Business Immigration and Immigrant Investor News and Events

We are very happy to announce that the voted amendments in the Investment Promotion Act and resulting changes in the Foreigners in the Republic of Bulgaria Act and the Bulgarian Citizenship Act are now published in the State Gazette and came in force on February 23rd, 2013.

With the amendments, the Investor Program for Residence and Citizenship in Bulgaria has become very competitive with other European and international programs.

Please find below a more detailed description of the voted changes:

• Language Competence Requirement
  The language competence requirement for applicants who invest in government bonds is WAIVED.
• Relinquishment of the current nationality
  The relinquishment of the current nationality requirement for applicants who invest in government bonds is WAIVED.
• New Fast Track Option
  A new fast track option that leads to Citizenship is introduced for applicants who invest in government bonds.

The requirements for the Fast Track Option are:

• for the applicant to have at least 1 year of Permanent Resident status; and
• to double the investment by putting €512,000 in the capital of a Bulgarian company which is carrying out a Priority Investment Project (as defined in the Investment Promotion Act) and holding it for at least one year before the citizenship application; and
• once citizenship is granted, the applicant to hold the two investments for a period of two years.

Furthermore, new investment options were introduced:

1) Entrepreneurial Options: Risk capital with job creation

• Leading to prolonged residence. The minimum amount of €125,000 must be invested in risk capital. The foreign person must invest at least 50% of the capital in a Bulgarian company operating in one of the underdeveloped regions and must create minimum 5 jobs for Bulgarian citizens. The residence must be renewed every year.
• Leading to permanent residence. The minimum amount of €250,000 must be invested in risk capital. The foreign person must invest at least 50% of the capital in a Bulgarian company and create minimum 10 jobs for Bulgarian citizens. There is physical exemption. There is no requirement for language competence and relinquishment of the current nationality for the citizenship application in 5 years.

2) Real Estate Option

• It leads only to prolonged residence and requires minimum investment of €300,000. The residence must be renewed every year.

These new options will enable us to enrich the portfolio of additional products and services provided to our partners and their clients.

You may download:

• The State Gazette, Issue 16 (in Bulgarian only).

For more information, please contact us.

As of January 1st, 2013 the following fees will be applicable to Quebec applications:

• Investors - CA$ 4102, up from CA$ 4003,
• Entrepreneur - CA$ 1013, up from CA$ 988,
• Skilled worker - CA$ 750 (no change),
• Accompanying dependents - CA$ 160, up from CA$156.

EC Grant Visa-Free Travel to 16 Island Nations

The European Commission has decided to grant visa free travel to the Schengen area to 16 Island Nations in a bid to spur economic growth in the EU.

Travelling without a visa is not just a symbolic gesture – it will have a direct impact on citizens of these countries and on EU citizens, in the form of more people-to-people contacts and business opportunities, said Cecilia Malmström, EU Commissioner for Home Affairs.

Iran has gradually, over the last two years, fallen under increased pressure tactics from the western world in protest to its nuclear programs. The European Union was the latest to recently impose sanctions by restricting financial transactions with Iranian banking institutions, thus adding an important economic blockade already in place by the international community.

Earlier in September, news agencies around the world reported that Bernard Arnault, France's richest man and chairman and chief executive of LVMH, is seeking Belgian citizenship.

Announcing the move a day after French President Francois Hollande said he would press ahead with a new tax on the super rich, Arnault said he would continue to pay taxes in France and keep his French nationality.

Read the full article on Yahoo News.

Citizenship and Immigration Canada (CIC) is conducting a consultation on the Immigrant Investment Program (IIP) until September 4, 2012.

The Economic Action Plan 2012 announced that business immigration programs will be reformed to target more active investment for Canadian growth companies.

Additionally, in April 2012, the Honourable Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism, announced that Citizenship and Immigration (CIC) is considering whether it should use its authority under the amended Immigration and Refugee Protection Act (IRPA) to create small short-term programs that can have a greater impact on Canada’s economy.

CIC is now inviting online submissions from stakeholders and the public on how the Department can:

• Increase the economic benefit that immigrant investment capital brings to Canada;
• Attract experienced, international investors with the skills and resources needed to ensure they integrate into Canada’s economy; and
• Develop efficient and cost-effective ways of delivering an investment program.

To find out more, please visit CIC website.

2341 is the number of QCIIP applications received so far.

Few minutes ago, MICC updated their website and by judging the application intake rate, it will take a day before the Quebec Immigrant Investor Program quota of 2700 is reached.

We urge all our Certified Partners with QCIIP applications in hand to ACT NOW.

Arton Capital's teams have been mobilised and will be working around the clock to provide the required assistance to all our partners.

Contact your Relationship Manager to see how we can assist you.

MICC Applications Received

Take advantage of the current program before it is too late.

The Ministry of Immigration and Cultural Communities of Quebec (MICC) has received over 560 immigrant investor applications since the quota of 2700 was announced on March 21, 2012. Once the limit has been reached, the program will be suspended until March 2013.

The latest number of applications received by MICC is available at http://www.immigration-quebec.gouv.qc.ca/en/informations/applications-received.html

At the current pace, the quota for the Quebec Immigrant Investor Program is expected to be filled within weeks and currently it is the only Canadian option for immigrant investors.

ACT NOW

MICC has updated the CSQ forms (2012-03), which are available for download on our website.

Furthermore, as of April 1, 2012, the CSQ fees for skilled workers will increase from $406 to $750.

Arton Capital supports the new campaign by Citizenship and Immigration Canada, which is aimed at educating potential applicants on how to better choose their representatives.

Although using a representative is not a requirement, many potential applicants choose to engage the services of a consultant, in order to save time and energy. We would like to remind all applicants to carefully select their representatives. For more information, please visit http://immigration.gc.ca/antifraud