Latest news with #BassimHaidar
The South African
3 days ago
- Business
- The South African
PROFILE: Who is Bassim Haidar?
Bassim Haidar is a distinguished entrepreneur and global business leader, renowned for founding and leading multi-sector enterprises across fintech, telecoms, technology, logistics, energy, agritech and hospitality. His outstanding contributions to Africa and the UK have been recognised by the South African government, which recently appointed him as both the Honorary Consul for South Africa to the UK and as a representative on the B20, the official business engagement group of the G20, during South Africa's chairmanship in 2025. With operations generating over $1.6 billion in revenue across Africa and the Middle East, Haidar has driven growth, financial inclusion, and significant inward investment into the region. He spearheaded the development of Africa's first AI-driven credit scoring engine, enabling nearly a billion unbanked individuals to access financial services and economic opportunities. His visionary leadership continues to create transformative solutions for emerging markets Through Knuru Capital, his fund and family office, Haidar has made significant investments in the region, supporting fast-growth companies that are driving innovation and economic development. Knuru's impact reflects his commitment to nurturing businesses with the potential to transform industries and create sustainable growth. Expanding his reach, Haidar has recently entered the hospitality sector, acquiring an unfinished hotel complex in the Turks and Caicos Islands, among other ventures. This strategic move highlights his ability to diversify and unlock potential in emerging industries. Through innovative investments and his commitment to excellence, Haidar continues to leave a significant mark across a range of sectors globally Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Khaleej Times
28-02-2025
- Business
- Khaleej Times
US President Trump's $5m gold card visa isn't shining with promise
US President Donald Trump's $5 million (Dh18 million) so-called 'gold card' visa programme is unlikely to trigger a major inflow of wealthy global investors seeking US citizenship because of concerns over higher taxes, immigration and wealth advisers said. Trump said he planned to replace an existing EB-5 immigrant investor visa programme, which requires a minimum $800,000 investment, with the gold card plan that would allow US citizenship to foreigners promising to invest in US businesses. Details of the new plan would be released in two weeks, he said. 'I do not believe that the current POTUS offer will have a big impact, as getting a green card in the US if you meet certain criteria is not difficult,' said Bassim Haidar, a former UK non-domiciled multimillionaire. 'Paying $5 million for a golden visa and getting taxed on your global income defeats the purpose.' I do not believe that the current POTUS offer will have a big impact, as getting a green card in the US if you meet certain criteria is not difficult" Bassim Haidar Trump's plan comes at a time when the European Union (EU) is putting pressure on member states to withdraw or tighten residency-by-investment programmes, which can trigger house price bubbles and bring marginal benefits to gross domestic product, as well as increase the risks of tax evasion and corruption. A 2021 study of EU golden visa programmes by London School of Economics and Political Science and Harvard University researchers found that the funds generated by these schemes represented only a 'miniscule' proportion of foreign investment with 'negligible' economic impact. The EB-5 visa was primarily used by Hong Kong and China residents who owned businesses in the US or wanted their children to study in the US, said John Hu, founder of Hong Kong-based John Hu Migration Consulting. Raising the investment threshold to $5 million would be a deterrent for many Chinese nationals currently accessing the scheme, he added. 'The total number of applicants, if the golden visa is going to replace the EB5, will drop significantly,' Hu said, adding global tax liabilities were always a concern for rich people. Trump said the gold card programme would be open for wealthy people, such as Russian oligarchs, to apply. The EB-5 Immigrant Investor Programme, administered by the US Citizenship and Immigration Services (USCIS), was created by Congress in 1990 to 'stimulate the US economy through job creation and capital investment by foreign investors', according to the USCIS website. 'It could be a negotiation tactic to increase the amount of US-bound investment but considering the amount I don't think demand from Korea will increase significantly,' said Kim Ji Sun, president of Dae Yang Immigration Law Group in Seoul. 'It also requires congressional approval so Trump alone cannot decide to eliminate the current EB-5 programme. EB-5 is also about investing money so eliminating it wouldn't make sense.' Grace Tang, CEO at Singapore-based Phillip Private Equity, which helps family offices apply for Singapore's global investor programme that gives local residency rights, said US global taxation rules could be a deterrent. Tang, however, said that the US had always been the 'American Dream' for many potential immigrants from Asia, and many Chinese people who are familiar with the EB5 programme would likely apply for the new scheme.
