Call for tax on resident and citizenship investor applications to provide funds to tackle European refugee crisis could generate EUR 1 billion over the next five years.
Dubai, UAE: Arton Capital, the industry-leading financial advisory firm which has offices in the UAE, has called for a ‘global citizen tax’ to be placed on citizenship through investment programs to supplement funding for responses to Europe’s growing refugee crisis.
Arton Capital, which specializes in investor programs for residence and citizenship around the world, has called on European Union governments to institute a levy on foreign investors as part of their residence and citizenship programs. The proposed tax could raise in excess of EUR 250 million within 18 months, and up to EUR 1 billion in the next five years. The proceeds would support EU efforts such as the EU Trust fund, and the Asylum, Migration and Integration Fund to mitigate the region’s refugee crisis.
“We are living through one of the most complex and distressing human crises since the birth of the EU. We need to find better, faster, and more innovative solutions to fund the refugee relief needs”, comments Armand Arton, CEO of Arton Capital. As a government partner and advisor, he urged the European Commission to consider the implementation of a levy on their citizenship through investment programs to supplement funding for responses to the issue.
“Our clients consistently tell us that they wish to create social and economic advantages for all who share the same dream of a better life, and would be willing to pay such a levy to deliver humanitarian assistance, stability, and to fund development projects to support refugees.” said Arton.
The UN Refugee Agency’s budget for Europe in 2015 has been set at USD 480.5 million, a two-and-half fold increase compared to 2009. This is primarily due to the sharp increase in the numbers of refugees and migrants crossing the Mediterranean.
According to Armand, the unsustainable increase in funding will place heavy burdens on the European Commission and the member states, particularly those closest to Africa and the Middle East, where refugees make first contact, such as Greece, Cyprus, Bulgaria, Hungary, Italy, France, Spain, Portugal, and many more.
Most of these countries offer programs to attract wealthy migrants in exchange for residence or citizenship, and received over EUR 6 billion last year from around 5,000 families.
“This is a broad issue that affects the whole of Europe, but one that has its roots in the home countries of these displaced people. Both the cause and effect require a collective response,” says Armand Arton. “A simple, levy on a sliding scale between 1% and 5% at the time of an investor application for residence or citizenship in EU countries could raise in excess EUR 250 million over an 18-month period.
“With the number of applications growing year-on-year, and with the increasing number of countries who wish to attract global citizens, the initiative would be sustainable in long-term and can fund over a billion euros in the next five years. Our collective efforts could be hugely significant and helpful to agencies that are working with the multitude of displaced persons.”
The proposed levy on residence and citizenship by investment applications as a response to the current refugee crisis is just one of the central themes on the agenda of the 2015 Global Citizen Forum, curated by Arton Capital and hosted in Monaco on October 8th and 9th.
Speakers at this year’s event include global citizens and visionaries such as Kofi Annan, former Secretary-General of the United Nations, Irina Bokova, Director-General of Unesco, Jose Manuel Barroso, former President of the European Commission and Prime Minister of Portugal, John Prendergast, human rights activist, best-selling author and former Director for African Affairs at the National Security Council, Wyclef Jean, singer and human activist as well as other public figures in support of global citizenship. They will be joined by representatives of governments from the European Union, Africa and the Americas as well as members of the United Nations. Other topics that will be discussed include the implications of mass migration and Europe’s pivotal role in the global migration stream as well as considering other areas of global citizenship, international mobility, and the opportunities they present for individuals, communities and societies.
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About the Global Citizen Forum
The 2015 Global Citizen Forum, which will take place in Monaco on October 8th and 9th is an annual non-profit gathering curated by Arton Capital that fosters discussions on what it means to be a citizen of the world.
Considered as the “Davos” of the industry, the Global Citizen Forum seeks to inspire change, provoke innovation, encourage engagement and empower future generations during two days of debate and idea sharing. The event aims to nurture dialogue with policymakers as they look to evolve political, social and economic responses to migration; to inspire change and uncover solutions to global causes and to explore new ways that global citizens can contribute to society. It provides delegates with the opportunity to interact with visionaries, politicians and public figures and enjoy world-class entertainment at the Gala Dinner for the benefit of the Global Citizen Foundation. www.globalcitizenforum.org
About Arton Capital
Arton Capital empowers individuals and families to become Global Citizens through a bespoke service experience that simplifies complexity, fosters long-term relationships, and yields lasting results. As a global financial advisory firm, specializing in investor programs for residence and citizenship Arton plays a critical role in empowering governments, consultants, legal and financial professionals, and investors to meet their goals efficiently, effectively and responsibly.
Global investor migration is a growing economic sector, which has attracted an estimated 50 billion euros of foreign direct investments to countries around the world. As an industry leader, Arton is the founding member of the Global Investor Immigration Council (GIIC), whose mission is to advocate transparency, integrity and foster sustainable and responsible industry governance.
Arton’s global operations are spread in over 15 offices around the world and have helped attract over US $3 billion foreign direct investment to countries. Arton Capital is a member of the Arton Group, which comprises of fully licensed international banking, financial advisory and investment consulting entities tailored to the needs of global citizens. www.artoncapital.com 