Digest: Siblings of investors can now be eligible for a passport of Saint Lucia / EU might attack Cyprus’ low-tax system / The world’s wealthiest people are offered VIP rock vaults in the Alps

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Elena Smirnova 31.07.2020

Read our digest to learn the latest developments in respect of migration programs and more. This week’s topics include: siblings of investors can now be eligible for a passport of Saint Lucia; the court ordered Swiss UBS Bank to transfer data on 40,000 accounts to law enforcement authorities; VIP rock vaults are being built in the Alps for the world’s wealthiest people to store their riches.

Siblings of investors can now be eligible for a passport of Saint Lucia

The government of this island state has expanded the definition of qualifying dependents that can now apply for citizenship along with the Main Applicant. The relevant information was reported by the Saint Lucia Citizenship by Investment Unit (CIU). According to them, the key changes include the following:

– The age requirement for children of the Main Applicant or of his/her spouse has been increased – they should be no more than thirty years old.

– The age requirement for parents of the Main Applicant or of his/her spouse has been lowered from over sixty-five years to over fifty-five years. 

– The application may include single siblings under 18 years of age.

Investment options still remain unchanged: you can purchase real estate, invest into a business-project or in certain government bonds. You may also choose to make a nonrefundable monetary contribution to the National Economic Fund. Please contact Migronis’ consultants for further details of this program.

EU might attack Cyprus’ low-tax system

According to the Financial Times, the European Commission plans to attack low-tax Member States. 

As the newspaper explained, the problem is that large corporations continue to migrate to such countries, and in particular – to Cyprus. As a result, the national economies of countries that have lost such taxpayers are hindered from recovering after the pandemic. Single European Market distortion is one of the claims that can be raised from Brussels.

If Cyprus fails to take proactive measures, European authorities may go to court. They are entitled to such action by the directive aimed to amend distorting tax systems.

This is no news that their move targets Luxemburg, the Netherlands and Ireland. As to Cyprus, discussions are still underway.

For many years, this island nation has been successfully repelling criticism and attacks from Brussels serving the interests of investors. The effective citizenship and residence programs in Cyprus are a reliable and fast way to change tax residency. You can learn about details and differences of the programs by contacting our immigration experts.

The world’s wealthiest people are offered VIP rock vaults in the Alps

According to Bloomberg, Switzerland will soon offer a new service — huge rock vaults carved into foothills of the Alps.

The modernized caves for Ali Baba’s treasures will find their buyers in the market among those who feel insecure due to unstable political and economic situations, as well as unrest in their own countries. Those will include owners of private galleries, rare wine collections, bullions, precious stones, jewelry, exclusive vehicles and other valuables.

So far, it is planned to build vaults with the aggregate area equal to ​​10 football fields. The vaults will range from 100 cubic meters to 1,000 that large with heights of up to 90 meters. For the sake of convenience, at any time you will be able drive into your own treasury in your own car or truck. The inside temperature will be set at +12 degrees Celsius with humidity of 40%. Full maintenance and enhanced security are included.

The court ordered Swiss UBS Bank to transfer data on 40.000 accounts to law enforcement authorities

As reported by finews.com, the French officials have won the judicial confrontation that lasted 9 years.

Furthermore, the Fifth Republic expects to collect US$ 5 billion from the credit institution for assisting its clients in money laundering and tax evasion activities.

It is likely that the Bank will appeal to the Swiss Federal Court to set aside the respective judgment.

The length of this litigation proves once again that bank secrecy and accounts data in the financial sector are highly protected abroad. If such a topic as asset protection is relevant to you, please contact Migronis consultants and they will advise you on how it can be done through acquiring residency status in a European country that suits your requirements the most.

​​ Bermuda's beneficial ownership registers are to go public in 2023

According to the Royal Gazette, Bermuda Islands are preparing to reveal offshore secrets that have been kept for about 70 years. The decision is a result of the pressure from anti-money laundering measures imposed by the European Union.

According to the government spokesman, the Islands will pass the law on registers as soon as the 5th EU Anti-Money Laundering Directive comes into force in 2022. And from January 2023, anyone will be able to access information about beneficial ownerships in a publicly available source.

Earlier, other UK Crown Dependencies, such as Jersey, Guernsey, the Isle of Man and the Cayman Islands, made similar commitments.

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