Saint Kitts & Nevis, renowned for being a small yet impressive country on the world map, has never failed to impress its visitors. Its rich culture and heritage, carnival celebrations, natural beauty attractions, and strong economic platform add to its charm.

This is the reason why people from across the world would not only want to visit the country but may even think of residing here if given a chance. To help such people, the Government of Saint & Nevis has initiated the citizenship by investment program. 

This program allows foreign investors to get residency in the country instead of a set investment in different platforms set by the government. However, specific rules and regulations and eligibility criteria must be fulfilled for participating in the process. 

This process can be challenging as many people may need to be made aware of what documents to submit and what formalities to complete. To lend a helping hand to such people, some consulting firms have taken it upon themselves to walk the investors through the citizenship program.

One such renowned and established citizenship consulting firm is the Global Residence Index. They offer detailed information about these citizenship programs and even provide expertise on getting through them.

To get more information, you can visit Global Residence Index's page about citizenship by investment in St. Kitts & Nevis: https://globalresidenceindex.com/st-kitts-nevis-citizenship-investment/

Guide By Global Residence Index on Saint Kitts & Nevis Citizenship

Let us walk through a detailed guide on Saint Kitts & Nevis citizenship by investment program. 

Overview of Saint Kitts & Nevis Citizenship-by-Investment Program

Initiated in 1984, the Saint Kitts & Nevis citizenship program has been one of the longest-running programs. The program allows foreign investors to get the country's citizenship by making a significant economic investment in the country's platforms. 

Investors can get an attractive Caribbean passport once they meet the requirements laid down by the Government of Saint Kitts & Nevis while making a particular investment in the platforms they suggested. 

What are the Benefits of the Saint Kitts & Nevis Citizenship Program?

Here are some of the impressive benefits of participating in Saint Kitts & Nevis citizenship-by-investment programs. 

Speedy Process

The Caribbean island's citizenship program is much simpler than other nations. Also, unlike other traditional platforms, it is a much faster one, which implies that applicants can get through the process within a few months only.

Now, applicants do not need to wait for years to get the results of whether they have cleared the process. Nor do they have to fulfil complex requirements or fill long application forms when it comes to Saint Kitts & Nevis citizenship-by-investment program.

Access To US Visa

How wonderful can it be if, as an investor, you get access to the Caribbean islands and even the USA with just one citizenship program? This is possible with the Saint Kitts & Nevis residency program, as it gives you access to the B-1/B2 US visa. 

This implies that you get permission to visit the USA for purposes such as tourism, business meetings, or medical treatments for 6 months. The Saint Kitts & Nevis citizens often do not face much difficulty in going through the US visa program and can apply for the same in any of the 156 nations they can enter. 

Dual Citizenship

If, as an investor, you are worried about losing your home country's citizenship, you can always benefit from the dual citizenship aspect of the program offered by Saint Kitts & Nevis.

This implies that you can hold on to both the country's citizenship if you get the Saint Kitts & Nevis citizenship, and there is no need to leave your current citizenship. This comes as a double benefit for investors who can enjoy the benefits offered by two nations' citizenship at the same time. 

Benefits of a Strong Economy

Saint Kitts & Nevis enjoys a robust economic setup which is fast growing. Thus, people seeking to establish their business ventures to make profits can trust Saint Kitts & Nevis's brilliant economic growth over the years. 

Their Local Domestic Product has been witnessing an upward trend for the last few years and is expected to be profitable for a long time. Also, their financial stability has not faced any problems, making the Caribbean island a safe place for investment.

No Minimum Period of Residence Required

Investors need not complete a minimum stay in Saint Kitts & Nevis to qualify for the citizenship-by-investment program. The investors need not stay in Saint Kitts & Nevis before or after getting the island's citizenship. The Caribbean island's flexibility makes it stand out from the crowd. 

Final Words

Saint Kitts & Nevis is a Caribbean island that has made impressive improvements in its infrastructure and economic stability aspect. This makes the island an obvious choice when it comes to getting a second citizenship through investment for foreign investors. Also, the immense benefits its citizenship offers add to the rise in demand for Saint Kitts & Nevis residency program. 

The need remains to get through the process and complete all the formalities laid down by the Caribbean Island, and this is where the Global Residence Index comes into the picture. Their team of experts cannot only guide you through the process but can also help you be successful in your application. 

An employment-based 'Immigrant' visa might be the perfect solution. However, it is vital to know the EB 3 visa cost and its benefits before applying for it. 

The United States government is always searching for talented immigrants to come to the US and work. Thus, the EB-3 immigrant visa is the only U.S. visa type that gives foreigners residency in America by creating a pathway between international students and their future careers.

The EB-3 category is the most sought-after and challenging to obtain for all the different immigrant visa statuses. Continue reading further to learn about EB 3 visa cost, its benefits, and a few things to know before applying for one.

Overview Of EB-3 Immigration Visa

Whether you are a recent graduate from an accredited school or have a family history of entrepreneurship and leadership experience, if you are exploring the possibility of immigration to the United States, you could be suitable for an EB-3 visa.

The EB-3 Immigrant Visa category is applicable for individuals with extraordinary ability and achievement in the sciences, arts, education, business, or athletics who demonstrate exceptional ability in the process of their employment. 

Furthermore, it may serve as a stepping stone to complete legal permanent residence, also known as green card status.

Benefits of EB-3 Visa

There are several benefits associated with this type of visa, including:

Work Authorization:

You can work while you wait for your permanent residency status. In some instances, you may also be suitable for employment authorization during this time.

Travel Abroad:

You can travel overseas and return to the United States without problems. It is beneficial if you want to visit family members or vacation in a foreign country that does not allow U.S. citizens and residents to enter without a visa or passport.

Family Reunification:

If your spouse or child lives outside the United States, they can apply for the same visa once through a process.

Few Eligibility Criteria And Other Requirements

● It is for applicants with exceptional ability in the sciences, arts, or business. So, The EB-3 petition requires an extensive application process, which includes a detailed resume, supporting documents, and a thorough interview with an immigration officer at a USCIS office.

● This visa requires that you have at least two years of experience in your field of expertise and must be able to prove that your particular area of expertise is rare and unique within your country of origin. 

● You must also show that you can successfully perform your job duties without supervision from someone else.

3 Things That Are Necessary To Understand Before Applying

The EB-3 immigrant visa is a great way to obtain permanent residency in the United States. However, before you commence the application process, there are a few things you should know:

Outstanding Resume:

In your resume, including information about education, work experience, relevant skills, and any new articles, thesis, or publications you've written or participated in to demonstrate the necessary skills for this visa.

Employment offer in the United States:

The second factor determining whether someone can get approved for an EB-3 immigration visa is whether or not they have an offer from an employer in the United States.

Impressive Cover Letter:

Your cover letter should address how the position you want to apply for will help you achieve your goals and how it would impact the U.S. economy. It is an excellent opportunity for employers to show their support for the immigration process by highlighting how their company contributes to the country's economy by employing foreign workers like you!

Bottom Line

Remember, the immigration process can be long and complicated, so you must have all the information you need before getting started. If you have queries about the EB-3 visa, like the EB-3 visa cost or the immigration process, don't hesitate to contact an experienced immigration attorney who can help you.

There are several downsides to this arrangement for businesses. Firstly, this will increase their recruitment costs as visas are not cheap; secondly, obtaining work visas can also be time-consuming and delay the hiring of talent. The reality is that the business immigration system needs an overhaul. Business immigration is a benefit to the UK and should not be confused with social immigration which is entirely different. Our immigration should not be governed by policies issued by the current government but, rather, based on the needs of businesses.

To ensure the UK remains one of the leaders in technology and development, we need to encourage the best global talent to come to the UK with a cutting-edge approach to gain talent and investors. In order to do that we have to have an adaptable immigration system that welcomes talent, decent businesses and the workforce we need.

It’s also imperative, in my opinion, that we let students come to the UK to study and work after they have completed their degrees. We have just allowed this again but only for 12 months! Not long enough in my view but it is a start…

A note on social vs business immigration

I have practised business immigration for over 20 years. Social immigration is an entirely different kettle of fish and colours the debate, making it impossible to set sensible goalposts for businesses. Many say most are opposed to immigration and yet most of us are a product of some form of migration. In reality, most are opposed to social migration rather than business immigration.

In all of my 20 years practising business immigration, all of the employees I have helped bring in have paid fees and taxes and the majority have left the UK after their assignment, few (if any) have taken jobs from local people. Some have remained, fallen in love with a person or the country and contributed greatly to the economy. Sadly, having practised criminal defence work for almost a decade before this I think it is still cheaper to obtain a UK passport or false papers on the black market than it is to go through legitimate channels.

Addressing business immigration needs

We are moving in the right direction but we need to take immigration policy out of the politicians' hands and place it in the hands of businesses. Businesses need to be trusted that they will hire those they need. Most businesses want to avoid sponsoring individuals for visas unless there is no other option.

But the job has to be a certain pay grade and a certain level. Industries like hospitality are unable to sponsor the individuals they need as the skills they need are considered too low. A lot of that workforce left in the pandemic and are now stuck, unable to return to the UK. That is why our restaurants and bars are short-staffed.

So business is suffering. And the war for talent, and wages, is fierce.

Businesses must do as follows:

1. Ensure all your existing staff have a right to work by conducting appropriate right to work checks. Taking a staff member's word for it is not sufficient. You must have seen their original paperwork and keep a copy of it or use the Home office to verify their status. Failing to do this can result in a £20,000 fine per illegal found. Getting out of these fines is incredibly difficult and frankly only feasible if you have been given fraudulent paperwork.
2. If you are a professional business needing talent then you need to apply for a sponsor licence ASAP. Or if you previously relied on European workers to staff your business equally you need to apply for a sponsor licence ASAP. This enables you to then potentially sponsor those from Europe and anywhere in the world who wish to work in the UK. Provided the job is at a suitable level. Beware the processing times are increasing as more and more businesses apply for a sponsor licence.
3. Budget for increasing recruitment costs, work visas are not cheap and you will need to pay for them.
4. Allow time to obtain work visas. Sadly our system is overwhelmed and this is likely to only get worse as the scale of the problem reveals itself.
5. Certain sectors that have heretofore relied on lower skill levels need to campaign and raise awareness and push for change, ideally with backing from UK society at large, to help to enable them to hire and recruit the talent they need wherever it may be.

The most important thing is to keep being vocal about the ways the new immigration system is failing businesses. We need to campaign for the best, open-minded, straightforward business immigration system in the world. Let us lead the charge and suck up all the talent we can to ensure the UK remains Great Britain!

The government announced a few weeks back that a new immigration system will be in place by March 2019 when the free movement of people between the EU and the UK ends.

Immigration Minister Brandon Lewis was speaking as the government commissioned a "detailed assessment" of the costs and benefits of EU migrants, and publicised the closing time for free movement post-Brexit.

As this would have a serious impact on social, economic and political agendas, Finance Monthly has below heard form a number of sources with their thoughts on the prospect of closed immigration.

Ian Robinson, Partner, Fragomen:

It just won't be possible to get everything ready and Ministers need to think seriously about letting free movement continue for a limited period after we exit the EU. A full labour market review is absolutely essential and it is only fair that employers get a say over immigration policy. Labour and skills shortages won't go away after Brexit; if anything they could be exacerbated. Immigration has an important role in plugging the gaps. But a year long review doesn't leave very long for implementation. You have to ask whether six months to write the law, create the technology, recruit and train Home Office staff and then get business ready will be enough time.

Paul Taplin, head of change, Voyager Solutions:

It is widely accepted that Brexit will have a major impact on our UK workforce - regardless of any labour agreements that are made. The good news is that companies protect against this risk – by capitalising on the fast accelerating world of Robotic Process Automation (RPA). Skills gaps should be examined in areas where it will take longer to develop and replace people, and areas where a human workforce can be supplemented (or replaced) by a robotic workforce.

For example, in shared service centre operations, now is the perfect opportunity for UK organisations to review their workforce from a number of perspectives. For those that have off-shored / outsourced to an EU country, there may be a change in the economics, levies or exchange rates which impact the business case. For organisations that have significant non UK EU nationals performing key roles in a UK shared service centre, now might be the best time to look at the economics of outsourcing.

In both scenarios, organisations should accelerate any plans to review the business case for RPA – it will be significantly cheaper than full time equivalent human workers, so could solve the problem of covering key shared services roles. Activity areas to be considered for automation could include; data entry, payroll / T&A, expenses administration, personnel administration and recruitment admin in HR.  Other business process candidates for automation include; P2P, order to cash, record to report, procurement operations, collections, cash management in finance and many others.

Ultimately, it’s important for organisations to remember that any workforce planning efforts will not be wasted if Brexit doesn’t have the expected impact – this should be done anyway - and will provide greater resource efficiencies across operations.

Bertrand Lavayssière, Partner & Managing Director UK, zeb:

Over the years, we have worked regularly with our European clients to find locations for their centralising European operations such as back-offices (for example for FX, credit lines, Trade Finance), institutional sales, risk and/or compliance functions. A key part of this is to compare the various locations. The usual criteria we will look at are costs, notably real estate, taxes, cultural proximity, accessibility, political environment, availability of professional support resources such as lawyers, consultants, etc. and, of course, availability of resources. The comparison is between major European cities (e.g. London, Paris, Frankfurt, Amsterdam, Dublin, Brussels, Krakow) or nearshore/offshore cities/locations (e.g. Mumbai, Porto, Casablanca, Mauritius).

As a location, London is second to none as it offers a unique mix of skills depth (different levels of expertise/management levels) and scope in terms of the number of financial activities covered and the multitude of languages spoken by employees. For example, we were working for a major European Corporate lender, which had more than 40 subsidiaries/branches across Europe. For efficiency and effectiveness reasons, we decided to centralise the accounting/general ledger, credit, cash management, trade finance, and foreign exchange back office activities of each of their European sites into one place, leaving notably the management, regulatory and sales activities locally. London was identified as the most suitable place for this central hub, owing to the fact that the majority of the staffing was to be sourced locally. As already mentioned no other city can provide the breadth and depth needed in terms of languages spoken.

London is and will continue to be attractive for banks and other FIs because of the critical mass created and the variety of resources available.  This critical mass generates numerous ripple effects such as the availability of numerous FS specific professional services such lawyers, tax experts, consultants, etc. As this is widely known in the European banking community, many bankers/insurers come in London to find a job without a contract yet manage to find a position relatively quickly. The new immigration laws may unbalance this de facto and well-oiled eco-system, however the appeal of London should still see it withstand such changes.

Beenu Rudki, Immigration Director, Lewis Silkin:

The ‘fair and serious offer’ on the future rights of EU citizens, laid out on 22 June 2017 by Theresa May, offered EU nationals arriving before Brexit the chance to acquire the same rights to work, healthcare, and benefits as UK citizens. The proposition entailed giving ‘settled status’ to three million EU citizens and agreeing a cut-off point for freedom of movement between the UK and the EU between 29 March 2017 and 28 March 2019, the date at which Article 50 Brexit negotiations are expected to end.

This announcement has major implications for EU nationals and their family members, a significant number of whom work in the UK’s financial services industry. In 2016, the London Assembly Economic Committee produced a report outlining the impact of Brexit on London’s financial and professional services sector. The report highlighted how crucial the industry is to London’s economy and reiterated the UK’s importance as a hub for both domestic and overseas talent following exit from the EU.

Over a year after the Brexit referendum result, the government has now commissioned the Migration Advisory Committee (MAC) to provide a detailed assessment of the role EU citizens play in the UK economy. The commissioning letter asks the MAC to advise on an immigration system aligned with modern industrial policy. The MAC will need to consider different sectors, regions, and skill levels to provide insight into the sort of immigration policy that will be needed in the years to come.

Before the final MAC report is delivered in September 2018, UK financial sector firms should review what options are open to them in order to avoid potential disruption to their business in the future. Organisations should also be prepared to provide data and case studies to the MAC to avoid being left behind in the new immigration system.

Russ Shaw, Founder, Tech London Advocates:

Continued uncertainty around immigration policy in the UK is damaging the country’s reputation as a destination for fast-growth tech companies. The cabinet is intensifying this issue by failing to present a united front, and using consultations as a means to delay its decision rather than inform it. The Home Secretary’s welcome news that there would not be a “cliff edge” in 2019 was refuted days later by the latest statement from the Prime Minister, saying Freedom of Movement would end abruptly. This confused messaging does little to reassure the UK’s tech companies and entrepreneurs, who have remained on edge since the Brexit vote and waiting for clarity on their ability to access world-class talent.

Access to global talent is a top priority for tech companies, and the government needs to ensure that immigration policy meets this pressing need. The Cabinet needs to resolve its differences and ensure that the UK tech sector can prosper, ultimately bringing economic growth to the whole economy. The sooner the government can clarify its position on immigration the better, as that will eliminate uncertainty and allow for investment and talent to continue flowing into London.

We would also love to hear more of Your Thoughts on this, so feel free to comment below and tell us what you think!

Below Finance Monthly hears from Peter Snelling, principal systems engineer at leader in analytics, SAS, who has various ideas on border management that the UK and EU should look to approach.

This, and the more outward looking post-Brexit era we're facing, are just two reasons why I believe a different approach to border management, and indeed many of the activities of the Home Office and Customs, would transform efficiency. With the following capabilities in place, we’ll create a future where the departments can rate and prioritise risks in real-time, as they change, and take pre-emptive action, rather than reactive. As an example, let's apply the following ideas to the challenges of smuggling and trafficking.

The answer’s in the data

One of the major improvements the border agencies can make is to apply advanced, predictive analytics and deploy real-time risk-scoring models. Building them on historical data allows strategists and front-line operatives to apply the models’ learnings to enhance their own experience and strategies.

The alerts raised by these models can then be visualised as networks, timelines and maps – and enhanced with contextual information and intelligence.  Applied in this way resources can be better managed and frontline staff can interdict high risk goods or people promptly.  As importantly, low-risk goods and people can be processed far more swiftly.  To find the needle it's sometimes easiest to reduce the size of the haystack.

Support that capability with what-if scenario testing, and the border agencies within Home Office and HMRC – and indeed other central government organisations – will be able to model different decisions and predict their outcomes against their cost and relative merit.

A winning combination: efficiency, accuracy, affordability

However, with many millions of people and shipments moving in and out of the UK every year, some people will wonder how quickly all this analysis can happen. The answer: In a matter of minutes. Certainly, with SAS. That’s because our analytics engine is made for the big data age and can screen billions of rows of data per second.

If your next question is, "Can the analysis be thorough at speed?" the answer is a resounding yes. Take global banking giant HSBC as an example. You’ll see that SAS anti-fraud analytics screens millions of debit and credit card transactions around the world, every day. Consider the fallout you may have experienced from just one personal experience of card fraud, and you’ll know what an incredibly value-generating capability this is - both on a human level and a financial one.

For the Home Office and Customs to achieve their efficiency targets and improve operational effectiveness, advanced analytics and visualization solutions have become essential.

According to Forbes, voters concerned about immigration helped swing both the Brexit vote and the election of Donald Trump to the winning ends, but this goes beyond the UK and US’ big socio-political decisions. In many countries now workers are putting pressure on lawmakers to oppose the perceived threat of immigration.

This in turn allegedly affects regional and sector markets and the global economy a great deal. This week Finance Monthly heard from several specialist sources on the various ways immigration changes and public opinion on immigration are or aren’t shaping local and global economies.

Tijen Ahmet, Immigration Specialist, Shakespeare Martineau:

Positive news about migrant workers is often overlooked. As immigration is regularly at the forefront of news and political debate, migrants - whether filling highly-skilled or low skilled jobs - often bring benefits to their host country that directly impact on global business.

The invaluable knowledge and talent from the highly skilled, and the filling of key occupations by the low skilled, can decrease unemployment and increase income capacity with no negative influence on public finances. Most significantly, migrants allow businesses to expand their workforce to meet their growth potential.

UK corporates across the retail, IT and financial services sectors in particular, are beginning to seek their migrant workforce from new markets that they would not have ordinarily considered, forming alternative relationships with fresh customer markets.

There is an assumption that all migrant workers are low skilled and this just isn’t the case. Migrants from a global arena not only fill talent deficits in the host labour market, but can also offer a diverse skillset that may be lacking in the host country. Such skills can generate more cross-border new business opportunities by opening communication up to new markets, while knowledge transfer can assist in upskilling existing co-workers.

Due to restrictions of free movement between the UK and EU global businesses have the opportunity to select the most suited candidate from a much wider pool of talent by casting the net more widely.

With Brexit negotiations unfolding, it is likely that immigration laws will continue to change frequently and directly impact global businesses as a result. Such quick changes to immigration laws, such as those revealed in the Queen’s Speech can cause significant instability in currency markets, causing drastic fluctuations.

Although businesses with bigger profit margins are less sensitive to currency fluctuations, increased exchange rate volatility combined with the complex structures of most global businesses, means that monitoring trading activity is now essential, no matter the size or scale of the business.

The UK’s decision to exit the EU, where immigration was a commonly considered factor for the leave campaign, provided a strong example of fluctuating currency rates. For example, immediately after the Brexit vote there was a sharp drop leaving GBP to EUR 15% lower than pre-Brexit and GBP to USD and AUD down 17%, having a significant direct financial impact on global business.

Guilherme Azevedo, Associate Professor in Business & Society, Audencia Business School:

In December 2015, Prime Minister Justin Trudeau went to Toronto’s airport to receive Syrian refugee families. When handing them winter coats, he repeated many times: “Welcome. You’re safe at home now”. Refugees to Canada arrive as permanent residents and receive support to become full-fledged citizens as swiftly and smoothly as possible. The families are sponsored by local communities, bodies of government, churches, and individuals who provide them with money and housing for one year. Many of them become economically autonomous and start to give back to society before that year is over.

Trudeau’s statement goes further than expressing the values of solidarity that most Canadians cherish. It makes good economic sense. The integration of migrants into the fabric of a nation has net economic advantages—and even more so to developed economies with low birth rates. Research shows that those who move to a new country in the pursue of a better life work harder, are more entrepreneurial, create more wealth, and even win more Noble Prizes than the rest of the population.

Of course, the results are not so positive when immigrants came to do backbreaking work but receive virtually no rights—as, for instance, those coming to Germany following the 1950’s and ironically called Gastarbeiter (meaning ‘guest-workers,’ as if guests should be expected to do the hard work). Or when, despite French Law and the very principle of égalité saying otherwise, the grandchildren of colonial wars returnees continue to be perceived as second-class citizens. In these cases, full integration will take much longer. But suitable integration helps the host economy to remain vigorous and innovative. Just look at the business, the cultural, and the scientific landscapes in the U.S. and you see the power of first-, second-, and third-generation immigrants. They are the ‘American dream.’

Hence, when it comes to immigration, what is bad for economy is misinformation and ignorance. Trump’s election and the Brexit voting have been the result of populist maneuvers. The Polish plumber, the Mexican rapist, the Islamic fundamentalist, and etcetera (remember the greedy Jew from the Nazi?), are xenophobic fabrications without empirical relevance to national economies. They are mere rhetoric puppets and scape goats.

Populism depends on people believing that a simplistic plan will solve a complex problem, which can only happen if there is misinformation and ignorance. Irresponsible journalism also carries a share of blame on both Trump’s election and the Brexit voting. In the first, the Democrats-inclined media (mostly CCN) gave extraordinary coverage to Donald Trump since the very beginning of the primaries because it was good for the audience rates. When the bad joke went too far, they couldn’t stop it anymore. (But, again, can we consider democratic an electoral system that is so anachronic and so scandalously influenced by big capital?) In the case of Brexit, the British media remained oddly silent for at least a decade of demagogues blaming the fictitious lazy Europeans for their domestic problems. Here goes the simplistic promise: “If your life is not as good as you wished, just exit Europe and the problem will be solved”. Well… that’s not so elementary my dear Watson.

Finally, if we step beyond analyses of national economies and look at the global business, the conclusion remains the same, just more obvious: barriers to migration (as well as barriers to flow of capitals and goods) create distortions to currency fluctuation and to markets’ values, not the other way around. Closing boundaries is a path leading back to economic obscurantism and stagnation.

Bottom line: perceived economic threats due to immigration are hugely overstated. The real problems are ignorance and populisms, which can be solved through decent education systems, responsible journalism, and freedom of speech.

James Trescothick, Senior Global Stretegist, easyMarkets:

In recent times, nothing has provoked more debate or in many cases fear in the general populous more than the immigration topic.  In fact, in 2016 we saw two major surprises, first the Brexit result and then Donald Trump winning the US election.  Many believe the reasons for these surprise outcomes were that voters making their decision based upon their concern about immigration control.

But let’s answer this question; is immigration really a burden or is it actually a benefit?  The answer is it can be both, but it leans towards being a benefit.

How many times have you heard the outcry of “they take our jobs” from those of the public who tend to fear migrants coming into their countries?  Let’s face it, it is often the first protest we get.  But statistically speaking this is more than often not the case as the jobs that migrants take are the jobs that no one wants or are in totally different fields.   The economic impact of migrants can be calculated but looking at the taxes and other contributions they make and deduct the benefits and services they receive.

If of course they receive more than are putting into the economy then they do indeed become a burden, but more often than not, countries have benefitted from immigrants and have seen expansion in economic output in the long term.

When it comes to currency fluctuations and the markets, there is no short-term impact from immigration, as the markets perform based on current and projected economic performance.  The outcome of increased immigrants would not show signs if they are indeed a burden or benefit for many years.

Immigration is really a tool for politicians to spark debate and win votes and not a driving a force for the markets.

We would also love to hear more of Your Thoughts on this, so feel free to comment below and tell us what you think!

US real estate markets are increasingly becoming international, and changing demographics brought forth by immigration and growing interest from foreigners are positioned to bolster home sales activity and prices. That's according to speakers at an international real estate forum organized by the REALTOR University Richard J. Rosenthal Center for Real Estate Studies session here at the 2017 REALTORS^® Legislative Meetings & Trade Expo.

NAR's Danielle Hale, managing director of housing research, was joined by Alex Nowrasteh, immigration policy analyst at the Center for Global Liberty and Prosperity at the Cato Institute, to share insight on the current and future impact of foreign buyers and immigration on the US housing market.

According to Nowrasteh, the rising US population is being bolstered by a growing number of immigrant households, and their presence will continue to transform the housing market. Referring to data from the 2015 American Community Survey, Nowrasteh said of the roughly 321.4 million residents in the US, 278.1 million are born here (natives) and the remaining 43.3 million – made up of 20.7 million naturalized citizens and 22.6 million non-citizens – are foreign-born.

"Immigration affects rents and home prices far more than it affects the labor market," said Nowrasteh. "An expected 1% increase in a city's population produces a 1% uptick in rents, while an unexpected increase results in a 3.75% rise."

Nowrasteh, pointing to studies conducted on immigration and housing, explained that the effects of immigration on real estate are localized, with most of the impact felt where immigrants tend to reside: low-to-middle income counties. Each immigrant adds 11.6 cents to housing value within that county. In 2012, 40 million immigrants added roughly $3.7 trillion to US housing wealth.

Referencing the Legal Arizona Workers Act that went into effect on January 1st 2008, Nowrasteh said the decline in population resulting from the law likely exasperated the drop in home prices the state experienced during the downturn. Fewer households purchasing or renting property subsequently lead to higher vacancies and lower prices. "Immigration is the best way to increase population, housing supply and prices," he said.

Presenting some of the key findings from NAR's 2016 Profile of International Activity in US Residential Real Estate released last July, Hale said foreigners increasingly view the US as a great place to buy and invest in real estate. She noted the upward trend in sales activity from resident and non-resident foreign buyers¹ in the past seven years, with total foreign buyer transactions increasing from $65.9 billion in 2010 to $102.6 billion in the latest survey.

"A majority of foreign buyers in recent years are coming from China, which surpassed Canada as the top country by dollar volume of sales in 2013 and total sales 2015," said Hale. "Foreign buyers on average purchase more expensive homes than US residents and are more likely to pay in cash."

Perhaps foreshadowing where a bulk of future home purchases from immigrants will come from, Hale said that in NAR's latest survey roughly over half of all foreign buyers purchased property in Florida (22%), California (15%), Texas (10%), Arizona or New York (each at 4%). Latin Americans, Europeans and Canadians – who tend to buy for vacation purposes in warm climates – mostly sought properties in Florida and Arizona. Asian buyers were most attracted to California and New York, while Texas mostly saw sales activity from Latin American, Caribbean and Asian buyers.

NAR's 2017 Profile of International Activity in US Residential Real Estate survey is scheduled for release this summer. Looking at the past year, Hale said monthly data from the Realtors Confidence Index revealed a rise in responses from Realtors^® indicating they worked with an international buyer.

"Chinese buyers are once again expected to top all countries in both total dollar volume and overall sales," said Hale.

¹The term international or foreign client refers to two types of clients: non-resident foreigners (Type A) and resident foreigners (Type B).
Non-resident foreigners: Non-US citizens with permanent residences outside the United States. These clients typically purchase property as an investment, for vacations, or other visits of less than six months to the United States.
Resident foreigners: Non-US citizens who are recent immigrants (in the country less than two years at the time of the transaction) or temporary visa holders residing for more than six months in the United States for professional, educational, or other reasons.

(Source: National Association of Realtors)

Last week Governor of the Bank of England and Chairman of the G20's Financial Stability Board, Mark Carney said London is “effectively, the investment banker for Europe.”

Many believe companies and financial institutions should move their trading to the continent, while others believe this is non-sensical given London’s capital position globally and in the markets. Some companies, such as Goldman Sachs, HSBC and UBS, have already confirmed the eventual moving of staff and trade abroad, once the UK leaves the EU.

At the same time, the UK is faced with a lack of skilled labour, and due to the uncertainty surrounding changes in immigration law and the movement of employees or recruitment across the continent, bosses of big companies such as Barclays are calling for the freedom to recruit freely outside of the UK.

This week Finance Monthly hears Your Thoughts on the moving of business to the EU post-Brexit, and below are some comments from reputable sources within the business sphere.

Bertrand Lavayssiere, Managing Partner, zeb:

For those institutions with EU clients in their roster, it is more than likely that they will have to move to the EU post Brexit. However, there are a few buts…

One of the critical aspects is ‘passporting’. At present, banks can operate within the EU under UK regulations with relatively light approvals required from local regulators. This is of key importance for large sectors of the industry, such as asset management, where more than a trillion GBP is under management for EU-based investors, corporate lending, reinsurance and securities trading platforms, to name just a few. If this is maintained - which seems unlikely today - then the need to move is not crucial.

The long-standing cooperation between EU and UK regulators could ease some of the pain if governments agree that joint efforts to maintain alignment will help the overall goal of financial stability. Furthermore, many of the pertinent regulations are global anyway - those from the Basel Committee or the IASB, for example.

With regards to the London market, there are a number of platforms for specific product lines (foreign exchanges, swap contracts, equity derivatives, etc.) to facilitate compensation, settlements of trades among market players, and volumes to ensure liquidity. In simple terms: London is the place for such platforms. Disagreements have already taken place with regards to whether those platforms could remain in London. If the decision is yes, it will be business as usual. If, however, the answer is no (the most probable outcome), then the trading platforms and back offices of stakeholders have to move. This includes the day traders and market makers who are crucial for the liquidity of the market.

There is a whole list of further variations on this issue. But all in all, it is essential that a financial institution with clients based within the EU considers its strategic options as of now. Establishing a presence in the EU needs at least 18 months from a regulatory stand point. As many EU regulators require a fully-fledged decision making unit through proper governance, the analysis of the changes in delegation of authority schemes and the assessment of potential human resources impacts must be considered early on in the process.

Paramount in the decision-making process should be the institution’s business potential, to follow their customers, and ongoing requirements, rather than solely the regulatory aspects.

Ben Martin, Founder, The Brexit Tracker:

Moving your business away from the UK is a major undertaking. Perhaps you were considering this prior to the Brexit referendum or more likely, you believe leaving the EU will make your business operations untenable. But before taking action, we suggest you calculate and monitor the financial impact of Brexit on your firm and compare this to the emotional ‘pull’ of moving to the EU.

Here’s our 5-point plan:

1. Calculate how Brexit has already impacted your firm. From over 390 economic indicators we’ve reviewed, the biggest market-related change has been GBP Sterling dropping 15% (now 12% weaker.)  How has this impacted your business?
2. Continually assess and record how new facts surrounding the UK/EU relationship will impact your £ calculations
3. On relocation – consider how you will continue to serve your UK customers.  With a weaker GBP, your UK sales are likely to be worth 12% less
4. A move will impact your business banking.  UK banks/lenders will need convincing of the merits of a move (and the enforceability of their security) to continual their financing
5. Consider your existing and new competitors – will a move provide an advantage to you or them?

In summary, firms need the full “Brexit facts” before undertaking a move to the EU – as the facts are in short supply, they should start their own Brexit monitoring system.

Oliver Watson, Executive Board Director for the UK and North America, PageGroup:

As is to be expected, multinational businesses are more cautious than UK SMEs when it comes to hiring in post-Brexit Britain – and, as I see it, there are two reasons for this.

With a variety of other investment opportunities elsewhere across the globe, large international businesses – who are under no obligation to invest in the UK – have the ready option to divert investment to other more certain markets. As a result, their talent acquisition will naturally become focused in a different direction or geographical location.

However, where SMEs generate the bulk of their revenues in the UK don’t have that option – they just have to get on with it. This means while multinationals are feeling cautious about UK hiring, for SMEs it is often business as usual. This is a pattern we’ve seen time and time again in the face of uncertainty.

Mary Wathen, Partner and Head of Agriculture and Rural Affairs, Harrison Clark Rickerbys:

The Agricultural sector relies heavily on EU workers. Around 15% of the total workforce is from outside the UK. The uncertainty around the status of EU workers threatens to hit the agricultural sector hard if the status of EU workers isn’t clarified.

Despite the uncertainty, there are steps which savvy agricultural employers can take now to minimise the disruption. Taking action ahead of time will help maintain the flow of workers for each harvest, protecting both the business and the livelihoods it supports.

Employers need to ask themselves some key questions about their workforce:

• how many migrant EU permanent or seasonal workers do you have?
• how many are key staff, responsible for driving production, harvest or sales?
• how many have been in the UK long enough to acquire permanent residence?
• How many of your workforce are committed to remaining in the UK?

For smart agricultural employers, the so-called crisis provides an opportunity to build their employer brand.  Employers are enhancing their working relationships with key employees who meet the requirements for permanent residency and want to remain – introducing them to specialist agricultural immigration advisers and supporting employees through the application process.

But this isn’t the solution for the seasonal workforce shortage. The fruit-farming industry employs 29,000 seasonal workers, who go back to their home countries after six to nine months in the UK. They won’t be eligible to apply for permanent residency. Virtually all of them come from the EU, mainly Romania and Bulgaria, but also Poland and Hungary. If the Government ends freedom of movement, a return to the old-style permit scheme seems the only option to protect the harvest and UK agriculture.

Richard Thomas, Employment Partner, Capital Law:

One key issue for the forthcoming Brexit negotiations will be the issue of EU Immigration following our exit from the UK. There is no doubt that the UK Government will seek to put in place some form of “controls” on EU immigration after the UK leaves the EU but it is entirely unclear as to what form these controls will take and/or who they will apply to. Will the controls apply to unskilled, semi-skilled or skilled EU migrants? Who makes the decision as to what constitutes a semi-skilled or skilled role? Is there any appeal against this decision?

It has also been suggested that the UK will allow all current EU nationals working in the UK to remain in the UK after the UK leaves the EU but it is not clear whether this will be indefinitely and whether it will apply to non-working spouses and/or children. Ultimately no promises have been given and it is a matter for negotiation between the EU and the UK, although it is hoped that the issue will be resolved quickly.

In addition, in April 2017 the UK Government introduced the Immigration Skills Charge imposing a charge of £1,000 per year for employers sponsoring a worker from outside the EU. It is quite possible that the UK Government will extend this charge to EU workers who do not have rights of permanent residence once the UK leaves the EU.

Given the current uncertainty and potential cost the best advice to SME’s with EU workers who have been working in the UK for at least 5 years is to get them to make an application for Permanent Residence as this should provide a guarantee of an individual’s continuing right to work in the UK.

However, individuals making the application will have to complete an 85-page form and provide huge amounts of supporting documentation confirming what they have been doing in the UK for the last 5 years. This is an arduous process to say the least but there appears to be little alternative as (unlike some EU countries such as Germany) the UK has no central register of the identities or even the numbers of EU citizens currently working in the UK. The Home Office has stated that it is looking to use an online application process but there does not appear to be any additional funding for this.

Katherine Dennis, Associate in the Employment, Pensions and Immigration team, Charles Russell Speechlys LLP:

The EU referendum has caused a lot of uncertainty for EU nationals and their employers as to what their position is in the UK and what will happen when the UK exits the EU.  This is clearly an important issue for many SMEs, especially as sponsorship of overseas workers through the UK’s points-based system becomes increasingly expensive.

Importantly, free movement will continue to apply until the UK formally leaves the EU. This process was started on 29^th March 2017 by the UK government giving notice under Article 50 of the EU treaty. There will now follow a two-year negotiation period, which could be extended by agreement of all member states. The earliest the UK would leave the EU is therefore the end of March 2019. Until then, EU nationals are still free to work in the UK.

The UK government has clearly stated that it wishes to control migration from the EU, while still attracting those whom it considers have the most to offer the UK. It is highly likely therefore that the UK will introduce measures to restrict free movement. It is also therefore likely that it will be harder for employers to recruit EU nationals and it may be difficult for EU nationals to work in the UK on a self-employed basis.

At the moment, there is no firm indication as to the type of system which might be put in place and much depends on what the UK government is able to negotiate with the EU.

Possibilities include a new work visa system for EU nationals or expansion of the current points based system, which enables employers to sponsor skilled workers in the UK (although it is currently limited to professional roles at a certain salary). It is unlikely visas will be required for short business trips. Other possibilities include retaining limited free movement with measures to cap numbers, such as quotas or temporary ‘cooling-off periods’. Concessions may be made for sectors where there is a recognised labour shortage.

The UK government has stated that it intends to consult with businesses and communities to obtain the views of various sectors of the economy and the labour market. It is therefore crucial that employers and business-owners who are concerned about the impact of Brexit on their workforce respond to the government’s consultation when it is issued.

In the meantime, EU nationals who are eligible to apply for permanent residence (i.e. those who have been resident in the UK for five years or more) or British citizenship should do so now to ensure their continued right to work in the UK.  EU nationals who have not reached the five year point when the UK exits the EU are in a more vulnerable position.  It is sensible for those EU nationals to apply now for an EEA Registration Certificate, which confirms that they are currently living and working lawfully in the UK under EU provisions, in case this fact becomes important in any future transitional arrangements.

We would also love to hear more of Your Thoughts on this, so feel free to comment below and tell us what you think!

The housing and neighborhood location choices of immigrants will have a significant impact on urban growth in the US for decades to come, particularly as more foreign-born residents seek to own homes in suburban communities, according to new research from the Urban Land Institute's Terwilliger Center for Housing. Homebuilders and developers who can deliver the housing options immigrants want and need stand to benefit in the years to come.

Home in America: Immigrants and Housing Demand examines the influence of immigrants in shaping urban growth patterns, particularly those who have entered the US since the Great Recession (since 2010, the number of immigrants from Asia has surpassed those from Latin America). "Immigrants have helped stabilize and strengthen the housing market throughout the recovery," said Terwilliger Center Executive Director Stockton Williams. "Immigrants' housing purchasing power and preferences are significant economic assets for metropolitan regions across the country. This suggests the potential for much more growth attributable to foreign-born residents in the years ahead," he added.

Among the key findings from the report:

• Without growth of the foreign-population, regions with strong housing markets such as San Francisco would not have recovered as quickly following the recession; and markets that continue to struggle in the recession's aftermath such as Buffalo would have experienced even weaker growth.
• Immigrants have strong aspirations for single-family homeownership, and homeownership rates for immigrants rise with their length of time in the US This suggests that immigrants will be a key driver for owner-occupied housing for years to come.
• Immigrants seeking to own homes as well as those renting homes are increasingly drawn to the suburbs in search of employment opportunities, lower-cost housing and a higher quality of life. Suburbs are home to high-income, high-skilled immigrants as well as lower-income, lesser-skilled immigrants.
• While immigrants represent a key source of demand for new housing, a substantial share of immigrant housing demand will be met through purchases of existing homes. Sellers of these homes – many of whom will be baby boomers seeking to downsize – will create a strong market for smaller units.
• Urban areas experiencing significant immigrant population growth should explore how to best accommodate immigrants and leverage the positive effect they have on the housing industry and economy. Investments in housing, retail, recreational and cultural amenities, as well as social assistance and education programs can help forge a strong connection between immigrants, neighborhoods, and the greater community.
• Just as housing demand by immigrants was a key factor in tempering the worst impacts of the housing collapse, this demand is now helping to build housing market momentum. Demand for homeownership and for single-family housing, as well as the continued growth of both urban and suburban communities throughout the country, will depend on the trajectory of US immigration policy.

The findings in Home in America are drawn in part from analyses of the housing and neighborhood preferences of immigrants in five metropolitan areas that represent different types of immigrant gateways:

• San Francisco – a major continuous gateway, with a large and sustained immigrant population throughout the 20^th century and into the 21^st century (other examples are New York City, Chicago, Boston)
• Houston – a post-World War II gateway that has attracted large numbers of immigrants since the mid-20^th century (other examples: Los Angeles, Miami, Washington, D.C.)
• Buffalo -- a former gateway that was a major entry point in the early-to-mid-20^th century due to its strong manufacturing economy (other examples: Cleveland, Detroit, St.  Louis)
• Minneapolis-St. Paul -- a re-emerging gateway marked by a renewal of immigrants at the end of the 20^th century into the 21^st century (other examples: Baltimore, Denver, Seattle); and
• Charlotte – a major emerging gateway that started experiencing a wave of immigrants at the beginning of the 21^st century (other examples: Atlanta, Las Vegas, Orlando)

Home in America notes that foreign-born population growth in most of gateways outpaced overall population growth between 2006 and 2014 (the time period from just prior to the housing market collapse through the housing rally). Emerging gateways, which experienced strong overall population growth, were the only exception. The report also looks at the neighborhood choices of immigrants within the five metro areas, focusing on five categories of suburbs (typologies developed for ULI by RCLCO):

• Economically challenged suburb – characterized by lower home values and little population growth
• Stable middle-income suburb – having a wide range of home values, usually more centrally located
• Established high-end suburb – having high home values, established development patterns, often near employment centers
• Greenfield lifestyle suburb – close to the edge of metro areas, developed mainly in the past 15 years, typically adjacent to established high-end suburbs; and
• Greenfield value suburb -- close to the edge of metro areas, often adjacent to stable or economically challenged suburbs, more affordable than greenfield lifestyle suburbs.

The differences in where immigrants are locating in the five cities is an indicator of how they could influence future growth within these markets, the report says. In San Francisco, immigrants are spread across nearly all types of suburban communities, with the highestpercentage, 35%, living in economically challenged neighborhoods. In Houston, the largest share of immigrants, 39%, live in stable middle-income suburbs, followed by 29% in economically challenged suburbs. In Buffalo, 30% live in established high-end suburbs (a greater share than the native-born population) and 27% live in urban neighborhoods. In Minneapolis, the highestpercentage, 32%, live in economically challenged suburbs, followed by 27% in stable middle-income suburbs. In Charlotte, 27% live in economically challenged suburbs. Nineteen% live in stable-income suburbs and an additional 19% live in established high-end suburbs.

Home in America points out that the presence of immigrants could help boost revitalization in economically challenged suburbs; sustain the success of stable middle-income suburbs; and contribute to the growth and diversity of established high-end suburbs. "If recent shifts in immigration flows continue, an increase in higher-income immigrants – including rising numbers from China and India – could accelerate the demand for homeownership among the foreign-born population," the report says. "Without sustained immigration, the housing market could weaken and in many markets the impact could be dramatic."

(Source: Urban Land Institute)

 Tony Butterworth is a Senior UK Immigration Consultant with 23 years’ experience in UK immigration, seven of which were spent in the Home Office as Executive Officer. He works with large multinational companies and individuals of all nationalities, such as skilled migrants, investors and high net worth individuals who are seeking work authorisation for economic based activities. Here he offers his insights into the Brexit implications on immigration in the UK, recent regulatory developments in the sector and what it means to be an immigration practitioner.

As a thought leader in the segment, what would Brexit mean for immigration in the UK? Do you believe that leaving the EU will actually reduce immigration in the country?

Whilst the true impact of Brexit on UK immigration remains to be seen, it will inevitably lead to changes to the current EEA policy. Following the Prime Minister’s speech earlier this month, we know now that the United Kingdom intend to impose restrictions on nationals of EU states wishing to enter the United Kingdom. The question remains as to when and how this will take form.

Currently, there is no legal requirement for EEA nationals or even their family members to register their residence with the Home Office. There could be significant numbers of these migrants living in the United Kingdom with no Home Office record. This issue has been addressed in the recent introduction of The Immigration (European Economic Area) Regulations 2016. What is evident is that the introduction of stricter registration requirements on EEA nationals and their family members is almost a certainty.  Another point to bear in mind is that removing free movement of EEA nationals into the United Kingdom does not necessarily mean a reduction of workers entering the United Kingdom. Employers will still be selective as skills and experience are required to fill posts. If these cannot be met by UK workers, they will be forced to continue to look for talent further afield. It is likely that any changes to immigration requirements, as a result of Brexit, will not deter employers from recruiting the best and most skilled workers.

What would you say was the biggest regulatory development to affect the UK Immigration sector over the last 12 months?

The UK Immigration Act 2016, came into force in May 2016. This Act is significant because not only did it introduce changes to Immigration law and policy, but it also covers housing, social welfare and employment. Significant changes include the right to freeze bank accounts and seize driving licences of migrants who are here unlawfully, imposing criminal sanctions on employers found to be recruiting illegal workers, and the right to remove all migrants from the United Kingdom pending their appeal against the decision to remove.

What do you anticipate for the sector in 2017? Are there any legislative changes on the horizon?

Following changes to the Tier 2 category which were implemented in November 2016, further changes are due to be applied in April 2017. This includes the introduction of the ‘Immigration Skills Charge’ under which employers will be required to pay a fee of £1,000 per year for each sponsored migrant, requiring Tier 2 (ICT) Migrants to pay the Immigration Health Surcharge (IHS), increasing the Tier 2 (General) salary threshold to £30,000, and abolishing the Tier 2 (ICT) Short Term category. The Immigration (European Economic Area) Regulations 2016 will also come into effect on 1^st February 2017. The main changes in the regulations are the introduction of a ‘genuineness test’ for Surinder Singh cases, the requirement for EEA applications to be completed on prescribed forms, and abolishing the right of appeal for extended family members.

What challenges does your work throw up regularly and how do you structure your approach in order to overcome them?

Immigration practitioners face challenges in keeping abreast of the ever changing and sometimes complex immigration rules and policies; monitoring regulatory developments, analysing their impact on both individuals and businesses, and implementing the necessary changes in the interests of our clients. It is important to actively engage in dialogue with regulators and participate in consultations, where possible. Our aim is to keep our clients informed of changes as soon as these are anticipated and to provide advice on overcoming any obstacles such changes will pose.

What are Ferguson, Snell & Associates’ major achievements?

Apart from ensuring our clients continue to receive the high level of service we have become known for, evidenced by the number of long standing client still with us, Ferguson, Snell & Associates continues our journey with a strong global team. By responding to our clients need for immigration and coordination services into the US, EMEA and emerging markets, we are growing from strength to strength. Our global team brings a new dimension to our business and sets us apart from our close competitors. Coming up with an efficient and strategic global immigration plan is a challenge when immigration is not included in the corporate agenda. But our skills in providing efficient and creative solutions is where we prove ourselves to our clients.

Client referrals and a professional, experienced and talented team is testament to our progress and reputation.