Back in the first quarter of 2018, namely on February 19, 2018, a draft of advisory document was published on the official website of the Organization for Economic Cooperation and Development (OECD), which called on all interested parties to join the discussion on the OECD strategy for combating the loopholes on using the Common Reporting Standard (CRS, Single standard of tax information exchange) in the âcitizenship by the investmentâ (CBI - granting citizenship in exchange for investments) and âresidence by the investmentâ (RBI - granting a residence permit in exchange for investments). To date, more than 70 jurisdictions in the world offer these schemes.
On April 17, 2018, a 96-page document was published on the OECD website (PUBLIC INPUT RECEIVED ON MISUSE OF RESIDENCE BY INVESTMENT SCHEMES TO CIRCUMVENT THE COMMON REPORTING STANDARD), which, in fact, summarized the first results of the discussion and the contents of the official letters to the organization. More than 20 structures were the speakers, including:
AFME office in London (Association of Financial Markets in Europe, it brings together the largest agents in the capital markets in the region);
Recently, the President of the Czech Republic has adopted the amendments to the Law "On the Residence of foreign citizens" (hereinafter - the Law). The basis for such changes to the Law was the obligation of the implementation of the EU Directives on seasonal employment and permits for the employees transferred within the framework of international concern. However, the bill introduces various measures to combat illegal employment, the problem of which is acute in the Czech Republic. In addition, a number of measures are being introduced for the immigration support of the new investors. The specified changes are the largest since the times of introduction of the institution of the Labor Card in 2014 and they will come into force during August of this year.
In view of the fact that the amendments to the Law are directly related to the creation and promotion of business in the Czech Republic, then we will focus on the key points and try to understand them.
Some of the changes will affect the certain categories of the citizens who are not the EU citizens and have seasonal employment, as well as the managers, specialists and trainees of the international corporations who have...
At the end of June, the President signed a law on removing the barriers for the foreign investors, which amends a number of existing legislative norms. In this publication we try to understand what it means for the investors themselves.
So, the main achievements of the law are the establishment of the procedure for obtaining the work permit for a foreign investor at the legislative level, as well as determination of the possibility to obtain a residence by the investor (hereinafter - residence), not only permanent but also temporary.
As for the work permit: the law clearly stipulates the procedure, all the necessary documents and requirements. Among the main documents are only four:
1. Application of the employer in the prescribed form
2. Copies of the passport of a foreigner with the translation
3. Color photo of a foreigner 3,5x4,5
4. Draft employment contract with a foreigner
The additional documents (listed in the law) are required only for certain categories of the foreigners. It is also important that the law explicitly prohibits authorities demanding any other documents not provided for by law from the foreigners or their employers (both...