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
Lenovo Named a Leader and Star Performer in Mid-Market Digital Workplace Solutions Assessment by Everest Group13.5.2026 15:00:00 CEST | Press release
One of only two Star Performers, Lenovo was recognized for helping mid-market CIOs with cost reduction, faster onboarding, productivity gains Lenovo’s ability to help mid‑market organizations reduce IT support costs, accelerate time-to-value, and improve workforce productivity at scale has earned recognition as a Leader and Star Performer in Everest Group’s 2026 Digital Workplace Services PEAK Matrix® Assessment for Mid‑Market Enterprises. Lenovo’s Digital Workplace Solutions (DWS) enable customers to improve speed, cut costs, and elevate employee experiences, helping new employees reach productivity up to 50% faster, increasing employee satisfaction by 30%, lowering end-user support costs by up to 30%, and proactively resolving up to 40% of issues to minimize downtime and business disruption1. Lenovo delivers these results by uniquely integrating device, services, and intelligence into a single, scalable delivery model built for the mid‑market. Through lifecycle services delivered at
Concacaf Debuts Enhanced Digital Platform and Mobile App in Partnership with Deltatre13.5.2026 14:17:00 CEST | Press release
Concacaf today announced the launch of a new website and mobile app experience deployed using Deltatre's award-winning technology, establishing a single digital destination for football fans across the confederation's 41 Member Associations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260513938978/en/ Concacaf.com and the mobile app, available now on iOS and Android, bring together live streaming, video-on-demand, real-time match data, full match stats, player and team profiles, and personalized content in one platform, marking a significant step forward in how Concacaf connects with fans. The platform organizes the confederation's men's, women's, and club tournaments for quick access, with full multi-language support in English and Spanish. Fans can create a free account for immediate personalization, allowing them to follow their favorite national teams, competitions, and clubs. Granular notifications are also available
The LYCRA Company Launches LYCRA® ADAPTIV fiber for Nonwovens, Advancing Comfort and Fit in Disposable Hygiene at INDEX™ 2613.5.2026 14:00:00 CEST | Press release
Innovation Nominated for INDEX™ 26 Award for Delivering Consistent Fit Across Expanded Size Ranges The LYCRA Company, a leader in innovative and sustainable fibers for apparel and personal care, today announced the official global launch of LYCRA® ADAPTIV fiber for nonwovens at INDEX™ 26, in Geneva, Switzerland, May 19–22. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260514856391/en/ At INDEX™ 26 in Geneva, The LYCRA Company debuts LYCRA® ADAPTIV fiber for nonwovens, a next-generation stretch solution that delivers enhanced comfort, a secure fit, and helps enable inclusive sizing for baby diapers, adult incontinence, and feminine care products. This breakthrough stretch fiber, already trusted by leading global apparel brands, now ushers in a new era of comfort, fit, and performance for baby diapers, disposable hygiene products, adult incontinence, and feminine care. LYCRA® ADAPTIV fiber is engineered to address key unmet n
Adtran expands SDG 8700 Series to deliver Wi-Fi 7 at scale13.5.2026 14:00:00 CEST | Press release
News summary: Service providers are replacing aging in-home Wi-Fi equipment as expectations rise and competitive pressure accelerates next-generation Wi-Fi adoption SDG 8700 Series now supports Wi-Fi 7 across the full range of mass-market residential to premium SMB service offerings Expanded portfolio delivers scalable, high-quality Wi-Fi 7 experiences while maintaining operational consistency and regulatory readiness Adtran today announced an expansion of its SDG 8700 Series, extending Wi-Fi 7 across a broader range of residential service tiers and deployment models. The expanded portfolio introduces new 2.5Gbit/s and 10Gbit/s Wi-Fi 7 platforms designed to support the full spectrum of multigigabit services – from entry-level offerings to premium tiers – across residential, SMB, MDU and community Wi-Fi deployments. As service providers enter a new access refresh cycle, Wi-Fi 7 is rapidly becoming a baseline requirement rather than a premium differentiator. Adtran’s expanded SDG 8700 po
Austrian Broadband Operator Deploys Vecima’s Entra® vCMTS and Remote PHY Devices to Advance its Next-Generation DOCSIS® Network13.5.2026 13:45:00 CEST | Press release
Operator selects cloud-native vCMTS and Remote PHY architecture for a flexible, phased migration to Distributed Access Architecture (DAA) Vecima Networks Inc. (TSX: VCM) and Witke today announced that an Austrian broadband operator is deploying the Entra® virtualized Cable Modem Termination System (vCMTS) as the DOCSIS® platform for its Distributed Access Architecture (DAA) evolution. The deployment, led by Witke, enables advanced reliability, scalable capacity expansion over time, and a clear migration path toward DOCSIS 4.0 broadband services. After extensive system planning and evaluation, the operator selected a vCMTS and Remote PHY (R-PHY) architecture to align with its long-term network roll-out strategy and migration requirements. The deployment provides the flexibility to modernize the network in phases while reducing space, power, and cooling requirements across the operator’s infrastructure. Entra vCMTS establishes a new standard for simplified, virtualized Cable Access, comb
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