DUBAI, UAE, Sept. 2, 2023 /PRNewswire/ — Recent developments surrounding the Caribbean citizenship by investment programs have shed light on challenges faced by investment migration across the world.
St Kitts & Nevis, Grenada and Dominica recently announced that they will begin conducting interviews with citizenship by investment applicants as part of their new enhanced due diligence framework. St Kitts & Nevis also doubled the minimum investment amount for their CIP, and restricted Iraqi nationals from applying.
These developments are said to have come in the aftermath of a Caribbean – US roundtable discussion as well as the EU-CELAC Summit in Brussels, held earlier this year. The meetings resulted in six new principles the Caribbean CBIs must follow, these include:
- Collective agreement on the treatment of denials: Not to process applications from persons whose applications have been denied in another CIP jurisdiction by proactively sharing information on denials.
- Interviews: Conduct interviews with applicants, whether virtual or in-person.
- Additional checks: Each jurisdiction will run checks on each application with the Financial Intelligence Unit of its respective country.
- Audits: Audit the Programme annually or every two years in accordance with internationally accepted standards.
- Retrieval of passports: Request law enforcement assistance in retrieving revoked/recalled passports.
- Treatment of Russians and Belarusians: Suspend processing applications from Russians and Belarusians.
The guidelines aim to increase the efficacy of the program’s due diligence process while also streamlining communication between the government, agents, and investors.
But St Kitts & Nevis doubling the minimum investment amount may not be a result of EU pressure alone. It is a complex matter that takes into account the future value of money, inflation, and currency fluctuation, among other factors. The CIP has to make financial sense for the country as well as the investors.
The industry has been through bigger upheavals, especially in the 90s when programs were opening and closing at alarming rates. The Caribbean CIPs have withstood more turbulent times and continued to be not only relevant but extremely popular throughout.
The demand will never slow down because citizenship by investment is so life-transforming. It breaks down so many barriers that it will always be a hot commodity for everyone. The price hike may have a minor effect in the short term, but going forward, it is business as usual.
Savory & Partners’ Founder and CEO Jeremy Savory shares his views on recent developments in the Caribbean programs and the future of the Citizenship by Investment industry.
The industry has faced seismic changes before, and it has adapted accordingly; how big of an issue do you think this is? And will it inevitably snowball into something bigger?
We do expect other Caribbean CIPs to follow suit because it makes strategic sense for them to protect the benefits of the investors and give maximum returns to them as nationality holders. We may be looking at price hikes across the board and Turkey and Greece have already done it.
It’s interesting how the citizenship by investment landscape is changing, but it’s nothing new. These transformations are not isolated occurrences but rather reflective of broader global trends. One example is the introduction of the Electronic Travel Authorisation (ETA) processes in the EU and the UK.
And it’s not just Europe. Look around, and you’ll see countries everywhere tweaking their visa rules – visa waivers come and go. Why? It’s a mix of reasons – security, trade, diplomacy – you name it. Every country is playing its cards to get the best deal.
How do you think it will affect the Caribbean states on a micro-level, as well as the agents that offer these CIPs?
I think the donation option won’t differ a lot. The major difference might be in the real estate option because one of the very few criticisms Caribbean CIPs get is that some of the projects take longer to complete and that all comes down to adequate funding.
As for the agents, well, I’ve been in this industry for a long time, and I know all the veterans and how they operate. I think this update will truly differentiate those who know intimately how the governments think and what investors want from the newer, smaller agents with short-term self-interests of generating revenue.
Would you advise a client to go for another Caribbean CIP instead of St Kitts & Nevis?
Citizenship by investment is an intricate, delicate matter that requires a lot of expertise and precision to get right, and that is why I don’t consider the price increase to be a major issue.
In essence, St Kitts & Nevis is merely re-aligning its CIP pricing to underline its position as the platinum passport option, thereby reducing volumes to better invest in processing and due diligence, ensuring higher quality applicants.
Each investor is different and being authorised for several years in several countries means we put the client’s needs first and not limit ourselves to any one jurisdiction.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered with coverage in over 20 jurisdictions including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. To date it has processed second passports for over 4,000 citizens with a 100 percent success rate. For more information visit www.savoryandpartners.com.
For more information, please send an email to [email protected]. You can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
President Nana Akufo-Addo unveils country’s roadmap for green growth and decarbonizing key economic sectors developed by Government of Ghana and SEforALL
NEW YORK, Sept. 22, 2023 /PRNewswire/ — His Excellency Nana Akufo-Addo, President of the Republic of Ghana, launched the country’s new Energy Transition and Investment Plan yesterday during a Global Africa Business Initiative event in New York.
The plan marks Ghana’s commitment to fighting climate change and fostering economic development in tandem. It details a credible pathway for how Ghana can achieve net-zero energy-related carbon emissions by 2060 through the deployment of low-carbon solutions across key sectors of its economy, including oil and gas, industry, transport, cooking, and power.
Ghana’s government intends to use the plan as its main tool to engage the international community and investors for support with its energy transition. All measures suggested in the plan represent a USD 550 billion opportunity for the international community to invest in sustainable development in Ghana. If the plan is achieved in full, it would generate 400,000 net jobs within Ghana’s economy.
The country’s existing Energy Transition Framework previously set a target of net zero by 2070, but this new plan shows Ghana has increased its ambition and is targeting net zero by 2060.
Various sectoral changes and technologies are proposed in the plan. Four main decarbonization technologies – renewables, low-carbon hydrogen, battery electric vehicles and clean cookstoves – would cover over 90 percent of the targeted abatement by 2060.
Without pursuing the plan, under a business-as-usual scenario, Ghana’s emissions are expected to rise from 28 Mt CO2e in 2021 to over 140 Mt in 2050, with the bulk of emissions growth coming from transport, driven by population growth, GDP per capita growth, and vehicle ownership.
By implementing this plan, Ghana and its partners can instead bring the country’s energy-sector-related carbon emissions to net zero, while demonstrating that action against climate change does not need to come at the expense of economic development.
The Energy Transition and Investment Plan was developed by the Government of Ghana with technical support from Sustainable Energy for All (SEforALL).
“This pioneering Energy Transition and Investment Plan maps out Ghana’s journey to achieve net-zero emissions by 2060 based on the latest data and evidence, ensuring that as our economy thrives, it does so in harmony with the environment. This plan is a testament to our dedication to fostering green industries, nurturing the evolution of cutting-edge low-carbon technologies, and propelling our nation towards a sustainable industrial revolution while giving equal growth opportunities to men and women.”
-His Excellency Nana Akufo-Addo, President of the Republic of Ghana
“Ghana’s commitment to a just and equitable energy transition has translated to an ambitious plan that builds a case for low-carbon and energy-efficient solutions across Ghana’s entire energy system. These solutions present a tremendous opportunity for partners and investors from around the world to contribute to climate action and sustainable development in Ghana.”
–Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy
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World Investment Forum to incentivize global investment in sustainable development
ABU DHABI, UAE, Sept. 22, 2023 /PRNewswire/ — Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries.
The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences.
Over 7,000 investment stakeholders from 160 countries will be participating in the 8th edition of WIF at the Abu Dhabi National Exhibition Centre (ADNEC).
The UAE hosting WIF this year coincides with the country’s declaration of the year 2023 as the “Year of Sustainability,” which will encourage nationwide commitment to sustainable practices and innovative solutions to help address environmental issues on a global scale.
His Excellency Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, reaffirmed the country’s dedication to sustainability, saying that “the UAE is committed to playing a leading role in the global transition to a more sustainable future. We believe that WIF 2023 will provide a unique platform for international leaders to come together to mobilize the necessary investments to make this transition a reality.”
His Excellency Rashed Abdulkarim Al Blooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED) said: “Hosting WIF 2023 reflects Abu Dhabi’s approach and commitment to sustainable socio-economic development, which is based on strong beliefs and a long history of the wise use of resources. We will be working closely with all partners to ensure that the Forum’s conversations generate innovative ideas and solutions to create a more sustainable future for all.”
Some of the sustainability sessions include “Delivering Public Sector Investment for Sustainable Development” in partnership with ACCA; “Alignment of Investment in Sustainable Infrastructure with the Paris Agreement” with Middlesex University Dubai; and “Accelerating Green Investments in Tourism for Sustainable Development” with the United Nations World Tourism Organization (UNWTO).
Anhui Targets Rapid Expansion into a Leading Smart and Green Manufacturing Hub
HEFEI, China, Sept. 22, 2023 /PRNewswire/ — As the global spotlight turns to the 2023 World Manufacturing Convention, the economic pulse of a nation’s strength remains deeply rooted in its manufacturing capabilities. Highlighting this, the Anhui Provincial Department of Economy and Information Technology unveiled the ‘Anhui Manufacturing Development Report’. This comprehensive document chronicles Anhui’s strategic steps and milestones in bolstering its manufacturing prowess.
In a strategic move to harness the nation’s prime economic opportunities, Anhui Province has integrated itself into the burgeoning Yangtze River Delta, aiming for top-tier development in the central region and capitalizing on the Yangtze River Economic Belt’s potential. Anchored by their ‘Three Places, One Zone‘ strategy, Anhui is steering its economy towards modern industrialization, with a concentrated effort on sophisticated, eco-friendly manufacturing. This pivot to green and intelligent manufacturing is paying off. Anhui, once known for its nascent industries, now boasts a manufacturing added value surpassing one trillion yuan. The province’s advancements in quality manufacturing cement its place among the nation’s leaders. This economic evolution has elevated Anhui’s stature from ‘mid-tier volume with a lower per capita’ to a ‘front-runner in total volume with a respectable per capita’.
Spotting the profound technological and industrial transformations on the horizon, Anhui Province is positioning itself at the forefront of the next industrial wave. By actively promoting the swift evolution of ten emerging sectors, the province has crafted an industrial landscape valued in the trillions. To illustrate this growth, last year alone, 15 industries in the region posted revenues that exceeded 100 billion yuan each.
On the business landscape, Anhui’s strategy is both diversified and targeted. The province champions its seasoned businesses, kindles the rise of startups, and actively courts significant industry players. Central to this strategy, Anhui has fine-tuned a robust framework aimed at supporting businesses at every stage of their growth journey. In tandem, the province is shaping a collaborative environment where businesses, be it large corporates or small startups, can thrive and intersect. The fruits of this deliberate approach are clear: businesses in Anhui are not only more vibrant but are also carving a stronger competitive edge in the market.
From the perspective of technological content and quality benefits, Anhui is doubling down on enterprise-led innovation. The manufacturing sector is witnessing a wave of fresh, innovative outputs. Concurrently, the province is ramping up its capacity to deliver top-tier products and services. As a testament to these efforts, ‘Made in Anhui‘ products are quickly becoming household names both nationally and internationally.
- Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060
- World Investment Forum to incentivize global investment in sustainable development
- Anhui Targets Rapid Expansion into a Leading Smart and Green Manufacturing Hub
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