With the UK announcing new tax rules for foreigners living in
the country, the government has been careful not to damage the
country's appeal to wealthy foreigners.
The "non-dom" tax status "plays an important role
in allowing those from abroad to contribute to our economy",
says George Osborne, the UK's Chancellor of the Exchequer.
Along with the UK, Portugal, Switzerland, Israel and France have
special tax rules to attract rich foreigners, with Cyprus recently
announcing plans to introduce the concept of "domicile"
into its taxation system.
Countries which try to draw in wealthy foreigners are starting
to offer more than just tax concessions. Several countries,
including many EU nations, have started to sell residence permits,
while a few even offer passports. The number of citizenship by
investment schemes have surged since the recent financial
recession, with Cyprus even going as far as to offer foreign
investors full citizenship as compensation for the loss of their
The Caribbean island of Antigua offers one such scheme,
marketing itself to prospective citizens as a tropical island
"with some 365 beaches of clean turquoise waters" that
offers visa-free travel to 130 countries. Another selling point is
that it only requires its new citizens to visit for five days every
five years. Since the scheme started in 2014, Antigua has sold more
than 500 passports to mainly Chinese nationals, bringing in $65.9m
in much needed revenue.
The International Monetary Fund confirmed that citizenship by
investment programs were seeing "a surge in clients from
China, followed by Russia, and a steady rise in clients from the
Middle East, although to a much lesser degree. A significant number
of citizens from "advanced countries" were also using
these schemes mostly to maximise their tax savings, it said, with
several countries citing "their favourable tax treatment in an
attempt to attract high net-worth clients seeking global tax
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September 21st, 2016 - Immigration authorities conducted the 20th round of invitations under Express Entry in 2016 and 43rd overall, inviting 1288 applicants for permanent residence with a lowest CRS score of 483.
Canada received more than 320,000 immigrants in the last 12 months, approaching levels not seen since the early 20th century. The per capital immigration rate at .88%, is consistent with previous Liberal government policies.
October 12th, 2016 - Immigration authorities conducted the 21st round of invitations under Express Entry in 2016 and 44th overall, inviting 1518 applicants for permanent residence with a lowest CRS score of 484.
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