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Time of India
5 days ago
- Business
- Time of India
Latvia here we come! Rich Indians' ticket to Europe
Mumbai: They don't belong to the club of the ultra-rich who pick a pricey passport of the Global North. They neither feature in the cast of serious characters snooping around for citizenship of a Caribbean or South Pacific nation, to escape the law enforcement authorities in India. They are IT professionals, exporters, physicians, and entrepreneurs - a reasonably affluent lot-looking for a free access and foothold in Europe without surrendering their Indian citizenships or shelling out big money on fancy migration programmes. Settling Abroad Some of them are opting for Latvia, the Baltic country which has joined the game of golden visa in full earnest-positioning itself as the cheapest gateway to the continent. "As of 2024, Indian nationals may account for approximately 10% of all applications to Latvia 's 'Residence by Investment' programme. Following Latvia's 2022 exclusion of Russian and Belarusian applicants, there has been a noticeable shift in the nationalities of applicants and we have seen a rise in demand from Indian families," said Rohit Bhardwaj, country head, India at Henley & Partners which offers investment migration advisory. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Wealthy Indians, keen on a plan-B with their children settling abroad, have changed residency with the intention of eventually becoming a citizen of countries like Portugal, Greece, Cyprus, and UAE that levies no personal income tax. The trend deepened with the pandemic, driving many to move wealth and buy jumbo life insurance plans in overseas jurisdictions. (Join our ETNRI WhatsApp channel for all the latest updates) "I would attribute the increased interest in Latvia to two factors: first, the low cash outflow at entry-only ₹60,000 plus fees compared to ₹500,000 for most other European countries; second, faster processing time. Programmes like the Portugal Golden Visa, though superior, have done themselves no favour by changes in rules and long bureaucratic delays," said Vikas Tandon, who had successfully applied for Portuguese golden visa in 2020, and founded the company Golden Homes Portugal, using his expertise to advise others. Live Events Benefits Outweigh Formalities The investment going into private companies identified by Latvian authorities is a sunk cost, with no voting rights and only half of which can be recovered if the visa is relinquished. Instead, some buy homes which would cost ₹250,000. "Latvia supports both routes, with clear legal frameworks and minimal bureaucratic hurdles. While investing in foreign companies involves additional disclosures and compliance with regulations like reporting of ODI, the strategic benefits outweigh the procedural formalities," said Moin Ladha, partner at Khaitan & Co. Under India's forex laws, Indian nationals can invest abroad, including capital and current account transactions. According to Armand Arton, CEO of Arton Capital, a citizenship investment advisory, the majority of its clients interested in accessing the Latvia programme are Indian citizens. "We've observed a 30% year-on-year increase in Indian inquiries since 2023. Many are entrepreneurs and SME owners who desire EU access without high costs associated with Germany or the Netherlands. With several EU nations increasing minimum investment thresholds, or closing programmes, Latvia offers the freedom to live, travel, and work at an attractive price point," said Arton. A few plan to settle at Riga after retirement, said Anurag Manakikar, associate director at Henley, who advised a senior corporate honcho. Greater Awareness While the programme has been there for long, there has been greater awareness as people looked around for options, said Manakikar. What also stoked interest was the high rejection in Schengen visa applications and absence of minimum stay requirement in Latvia. "However, to derive real benefit, a person has to reside or settle in Latvia or any other preferred country. If someone continues to reside in India, he would remain a resident here under the Income Tax Act and FEMA. So, benefits would be confined to non-requirement of visa in Europe," said Rajesh Shah, partner at the CA firm Jayantilal Thakkar & Company. A property investment in Dubai for a UAE Golden visa could work better if tax is the sole consideration for anyone planning to become an NRI. Unlike Portugal's Golden Visa, which requires a minimum stay of only 15 days every 2 years to become eligible for an EU passport (after only 5 years since date of application), a Latvian passport requires becoming a physical resident for almost a decade. Nonetheless, for many, Latvia's low cost is the pull factor.
Time Business News
17-05-2025
- Business
- Time Business News
Think Twice: The Legal Landmines of Changing Your Identity in 2025
Amicus International Consulting Warns of the Rising Risks, Global Crackdowns, and Misconceptions Around Legal Identity Changes in a Surveillance-Driven World VANCOUVER, British Columbia — With the rise of global surveillance networks, advanced biometric screening, and new international agreements on identity data sharing, changing your identity in 2025 is not as simple—or as safe—as it once was. Amicus International Consulting, a global authority on second citizenship, legal identity change, and international relocation, is warning individuals around the world to exercise extreme caution before attempting to reinvent themselves. What was once a quiet, legal process—for safety, privacy, or asylum—is now a tightly monitored act that, if mismanaged or misrepresented, can quickly turn into a prosecutable offence. In 2025, the line between a lawful identity change and criminal fraud is razor-thin, and even minor errors or omissions can result in global travel bans, banking blocklists, or worse: jail time. A Changing World—and a Changing You For decades, legal identity change was the refuge of whistleblowers, domestic violence survivors, political dissidents, and others with legitimate reasons for seeking a clean slate. But that process has become a minefield in today's climate of heightened global security, digital surveillance, and anti-fraud protocols. 'Changing your identity is not illegal,' said a compliance specialist at Amicus International Consulting. 'But the process is no longer private and is not forgiving. One misstep—one lie or missing disclosure—can destroy your chances of living legally under a new name or passport.' Case Study: A Name Change with Global Consequences In early 2024, a Brazilian business owner applied for a name change in Portugal, citing personal safety concerns. However, she failed to disclose an ongoing tax investigation in São Paulo. Months later, while attempting to open an offshore account under her new name, she was flagged by AI-driven identity software used by European banks. Her assets were frozen, and she now faces extradition, not just for tax issues, but for identity fraud. 'She thought she was changing her name to start over,' said Amicus. 'Instead, she created a digital paper trail that led investigators straight to her.' Legal Identity Change in 2025: What You Can (and Can't) Do ✅ What's Legal Court-Ordered Name Changes Citizenship by Investment (CBI) programs approved by governments programs approved by governments Gender, religious, or cultural identity alignment through proper legal channels through proper legal channels Political asylum or refugee-based documentation changes Digital identity suppression with metadata firewalling (when used legally) ❌ What's Illegal or Risky Falsifying the reason for a name or citizenship change Using forged documents or dark web passports Concealing previous legal names or identities during bank or visa applications Using a second passport to circumvent sanctions or investigations Coordinating fake identities with unregulated offshore banking institutions The Legal Landmines to Watch For Amicus identifies five key risks individuals face when attempting an identity change in 2025: 1. Biometric Tracking Facial recognition and fingerprint matching are now standard at airports, embassies, and financial institutions. A changed name won't override biometric matches unless the new identity is legally processed and acknowledged. 2. Data-Sharing Agreements More than 85 countries share visa, asylum, and financial data through secure portals, including the Global Identity Watchlist, launched in 2024. Even minor inconsistencies between old and new records can flag you for investigation. 3. Interpol Red Notices A name change won't shield you if your biometric or travel data is flagged. Global warrants now include alternate identities, passport numbers, and family aliases. 4. Banking Blocklists Failing to disclose a legal name change during KYC (Know Your Customer) verification can lead to account closure, asset seizure, and blocklisting under AML (Anti-Money Laundering) regulations. 5. Revoked Citizenship Citizenship by Investment (CBI) applicants who lie on disclosures can have their passports revoked without refund and be barred from reapplying anywhere. Case Study: The American Who Lost Two Passports In 2023, a U.S. national under IRS investigation applied for citizenship through a Caribbean investment program. He failed to report his legal name change and omitted his former identity. Within a year, both his American and Caribbean passports were revoked. He now faces felony fraud charges in two jurisdictions. 'It's not just about buying a passport—it's about following the law every step of the way,' Amicus noted. The Amicus Difference: Legal Pathways Only Amicus International Consulting specializes in legal, ethical identity transformation, providing: Second citizenship through compliant CBI programs Legal name changes with full court documentation Digital footprint suppression (not deletion) to rebuild privacy Refugee-based support and government-coordinated identity reissuance Cross-border compliance consulting for banking, relocation, and taxation Every Amicus client undergoes: Full background screening Interpol and watchlist checks Source-of-funds verification Tax and compliance analysis Biometric database cross-referencing 'We don't hide people,' the firm said. 'We help them be seen legally—in a way that respects the law and their dignity.' Case Study: From Persecution to Peace Local militias were targeting a transgender journalist from the Middle East. Amicus helped her secure refugee status in Canada, legally change her name and gender marker, and later obtain second citizenship through a European naturalization program. She lives openly, safely, and freely travels under her new legal identity. 'She didn't dodge the system—she followed it,' said Amicus. 'And because of that, the system protected her.' Think Before You Change Before pursuing an identity change, Amicus encourages individuals to ask: Am I eligible to change my identity legally in my jurisdiction? Do I have any pending investigations or undisclosed legal issues? Am I working with a licensed and vetted firm? Will my documents be accepted globally under biometric scrutiny? Do I understand the long-term obligations of second citizenship (tax, compliance, disclosure)? Conclusion: The Risks Are Real, The Options Are Legal In 2025, the world is watching more closely than ever. Changing your name or passport isn't a cloak of invisibility—it's a process that must be handled with absolute care, truth, and legal guidance. 'Think twice,' said the Amicus representative. 'Because once you start the process, there's no going back—and one wrong move can change your future forever.' 📞 Contact Information Phone: +1 (604) 200-5402 Email: info@ Website: Follow Us: 🔗 LinkedIn 🔗 Twitter/X 🔗 Facebook 🔗 Instagram TIME BUSINESS NEWS
Yahoo
26-02-2025
- Business
- Yahoo
St. Kitts and Nevis Citizenship by Investment: 100 Days of Transformation, Innovation, Excellence and Service
Basseterre, St. Kitts and Nevis--(Newsfile Corp. - February 26, 2025) - 100 days on and The St. Kitts and Nevis Citizenship by Investment Unit has entered an exciting new chapter. 100 Days of Transformation, Innovation, Excellence and Service To view an enhanced version of this graphic, please visit: Over the past two years the investment immigration industry has seen much change - with the overall outcome generally positive. However, the real champion has been the St. Kitts and Nevis Citizenship by Investment Unit (CIU), recently transformed into a statutory body, led by the astute and energetic Chairman, H.E. Calvin St. Juste. Honouring a Legacy of 40 YearsSt. Kitts and Nevis is recognised as the birthplace of the Citizenship by Investment (CBI) sector, having pioneered the model more than four decades ago. The Federation's Programme has established itself as a global leader, known for its robust, secure, and reliable CBI Programme, which attracts international recognition and trust. This 40-year legacy continues to guide and inspire the CIU as they work to build on this success and usher in a new era of leadership. A New Vision: Global Leadership in CBIIt's only been 100 days since the Unit's inception and yet the change has been remarkable. Under the leadership of His Excellency, Chairman Calvin St. Juste and the esteemed executive team, the past 100 days has delivered innovation and service delivery — transformation that builds on the legacy of 40 years of excellence in the Citizenship by Investment (CBI) sector. The success of the first 100 days lies not only in the exceptional leadership of the Chairman and the Board of Governors to motivate for positive change but must also be attributed to the hard-working and dedicated members of the CIU. The past 100 days is a testament to their skills and dedication. 100 Days of Transformation, Innovation, Excellence and Service To view an enhanced version of this graphic, please visit: Redefining Leadership in this new EraThe past 100 days have demonstrated the CIU's commitment to redefining leadership in the CBI space with the team of seasoned global experts modernising and globalising operations — a true reflection of the Unit's ethos of integrity and transparency, and its objective to restore trust in the market. This transformation is powered by international experience, innovative thinking, and an unrelenting focus on service while cultivating an international standard of excellence in everything they deliver. The Executive Team's ImpactThe newly formed executive team, composed of global experts in finance, strategy, and governance, is reshaping the way the CIU operates. Their experience and fresh perspectives have been instrumental in implementing strategic changes that streamline operations and elevate the quality of service for both clients and partners. As a result of their efforts, the CIU is now more agile, responsive, and competitive in a rapidly changing global market. The 100-Day Transformation - Milestones AchievedThe first 100 days in office have been productive, ensuring that stakeholders are heard, problems are understood, and the team are able to implement change to bolster productivity. The team has focused on setting clear goals, strengthening operations, and improving transparency and efficiency. To celebrate some of the key achievements, and beyond the first 30-day wins, we highlight the success of the last 100 days. Introduction of the Office of the ChairmanA key milestone has been the creation of the Office of the Chairman. as a centre of excellence within the St. Kitts and Nevis CIU, bringing a particular focus and expertise on economic growth, customer service and development matters. The Office of the Chairman is the highest level of oversight to the Unit, in line with expectations from international partners, providing a platform for escalated management issues. 169 % increase in filesMost notably, an astounding 169 per cent increase in applications was recorded over the 100 days. This reflects the renewed global interest and continued trust in the St. Kitts and Nevis CBI Programme. Chairman St. Juste pointed out that such a substantial increase in just 100 days is truly exceptional. "We are incredibly proud of the progress we've made in a short period, but there's still more work to do. This success is a testament to the dedication of our team and the trust placed in us by our stakeholders. We are committed to maintaining the highest standards of integrity and efficiency while ensuring that the CBI Programme continues to contribute significantly to the economic development of St Kitts and Nevis" - Executive Chairman His Excellency Calvin St. Juste. Global Outreach and SuccessThere has been continuous and successful engagement with all stakeholders, including the nation's international partners. The Chairman represented the country and the Unit in various meetings in the UK and Brussels, including attending key successful discussions at Wilton Park. This engagement with international partners is ongoing with proactive outcomes. Ongoing international endeavours meant the Chairman and the team, travelled to over 20 cities across 4 continents and participated in over 512 engagements, these included international meetings and events as well as directly engaging with key players in the market. These face-to-face interactions play a crucial role in rebuilding trust and confidence in the St. Kitts and Nevis CBI Programme. Technological InnovationThe Executive team in the Unit has been busy implementing first-class systems for processing which includes the introduction of a cutting-edge digital system that will significantly enhance the efficiency of the process. This system is a key part of a broader digital transformation effort, designed to streamline processes, improve communication, and drive overall operational efficiency, benefiting stakeholders from real-time updates on applicants' statuses, increasing transparency and reducing wait times. By automating routine tasks, the system allows the CIU team to focus more on critical areas such as verification and due diligence, ultimately enabling a faster, more accurate, and more transparent process for all involved. Strategic GoalsFrom structural reforms to strategic investments, this short time frame has seen the implementation of key initiatives that will define the direction of the Programme for the next decade and beyond. Looking ahead, the CIU aims to continue building on its successes. With the Board of Governors playing an active and hands-on role in the transformation, the Federation is now more agile and responsive to global market demands. A Perfectly Crafted SystemSt. Kitts and Nevis' CBI Programme is built on a framework of precision and innovation. The recent changes reflect the intricate work of various stakeholders coming together to create a world-class Programme. The new governance and executive leadership team are ensuring that each part of the CBI process-from policymaking to execution-works in flawless alignment to deliver exceptional results. This includes an effective management of legacy files, with clear resolutions and outcomes, ensuring long-term customer satisfaction and Programme integrity. The past 100 days are not just a commemoration of what has been accomplished but also a celebration of the clear vision for the future. Commitment to Growth and InnovationWhile honouring the past, all eyes are firmly set on the future. By harnessing the expertise and strategic vision of new leadership, the CIU is committed to cementing St. Kitts and Nevis as the leading force in the global investment migration industry. The first 100 days have been a testament to the power of transformation and the vision of the St. Kitts and Nevis leadership team. The next 100 days and beyond will be a journey of opportunity, growth and delivery. Contact DataSt. Kitts and Nevis Citizenship by Investment Unit(1-869) 467-1474communications@ To view the source version of this press release, please visit Sign in to access your portfolio
