The World Citizenship Council (WCC) has published code of conduct and business ethics for members of WCC. WCC members must conduct themselves in a professional manner and following good business ethics and code of conduct, to protect the integrity of the investment immigration industry. Be honest to clients and speak truth Provide lawful advice Provide advice in the best interests of clients and their family Adopt fair pricing model Communication is the key
CBI schemes are often misunderstood, leading to believe these schemes facilitate tax evasion or present risks to crs reporting. While residence based taxation is quite common in many countries, physical presence is the main test. Some jurisdictions, determine tax residency of an individual based on ownership of a home or availability of accommodation, family, and financial interests. Some even levy tax on worldwide income based on permanent residence status of a resident.
Over the past few months, the RCBI industry has once again received undue negative attention, especially after the release of the EU commission’s report on investor citizenship and residence. The report points towards risks such as security, money laundering and corruption, and tax evasion. Of course, such risks can be mitigated by adopting strict due diligence practices whilst making them more accessible and more cost-effective, however no due diligence process can help mitigate the reputational
The World Citizenship Council welcomes the decision by Cyprus cabinet with new measures in strengthening the citizenship by investment scheme New security measures imposed by Cyprus government such as Imposing the Schengen visa requirement, so that applications are first vetted through the EU member states in the schengen area first, secondly vetted through six month residency and then later on for citizenship. Introducing stringent process of vetting of applicants through specialized due diligence
Opinion and Recommendations by World Citizenship Council The World Citizenships Council (WCC), urges all caribbean CIPs to upgrade to latest technologies by 2020 including collecting biometric data from all CBI applicants. The biometric data includes fingerprinting, retinal scans and also facial recognition features. Biometrics helps to strengthen security systems and due diligence and helps preventing abuse of applicants. Applicants are known to change their identity, change appearance and biometric check prevents such abuses.