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
Club Vita Launches German VitaCurves Model as Pension Risk Transfer Market Gathers Momentum1.9.2026 10:00:00 CEST | Press release
Address-based longevity model expands Club Vita's global suite of analytics to cover the UK, US, Canada, Netherlands and Germany Club Vita, an international leader in longevity data analytics, has launched a German calibration of its popular address-based longevity model, VitaCurves, further expanding its international footprint and supporting the growing pension risk transfer (PRT) market in Germany. The launch marks another milestone in Club Vita's international expansion and extends its suite of address-based mortality models, which already provides mortality insights in the UK, United States, Canada and the Netherlands. The German VitaCurvesDEU model is already being used by a leading insurer, helping to provide a more granular understanding of longevity risk across pension and insurance portfolios. VitaCurves uses granular location-based and socio-economic data to identify differences in mortality patterns between sub-populations, enabling insurers, pension funds and other stakeho
JEOL: Launch of the New Benchtop Scanning Electron Microscope “JCM-7000Plus NeoScope™”1.9.2026 09:30:00 CEST | Press release
JEOL Ltd. (President & CEO: Izumi Oi) has developed the benchtop scanning electron microscope (SEM) “JCM-7000Plus” and will begin sales on September 1, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260825564112/en/ JCM-7000Plus NeoScope™ [Development Background] Benchtop scanning electron microscopes are increasingly used in fields including electrical and electronics, automotive and machinery, steel and metals, chemical and pharmaceuticals. They are utilized not only in research and development but also in manufacturing-related applications, such as quality control and product inspection. In addition, they are adopted in educational settings at middle and high schools as well as universities. Given these diverse applications, there is growing demand for improved operational efficiency, simpler and more automated operation, and enhanced observation, analysis, and measurement performance. To meet these needs, we have e
PPMI and Alipay+ Expand QR Ph for Cross-Border Commerce, Connecting Filipino Businesses with Global Consumers1.9.2026 09:25:00 CEST | Press release
Partnership significantly expands cross-border connectivity, supporting Philippines’ digitalisation ambitions and opening new opportunities for 2.5M local merchants and SMEsAlipay+ connects with 10+ national payment schemes across Asia, Middle East and Latin America The Philippine Payments Management, Inc. (PPMI) and Ant International's unified wallet gateway, Alipay+, have officially enabled Alipay+ on QR Ph, seamlessly connecting the nation's digital payments ecosystem with global commerce. This milestone is in alignment with and supports the Bangko Sentral ng Pilipinas' (BSP) digital payments transformation goals. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260901759507/en/ (L-R) Danny Chung, General Manager of Alipay+ Global Growth Center, Ant International; Carmelita “Melit” Araneta, General Manager of Philippine Payments Management Inc.; Atty. Bridget Rose M. Mesina-Romero, Director, Payments Policy and Development
Global Tech Sales Forecast to Reach $1.4 Trillion in 2026, Even as 56% of Consumers Delay Purchases, NIQ Finds1.9.2026 09:00:00 CEST | Press release
Global study finds price-sensitive shoppers will still pay more when products deliver clear, lasting benefits Global sales of consumer technology and durable goods are forecast to reach $1.4 trillion in 2026, up 5.1% year over year, even as 56% of consumers say they have delayed a technology purchase because of price or while waiting for a discount, according to new research from NIQ (NYSE: NIQ), the Official Global Insights Partner of IFA. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260901758503/en/ The era of automatic tech & durables upgrades is over. Released ahead of IFA 2026, which kicks off in Berlin on Sept. 4, 2026, NIQ today released its annual “State of Tech & Durables” report. Consumer Tech Trends 2027: How to Win When Every Purchase Must Be Justified examines how years of economic volatility have transformed technology purchasing behavior and what manufacturers and retailers must do to remain competitive. Key
Searchlight Capital Partners Announces Investment in Aderian Group1.9.2026 09:00:00 CEST | Press release
Partnership will support Aderian’s continued growth and expansion across the Nordic region Searchlight Capital Partners, L.P. ("Searchlight"), a leading global private investment firm, today announced an investment in Aderian Group ("Aderian" or the "Company"), a Nordic managed IT services provider serving more than 10,000 small and medium-sized enterprise ("SME") customers throughout Sweden and Norway. As part of the transaction, Aderian's management team will reinvest in the Company and remain meaningful shareholders alongside Searchlight, underscoring their continued commitment to Aderian's long-term growth. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260901430715/en/ Aderian provides cloud, cybersecurity, AI and analytics, networking and modern workplace solutions. Since its founding in 2022, the Company has grown to approximately SEK 2.5 billion in revenue, with more than 850 employees and over 10,000 SME customers a
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