Role/policy changes in Coates Global Lisbon Office / 26th February, 2019
Coates Global are proud to announce three key changes in our Lisbon office: the appointment of Portuguese legal specialist Prof Dr Marina Andrade, the introduction of a guarantee of all client questions being answered within two working days and the implementation of more-transparent pricing.
As part of our continuous improvement and expansion efforts, we sought to add a highly qualified expert in Portuguese immigration law to our team. Prof Dr Marina Andrade will oversee the implementation of our new guarantee and our revised fee structure, as well as maintain our high customer service standards.
Our new, clearer fee structure is fully compliant with the EU directive on transparency in the pricing of legal services. Coupled with our new guarantee of answering all client questions within two working days, this will enhance our offering to both individual and corporate clients.
Dr. Marina Andrade brings a wealth of experience in immigration law: after graduating from the Law College of the Portuguese Catholic University, she worked as an independent attorney helping individual clients with their residence permits and tourist visas. She has also advised the Portuguese government and public authorities on the country’s Golden Visa programme and has worked as a law professor at several educational institutions in Portugal and at the Brazilian Institution of Law.
In addition to being a member of several international associations, such as Associação Luso-Brasileira de Direito Comparado, she has published many articles in Portuguese newspapers and magazines, including the article “The Portuguese Golden Visa Program” on World.Tax (https://www.world.tax/articles/portuguese-golden-visa-program.php).
Moreover, she has appeared on Portuguese TV programmes as an immigration law expert.
She is thus well equipped to handle many immigration matters, including:
• Golden Visa applications for main investors and family reunifications;
• Residence visas and permit requests – all types;
• Tourist/Schengen visas;
• Renewal requests;
• Appeals of immigration decisions;
• Citizenship applications;
• Residence registry certificates – for EU citizens who intend to reside in Portugal for more than three months
Her wider expertise includes real estate issues, specifically:
• Preparation and management of due diligence for properties to be acquired by Golden Visa investors;
• Analysis and preparation of memorandums for such properties;
• Preparation of reservation agreements, sale promissory agreements and final deeds;
• Preparation of rental agreements (and registration of the agreements with the tax authorities);
• Registration of properties with the Property Registry Office, the tax authorities and utility companies; and
• Issuing of notifications to pay the taxes associated with property acquisitions in Portugal.
Prof. Dr. Marina Andrade commented: “With a focus on ethics, quality, compliance and technical excellence, I am confident that I can continue Coates Global’s delivery of outstanding customer service to a wide range of clients on matters relating to Portuguese immigration.”
We welcome Prof. Dr. Marina Andrade as an important member of our new immigration team in Lisbon.
Monaco Residence by Investment programme unveiled / 21st February, 2019
Even though the Principality of Monaco is the world's second smallest country, it is considered one of the most advanced. With its world-class healthcare, education and entertainment, it ranks first in the world for quality of lifestyle and first for GDP per capita.
There are numerous advantages to relocating to Monaco, which include both individual and business benefits. The Principality offers incomparable and extremely stable benefits to its residents and citizens due to its outstanding financial capabilities.
Advantages of Moving to Monaco
Monaco, although not part of the European Union, still gives freedom of movement to its people within the Schengen area (countries, such as Germany, France, Spain and Greece). The country is known as a tax-free haven, only paying tax to France as it provides the national security of the country with the French Armed Forces.
Its vital location means that it can provide easy and quick movement to other huge business hubs including London, Paris, Geneva and Zurich.
To add, the city-state has a safe and stable backbone to set-up and operate potential businesses in. The political stability also means the foreigners living in Monaco are safe and share the high quality of life alongside its citizens - with the world's longest average life expectancy of 89.5 years.
The nation has been tax-free since 1870, showing no signs of bringing back a taxation system in the near future.
The country also has one of the most renowned beaches in the Mediterranean Sea; full of palm trees and beautiful temperatures, hitting an average of 27 degrees in the summer. The country hosts the Formula 1 Grand Prix that entertains millions across the globe. It is famous for its successful football team, AS Monaco, which participates in the top league for France.
Residency and Requirements
There are two steps and a few requirements to achieve residency and future citizenship in Monaco. Firstly, a minimum of €1.5million is needed to start the process. €1million must be retained in a Monacan recognised bank, and at least €500,000 must go towards purchasing a property.
To acquire full citizenship in Monaco, applicants MUST fulfil all requirements:
- Completed 10 years of residency
- Have no military service in another country, including conscription
- Are required to renounce any current citizenship(s) due to their strict policy against dual citizenship
Further information will be announced in the future.
Recent changes to the Cyprus Investment Programme (CIP) / 15th February, 2019
Recent changes have been made to the Cyprus Investment Programme (CIP) in an effort to further regulate, protect and secure its permanence within the market. The Cyprus Council of Ministers approved revisions to the programme on 13 February 2019. With such amendments set in place, the aim is to provide for social contribution within Cyprus as well as contribute to the research and development of the programme; and country. Please see below the following amendments for the CIP: Applicants must be in possession of a Schengen visa when applying.
Applicants who have previously been rejected by another EU country shall be automatically disqualified from the CIP;
- Rather than having the investment retained for a minimum of 3 years following the date of naturalisation, it has now been extended and must be maintained for 5 years
- The investor, during this 5-year-period, will be able to change his investment, provided that the Ministry of Finance has granted consent for such change;
- The option to invest in government bonds will no longer be available, however, shipping will be included in the investment sectors;
- Properties under construction will now need a mandatory planning permit;
- A donation of €75,000 will be a mandatory requirement that will go towards research and development;
- Due diligence and background checks on each applicant will be carried on by a specialised foreign firm - the firm has not been hired yet.
- Applicants must be in possession of a Schengen visa when applying; Applicants who have previously been rejected by another EU country shall be automatically disqualified from the CIP;
Rather than having the investment retained for a minimum of 3 years following the date of naturalisation, it has now been extended and must be maintained for 5 years
The investor, during this 5-year-period, will be able to change his investment, provided that the Ministry of Finance has granted consent for such change;
The option to invest in government bonds will no longer be available, however, shipping will be included in the investment sectors;
Properties under construction will now need a mandatory planning permit;
A donation of €75,000 will be a mandatory requirement that will go towards research and development;
A donation of €75,000 will be a mandatory requirement
Due diligence and background checks on each applicant will be carried on by a specialised foreign firm - the firm has not been hired yet. The official CIP criteria