonesia, home to the resort island of Bali, is considering a visa for remote workers that would allow them to stay for up to five years. In June, Indonesia’s Tourism Minister Sandiaga Uno told Bloomberg that he hoped the visa might attract higher-spending visitors.

Uno described the digital nomad visa as part of a broader initiative to rebuild the country’s tourism industry. “In the past, the ‘three S’s’ were sun, sea, and sand. We’re moving it to serenity, spirituality, and sustainability,” Uno said at the time. 

• A new Active Investor Plus visa category is created to attract high-value investors.
• The new visa will replace the existing Investor 1 and Investor 2 visa categories.
• Eligibility criteria includes a minimum $5 million investment and encourages greater economic benefit to New Zealand companies by capping passive investment in listed equities to 50 per cent and excluding bonds and property.
• Visa category will open 19 September 2022.                                            

As part of the Government’s Immigration Rebalance strategy, changes to New Zealand’s investor visa settings will be made to attract experienced, high-value investors bringing growth opportunities to domestic businesses, Economic and Regional Development Minister Stuart Nash and Immigration Minister Michael Wood announced today.

“We have so many fantastic businesses in New Zealand that are making a real name for themselves in the global marketplace. Our Government has a goal to support these businesses to grow into even more successful global brands, and updating our investor visa settings is a key part of our strategy to attract high-value investors,” Stuart Nash said.

“This is part of our Immigration Rebalance strategy, which aims to attract high-skilled migrants, and aligns with our goal to build a more productive, competitive and sustainable, economy. The new visa settings will attract active and high-value migrants who will bring their international expertise to help New Zealand businesses to grow, which increases local employment and directly benefits the economy.

“The new Active Investor Plus visa will replace the old investment visa categories, which although successful in attracting a large amount of funds over past decade – over $12b –often resulted in passive investment in shares and bonds rather than directly into New Zealand companies, meaning a missed opportunity to attract more active investors who can deliver real benefits to our economy over a long period of time.

“We want to encourage active investment into New Zealand, which generates more high-skilled jobs and economic growth compared to passive investment. This new visa category will also leverage the skills, experience and networks of migrants who will bring their access to global networks and global markets to help Kiwi companies grow faster and smarter.

“Overall, the visa changes are a win-win for New Zealand and migrant investors. Investors secure an opportunity to invest in smart and innovative New Zealand businesses that have the potential to be globally successful, and Kiwi businesses gain valuable skills, connections, and capital. This will make New Zealand more competitive in the international marketplace and take our businesses to the next level,” Stuart Nash said.

“The new visa category will help to attract investors that will remain in New Zealand for the long term, bringing their skills and experience to increase our productivity and competitiveness, supporting our transition to a high wage, productive economy,” Michael Wood said.

“Applicants who make acceptable direct investments, among other requirements, will be eligible for the new visa with a $5 million minimum investment and receive the highest rating which is a lower minimum amount than those who choose more indirect investments. The minimum amount required for indirect investments will be $15 million.

“We’re also improving the flexibility for the investor by allowing them to invest over a three-year period and maintain their investments up to the end of a fourth year. Investors will need to spend at least 117 days, or around a month a year, in New Zealand over the four-year investment period. This is increased from 88 days in the previous category in order to ensure that investors are actively getting hands on with local companies to help them grow.

“Being in New Zealand will provide more opportunities to become involved in the businesses they’ve invested in, further sharing their expertise and connections. Spending time here also increases the likelihood of further active investment. The changes align with similar investor migrant settings in Australia,” Michael Wood said.

The new Active Investor Plus visa will open on 19 September 2022. Applications under the Investor 1 and Investor 2 visas will no longer be accepted after 27 July 2022. All applications in the current pipeline will continue to be processed by Immigration New Zealand.     

Cambodia has launched a programme to encourage foreign investment that offers a ten-year visa and other benefits to those who invest in the country.

Local media reported that the “Cambodia – My Second Home” programme has been exclusively launched by the Khmer Home Charity Association with full authorization from the Ministry of Interior, with the goal of promoting trade and investment while eliminating unauthorized intermediary companies.

Applicants for the Cambodia My 2nd Home (CM2H) programme will have access to a number of business-friendly measures, such as 10-year visas with no entry or exit restrictions, as well as an option to apply for Cambodian citizenship after five years.

Foreign investors will also benefit from Khmer Home Charity Association membership under the programme, which will grant them access to local insurance coverage and VIP medical treatment, among other advantages.

According to the official website of ‘Cambodia My Second Home’ (CM2H) programme, applicants must be a citizen of a country recognized by the Cambodian government and must have investment capital of not less than US$100,000 in Cambodia.

No language proficiency or academic qualifications are required by those wanting to enter the program.

Investors will receive their CM2H membership number within seven days, while the visa will be processed within 14 days, according to the program website.

New EB-5 Investor Form I-526 for Standalone or Direct EB-5 Investors is Expanded with New Required Disclosures

On July 12, 2022, U.S. Citizenship and Immigration Services (“USCIS”) released an updated Form I-526, Immigrant Petition by Standalone Investor. This new form replaces Form I-526, Immigrant Petition by Alien Entrepreneur, which had been the prior individual EB-5 investor petition for both regional center and standalone (direct) EB-5 investors. Instructions for the new Form I-526 can be accessed on https://www.uscis.gov/sites/default/files/document/forms/i-526instr.pdf

Form I-526 form has been expanded and can now only be used for EB-5 investors who select standalone (direct) EB-5 investment projects with only a single EB-5 investor. A separate Form I-526E has already been released by USCIS for EB-5 investors who select EB-5 regional center sponsored EB-5 investment projects.

Form I-526 requires additional information about the EB-5 investor since he/she is now involved in the EB-5 program as an owner of the NCE.

Disclosures about the EB-5 investor’s net worth, sources of capital for the EB-5 investment, and a breakdown of all “administrative costs and fees” are now present in Form I-526. The EB-5 investor must also answer questions about prior work authorization and compliance with United States immigration laws.

Overall, the new Form I-526 will require EB-5 immigration attorneys to spend more time gathering information and documents in order to prepare their client’s initial EB-5 investment applications.

Read more: https://www.uscis.gov/newsroom/alerts/uscis-releases-new-forms-for-immigrant-investor-program-0

The US District Court for the Northern District of California issued a decision today in Behring Regional Center’s lawsuit seeking a preliminary injunction to stop United States Citizenship and Immigration Services (USCIS) from deauthorizing previously designated EB-5 Regional Centers.

“We are relieved to have the courts favor in issuing the preliminary injunction stopping USCIS from cancelling EB-5 regional centers,” said Colin Behring, CEO of the Behring Companies.  “The ruling is strong and clear in its language that EB-5 is to continue immediately. Our investors asked us to do everything we could to fix this and our team at Behring and the EB-5 Investment Coalition delivered. This was our third lawsuit with USCIS, and with this ruling we are heading toward victory on the merits on all of them.”

EB-5 regional centers can continue working immediately, verdict said

Congress enacted the Reform and Integrity Act in March 2022, reauthorizing and revamping the system that oversees regional centers. The suit alleged that the USCIS wrongly interpreted the Act as deauthorizing the more than 600 previously authorized regional centers and putting an end to their revenue streams. The lawsuit said the agency’s guidance violates the Administrative Procedure Act (APA) and misinterprets the new EB-5 law enacted by Congress.

The court found that the USCIS “violated the APA” and added that it “was almost certainly wrong in assuming that the Integrity Act affirmatively deauthorized existing regional centers, so the agency was almost certainly wrong to announce that the centers are no longer authorized.”

The court has ordered USCIS to not require previously designated regional centers to go through steps to be reauthorized. It also required that the USCIS process new I‐526 petitions from immigrant investors investing through previously authorized regional centers. The ruling is a big win for EB-5 industry and investor stakeholders.

“We are so pleased that the court recognized the true congressional intent.  Existing regional centers can now operate and accept new investors,” says Laura Foote Reiff, a partner at Greenberg Traurig LLP, which represents Behring in the lawsuit over the USCIS guidance. “This is a program that should be embraced by the agency and the country as it brings much-needed revenue into the US and helps with job creation.”

Behring regional center wins case against USCIS and clears way for EB-5 processing

Before issuing his ruling, Judge Vince Chhabria concluded with an analogy, likening Behring and other regional centers as members of a club created by Congress who gave the USCIS the responsibility of admitting members, creating club rules, and club privileges. But with the Integrity Act, Congress made many changes to the club’s structure but failed to specify whether existing members could, like before, remain members. Then the agency removed all existing members, based on what they thought Congress wanted.

“The agency was wrong to act based on that assumption,” Chhabria said. “But it does mean that, for now, the agency must continue treating the existing members as members of the newly revamped club. The motion for a preliminary injunction is granted.”

The lawsuit follows the firm’s 2021 legal victory, when a federal judge vacated the EB-5 Modernization Rule that was implemented unlawfully by the Department of Homeland Security in 2019.

“The nationwide injunction decision is huge for the EB-5 industry and means investors can file immediately especially for the new fast track categorizes created by the Reform and Integrity Act signed by President Biden on March 15, 2022,” says Bernard Wolfsdorf an LA based immigration lawyer. “There will be a frenzy of filings with all the pent-up demand.”

Parliament has rejected the proposals of the PCP, BE and PAN to end golden visas, as well as the proposal by Chega who called for the enlargement of the regime.

“The way and the time is one of evaluation” about a “successful legal amendment that safeguarded the dimensions that are important in this regime”, said the socialist deputy Pedro Anastácio.

The PS parliamentarian, the party that voted against all these proposals, argued that “the last legal change made to the regime responded adequately to the housing dimension, allowing to safeguard and maintain the regime’s dimension”. For Pedro Anastácio, the changes represent “something that is also important and fundamental for the country, which is the promotion of productive investment, job creation, investment in urban requalification, cultural heritage and in activities of high environmental or social value”, adding that “it is necessary to assess the effects after the introduction of this change” in order to assess whether the desired balance has been achieved.

The deputies only approved a PSD recommendation to the Government for urgent regulation that would allow the operation of the online platform and the submission of online applications for golden visas for real estate purposes in the Autonomous Regions of Madeira, the Azores and interior.

Read The Portugal Golden Visa: All you need to know in 2022.

Online platform

While the debate and voting took place, it was announced by the Portuguese Association of Real Estate Developers and Investors (APPII) that the platform was now operational.

Jornal de Notícias reported last Tuesday that the lack of regulation of the law that changes criteria for the attribution of Residence Permits for Investment, which came into force in January, was preventing the submission of new applications to the golden visa regime.

The following day, the Secretary of State for the Presidency of the Council of Ministers, André Moz Caldas, stated that the law in question did not need to be regulated and could be “directly applicable”. “From my point of view, the law amended in the past is directly applicable and does not require any special regulation”, said the Secretary of State.

This morning, APPII announced that applications for the so-called golden visas were resumed and several new applications for Residence Permits by Investment (ARI) have already been submitted. In a statement, APPII adds that, “after a round with its associates, it confirmed that the platform to insert new ARI of the Foreigners and Borders Service (SEF) is finally operational”.

During the plenary debate, PSD deputy Sara Madruga da Costa defended the “urgency to proceed with the rapid operationalization of the SEF portal” within the scope of the latest changes, adding that “this is an excellent opportunity to put into practice the so often touted territorial cohesion”.

No new changes will be brought in relation to golden visas and the online platform for submissions is now up and running again.

Also read 11 Reasons to Move to Portugal in 2022 from India

A group of immigrants are suing the U.S. government over delays in processing their citizenship applications. The 13 plaintiffs filed a suit against the federal government on Wednesday for what they call unreasonable delays after submitting their naturalization applications in spring 2020.

The suit, filed by the American Immigration Council on behalf of the immigrants, names U.S. Citizenship and Immigration Services (USCIS) as well as the National Archives and Records Administration, which operates underground storage facilities housing immigration paperwork. These mile-long caves beneath Kansas City largely shut down due to the COVID-19 pandemic.

Also read 10 USA Citizenship benefits to you and your family.

The closures meant that thousands of U.S. immigration applications were left languishing underground. Without those papers detailing an applicant’s immigration history, USCIS is unable to approve citizenship applications, leaving scores of immigrants stuck in limbo.

In March, the National Archives fully reopened its underground storage facilities, according to the Wall Street Journal, and there are now 87,500 pending requests for immigration papers, down from 350,000 in January.

Yet USCIS still isn’t prioritizing citizenship applications over other immigration requests, which could mean thousands of would-be citizens won’t be able to vote in the upcoming midterm elections.

“We’re concerned that if they’re not proactive and don’t focus on naturalization applications, they have a risk of harm that no one else does,” Leslie Dellon, staff attorney at the American Immigration Council, told the Wall Street Journal.

On April 29, USCIS hosted a listening session to inform EB-5 Stakeholders of changes to the regional center program and address their issues and concerns related to the EB-5 Reform and Integrity Act. Crucially USCIS clarified at this session that regional centers which existed prior to the program’s lapse of authorization in June 2021 are no longer approved and designated as regional centers. Per the language on USCIS’ website “Entities seeking to be designated as a regional center are required to file Form I-956, Application for Regional Center Designation. The USCIS will be publishing this new form, including the form instructions, with additional information regarding the filing process by May 14, 2022.”

Also read Why Indians are choosing the USA EB-5 Program as their pathway to USA Citizenship.

HOW WILL THIS AFFECT REGIONAL CENTERS AND INVESTORS ?

USCIS’s announcement of this policy comes as somewhat of a surprise, as the text of the EB-5 Reform and Integrity Act does not mention a requirement for existing regional centers to re-designate under the new law. Rather, the policy is based on USCIS’ interpretation of the bill. First and foremost, the policy places existing regional centers in a state of limbo, as they are no longer legally considered regional centers under the EB-5 Reform and Integrity Act. These “entities” as USCIS refers to them, will need to have an approved I-956 to be re-designated as regional centers and continue sponsoring new I-526 petitions in the future. 

This obviously raises issues for investors with an approved I-526 who have yet to receive their EB-5 visa, as their petition is no longer associated with a designated regional center. However, USCIS has announced that investors may still be able to establish eligibility, “by demonstrating compliance with other applicable requirements (primarily investment and job creation, including indirect job creation as provided under the former statute).”  

Most concerning about this policy is how it will affect regional centers who do not apply for re-designation. As per the USCIS announcement, regional centers only need to file I-956 if they wish to support new investor petitions in the future. Additionally, the agency will no longer accept Form I-924A, Annual Certification of Regional Center, from existing regional centers who are not filing for re-designation. This may lead to a situation where USCIS will have little oversight over existing regional centers (with active projects and investors) that choose not to apply for re-designation. 

It seems, USCIS’ decision to deauthorize all existing regional centers and require them to file Form I-956 might have unintended consequences. Rather than allowing the EB-5 Regional Center program to start up again smoothly, the agency has created hurdles for the EB-5 industry after it has already spent nearly a year in limbo waiting for Congress to reauthorize the program. It is noteworthy that the agency’s decision to relinquish its oversight over existing regional centers who do not apply for re-designation runs counter the EB-5 Reform and Integrity act’s goal of ensuring integrity and accountability in the program. Litigation challenging the re-designation policy has already been filed by Behring Regional Center, but it will remain to be seen if USCIS is willing to budge.

Also read Questions and Answers: USA EB-5 Visa frequently Asked Questions !!