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
Insurance Investment Outsourcing Surpasses $5.5 Trillion as Private Markets and Global Expansion Reshape the Industry20.5.2026 09:00:00 CEST | Press release
IIOR Shows Record Outsourced Insurance AUM, Private Assets Near $1 Trillion, and Europe Emerging as a Global Growth Engine Clearwater Analytics (NYSE: CWAN) today released the 2026 Insurance Investment Outsourcing Report (IIOR), produced in partnership with DCS Financial Consulting. The report captures $5.5 trillion in third-party general account insurance assets under management across 96 asset managers, a 23% increase year-over-year and a 65% increase since 2021, alongside $1.8 trillion in assets under advisement across 12 investment consultants. The findings point to an outsourcing market that has become larger, more global, and materially more complex. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520780028/en/ The 2026 IIOR reveals defining trends reshaping insurance investment management: Private Markets Cross a Threshold. Third-party private insurance AUM has more than doubled since 2021, reaching $947 billion and
Factbird Adds Quality & Compliance and Reports to its Manufacturing Intelligence Platform20.5.2026 08:00:00 CEST | Press release
Two new capabilities give multi-site manufacturers standardized workflows, traceable records, and automated reporting across every plant. Today, Factbird is announcing two major additions to its manufacturing intelligence platform: Quality & Compliance and Factbird Reports. Both address a problem that compounds as manufacturers grow. More sites mean more variation in how work gets done. More regulation means more documentation pressure on frontline teams. And more data, when fragmented across systems, often slows decisions rather than speeding them up. Solving this has traditionally meant large IT projects and months of deployment. “Enterprise manufacturers shouldn’t have to choose between capability and simplicity,” said Mogens Arne Hansen, Chief Technology and Product Officerat Factbird. “With Quality & Compliance and Reports, you can have standardized, audit-ready operations and automated performance reporting across every site, deployed in days, used by the people on the floor.” Qu
The LYCRA Company to Successfully Complete Comprehensive Financial Restructuring20.5.2026 04:23:00 CEST | Press release
Company positioned for long-term growth, operational excellence, and continued customer-focused innovationWill emerge from financial restructuring with enhanced financial flexibility and significantly less debtNew ownership and Board of Directors committed to executing on vision to take the business to the next levelBruce Rubin appointed Executive Chairman and Dean Williams appointed Interim Chief Executive Officer The LYCRA Company, LLC (“the Company”), a global leader in developing fiber and technology solutions for the apparel and personal care industries, will successfully complete its comprehensive financial restructuring process and emerge from Chapter 11 protection on May 20, 2026. The LYCRA Company has established a durable capital structure that will enable the Company’s pursuit of its growth strategy through investment in innovation, customer partnerships, and global operations. The Company will emerge from its comprehensive restructuring process with significantly enhanced f
Johns Manville Announces John Vasuta as New CEO19.5.2026 22:30:00 CEST | Press release
Johns Manville (JM), a global building and specialty products manufacturer and a Berkshire Hathaway company, announced today that Bob Wamboldt will retire and John Vasuta will assume the role of President and Chief Executive Officer, effective August 1, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519630814/en/ John Vasuta will become JM's CEO and President on August 1, 2026. Vasuta joined Johns Manville in 2019 as President of the company’s Engineered Products business. He also serves on the Board of Directors for EJ, a global leader and private manufacturer of infrastructure access products for water, sewer, utilities, drainage and telecommunications. “It’s an extraordinary privilege to step into the role of CEO,” Vasuta said. “I’m deeply honored to continue serving our customers and supporting the employees whose dedication makes our success possible.” Before joining JM, John held leadership roles at Bridgeston
Mereo Insurance Announces Move into Excess Casualty Insurance19.5.2026 22:12:00 CEST | Press release
Mereo expands into Excess Casualty Insurance by acquiring renewal rights to Everen Specialty Ltd.’s Excess Casualty Energy portfolio. Mereo Insurance Limited (“Mereo”) today announced a renewal rights transaction with Everen Specialty Ltd. (“ESL”), a member of the Everen Group, for ESL’s Excess Casualty Energy portfolio. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519154915/en/ David Croom-Johnson, President & Chief Executive Officer of Mereo Insurance Limited Under the transaction, Mereo will become the insurance carrier on a go-forward basis for both new and renewed business effective June 1, 2026. ESL’s underwriting team and underwriting systems supporting the Excess Casualty Energy portfolio will also transition to Mereo, led by former ESL Chief Underwriting Officer, Carla Greaves. Under the terms of the agreement, Mereo will provide ESL insureds with continuity of coverage, access to AM Best “A- rated” paper, and
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