Super-rich Chinese considering emigration

According to a recent global poll of two thousand high net worth individuals (total net worth in excess of US$1.5 million per individual) conducted by Barclays Wealth, 47% of super-rich Chinese nationals plan to emigrate within the next 5 years. Their main reasons include superior overseas educational and employment opportunities for their future generation. 30% of the Chinese respondents stated Hong Kong is their preferred destination followed by Canada at 23%.

In the same poll, 16% of the super-rich in Hong Kong plan to emigrate within the next 5 years (of which 44% choose Singapore as their destination whilst 31% prefer relocating to Mainland China).

(Source: http://www.thestandard.com.hk/news_detail.asp?we_cat=11&art_id=149482&sid=42991077&con_type=1&d_str=20140916&fc=2)

Canada halts visa-free policy for St. Kitts passport holders

In November 2014, the Canadian government changed its visa-free entry policy for St. Kitts passport holders. The change in the policy is thought to be related to security concerns raised by Department of the Treasury of the United States in May 2014 on travellers evading US or international sanctions. However, this has caused disturbance to the usual travel routines for　“astronaut” fathers. These fathers have work mostly based in other countries while their wives and children live in Canada. They often hold St. Kitts passports for the ease of entry into Canada. The recent halt of the visa-free policy has certainly affected the travel arrangements of the fathers in this situation.

(Source: http://www.scmp.com/comment/blogs/article/1659290/trouble-paradise-chinese-astronaut-dads-caught-st-kitts-passport)

Caribbean Island Nation names Robert DeNiro as envoy

The Government of Antigua and Barbuda has named Mr. Robert DeNiro, the American actor, as special economic envoy for the twin-island state. Mr. DeNiro and his Australian business partner have signed a memorandum to invest US$250 million in a luxury resort business which had closed down several years ago.

(Source: http://www.cbsnews.com/news/caribbean-island-nation-names-robert-deniro-as-envoy/)

European Court ruling on unemployment benefits

The European Court of Justice recently ruled that a Romanian woman who had emigrated to Germany was not entitled to unemployment benefits because she had made no effort to find a job. This ruling could have implications in that richer countries can limit access to welfare benefits for citizens from poorer ones within European Union (“EU”).

Whilst Britain’s Prime Minister David Cameron welcomed the ruling, suggesting that it would curb “benefits tourism”, Chancellor of Germany Angela Merkel insisted that freedom of movement within EU was not negotiable. While the ruling is limited in scope, it may provide some political cover to some EU governments which have complained of “welfare tourism”.

Please contact our Hank Lo for any enquiries or further information about this news.

Premium Investor Visa of Australia

The Minister for Trade and Investment of Australia has announced that Australia will roll out a new investment immigration scheme known as Premium Investor Visa (“PIV”). The scheme is expected to be effective after July 2015. The required minimum investment level is at AUD15 million per main applicant and after 12 months from the date of an approved application, the applicant may receive permanent residence status. Investment in residential properties is not a qualified investment under the PIV, but the scheme is to encourage applicants to make Australia his/her permanent home. The Significant Investor Visa (“SIV”) scheme, with minimum investment level at AUD5 million, will run concurrently with PIV.

Although details of the PIV have not been announced, it is reported that the invested funds should be spent on designated industrial sectors: food, agriculture, mining and service, natural gas and energy, medical and pharmaceutical and high-tech manufacturing.

Please contact our Hank Lo for any enquiries or further information about this transaction.

(Source: http://trademinister.gov.au/releases/Pages/2014/ar_mr_141017.aspx
(Source: http://www.apdnews.com/au/immigrant/zhengcejiedu/2014/1020/117374.shtml)