Client's situation and tasks
When Vyacheslav turned 60, he decided to delegate the management of his companies to his sons. He remained a shareholder but no longer took part in the development of the companies. After retirement, the businessman finally had the opportunity to travel more.
In his youth, Vyacheslav could not afford trips abroad as he had no money or time. Additionally, a good reason was required in order to leave the country during the period of the USSR.
Over the past ten years, Vyacheslav has only traveled to Europe and Asia to meet with partners or speak at conferences.
Traveling around the world has become the main occupation of a retired businessman. Vyacheslav decided that he would finally visit the most beautiful parts of the world and relax in the best resorts. For the first time in his life, he didn't have to think about business meetings or check his work mail.
I want to finally see the world, it’s time to live for myself.
Taking care of his health has become another priority. Vyacheslav wanted to be treated abroad. He needed the opportunity to go to a clinic in Germany or Austria at any time.
Family. In September 2018, Vyacheslav's grandchildren enrolled at a private school in the UK. Previously, the children often stayed at their grandfather's house, therefore, Vyacheslav and his wife missed them a lot. Vyacheslav decided that he would try to visit his grandchildren in England often.
Vyacheslav's plans were overshadowed by the need to obtain visas for each trip abroad. As a citizen of Russia, he had to collect documents and wait for a decision. Moreover, he could receive a visa refusal at any time.
Vyacheslav's friends received citizenship by investment. The second passport freed them from visa restrictions and gave them freedom of travel. Following their example, Vyacheslav decided to obtain a second citizenship.
On the 26th of November, 2018, Vyacheslav turned to Immigrant Invest to choose an investment program.
The Immigrant Invest team that worked with Vyacheslav
Choosing an investment program
Specialists of Immigrant Invest carefully analyzed the situation before proposing programs to choose from. How it happened:
spoke about the possibilities of different programs
pointed out the risks that could affect the decision of the program departments
advised on the issue of tax residency
signed an agreement with Immigrant Invest
Six programs suited the client after a preliminary Due Diligence check. They were the programs of the Caribbean countries and Vanuatu.
Citizens of the Caribbean countries and Vanuatu enter the Schengen arearnwithout a visa to spend up to 90 days in any country in the region. Program countries are also part of the Commonwealth of Nations, so their citizens freely travel to the UK for 180 consecutive days.
Caribbean countries offer investors several investment options:
- a non-refundable contribution to the state fund;
- buying real estate and government bonds;
- business investment.
The Vanuatu program has only one option - a contribution to the National Development Fund.
Vyacheslav chose the option with a non-refundable contribution as he was not going to buy shares in Caribbean hotels or open a new business.
We have calculated the cost of participation for the investor and his spouse, taking into account the cost of the contribution, Due Diligence, fees and commissions. Furthermore, Vyacheslav asked to indicate the number of countries with visa-free entry.
Expenses of the investor with his spouse on subsidies
Vyacheslav chose the Antigua and Barbuda program as it is the cheapest and opens entry to the maximum number of countries. When the decision was made, the couple entered into an agreement with Immigrant Invest to participate in the state program of citizenship of Antigua and Barbuda.
Solving the problem: the source of income is not suitable for investment
A program participant undergoes Due Diligence in the Department of Antigua and Barbuda. To do this, he provides information about the sources of income and confirms their legality.
Investors typically use business income to cover program costs. Initially, we thought that Vyacheslav would do the same but the Compliance Officer at Immigrant Invest identified a problem.
One of Vyacheslav's companies was a subcontractor for the construction of the Crimean Bridge. Since the beginning of 2018, the company has been on the US and EU sanction lists. Therefore, the investor could not use the income from the business to participate in the program as the risk of being rejected was too high.
If an applicant receives a refusal from any country at least once, one may face future difficulties in obtaining citizenship or a visa. For example, an explanation of the reason for refusal and proof that the situation was not the fault of the applicant.
Compliance Anti Money Laundering Officer in Immigrant Invest
Vyacheslav did not want to use the income from the second company as all the profit was invested in business development and he did not plan to withdraw money for personal purposes.
Vyacheslav's savings would have been enough for an investment but he wanted to spend this money on travel.
Immigrant Invest lawyers compiled a list of the investor's assets in order to find another option. The businessman had a three-room apartment in Moscow and a house in the suburbs. Vyacheslav consulted with his wife and decided to sell the house. The couple were going to buy a bigger cottage in the future.
Vyacheslav entered into a sale and purchase agreement and received $200,000. This was just enough for the couple to participate in the program and eliminate the risk of refusal.
Preparation of documents and verification in the Department of Antigua and Barbuda
Lawyers prepared all documents for the application submission to the programs department in three weeks. In the wealth history, we listed all sources of income: dividends from two construction companies, savings and sale of a house. To confirm the source of income for the investment, we attached a copy of the sales contract.
Collection of documents for participation in the program
| Provided by the investor | Prepared by Immigrant Invest lawyers |
|---|---|
|
|
| 2 minutes spent by the client to transfer the documents to the courier | 3 weeks spent by lawyers to prepare documents for filing an application |
The Due Diligence took four and a half months: Vyacheslav's candidacy was approved. Vyacheslav transferred the remaining amount of the investment to the department's account and began to prepare for a trip to the Caribbean.
Despite the fact that the investor’s company is on the sanctions lists, the verification was successful; a quick process without clarifying requests from the department. This is because the client found out about the risks on time and we helped to avoid them fast. We selected an alternative source of income and competently compiled a history of welfare.
Head of the legal department of the Moscow office of Immigrant Invest
Oath in Antigua and Barbuda
Under the terms of the program, the investor comes to Antigua and Barbuda to take the oath. A new citizen is also required to spend at least five days in the country within five years after receiving a passport.
Vyacheslav decided to fulfill these conditions and relax with his wife at the resort at the same time.
On the 27th of June, 2019, the couple took the oath in the program department. In a solemn atmosphere, they received certificates of naturalization and second passports.
World of free travel for Vyacheslav
Vyacheslav did not only limit himself to Antigua and Barbuda. Over the next six months, the investor and his wife visited 13 countries. The second passport allowed them to forget about visas and bureaucracy.
The couple explored cruises and after the Caribbean countries, they embarked on a searnvoyage across the Mediterranean. During the stops, Vyacheslav and Marina walked along the charming streets of Crete, enjoyed the romance of the canals in Venice and dined in the best restaurants in Barcelona.
The couple spent August 2019 in the UK with their grandchildren. Then when their studies began, Vyacheslav and Marina went on excursions to Scotland and Ireland.
In the fall, Vyacheslav had to returno continental Europe as his back problems worsened. After a course of treatment in Baden-Baden, the couple decided to not return back to Russia. For the winter, they flew to Asia and settled in Indonesia and Thailand.
Only in February 2020, the couple returned to Moscow due to the pandemic. Even with closed borders, they still have the opportunity to travel. As citizens of Antigua and Barbuda, Vyacheslav and Marina have the right to come to the islands at any time. Therefore, the summer vacation took place on a Caribbean beach.
Vyacheslav plans to get a visa to the United States when the pandemic ends as he has always dreamed of seeing the Grand Canyon.
You can learn about all the opportunities that a passport of Antigua and Barbuda offers from the material "Citizenship of Antigua and Barbuda guide for an investor".
Zlata Erlach
