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Citizen lane- Providing permits

Till Newman, the managing partner at Citizen Lane in an interview shares his insights about the Citizen Lane’s specialities in helping business have a more approachable outlook. Not only SME entrepreneurs but individual enterprise investors also have expanded their operations in Switzerland, Germany, Austria, Malta, Antigua and Barbuda, and Vanuatu. From having advisors to advice CEOs and families on what and how will the things work to having a legal team taking care of the process from start to finish? They have leveraging a broad network of advisors and legal teams to help their clients have a secure relationship with the company.

When asked about ‘The difficulty faced by the countries when they look to expand in the countries Citizen Lanes specialises’ Till Neumann outlined few of them.

Europe’s golden visa of Portugal and Malta, UK’s Tier 1 visa (investor). Have their own advantages like investors applying for Residence permit which comes with clear guidance and conditions if to be investing in the country. But in Germany even without legally required investment amount and German authorities will handle every case individually and the immigration legislation is rather broad and general.

Which means investment route to immigration In Germany is not only open to big businesses. SME also has a greater chance of successful investment in Germany and to receive a residence permit. Citizen Lane sells the ideas of business of their clients to the authorities and evaluates the ideas of the business in Germany.

Since the Germany‘s Law organises it’s immigration on the municipal or regional level it might be a little difficult of a challenge to reach the responsible officers. But  with Citizen Lane it will be an easy process to move through these process successfully as they know the ins and out of the process from working with the immigration authorities in Germany from many years and have gone through the negotiations which might be a little difficult for the newbies. Citizen Lane is capable of getting pre-approved permit even before lodging effective application for residence.

Having five years of experience Citizen Lane offers not just the benefit of residence permit but also help mitigate business and financial risks as they are well versed in business expansion and the order of the process.

At the time of Brexit when asked about having any negative impacts he expressed that the company was ready to assist its British clients when the UK’s transitional period ended on 31st December 2020 and its citizens will be needing a residence or work permit if they want to either live or work in any of the EU member state.

While working with multiple jurisdictions on bringing companies, the one common factor is that al jurisdiction offer excellent business opportunities, well-educated staff and a reliable legal framework which makes a potential business opportunity to migrate and expand under these jurisdictions.

Germany and Austria have the most sought-after jurisdiction as they do not have a passive investment route to the residency or their citizenship. The minimum investment of 500,000 Euros in property is required. Where as in countries like Portugal they welcome entrepreneurs to set up their self-employment while they contribute to the country’s economy. In Malta, corporate tax being as low as 5% with a proper structure the personal income tax can be 15,000 Euros per annum. For the ones who are looking to migrate or relocate to any EU countries Citizen Lane suggests that they should have an office to service the market of the EU. Implying to even the businesses with consumer goods and e-commerce. Lastly they assure that all the clients will have guidance and support throughout the whole process from Citizen Lane giving the best chance of success across Europe and rest of the world. 

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LexisNexis risk solutions study reveals sharp rise of financial crime compliance costs

Decision makers inside banks, investment firms, asset managers and insurance firms identify the drivers impacting financial crime compliance. LexisNexis® Risk Solutions revealed that the results of its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada. The total projected cost of financial crime compliance for the region is approximately $49.9 billion. The survey illustrates the sharp increase in financial crime compliance costs.

The study projects the average annual cost of financial crime compliance for U.S. financial institutions with $10 billion. Pandemic Continues to Spur Growth. The pandemic continues to negatively impact compliance operations. Sixty eight percent of U.S. respondents report longer times required to complete due diligence. Fifty five percent of U.S. respondents report reduced productivity compared.

More U.S. financial institutions now rank real estate and hospitality as top money laundering risk segments. Crime involving digital payments, trade-based money laundering and money mule schemes are on the rise. Digital currency is a growing problem for Canadian firms. Crimes involving digital payments have the greatest impact on compliance costs. Cryptocurrency crimes have the greatest impact on compliance costs for Canadian firms. The survey results demonstrate that financial institutions are battling a broader set of issues.

Survey respondents indicate that a lack of current and extensive data tops the list of Know Your Customer (KYC). Leslie Bailey, vice president of financial crime compliance strategy for LexisNexis Risk Solutions stated that the study shows clear linkages between the pandemic, digital crime and increasing regulations. Hence, financial institutions need to prepare for expanded compliance obligations and risks from emerging financial crime. Bailey added that digital transformation is a game-changer for financial crime compliance operations.

This will require a sophisticated approach that incorporates insight into digital behaviors. This study surveyed 145 decision-makers in the U.S. and Canada. Responses were collected in June 2019, August 2020 and June 2021. Organizations such as banks, investment firms, asset management firms and insurance firms. The total annual cost of compliance across firms was calculated using survey data. The spend amount was generated by multiplying the average percent allocated to financial crime costs.

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COP26 delegates agree on need to deliver on $100 BLN climate finance pledge

Delegates heading to the COP26 U.N. climate summit in Glasgow. These delegates agreed that they must deliver on the $100 billion per year pledge. COP26 president Alok Sharma said that, it is to help most vulnerable nations for tackling the climate change.

After many days of meetings at the pre-COP26 climate event, which happened in Italy, Sharma said that there was a consensus to do more. Which is to keep the 1.5 degrees Celsius target within reach, adding more needed to be done collectively in terms of national climate plans.

The COP26 conference in Glasgow aims to secure more ambitious climate action. This is from nearly 200 countries, those all that have signed the 2015 Paris Agreement for limiting the global warming, well below 2.0 degrees Celsius. And to 1.5 degrees, above pre-industrial levels.

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City’s exposure to Evergrande is very minimal-Hong Kong finance Chief

Hong Kong’s exposure to debt-laden developer China Evergrande Group is very minimal at 0.05%. This is of banking assets, South China Morning Post reported, citing the city’s finance minister. Financial Secretary Paul Chan told the newspaper that it is very minimal and won’t cause them any systemic risks. He added that he had arrived at the conclusion after a recent audit of the local banking sector’s exposure to the company.

Chan also said that the Hong Kong’s stock market was inevitably subject to some volatility. This is amidst a recent mainland crackdown on some industries. But still he believed any setback would be temporary. With liabilities of $305 billion, Evergrande has sparked concerns its cash crunch could spread through China’s financial system. This may reverberate globally and that is a worry that has eased with the Chinese central bank’s vow, to protect homebuyers’ interests. Evergrande has missed two bond interest payments. Bondholders have said this and its offshore debt, amounting to about $20 billion, trades at distressed levels.

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