IMC
24.10.2018 12:20:09 CEST | Business Wire | Press release
The Investment Migration Council (IMC) understands the motivation behind the OECD’s recent analysis and guidance regarding the purported circumvention of the Common Reporting Standard (CRS) in both residence-by-investment (RBI) and citizenship-by-investment (CBI) programs.
We entirely agree that individuals should be stopped from using such programs to avoid accurate CRS reporting or, even worse, to engage in financial crimes, including money laundering and terrorist financing.
However, it is important to be clear about four important facts:
- Only a very small percentage of residence or citizenship statuses legitimately obtained through RBI or CBI programs are at issue. For the vast majority of applicants, tax is a non-issue, since they either move completely to their new place of residence and become tax residents there or do not change their tax residence at all.
- Within the EU, the European Economic Area and Switzerland, the freedom of establishment means that any citizen of these countries can freely move to any other one of these countries and does not have to use an RBI or CBI program to establish their tax residence there.
- RBI/CBI programs are only a fraction of the immigration options available to individuals. Most residence permits and citizenships are in fact obtained under other options, which can be equally used or abused for circumventing CRS, while citizenships obtained through EU CBI programs account for less than 0.1% of all the citizenships granted in the EU.
- Of those nearly one million citizenships granted by the EU each year that are not related to CBI programs, there are many high-risk nationalities, including Pakistan, Ukraine, Algeria, Russia, Nigeria, and Somalia, that pose a much more real danger to the international community in terms of criminal activity in the financial system.
Bruno L’ecuyer, Chief Executive of the IMC, says, “The abuse of CRS is contrary to the strategic rationale for and specific design of investment migration programs, which is to facilitate – following a detailed and intensive due diligence process – the legitimate movement of capital and people, which is essential to the contemporary global economic model. The IMC urges the OECD to review and strengthen the CRS due diligence requirements, but not with a sole focus on RBI/CBI programs.”
Read our full response and key recommendations to the OECD here .
View source version on businesswire.com: https://www.businesswire.com/news/home/20181024005374/en/
Contact:
Bruno L’ecuyer Chief Executive of the IMC media@investmentmigration.org +41 22 533 1333
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
SPIE Awards $351,000 in Scholarships to 85 Students Shaping the Future of Optics and Photonics28.5.2026 20:15:00 CEST | Press release
Annual scholarship program builds foundation for photonics industry’s next generation SPIE, the international society of optics and photonics, announced awarding $351,000 in scholarships that will provide support to 85 SPIE Student Members studying optics, photonics, or a related field. The scholarships range from $3,000 to $11,000 and awardees are selected by the SPIE Scholarship Committee from a roster of applicants. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260528142502/en/ “I am deeply passionate about advancing the inclusion of women and other underrepresented groups in the fields of optics and photonics, which makes it especially meaningful to be recognized as a recipient,” said Alana Gonzales, who received a $10,000 Women in Optics Scholarship. “Being able to apply this scholarship toward tuition, fees, and essential academic expenses such as books and electronics will both ease the financial burden of the final
Rubedo’s RLS-1496 Reduces Actinic Keratosis Pre-Cancerous Skin Lesions by 46% at Four Weeks with Minimal Irritation in Preliminary Results of Phase 1b/2a Study28.5.2026 14:30:00 CEST | Press release
RLS-1496 is an investigational, first-in-class, disease-modifying, selective glutathione peroxidase 4 (GPX4) modulator that targets pathologic senescent and other stressed, aging cells that drive chronic, age-dependent diseases, such as AK, and represents a novel drug category — Adaptive SenoTherapeutics In recognition of May as Skin Cancer Awareness Month, Rubedo is calling attention to the myths and facts surrounding AKs — and to the urgent need for a new generation of treatments that are effective without the side-effect burden of today's options Rubedo Life Sciences, Inc. (Rubedo), an AI-driven, clinical-stage biotech focused on selective cellular rejuvenation medicines targeting aging cells, today announced preliminary results from a Phase 1b/2a study of RLS-1496 in patients with actinic keratosis (AK), a common age-related condition resulting in precancerous skin lesions, that is most commonly seen after age 65.1 The open-label multi-center trial, conducted in the United States,
ExaGrid Wins 5 Industry Awards at Network Computing Awards 202628.5.2026 14:00:00 CEST | Press release
ExaGrid named “Company of the Year” for seventh year in a row ExaGrid®, the world’s largest independent backup storage vendor providing Tiered Backup Storage with the most Comprehensive Security and AI-Powered Retention Time-Lock for Ransomware Recovery, today announced that company was honored with five industry awards, including Air-gapped Ransomware Recovery Product of the Year, Bench Tested Product of the Year, Company of the Year, Data Protection Product of the Year, and the Storage Product of the Year during the Network Computing Awards ceremony, held in London on May 21, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260528849813/en/ The ExaGrid team headed to the stage five times throughout the Network Computing Awards ceremony in London to accept awards for ExaGrid Tiered Backup Storage. Photo courtesy of Network Computing Awards. The Network Computing Awards are determined by public vote. The 2026 awards mark
Ardoq Launches AI-First Enterprise Architecture Platform28.5.2026 14:00:00 CEST | Press release
Custom Agents, Omnipresent AI Assistant, and AI Import Builder Automate an Estimated 40% of Routine EA Work; Tenneco Already Achieving 292% ROI on Ardoq AI Ardoq, named a 5x Leader in the Gartner® Magic Quadrant™ for Enterprise Architecture Tools, today launched its AI-first enterprise architecture (EA) platform. The release grounds every Ardoq AI output in customers' live architecture data and introduces a new generation of AI agents capable of automating an estimated 40% of routine EA work. Architects today are being asked to defend decisions that generic AI is generating in seconds. Application rationalization choices. ERP transformation roadmaps. AI governance reviews. The questions land on the architect's desk, but the analysis underneath increasingly comes from AI assistants that do not know the architecture. Generic agents reason on whatever document is in front of them, not on the live relationships between applications, dependencies, capabilities, and risks. Ask a generic LLM
European DataWarehouse Launches DealDox®, a Next-Generation Virtual Data Room Built specifically for the Securitisation Market28.5.2026 14:00:00 CEST | Press release
European DataWarehouse (EDW) announced today the launch of DealDox®, a secure virtual data room uniquely tailored to the needs of the securitisation and structured finance market. Developed in response to long‑standing challenges around transaction data and document management, DealDox provides a single, secure environment where all parties throughout the deal lifecycle can collaborate efficiently while maintaining high standards of security, governance, and regulatory alignment. DealDox enables the centralised management of transaction data and documentation, offering robust security, granular access controls, and clear audit trails. The platform integrates seamlessly with EDW’s existing regulatory reporting ecosystem, supporting smoother workflows from deal preparation through to disclosure and compliance. “As a market infrastructure, our role is to reduce complexity and make processes simpler and more transparent for all participants,” said Dr. Christian Thun, CEO of European DataWa
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom