INVESTMENT RESIDENCY PROGRAMS

The charts describe various options for HNWIs and their families’ tax residential planning amongst which:

  • Residential programs combined with Citizenship Programs in South Europe (Cyprus, Malta, Italy, Spain and Portugal) granted to non-EU nationals,
  • UAE, Panama, Bahamas, Malaysia and Thailand residential programs attracting both European and emerging market applicants looking for alternative special purpose residencies
  • Traditional residential programs such as Switzerland, the UK and Singapore. However the impact of the Brexit should be kept in mind, especially for the UK resident non-domiciled.

I- Europe: Portugal- Spain- Italy- UK- Switzerland- Monaco- Malta- Cyprus- Hungaria- Bulgaria- Latvia -Greece- Gibraltar- Ireland

 PortugalSpainItaly
Characteristics-Favorable tax regime for non-habitual residents -Tax treaty network

– Visa Free access to Schengen states

-No minimum stay

-No tax return

-Tax treaty network

– Visa Free access to Schengen states

-No minimum investment
-Tax treaty network
– Visa Free access to Schengen states
Main Conditions-Real estate investment of EUR 500,000 or EUR 350,000 (rehabilitation real estate) or -Investment of EUR 1 million (including purchase of companies’ shares)  or -Creation of 10 jobs or -Capital transfer (EUR 250,000 for artistic production, maintenance of cultural heritage) / EUR 350,000 for scientific research, integrated in national system

/ 500,000  for purchase of units in capital funds aimed at the capitalization of SMEs

-Real estate investment of EUR 500,000 or Investment of EUR 2 mio in Spanish public debt or -Investment of EUR 1 mio in Spanish enterprises or Deposit of a min. value of EUR 1 mio with Spanish finance entities-Real estate investment (no min value) or -Subscribe to a tenancy agreement (no min value) And Proof of regular income with income from financial resources of min. Euro 12,000 per year (excluding employment income) plus 6,000 per family member
Dependents visas-spouse
-children (minor and adult children if studying, single and economically dependent on the investor)
-parents and spouse’s parents, if dependent on the investor
-spouse
-civil partner
-unmarried minor dependent children
-disabled adult dependent children (above 18)
-dependent parents
-spouse
-unmarried minor children
-dependent parents
Mandatory interviewNo
Presence required during the application procedureTo initiate the procedureRequiredRequired to initiate procedure and collect residence permit
Yearly Presence to spend in the country7 days in the 1st year and 14 days in the subsequent period of 2 years required to qualify for permanent residence1 day per year to qualify for permanent residence180 days per year
Conditions to obtain Tax Residency Certificate-To spend 183+ days per calendar year or -Place of habitual residence in country as of end of December-To spend 183+ days per calendar year
-Primary professional activities conducted in Spain
-Main interests in Spain (e.g. dependent(s) living in country together with applicant)
– must be registered in the Records of the Italian Resident Population or -has a ‘residence’ in Italy (habitual abode) or -has a ‘domicile’ in Italy (principal center of business, economic and social interests, e.g. the family)
TaxationYearly Tax filling     Income tax:

-residents are liable on their worldwide income

– non-residents are liable only on Portuguese source income

– Non-habitual residents are liable on net employment and self-employment income from «high value-added activities» at a flat rate of 20%, foreign-source income may be exempted, under certain conditions No Wealth tax Gift/inheritance tax: 10% stamp duty; spouses, descendants and ascendants are exempted Other tax: 0.8% on free transfer of real estate

No Yearly tax return: special HNWI scheme Income tax: -residents are liable on their worldwide income

-non-residents are liable only on Spanish source income

Not applicable to persons benefiting from the special HNWI scheme, except for non-residents where no double taxation is in place Wealth No Wealth tax Gift/inheritance tax: only if deceased person or heirs are tax resident in Spain or inheritance/gift of Spanish assets.

None if heir is ascendant/descendent of deceased person in certain areas (e.g. Madrid).

Yearly tax return Income Tax: -residents are liable on their worldwide income, but there’s no double taxation if any income is taxed abroad (like pensions, capital gains etc.)

-non-residents are liable only on Italian source income.

-Income subject to progressive tax rate (ranging from 23% to 43%) to be increased by local surcharges (average rate 2% to 3%). No Wealth Tax Gift/Inheritance Tax: If the heirs are spouse or direct ascendants/decedents tax rate 4% (exemption applies up to Euro 500,000 euros); in case of other heirs tax rate from 6% to 8% Rental income tax : 21% or 10% Capital Gain Tax: 20% for sale of real property; total exemption if sale occurs after 5 year from the purchase in case of natural persons

Time frame4 to 7 months5 to 9 weeks4 to 9 weeks
Validity and renewability of residence permit-Valid for 1 year then renewable for up to 2 years

-After 5 years, a permanent residence can be applied for:

if the applicant and his family (if family residence permit) were not absent for 6 consecutive or 8 interpolated months (temporary permit) And 24 consecutive or 30 interpolated months (permanent permit)  Or If within the Golden Visa, they must spend in Portugal 7 days in the 1st year and 14 days in the subsequent period of 2 years.

Valid for 1 year then renewable for up to 2 years

-After 5 years, a permanent residence can be applied for.

Valid for 1 year then renewable for up to 5 years (the applicant must not remain outside Italy for a continuous period of over 6 months)

-After 5 years, a permanent residence can be applied for citizenship

 UKSwitzerlandMonaco
Characteristics-No minimum stay to maintain the Investor visa

-A day count applies if wants to obtain permanent residency or citizenship

No wealth tax

– Within the lump sum taxation regime: No declaration of worldwide income and assets.

-No capital gain tax / except on sale of real estate property.

– Visa Free access to Schengen area.

No tax on income, wealth, gift (to spouse/ parents or descendants), local tax, capital gain and inheritance (direct one and only for foreign situs assets).

-Visa Free access to Schengen area.

Main Conditions-Investment of minimum GBP 2 million / GBP 5 million / or GBP 10 million into qualifying UK investments-Lump sum taxation regime if applicable in the canton.

Or

– Employment contract of min 1 year or being self employed

-Real estate investment

Or

-tenancy agreement

And

-Holds at least €500,000 in a Monegasque bank

Dependents visas-spouse

-partners

-dependent children (max. 18 years and be dependent)

-spouse

– minor children

-spouse

-children of max.16 years old

Mandatory interviewdiscretionarynoyes
Presence required during the application procedurenonenoneYes at beginning
Yearly Presence to spend in the country-To be eligible to apply for permanent residency he should not spend more than 180 days in any 12-month period outside the UK.

-The day count is higher if he wants to apply for citizenship after being permanent resident in UK for one year

min. 180 days per year– advisable 183 days with a min 90 days within a year
Conditions to obtain Tax Residency CertificateBasic conditions of applicable Double Tax ConventionIf applicant exercises gainful activities for a consecutive period of 30 days

or

remains without exercising gainful activities for a consecutive period  of 90 days

-Title deed

Or

– Lease agreement and last 12 months utility bills.

And

-Affidavit stating that he has spent at least 183 days per year or has his center of interests in the country.

TaxationYearly tax return Income tax:

-tax residents are liable on their worldwide income.

-non-residents are liable on their UK source income.

resident non-domiciled individuals are only taxed on their UK source income and foreign income remitted to the UK. After 7 years, a remittance basis charge is applicable (from GBP 30,000 to GBP 50,000 depending on the number of years of residence) No Wealth tax  Gift tax: some exemption Inheritance tax: -Nil Rate Band GBP 325,000 (no tax on estate below this Threshold)

– Above this threshold 40% tax.

– Exemption applicable on business assets

Yearly tax return Income tax:

-Federal (up to 11.5%) plus cantonal taxes.

-Residents are liable on their worldwide income.

-Non-residents are liable on Swiss source income only.

Special regime for Lump sum taxation beneficiaries (min. tax of CHF400, 000 based on expenses).

No Capital gain tax except on sale of real estate property. Wealth tax: only at the cantonal level Gift, inheritance tax: not applicable in all cantons

No Yearly tax return No Income Tax (French citizens are taxed in France) No Capital gain tax none (French citizens are taxed in France) No Wealth tax No Gift/inheritance tax:  (except on Monaco situs assets: up to 16% / 0 % between Spouse, parents or descendants / 8 % for siblings; 10 % for uncle, aunts, nephews, and 16 % for unrelated persons).
Time frame4 to 9 months2 weeks to 5 months (minimum duration for EU/ EFTA citizens)At least 7 weeks (minimum duration for EU/ EFTA citizens)
Validity and renewability of residence permit-Valid for 3 years

-Renewable for up to 2 years

-if investment of GBP 2 million then after 5 years   he can apply for “indefinite leave to remain” (permanent residency).

-If investment of GBP 5 million then after 3 years he can apply for permanent residency.

-If investment of GBP 10 million then after 2 years he can apply for permanent residency.

-For EU/EFTA citizens: 5 years residency permit is granted (B permit). After 5 years, a permanent residency with no limit validity (C permit) can be granted.

-For other nationalities: residency permit of 1 year renewable every year is granted. The C permit is usually granted after 10 years and kept if visiting Switzerland once every 6 months.

-Residence permit 1 to 3: valid 1 year / renewable annually.

-Residence permit 4 to 6: valid 3 years / renewable for 3 years.

-Residence permit 7 and above: valid 10 years / renewable for 10 years but must resides for at least 3 months per year.

 MaltaCyprusHungaria
Characteristics-Immediate Permanent Residence

-No age limit for children

-No worldwide income (only tax remittance basis), wealth, gift and inheritance tax

-No minimum stay

Requirement

– Only for non EU/EFTA citizens

-Visa Free to all Schengen Area

-No minimum stay requirement

-No wealth, inheritance, gift and capital gain (in general) tax

– No Visa Free to all Schengen Area

-No minimum stay requirement

-No wealth, inheritance, gift and capital gain (in general) tax

-Visa Free to all Schengen Area

Main Conditions-Real estate investment (min. EUR 320,000 in Malta or EUR 270,000 in Gozo/South of Malta)

Or

Property rental (for min EUR 12,000 in Malta/EUR 10,000 in Gozo/South of Malta)

And

– Investment of at least EUR 250,000 in governmental bonds

And

-Government contribution of EUR 30,000

And

-Proof of min. annual income EUR 100,000 arising outside Malta or min. capital of EUR 500,000

-Real estate investment of min. EUR 300,000 HT (title deeds or sale contract filed at the Department of Lands and Surveys. Real estate is to be sold for the first by a developer)

And

– Deposit of min. EUR 30,000 in a financial institution for at least 3 years.

And

-Annual income min. EUR 30,000 plus EUR5, 000 to 8,000 per dependent.

All above amounts shall derive from abroad.

-Investment of min. EUR 300,000 in a government residency bond program for 5 years either personally or through a majority shareholder owned business.
Dependents visas-spouse

– partner

-dependent children (un-married and economically dependent on the Main Applicant, of any age).

– parents and grandparents.

-spouse

– minor children

-adult children under up to 25 years old (financially dependent students in an institution of tertiary education

-parents and parents-in-law.

– spouse

– minor children

– dependent parents

Mandatory interviewnoneNone / exceptions
Presence required during the application procedureOnly for biometricsNo / representatives appointedfor initial application (or consulate abroad)
Yearly Presence to spend in the countrynonevisit at least once every two years

and

advisable to not spend more than 183 days in another country

not to spend more than 183 days in another country
Conditions to obtain Tax Residency Certificate183 days within a single calendar year-no intention to take any employment in Cyprus.

-Domicile or habitual residence or center of interests (personal, social, financial) in Cyprus.

No issuance of certificate of residence
TaxationYearly tax return if tax resident of Malta. Income tax: -Residents non-domiciled are taxable on a remittance basis. (Up to 35% on foreign source income (not foreign source capital) remitted to Malta).

-Income and capital gains arising in Malta are always subject to personal income tax rates. No Capital gain tax: on capital gains arising outside Malta, even if remitted to Malta; No Wealth tax No Gift and inheritance tax

Yearly tax return Income tax: -residents are taxable on their worldwide income (Up to 35%).

-non-residents are liable only on Cyprus source income. (Up to 35%).

-min. tax liability for non  EU/EFTA citizens: EUR 19,500 No Capital gain tax: except on sale of Cyprus real estate property or shares in companies owning Cypriot real estate (20%). Special Contribution (SDC):residents not domiciled in Cyprus are not subject to SDC on interest, rents or dividends regardless of whether such income is derived from Cypriot sources and is remitted. No Wealth tax No and Gift inheritance tax

Yearly tax return if tax resident in Hungaria

(spends more than 183 days in the country)  Income tax: – Residents are liable on their worldwide income.

– Non-residents are liable only on Hungarian source income (15% tax). No Capital gain tax   No Wealth tax: except for real estate tax  No Gift and inheritance tax: for spouse, descendants and grandparents

Time frame3 to 5 months2 months2 to 4 weeks
Validity and renewability of residence permit-Life valid Residence

-Residence Card renewable every 5 years

Granted for an indefinite period under condition to visit within one year from issuance permit and at least once every 2 years.-Life valid Residence

-Residence Card renewable every 5 years

 BulgariaLatviaGreece
Characteristics-No minimum stay requirement

-Very low gift, capital gain and inheritance tax.

-No wealth tax

-No minimum stay requirement

-No wealth tax

-All foreign income tax exempted even if remitted.

-Visa Free access to Schengen area

-No minimum stay requirement

-No wealth tax

-Visa Free access to Schengen area

-Only for Non EU/EFTA citizens

Main Conditions-Investment of EUR 180,000 in Bulgaria

and

-Holds capital of EUR 1 mio. Or -Investment of EUR 512,000 for 5 years in a government bond (with no accrued interest).

-Incorporation of a company ( with max. 50 employees and annual turnover of max USD 12 mio) (including purchase of company’s shares of a min. USD 57,000 and donation of USD 12,000 to the state budget )

Or

-Real Estate investment of a min. USD 281,000

Or

-Investment in credit institution of USD 315,000 and donation of USD 28,000 to the state budget

Or

-Investment in state securities of USD 280,000 and donation of USD 28,000 to state budget

-Real estate investment of  min. EUR 250,000

Or

– 10 years Tenancy contract with min.  value of EUR 250,000

Or

-10 years lease contract (hotel or tourist accommodations) with  min. value of EUR 250,000

Dependents visas-spouse

-unmarried children (up to 21 years old)

-spouse

-minor children

-spouse

-unmarried children (up to 21 years old)

– dependent parents

Mandatory interviewnoNo but exceptions
Presence required during the application procedurefor collection of  pre-approved residency visa and if applying for dependentsfor visa processing and collection of residence permitfor biometrics
Yearly Presence to spend in the countrynot to spend more than 183 days in another countrynot to spend more than 183 days in another countrynot to spend more than 60 days every 3 months in another country
Conditions to obtain Tax Residency CertificateTo spend 183 days within a single calendar year Or Centre of economic interestsTo spend 183 days within a single calendar yearTo spend 183 days within a single calendar year Or domicile or habitual residence or center of interests (personal, social, financial)
TaxationYearly tax return Income tax: residents (spends 183 days within 12 consecutive months or conducts business in Bulgaria) are liable on their worldwide income (10% tax).

-non-residents are liable only on Bulgarian source income (10% tax) for more than No Wealth tax Gift and inheritance tax: (0.4% to 6.6%) No tax on Dividends Capital gain tax: on sale of real estate property

Yearly tax return Income tax: residents (spends 183 days within 12 consecutive months) are liable on their worldwide income (23% tax).

-non-residents are liable only on Latvia source income (23% tax).   Capital gain tax: 2% on sale real estate property or real estate company shares No Wealth tax   No Gift tax: Except if received by non-relatives (15%tax) No Inheritance tax: except for royalties (15%tax)

Yearly tax return: for property tax or rental income Income tax: residents (spends 183 days within 12 consecutive months) are liable on their worldwide income.

-non-residents are liable only on Greek source income.

15% on dividends, royalties, deposit interest and rental income (from 15% to 45%) Capital gain tax: ( from 22% to 45% ) No Wealth tax Gift and inheritance tax: (from 0% to 40% depending on the proximity of relatives and the value) Land tax: depends on real estate property

Time frame6 to 10 months2 to 4 months2 to 7 months
Validity and renewability of residence permit-Valid 5 years (then could apply for citizenship)

-Renewable for up to 5 years (if does not apply for citizenship)

-Valid 5 years (to be registered yearly and must visit Latvia once every 6 months )

-After 5 years, right to permanent residency permit

-Valid 5 years

– Renewable up to 5 years

 GibraltarIreland
Characteristics-No minimum stay requirements

-No taxation on interest, capital gain, gift, wealth and inheritance tax

-No minimum investment

-Advantageous tax benefits for non-domiciled persons

-For non-EU and EFTA citizens

Main Conditions-Real estate investment in Gibraltar

Or

-Tenancy contract

And

-Capital min. of USD 2.6 mio

-Investment of min EUR 500,000

And

minimum net worth of EUR 2 mio

Or

Employment Contract as highly skilled migrant

Or

Benefit of the Start-up Entrepreneur Program (with innovative business and financial means of min. EUR 75,000)

Dependents visas-spouse

-dependent children

-spouse

-minor children and dependent children up to 24 under conditions.

Mandatory interviewnono
Presence required during the application procedureRequirednone
Yearly Presence to spend in the countrynot to spend more than 183 days in another country-1 day every 6 months And

– not to spend more than 183 days in another country

Conditions to obtain Tax Residency CertificateTo spend 183 days within a single calendar year And

At least 300 days in aggregate over 3 consecutive years of assessment

-To spend 183 days within a single calendar year Or

– 280 days in the tax year plus the previous one with a minimum of 30 days in each year

TaxationYearly tax return   Income tax: residents (spends 183 days within 12 consecutive months) are liable on their worldwide income.

-non-residents are liable only on Gibraltar source income.

(HNWI with a Category 2 permit would be subject to income tax on the first USD 104,000 income and to max. USD 38,750 tax). No Capital gain tax   No Wealth tax   No Gift and inheritance tax

Yearly tax return Income tax: -residents are liable only on Irish source income while foreign income is only taxable on remittance basis.

-Non-habitual residents are liable on net employment income and trade in Ireland. No Capital Gains tax: except for remitted foreign gains No Wealth tax Gift and inheritance tax: none for the spouse and civil partner (for others 33% above the tax free threshold).

Time frame1 month3 to 5 months
Validity and renewability of residence permit– Valid for life but to be approved every 3 years by Finance Centre– Valid 2 years

– Renewable for 3 then 5 years.

II- Other Countries: UAE, Mauritius, Singapore, Panama, Bahamas, Hong Kong and Malaysia

 UAEMauritiusSingapoore
Characteristics-No minimum stay requirements

-No income, gift, wealth and inheritance tax.

-No tax filing

-No minimum stay requirement

-No capital gains, gift, wealth and inheritance tax

-All individuals’ foreign source income (except the one received through Singaporean partnership) is tax exempted and so even if remitted.

-No capital gains, gift, wealth and inheritance tax

Main Conditions-Incorporation of a company

Or

-Real Estate investment of min. USD 360,000

-Real Estate investment of USD 500,000 through qualified schemes (IRS), (RES), (PDS) and  (SCS)

Or

-Occupation Permit holder (Investor/ self-employed/ Professional)

Or

-Retired non-citizen (at least 50 years old) transferring yearly USD 40,000 to a local bank.

Investment of min. SGD 2.5 mio in an approved Global Investor fund (GIP) or through the Global Investor Program.
Dependents visas-spouse

-children below 18 years

-unmarried female child

-dependent parents, grandparents, siblings

-spouse

-partner

-children up to 24 years old

1. Eligibility for Singapore Permanent Residence (“SPR”) : spouse

-unmarried children up to 21 years old.

2. Eligibility for family members to 5 years Visit Pass:

-Parents

-unmarried children (above 21 years old)

Mandatory interviewnoRequired for  occupation permityes
Presence required during the application procedure-Not for initial application

-Required for visa procedure and collection of residency permit

Required for retired noncitizens and occupation permitsRequired for interview
Yearly Presence to spend in the country– 1 day every 6 months (180 days)

And

– not to spend more than 183 days in another country

not to spend more than 183 days in another countryNone for residency
Conditions to obtain Tax Residency Certificate-To spend 183 days in country within a single calendar year (Immigration Report stating number of days spent in the UAE)

– Valid Tenancy contract (Ejari) or Title Deed

-6 months UAE/local bank account statements

– Evidence of income in UAE

To spend 183 days in country within a single calendar year.To spend 183 days in country within a single calendar year
TaxationNoneYearly tax return Income tax: -residents are liable on their worldwide income (15% tax).

-non-residents are liable only on Mauritius source income (15% tax). No Capital gain tax No Wealth tax   No gift tax, No inheritance tax

Yearly tax return Income tax: -Tax on income accrued in or derived from Singapore for residents (up to 22%) and non-residents (either 15% or up to 22%).

-Tax exemption for foreign source income remitted by a resident or non-resident (except income received through Singaporean partnership). No Capital gains tax    No Wealth tax   No Gift and inheritance tax

Time frameMin. 6 weeks15 to 60 daysAt least 5 months
Validity and renewability of residence permit-Valid for up to 3 years

– Renewable for up to 3 years

-Occupation and retired Permits: valid up to 3 years. Then a Permanent Residence permit (valid 10 years) can be granted.

-Residence Permit: valid until permit holder sells his interests in the real estate schemes.

-Valid up to 5 years

– Renewable under conditions

 MalaysiaThailand
Characteristics-No minimum stay requirement

-No gift, wealth and inheritance tax

-No minimum stay requirement

-No gift, wealth and inheritance tax

Main Conditions-Investment Visa: Applicant to maintain a personal local bank account of USD 2 mio frozen for 5 years Or -Employment Visa  Or – Investment in the Malaysia My Second Home Program (MM2H): *above 50 years old, monthly pension of MYR 10,000 (USD2,500) or monthly salary of MYR 10,000 , fixed deposit of MYR 150,000 (USD35,000) and bank assets of MYR 350,000 (USD90,000).

*below 50 years old: monthly salary of MYR 10,000 , fixed deposit of MYR 3000,000 (USD75,000) and bank assets of MYR 500,000 (USD125,000 Or – Real estate Investment in MM2H of MYR 1 mio (USD250,000)

-Employment visa. Or -Elite visa :

*for 5 years THB 500,000/ USD 14,000; *for 10 years THB 800,000/USD 23,000; *for 20 years THB 1 mio/USD 57,000.  Or Retirement Visa:

* above 50 years old min. of THB 800,000 maintained for at least 3 months on a local bank account

Or Transfer of monthly retirement income of at least THB 65,000. Or Investment through an approved business.

Dependents visas-spouse

-children up to 21 years old

-parents 60 and plus

-spouse

-children up to 20 years old

– dependent parents

Mandatory interviewyesyes
Presence required during the application procedureyesyes
Yearly Presence to spend in the country-not to spend more than 183 days in another country

– for MM2H, to spend 183 days in the country within a year

-not to spend more than 183 days in another country
Conditions to obtain Tax Residency CertificateTo spend 183 days in country within a single calendar yearTo spend 183 days in country within a single calendar year
TaxationYearly tax return Income Tax: resident (up to 25% tax) and non-resident (flat tax 25%) taxed on Malaysian source income while Foreign source income is exempted. No Capital gain tax: except for gains from sale real estate property (30%) or shares of real estate company No Wealth tax   No Gift and inheritance taxYearly tax return   Income Tax: resident (up to 35% tax) and non-resident (up to 35% tax taxed on Thai source income. Residents liable only if income remitted in the year when it has been derived from (after fully exempted). Capital gain tax: up to 35%. No Wealth tax Gift and inheritance tax: 5% for ascendants and descendants or 10% for others on assets above THB 100 mio.
Time frame3 to 4 months3 to 4 months
Validity and renewability of residence permit-Initial 6 months validity.

-Renewable for up to 10 years.

– After 10 years permanent residency.

-Initial 6 months validity.

-Renewable for up to 3 years

– After 3 years permanent residency.

 PanamaBahamasHong Kong
Characteristics-No minimum stay requirement

-All foreign income is exempted even if remitted

-No gift, wealth and inheritance tax

-No minimum stay requirement

-No income, capital gain, gift, wealth and inheritance tax

-No tax return

-No minimum stay requirement

-No capital gain, gift, wealth and inheritance tax

-No corporate tax on foreign profits.

-Hub to Mainland China

Main Conditions– Incorporation  of a company

And

-Deposit of USD 10,000 in a local bank

-Real estate investment of  USD 500,000

Or

-Business investment of USD 500,000

-Employment Visa: must have a valuable skill, knowledge or experience not available in Hong Kong

Or

-Entrepreneur Visa: the business must be of substantial benefit to Hong Kong (e.g. new  jobs)

Permanent Residency is obtainable after 7 years of continuous residence

Dependents visas-spouse

-minor children

-children up to 25 years old (student in a college or university in Panama)

-spouse

-minor children

-spouse

– children under conditions

Mandatory interviewnonono
Presence required during the application procedureFor initial application (one week)nonenone
Yearly Presence to spend in the countrynot to spend more than 183 days in another countrynot to spend more than 183 days in another country-Hong Kong should be the main center of economic interests and

-must spend at least 183 days per year (condition of “continuous stay”).

Conditions to obtain Tax Residency Certificate-To spend 183 days within a single calendar year

-Proof of address in country

No certificate of residence only confirmation letter from department of immigration-To spend at least 183 days within a single calendar year

Or

Centre of economic interests should be in Hong Kong

TaxationYearly tax return if income derived from Panama business activity Income tax: – Residents and nonresidents are subject to tax on Panama source income only (up to 25% above USD50,000 income). Capital gain tax: 10%   No Wealth tax   No Gift and inheritance taxNo Yearly tax return: under HNWI program No income, capital gain, gift, wealth and inheritance taxYearly tax return Income Tax: Income arising in or derived from Hong Kong job, office or from services rendered in Hong Kong during visits of more than 60 days in any tax year are taxable under salaries tax (up to 17%). Profit Tax: 16.5% for onshore profits; 0% for foreign profits Property Tax: 15% No Gift and inheritance tax   No Wealth tax   No Capital gains tax No Withholding tax on dividends and interests- Only on royalties at 4,95% for corporate entities and 4.5% for non-corporate person
Time frameAt least 6 months-Yearly residence permit: 3 months

-Permanent residence permit: 8  to 12 months

– HNWI Visa: 5 to 7 weeks

-Employment Visa: 5 to 7 weeks

-Entrepreneur Visa: 4 to 7 months

Validity and renewability of residence permit-Valid for life but visit once every 2 years.

-10 years ID card

-Yearly residence permit: valid for 1 year-First validity of 2 years

-Renewable twice for up to 6 years

-After 7 years, permanent residence  permit could be granted if continuous residency over last 7 years

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