Shireen Ahmed-Kagee Attorneys is a black firm headed by a highly qualified Attorney, Conveyancer and Notary. We specialise in international business law and have been involved in consulting on many projects on residency and EU citizenship applications in European countries.
Countries that we consult on:
Malta in a bid to attract investors initially proposed a plan to allow wealthy foreigners to obtain a passport for a 650,000 euro investment with no residency requirement and at that time, that made it the cheapest European Union (EU) nation in which to purchase citizenship. The Prime Minister at the time, seph Muscat estimated about 45 people would apply in the first year, resulting in 30m euros (£24m; $41m) in revenues. After pressure from EU officialsThey made an adjustment to the rule and then required potential passport holders to reside in Malta for a year and raised the investment to 1.15m euros.
Cyprus is the other EU nation to offer a direct citizenship-by-investment route. The cost of the programme was reduced to 2m euros in March. This was largely done to serve the needs of the Russian investors who had lost a significant amount of capital when Cyprus was forced to accept a strict European Union bailout. (The 2m euro figure applies when one invests as part of a larger group whose collective investments total more than 12.5m euros; an investment of 5m euros in real estate or banks is still required for an individual.) However, investing in Cyprus comes with great risk because the programme initially cost 28m euros, then 10m euros, then 5m euros. Many argue that this is the result of mispricing a product and the unfortunate outcome is that it loses its value every 6 months. Nevertheless, “Citizenship-by-investment programmes are becoming increasingly popular and the wealthy are taking advantage of the situation.
The situation at present is one that is rather interesting because this while this would have been decried as being unethical in the past, it is now becoming common place for persons to be purchasing citizenship and for those that offer dual or multiple citizenship, the bearer is having the best of both worlds. Quite remarkably, this is sometimes or more often than not extended to immediate family members as well and what is also amazing is that some countries require very short or no periods of residency and the process of becoming a citizen is very fast. What will happen next however is yet to be seen because we are not quite sure if other nations will spearhead immigrant investor programmes or if this system will eventually fail as was the case of Belize in 2002, Ireland in 2001, Grenada, (closed in 2001 but reopened in 2014) or Montenegro that was suspended in 2010.
Check out our partners on Global Citizenship.
Check out our partners on http://www.citizenshipbureau.com/citizenship-investment/.
Our professional service extends across the following range of legal work:
- Property Law
- Commercial Law
- Estate Planning