In an era of rapid geopolitical change, distinguishing between risk and opportunity is more critical than ever. This issue of The Visionaries explores how global events - from shifting trade policies to political upheaval, are reshaping the business landscape. With insights from IR Global members, we provide expert perspectives on mitigating risks, capitalising on new opportunities, and strategically navigating today’s complex environment.
March 2024
YOUR GUIDE to navigating a complex and ever-changing global business environment from professional service firms across the globe
35
GLOBAL MOBILITY “Even minor
IR Global members share their insights on key topics facing the industry today
missteps can lead to costly delays, fines, or reputational
damage.” Jean-Noel Ben Hamou BHLG p8
RISK MANAGEMENT Amani Cibambo shares his expertise on managing risk in a rapidly changing geopolitical and technological environment
GLOBAL MOBILITY Sandra Jardim discusses key considerations when navigating cross-border mobility in Portugal, from Golden Visas to reduced taxation on foreign sourced income
INTEGRITY IMPACT QUALITY
FROM THE EDITOR Hazard perception: managing risk in a changing world
IR Global is a multi-disciplinary professional services network that provides legal, accountancy and financial advice to both companies and individuals around the world. Our membership consists of the highest quality boutique and mid-sized firms who service the mid-market. Firms which are focused on partner led, personal service and have extensive cross border experience. Represented in 165+ jurisdictions, covering over 70 unique practice areas, we are perfectly placed to offer the highest quality bespoke advice that meets the needs of the most complex client requirements. Since 2010, our community has grown to 1,450+ members worldwide based on the principles of friendship, trust and a shared belief in going beyond the traditional role of the adviser. Today we exist as the ‘go to’ network for forward thinking clients looking for creative, pragmatic and cost effective solutions.
Highest quality bespoke advice, meeting the needs of the most complex client requirements
Charlotte Delaney
info@irglobal.com
There is no opportunity without risk – but there are plenty of dangers that don’t come with a potential payoff. In today’s fraught global geopolitical climate, it can feel difficult to differentiate between the two. On one hand, the rapidly shifting landscape is revealing new prospects for growth, wealth and opportunity. On the other, it is creating cracks and obstacles in traditional pathways to success: pitfalls that, without the right navigation and foresight, can catch individuals or businesses unawares. In short, the road to global opportunity today is littered with hazards, and there is no map – but with the right perspective, you can navigate a route that works for you. In this quarter alone, we have seen the inauguration of Donald Trump in the US, a potential ceasefire in the Gaza strip, a controversial Belarussian election and violent protests in the Democratic Republic of the Congo. Each of these
“There is no opportunity without risk – but there are plenty of dangers that don’t come with a potential payoff.”
geopolitical events have resulted in obvious, immediate consequences: the application of Trump’s tariffs and subsequent retaliation from China is a prominent example. Yet the trickle-down effect of these events has a far wider-reaching impact, affecting everything from the cost of raw materials to the availability of skilled workers in certain regions. Understanding the more subtle
Thomas Wheeler Founder of IR Global
“The group’s founding philosophy was based on cultivating a giving mentality and creating a system which is ethical, sustainable and always puts clients’ interests first.”
nuances of geopolitical events and their impact on global mobility is not easy, even in today’s fast-paced, digital world. No one can be everywhere, and know everything, all at once: having an external (or internal) perspective can be the key difference between mapping a route that mitigates risk while getting the most valuable outcome, and one that sees you falling foul of unseen dangers or disadvantages as you explore the global market. Once armed with as much knowledge and insight as possible, how do you mobilise within this global market and steer it to your own advantage? Do you take a cautious, defensive route – dodging obstacles as they appear and averting risks as much as possible? Or do you proactively seek new opportunities and safeguard your interests through diversification – spreading out across the map to explore as many new opportunities as possible? How can you align your appetite for risk and reward with the practicalities of turning an ‘opportunity’ into a practical reality? These complexities are the core focus of this issue of The Visionaries. In the following pages, members of IR Global give their unique perspectives on the risks, opportunities and dangers of the shifting global landscape – as well as the practical implications of operating within it. You will find a wealth of insight, from a legislative, regulatory and taxation vantage point as well as a broader, more holistic outlook.
For further information, please contact:
IR Global is a multi-disciplinary professional services network that provides legal, accountancy and financial advice to companies and individuals around the world.
Rachel Finch Head of Digital & Sponsorships rachel@irglobal.com
Annie Elsmore Content Marketing Executive annie@irglobal.com
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irglobal | 3
DR CONGO Amani Cibambo Amani Law Firm p44
In this issue:
GLOBAL MOBILITY
p60 ENGLAND
PORTUGAL Sandra Jardim Fernandes SjF p14
Katherine Evans, Mirkwood Evans Vincent
p62 US - FLORIDA
Manjit Gill, Bryn Law Group
p08 US - FLORIDA, NEW JERSEY Jean-Noel Ben Hamou, BHLG
p64 US - RHODE ISLAND Nicole Liguori Micklich &
p12 PANAMA, VENEZUELA
Samuel Agostini, Urso, Liguori & Micklich, P.C.
Enrique Egan, Trejos, Egan & Asociados
p66 THAILAND
p14 PORTUGAL
Robert H. Schuler, Blumenthal Richter & Sumet
Sandra Jardim Fernandes, SjF
p68 US - FLORIDA
p18 BERMUDA
Michael Semanie, Semanie Law
Edward Allanby, Leman Management
p70 MALTA
p20 IRAN
Louise Vella, Papilio Services Limited
Dr. Alireza Azimzadeh, Adler International GmbH
p72 BRAZIL
p22 ENGLAND
Ricardo dos Santos de Almeida Vieira & Luiz Felipe Attié, Barcellos Tucunduva Advogados
Paul Beare, Paul Beare Ltd
RISK MANAGEMENT
p74 MEXICO
Martha Villalobos & Hector Noriega, Wong Fleming
US – FLORIDA, NEW JERSEY Jean-Noel Ben Hamou BHLG p8
p24 ISRAEL
p44 DR CONGO
EXPERT VIEW US - NEW YORK Robert B. Silverman Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt LLP p40
Philip Braude, Braude Wealth
Amani Cibambo, Amani Law Firm
p26 MEXICO
p48 SWEDEN
Edmundo Escobar, Escobar y Gorostieta, SC Lawyers
Cristina Bergner, Crista Law firm AB
p28 NETHERLANDS
p50 INDONESIA
Hub van Grinsven, Maprima
Rosna Chung, Hutabarat Halim & Rekan Lawyers
p30 ITALY
p52 ENGLAND
Tina Gullì, Studio Gullì
Howard Colman & Rana Chatterjee, Colman Coyle
p32 US - OKLAHOMA
p54 AUSTRALIA
Eric Kunkel & Haley Legg, CCK Strategies, PLLC
James Conomos, JCL Law Partners
p34 SWITZERLAND
p56 US - CONNECTICUT,
Monika Naef, DUFOUR – Advokatur
MASSACHUSETTS, TEXAS Thomas H. Curran, Thomas H. Curran Associates, LLC
p36 NETHERLANDS
Leo Oudshoorn, Wecountancy
p58 MAURITIUS, SEYCHELLES
Vimal Damry, Premier Financial Services Limited
p38 US - CALIFORNIA
Rebecca Torrey, The Torrey Firm
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FEATURING...
p08 US - FLORIDA, NEW JERSEY Jean-Noel Ben Hamou BHLG
p12 PANAMA, VENEZUELA Enrique Egan Trejos, Egan & Asociados
p14 PORTUGAL
Sandra Jardim Fernandes SjF
p18 BERMUDA
Edward Allanby Leman Management
p20 IRAN
Dr. Alireza Azimzadeh Adler International GmbH
p22 ENGLAND Paul Beare Paul Beare Ltd
p24 ISRAEL
Philip Braude Braude Wealth
p26 MEXICO
Edmundo Escobar Escobar y Gorostieta, SC Lawyers
Global mobility
p28 NETHERLANDS Hub van Grinsven Maprima
p30 ITALY
Tina Gullì Studio Gullì
p32 US - OKLAHOMA
Eric Kunkel & Haley Legg CCK Strategies, PLLC
p34 SWITZERLAND Monika Naef DUFOUR – Advokatur p36 NETHERLANDS Leo Oudshoorn Wecountancy p38 US - CALIFORNIA Rebecca Torrey The Torrey Firm
Global mobility reshapes how businesses and individuals navigate international opportunities, presenting challenges and growth avenues. This chapter explores cross- border mobility’s evolution, with expert insights on navigating jurisdiction-specific complexities and leveraging opportunities for talent and business expansion. Sandra Jardim Fernandes highlights Portugal’s appeal as a destination for global talent, focusing on programs like the Golden
Visa and Digital Nomad Visa. She emphasises the importance of balancing immigration and tax compliance with incentives like the 30% ruling and reduced taxation for foreign- sourced income, which make Portugal a prime choice for global professionals. In Oklahoma, Eric Kunkel and Haley Legg explore the complexities of entering the U.S. market, where navigating multi-level regulations on employment, taxation, and data protection is critical. They argue that service
providers play a pivotal role in mitigating risks and optimising tax structures, ensuring businesses can operate effectively across jurisdictions. Hub van Grinsven discusses the Netherlands’ strategic position as a European talent hub, highlighting its tax advantages, streamlined immigration processes, and adaptability to hybrid work models. He notes that the Netherlands’ business-friendly environment continues to attract companies seeking stability and innovation post-Brexit.
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US - FLORIDA, NEW JERSEY
“Governments worldwide, particularly in
Tapping into
the U.S., are increasingly focused on protecting local jobs, leading to stricter visa requirements and more regulatory hurdles.” Jean-Noel Ben Hamou, BHLG
global talent
Jean-Noel Ben Hamou
application, whether a visa is required, and the destination country’s workload and procedures. Applications for work permits, dependent visas, or permanent residency can have vastly different timelines, and some countries require additional steps such as entry visa approvals before finalising the process. These delays can be further impacted by quotas, government backlogs, or sudden policy changes. At BHLG, we emphasise the importance of managing client expectations from the very beginning. By setting realistic timelines and providing transparent updates, we help businesses plan more effectively and avoid surprises. Managing expectations
also ensures a smoother relocation process for employees, allowing them to transition into their new roles without unnecessary stress or delays. One of the most pressing challenges is the ever-changing nature of immigration laws. Governments worldwide, particularly in the U.S., are increasingly focused on protecting local jobs, leading to stricter visa requirements and more regulatory hurdles. For instance, recent discussions have centered on tightening H-1B visa rules and revising work authorisation policies for dependents. Add to this the evolving policies related to travel bans, pandemic response measures, and economic recovery initiatives, and the
Executive Managing Partner Chair, Global Practice Group BHLG
Q1 What are the most critical legal considerations businesses should be aware of when navigating international talent acquisition and immigration laws? framework isn’t just helpful—it’s indispensable. Immigration laws differ significantly across countries and are constantly evolving, making compliance a top priority. Even minor missteps can lead to costly delays, fines, When businesses tap into the global talent pool, understanding the legal or reputational damage. Businesses must carefully navigate key issues such as selecting the appropriate visa classifications, meeting labour market testing requirements, and adhering to the specific timelines of various immigration processes. One often-overlooked factor is the variability in processing times, which depend on the nature of the
Jean-Noël Ben Hamou is a distinguished legal professional specialising in business immigration law and global workforce mobility. Since 2013, he has served as the Executive Managing Partner at Ben Hamou Benchetrit Law Group LP, where his innovative, client-focused solutions have earned him recognition as the “Apple of the immigration field.” His firm is celebrated for its cutting-edge platform, delivering exceptional service and unmatched responsiveness that sets it apart from larger, less agile competitors. Mr. Ben Hamou began his career at Norton Rose Fulbright, progressing from summer student to associate in immigration law. He later held senior positions at Paul Hastings LLP and Seyfarth Shaw LLP, where he led Canadian and outbound immigration practices. With a career spanning over two decades, he has managed a high-volume practice assisting clients worldwide in securing work authorisations and permanent statuses. He holds a Bachelor of Business Administration from HEC Montréal and dual law degrees from McGill University. Admitted to practice in Québec, Ontario, and Massachusetts, he remains actively involved in professional and civic organisations, including the Canadian Bar Association, the ABA, and AILA. His dedication continues to shape the firm’s growth as a premier resource for global immigration matters.
+1 833 387 7438 Jbenhamou@bhlg.com irglobal.com/advisor/jean-noel-ben-hamou
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US - FLORIDA, NEW JERSEY
ABOUT US...
“Partnering with immigration experts is
KEY TAKEAWAYS Critical legal considerations in global talent acquisition. Navigating international immigration laws requires meticulous compliance with evolving regulations, visa classifications, and processing timelines. Delays from quotas, government backlogs, and policy changes can disrupt operations. Expert guidance ensures businesses avoid costly missteps while managing employee transitions smoothly.
workforce planning and compliance frameworks, are essential to mitigate risks. Partnering with experts helps businesses adapt to these dynamic landscapes and align immigration strategies with long-term goals.
cutting-edge technology, detailed reporting, and performance metrics, the firm ensures seamless compliance, even in complex scenarios like mergers, acquisitions and workforce restructuring. Understanding that immigration is part of a broader mobility ecosystem, BHLG collaborates with relocation, tax, and other service providers worldwide to create integrated mobility programs and solutions. This approach reduces operational touchpoints, improves communication and data-sharing, and enhances overall efficiency and cost savings. As immigration laws and business needs evolve, BHLG provides proactive guidance to adapt strategies to regulatory changes and organisational growth. BHLG is more than an immigration partner – they are a strategic advisor dedicated to helping businesses thrive through optimised global workforce solutions.
delays, and maintaining a robust compliance framework to minimise risks. Partnering with immigration experts is more critical than ever to navigate these uncertainties and develop tailored strategies that align with both short- and long-term business goals. At BHLG, we’re not just here to react to policy changes; we help businesses anticipate and adapt to them. Our team monitors global trends, provides real-time insights, and delivers actionable solutions that help clients stay ahead of the curve. Q3 What role do you see emerging technologies playing in streamlining business immigration processes and enhancing compliance? Technology is transforming business immigration, making processes more efficient, transparent, and less stressful for businesses and their employees. At BHLG, we leverage cutting-edge tools to streamline tasks like document submission, compliance tracking, and real-time case updates. However, while automation plays a key role in more critical than ever to navigate these uncertainties and develop tailored strategies.”
Role of technology in business immigration.
Emerging technologies like AI enhance efficiency, transparency, and compliance in immigration processes. Automation streamlines tasks, while expert oversight ensures accuracy. Real-time updates reduce stress, fostering trust and responsiveness. Combining technology with legal expertise delivers tailored, effective solutions.
BHLG LP is a leading law firm specialising in tailored immigration strategies to support global talent mobility for organisations of all sizes. Whether you are a startup hiring internationally, a scaling company managing global operations, or a multinational organisation seeking to streamline mobility processes, BHLG offers innovative, bespoke solutions that align with your business goals. BHLG’s services include designing and implementing custom immigration frameworks, updating policies to align with best practices, and providing strategic oversight for global mobility programs. Leveraging
Impact of political and economic trends on global mobility.
Shifting policies, like stricter visa requirements in the U.S. and Canada, reflect protectionist priorities. Proactive strategies, including
landscape becomes even more complex. Staying informed and ahead of these changes is critical, which is where expert guidance becomes invaluable. Beyond legal considerations, it’s vital to address the human element of immigration. The process can be daunting for both HR teams and the employees they’re trying to onboard. Lengthy paperwork, unpredictable processing times, and uncertainty can create significant stress. At BHLG, we strive to ease these burdens by offering clear guidance, user-friendly tools, and personalised support. Our goal is to provide peace of mind, ensuring every detail is managed with precision so businesses can focus on building strong, globally diverse teams without the distractions of immigration complexities. Q2 How do you anticipate recent political shifts and economic trends will influence global talent mobility in the coming years?
political, economic, and social factors, and we expect this trend to continue. However, the events of recent years – particularly in the U.S. following the 2016 election – highlight how quickly the landscape can change. Businesses experienced unprecedented challenges, with the immigration system becoming increasingly restrictive, marred by convoluted processes and a surge in Requests for Evidence (RFEs). These RFEs often demanded excessive documentation, created costly delays, and left employers and employees navigating an unpredictable system. While some countries are now embracing immigration as a tool for economic growth, others, including the U.S. and Canada, continue to prioritise policies aimed at protecting local labour markets. This could mean further tightening of eligibility criteria, additional scrutiny in visa adjudications, and shifting priorities in immigration enforcement. For example, discussions around H-1B visa reforms, changes to employment-based green cards, and restrictions on work authorisations for dependents signal that businesses must stay vigilant. To prepare, businesses need to adopt a proactive, informed, and flexible approach to their immigration strategies. This includes staying ahead of policy changes, engaging in workforce planning that accounts for potential
bhlg.com
improving efficiency, every document and process is carefully reviewed and vetted by our seasoned immigration attorneys to ensure accuracy and compliance with ever-changing regulations. Emerging technologies like AI and machine learning are particularly impactful. These tools can identify compliance risks, flag incomplete or inconsistent documentation, and even predict case outcomes based on historical data. For instance, our systems can pinpoint potential issues before
submission, allowing us to address them proactively and avoid delays. By combining these technological advancements with human expertise, we help clients navigate even the most complex cases with confidence. Transparency is another major benefit of technology. Employers and employees need clear visibility into their cases, and our platform provides real- time updates that eliminate uncertainty. This isn’t just about improving efficiency—it’s about building trust and reducing stress for everyone involved.
At BHLG, we view technology as a tool to enhance, not replace, the attorney-client relationship. Automating routine tasks frees our attorneys to focus on direct, meaningful engagement with clients. By integrating advanced tools with our deep knowledge of immigration law, BHLG delivers solutions tailored to each client’s unique needs. As global mobility and immigration laws continue to evolve, we remain at the forefront, ensuring our clients are prepared for the challenges and opportunities ahead.
Immigration policies have always been shaped by a combination of
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PANAMA, VENEZUELA
KEY TAKEAWAYS
A strategic crossing-point for entrepreneurs
Panama’s strategic advantages: Panama’s geographic location, the Panama Canal, and exceptional connectivity make it a vital hub for global trade and mobility. Its infrastructure supports maritime, air, and logistics operations, complemented by tax incentives and special economic zones like the Col Ón Free Zone and Panama Pacifico. Business-friendly environment: With stable governance, the use of the US dollar, and favourable legal frameworks, Panama attracts multinational companies. Its SEM system offers tax benefits, while free trade agreements with major global markets enhance its appeal as a business destination.
dollar is legal tender in Panama. • Legal framework: Panama has signed free trade agreements with the United States, the European Union, Israel, Canada, Mexico, Chile, Peru, and Singapore. • Structure optimisation: Designing structures to minimise tax burdens by leveraging double taxation treaties and Panama’s tax benefits. • Tax compliance: Ensuring businesses meet all local and international tax obligations. • Transfer pricing: Advising on pricing for transactions between related entities. Professional services offered: 1. International tax planning 2. Financial services • Accounting: In compliance with IFRS and US GAAP standards. • Financial structuring: Designing financial structures to optimise cash flow and minimise financial costs. • Risk management: Identifying and mitigating financial risks, including currency risks. 3. Corporate legal services • Company formation: Guiding the process of setting up companies in Panama and obtaining necessary licenses. • Contracts: Drafting and reviewing commercial and investment contracts. • Compliance: Ensuring companies adhere to local laws, including
anti-corruption and anti-money laundering regulations.
4. Consulting • Due diligence: Conducting thorough analyses of companies before acquisitions or investments. • Business strategy: Developing long- term strategies to help businesses achieve their objectives. • Project management: Advising on the implementation of complex projects and change management.
Enrique Egan Partner Trejos, Egan & Asociados
Q1 What are the key considerations for businesses and individuals navigating cross-border mobility in your jurisdiction? Panama, thanks to its canal and strategic position, has historically been a crossing point for entrepreneurs and goods. Factors that make Panama the leading international business hub in Latin America: • Economic development: Over the past 20 years, Panama has experienced significant economic growth, attracting major multinational companies from the United States, Europe, and Asia seeking business opportunities. • Connectivity: Exceptional road, port, and air infrastructure facilitates the movement of goods, people, and cargo. • Foreign investments: Panamanian laws grant international investors the same rights and obligations as national investors. preferred international business hub in Latin America has enriched its society with a diverse flow of migrants from countries like the United States, Spain, Italy, Colombia, Venezuela, Israel, China, India, and Argentina, among others. Panama’s strategic geographic location, legal security, tax incentives, Societal impact Panama’s transformation into the democratic stability, and growing economy have made it an attractive destination for entrepreneurs worldwide.
Q2 How can service providers help clients
Q3 Is globalisation on the wane? How do recent political events create new opportunities in global mobility?
Global trends and opportunities: Geopolitical shifts and nearshoring trends, accelerated
by the pandemic, position Panama as an ideal location for companies seeking proximity to North America. Professional services in tax planning, legal compliance, and financial structuring support businesses navigating cross-border operations.
structure global mobility strategies (e.g. regulatory, tax, financial efficiency)? • Panama Canal and connectivity: With its connection to major world ports and direct air links throughout Latin America, as well as daily direct flights to 19 cities in North America, Panama has transformed into a world-class maritime, air, and logistics center attractive to companies with global operations. • Favourable tax regime: For companies operating across jurisdictions and seeking to do business in Latin America, Panama offers the SEM (Multinational Headquarters) system, which provides unique tax and financial benefits in the region. • Special free zones: Panama hosts several special economic zones with unique fiscal and logistical advantages in Latin America: a. Colón free zone: The largest free trade zone in the Western Hemisphere. b . Panama Pacifico: Focused on innovation, technology, and services, home to many multinational corporations. c. City of knowledge: Dedicated to research, education, and innovation. • Legal security: Over 25 years of stable Western democratic governance. • Use of the US dollar: The American
This is a subject of great debate. While globalisation has been a dominant trend, various factors have raised doubts about its continuity: • Pandemics: The COVID-19 crisis exposed the fragility of supply chains and the risks of over-reliance on China as the world’s largest hub for goods. • Geopolitical Tensions: Conflicts between major powers (United States, Russia, and China) have created trade barriers. • Nationalism: The rise of nationalist movements has led to policies favoring local industries over global integration. • Inequality: Globalisation has increased economic disparities, leading to social discontent. The concentration of inventory in China during the pandemic has catalysed significant changes in global supply chains. This shift has created new opportunities, such as nearshoring for countries like Panama, due to its proximity to the North American market and its exceptional maritime and air logistics capabilities. Through nearshoring, multinational companies relocate part of their inventory to countries closer to their primary consumer markets, reducing dependence
“Panama has transformed into a world-class maritime, air, and logistics center attractive to companies with global operations.”
Enrique Egan graduated from the Andres Bello Catholic University in Business Administration and is a Certified Public Accountant, with specialisations in Tax Planning and Strategic Financial Planning. With 40 years of experience in companies such as Bristol Laboratories, Mead Johnson and Carvajal Holding, 18 years ago he founded, together with his colleague Edwin Trejos (an excellent professional with a long and successful business career) the firm Trejos Egan & Associates, which provides Accounting, Financial and Forensic Auditing, Tax and Legal Planning services to international companies with global businesses in different jurisdictions that allow their clients to achieve their successes without borders.
ABOUT US... trejosegan.net
Trejos Egan & Associates is a CPA firm with 19 years of experience, founded in Panama by Edwin Trejos and Enrique Egan. We are located in the International Banking Area of Panama City. We provide comprehensive services to international companies seeking to leverage Panama’s logistical and tax advantages. Our ‘one-stop office’ concept allows us to create tailored financial structures across multiple
jurisdictions, optimising tax efficiency. By consolidating accounting (IFRS or USGAAP), financial audit, forensic, tax, and Legal services under one roof, we reduce costs and provide timely solutions The main sectors we serve are: Trading and Commercial companies, Logistics, Stock and Securities firms. The jurisdictions we operate in are Panama, Canada, Miami – Delaware, Bvi, Nevis, Bahamas, and The Marshall Islands.
+58 212 2654253 enrique@trejos.net irglobal.com/advisor/lic-enrique-egan
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PORTUGAL
“Corporate taxation in
Cross-border mobility in Portugal
Portugal is set at a standard rate of 20%, while businesses in Madeira benefit from preferential tax rates.” Sandra Jardim Fernandes, SjF
Sandra Jardim Fernandes Head of Legal Affairs at SjF and Co-Head of Immigration Department at VCA Law Firm SjF
Dealmakers Conference, Lisbon 2018
Q1 What are the key considerations for businesses and individuals navigating cross-border mobility in your jurisdiction? Navigating cross-border mobility in Portugal involves several key considerations for businesses and individuals, including immigration, taxation, employment law, and social security compliance. For non-EU, EEA, and Swiss nationals, obtaining a visa or residence permit is essential, while EU/ EEA/Swiss nationals only need to register if they plan to stay more than 90 days. Portugal offers the Golden Visa program, a residency-by-investment option for non-EU citizens, and the Digital Nomad Visa, designed for remote workers earning at least four times Portugal’s minimum wage. Taxation in Portugal is another crucial aspect. Residents are taxed on worldwide income, while non-residents are only taxed on Portuguese-source income. Residency is established by staying at least 183 days in a year. The New Active Income Taxation (IFICI)
offers reduced taxation on foreign- sourced active income for specific professions. Additionally, the Youth Tax Regime provides reduced tax rates for young professionals under certain age and income thresholds. Corporate taxation in Portugal is set at a standard rate of 20%, while businesses in Madeira benefit from preferential tax rates. In terms of employment law, employers must comply with Portuguese labour laws, including minimum wage, working hours, and termination regulations. EU businesses posting workers to Portugal must notify authorities and ensure compliance with local labour standards. Both employers and employees are required to contribute to Portugal’s social security system, with EU rules allowing the portability of social security rights. Portugal also participates in the EU’s social security framework, facilitating the portability of benefits such as pensions and healthcare, and bilateral agreements may apply to non-EU nationals. For businesses looking to operate in Portugal, foreign companies must register with the Commercial Registry and obtain a Portuguese Tax Identification Number (NIF). Employers transferring staff to Portugal need to ensure compliance with
Sandra Jardim Fernandes is a renowned legal expert specialising in Immigration Law and Foreign Investment, with a strong focus on real estate, corporate law, and investment funds. As Co-Head of the Immigration Department at leading law firm VCA and Head of Legal Affairs at SjF Immigration & Investments, Sandra offers comprehensive, one-stop solutions for immigration, legal, investment, and concierge services. She is a leading authority on Portugal’s Golden Visa Program, as well as the D7, D8, and other residency programs, expertly guiding clients through the complexities of residency acquisition. Sandra ensures full compliance while tailoring strategies to maximise individual client benefits. Her expertise also covers real estate investment, tourism ventures, and corporate transactions. Sandra’s executive management experience in hotel administration provides valuable insights into business operations. A Fellow Member of the Investment Migration Council (IMC) and an active participant in the International Bar Association (IBA), she is also recognised as a trusted legal advisor by the UK Embassy in Portugal. Since 2014, Sandra has been a sought-after speaker at international conferences, sharing her knowledge on immigration and foreign investment. Known for her professionalism and multicultural insight, Sandra is a respected figure in the global legal community.
+351 962 778 990 sandra.jfernandes@sjf.pt irglobal.com/advisor/sandra-fernandes
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PORTUGAL
KEY TAKEAWAYS Immigration and residency options: Non-EU nationals need visas or residence permits, while EU/EEA/Swiss nationals register for stays over 90 days. Portugal offers tailored programs like the Golden Visa for investors and the Digital Nomad Visa for remote workers earning four times the minimum wage. Tax and regulatory compliance: Residents are taxed on global income, while non-residents are taxed on Portuguese- source income. Special regimes like IFICI and
Q3 Is globalisation on the wane? How do recent political events create new opportunities in global mobility?
the Youth Tax Regime provide reduced tax rates. Businesses must comply with local labor laws, corporate taxation, and social security rules, with Madeira offering preferential tax rates. Practical and strategic support: Professional advisors help navigate regulatory, tax, and financial complexities. Services include visa applications, tax optimisation, and investment guidance, ensuring smooth transitions and alignment with long-term goals.
ABOUT US...
“Effectively navigating cross-border mobility in Portugal requires careful planning across
Globalisation is not necessarily on the decline, but recent political events and global challenges have reshaped how individuals and businesses approach mobility. While trade, technology, and international business continue to thrive, many are considering factors such as safety, political stability, quality of life, and economic opportunities when choosing where to live and invest. Political instability, particularly in regions with uncertain political climates, has prompted a growing number of individuals, especially Americans, to seek alternatives through residency-by- investment programs. This shift is driven by concerns over political polarisation, safety, and the desire for greater security for themselves and their families. Service providers like SjF Immigration & Investments are seeing a significant increase in the number of American clients seeking relocation options to countries with more stable political environments and better living conditions. These individuals are looking for destinations offering high quality of life, excellent healthcare, safe environments, and welcoming cultures. Portugal, for instance, has become an attractive option with its residency-by-investment programs, such as the Golden Visa, providing a pathway to residency and long-term stability. Additionally, many view these programs as a way to leave a legacy for their children, ensuring access to a stable future. In summary, recent political events have created new opportunities in global mobility. The desire for safety, quality of life, and stability has driven people to explore alternatives beyond traditional borders, using residency and investment programs as a strategy to secure their future and create a lasting legacy. Providers like SjF offer personalised solutions that address both clients’ immediate needs and long-term goals.
immigration, taxation, and regulatory compliance.”
residency applications, and immigration procedures. Tax Strategy: Providers offer specialised tax advisory to help clients optimise their global mobility in a tax-efficient manner. In Portugal, this includes advice on the Youth Income
immigration, tax, and labour regulations. Practical considerations include language and culture, as Portuguese is the official language, although English is widely spoken in business settings. Expats should also secure health insurance and housing, particularly in cities like Lisbon and Porto, where demand for housing can be high. In conclusion, effectively navigating cross-border mobility in Portugal requires careful planning across immigration, taxation, and regulatory compliance. Professional advisors can ensure smooth transitions and help individuals and businesses manage their mobility strategies. Q2 How can service providers help clients structure global mobility strategies (e.g. regulatory, tax, financial efficiency)? Service providers, like SjF Immigration & Investments, can help clients structure global mobility strategies by offering tailored solutions that address regulatory, tax, and financial considerations. Regulatory Support: SjF guides clients through complex immigration laws and residency requirements, whether via traditional visas or investment-based programs. They ensure compliance with local regulations in Portugal and other jurisdictions, managing paperwork,
Dealmakers Conference, Lisbon 2018
Tax Regime. Additionally, the New Active Income Taxation Regime (IFICI) provides favourable tax treatment for individuals with foreign-sourced active income, such as income from specific professional activities. For businesses, SjF provides guidance on corporate taxation in the Madeira Autonomous Region, where the corporate income tax (CIT) rate is 11.9% on the first €25,000 and 14.7% on profits above that. Companies in Madeira’s International Business Centre can also benefit from a reduced CIT rate of 5%. Financial Efficiency: Providers help clients achieve financial efficiency by offering investment guidance and structuring solutions that minimise costs and maximise returns. SjF assists clients in evaluating and selecting the right residence-by-investment options, ensuring financial resources are aligned with their goals. Comprehensive Support: SjF’s full spectrum of services includes not only concierge and legal support but also investment guidance. They assist clients in making informed decisions on investment opportunities that align with their immigration goals, financial strategies, and regulatory requirements. Through personalised expertise, SjF helps clients to structure global mobility strategies that align with their regulatory, tax, and financial goals, ensuring a smooth transition and long-term success.
SjF Immigration & Investments was established to meet the growing demand for personalised, comprehensive immigration services. The firm specialises in relocation and residence-by investment programs, providing tailored solutions that consider each client’s unique goals and tax requirements. SjF ensures a seamless process for securing residency in Portugal or exploring various immigration-by-investment options. With years of experience, SjF Immigration & Investments offers a full spectrum of services, including immigration assistance, legal and tax advisory, concierge support, and investment guidance. The firm’s client-focused approach emphasises building long-term relationships and delivering expert guidance at every stage of the immigration journey. The firm stands out for its commitment to delivering solutions that are specifically designed to meet individual needs, offering comprehensive support throughout the process. SjF is known for providing trusted expertise, ensuring that clients receive the highest quality service backed by a proven track record of success. Through a combination of professionalism, strategic insight, and a commitment to excellence, SjF Immigration & Investments helps clients achieve their immigration and investment goals with confidence and efficiency.
sjf.pt
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| GLOBAL MOBILITY
BERMUDA
KEY TAKEAWAYS Strategic advantages and accessibility. Bermuda’s prime location between North America and Europe, direct flights to major cities, and advanced technological infrastructure make it an ideal hub for global markets. Its political stability, progressive legislation, and tax-neutral status further enhance its appeal for businesses and individuals seeking seamless cross-border operations. Regulatory excellence and business opportunities. With a robust regulatory framework emphasising compliance with international
Bermuda’s enduring blue-chip appeal
standards (e.g. AML, FATCA), Bermuda offers credibility and security for global investors. The jurisdiction provides diverse investment vehicles, such as trusts and funds, supported by a pro-business culture and sophisticated international workforce.
and reshaped global mobility patterns, the world economy remains deeply interconnected. Globalisation is not on the wane – it is merely evolving. And evolution brings opportunity. Recent political events have created new opportunities in global mobility. For example, more businesses and individuals than ever before are looking beyond their own borders for new, more stable, and more advantageous jurisdictions in which to invest. Perhaps the most interesting new opportunity in global mobility has been the introduction of the digital nomad visa. Nomad workers boost the local economy through spending without competing for local jobs, they bring diverse perspectives and create opportunities for cultural exchange and global networking, and they provide the opportunity to tap into a diverse pool of talent that might not otherwise be available locally. Even as corporate giants make headlines with their return-to-office mandates, the digital nomadism movement continues to open more and more borders.
Innovative residency and work options.
Bermuda’s Economic Investment Certificate, Residential Certificate, and Digital Nomad Visa encourage foreign investment and attract high-net-worth individuals and remote workers. These programs support long-term residency and foster a dynamic, globally connected community.
Edward Allanby President and Chief Executive Officer Leman Management
Q2 How can service providers help clients
jurisdictions to whom they can turn to when navigating issues beyond their areas of expertise. By leveraging their expertise and that of their local and global networks, service providers can ensure a seamless alignment of regulatory, operational, and financial needs. Q3
Q1 What are the key considerations for businesses and individuals navigating cross-border mobility in your jurisdiction? Bermuda is one of the world’s premier jurisdictions for cross-border mobility. With an enviable blend of strategic location, accessibility, international credibility, innovative business solutions, and welcoming immigration policies, Bermuda enables businesses and individuals to effectively navigate the complexities of cross-border mobility while positioning themselves for success in an ever-evolving global economy. Located between North America and Europe, Bermuda is ideally situated for businesses serving global markets. The island has direct flights to and from London, Toronto, New York, and other major U.S. gateway cities. Bermuda’s enduring success is evidenced by its 70+ year status as a blue-chip jurisdiction. Its international credibility is further enhanced through its gold-standard regulatory framework, which emphasises stringent compliance with relevant local and international laws, regulations, and best practices including those related to AML/
ATF, international sanctions, privacy, economic substance, CRS, and FATCA. Bermuda offers a stable political climate and progressive legislation and has a strong pro-business and pro- foreign investment culture. The island offers robust investment and wealth management options for international clients including various trust structures, investment holding companies, and funds. Bermuda is tax-neutral with no income, withholding, or capital gains taxes, apart from a corporate income tax applicable to those businesses with global revenue of €750 million or more. Bermuda offers several residency and work permit options which encourage and support the migration of foreign workers to the island’s shores. High- net-worth individuals and families find Bermuda particularly appealing due to programs like the Economic Investment Certificate and Residential Certificate, which allow for long-term residency and working privileges in exchange for significant economic contributions. Remote workers also find Bermuda appealing as the government offers a Digital Nomad Visa, which allows them to live in Bermuda while maintaining employment with companies or clients based elsewhere. As a result, the island boasts a highly qualified and sophisticated international workforce, which spans multiple industries.
structure global mobility strategies (e.g. regulatory, tax, financial efficiency)? For clients to successfully navigate globalisation, service providers must be prepared to provide comprehensive and tailored guidance for building their clients’ globally focused portfolios. A client’s global mobility strategy should ensure that their financial goals are being seamlessly met. This means that service providers must be informed. First and foremost, they need to know their client. What does their current portfolio look like? What jurisdictions are they currently invested or operating in? What are their immediate and long-term goals? What is their risk appetite? Service providers also need to know the intricacies of the jurisdictions in which their clients operate or would like to operate. Is there political stability? Is there economic stability? Is there a strong infrastructure in place? Is the regulatory environment robust? Service providers should have a working knowledge of the local laws as they relate to foreign investment, setting up and operating a company or trust, taxes, immigration, etc., and they should have a strong, well-established, and reliable network of professionals across multiple
ABOUT US... leman.bm
Is globalisation on the wane? How do recent political events create new opportunities in global mobility?
Globalisation has faced significant challenges in recent years. Political events such as Brexit and the ongoing U.S.-China trade tensions are viewed by many as targeted rejections of globalisation and a movement towards reshoring and protectionism. The COVID-19 pandemic disrupted both global supply chains and cross-border mobility due to widespread illness and lockdowns. Russia’s invasion of Ukraine has resulted in worldwide sourcing challenges for food, raw materials, and fossil fuels. Globalisation is not a policy created by governments, it is a state that exists out of necessity. It merges economic spaces, essentially ignoring political borders. While recent events have slowed down the pace of globalisation
Edward G. C. Allanby is an FCA of the Institute of Chartered Accountants in England and Wales, a CPA with the Chartered Professional Accountants of Bermuda, and a TEP with The Society of Trust and Estate Practitioners. Edward is the cofounder, President, and CEO of Leman Management Limited (Bermuda). He sits on The Barristers & Accountants AML/ATF Board (Bermuda) and on the boards of numerous private entities, as well as serving as Protector and Enforcer of numerous private trusts and trust companies. Edward leverages his extensive knowledge and leadership skills to deliver strategic vision and exceptional results to his clients.
Leman Management, independently owned and operating in Bermuda since 2001, provides expert, tailored services to high-net-worth and ultra-high-net- worth individuals, families, and corporate entities. Specialising in the personalised coordination and control of private market asset portfolios, Leman Management’s team delivers innovative strategies to meet their clients’ diverse and comprehensive needs. Leman Management’s well-established and extensive network spans 11 countries. Their global reach and expertise allow them to craft and execute solutions that expertly align with each client’s unique financial goals and requirements.
+1 441 296 0541 eallanby@leman.bm irglobal.com/advisor/edward-allanby
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| GLOBAL MOBILITY
IRAN
KEY TAKEAWAYS Navigating cross-border mobility: Businesses and individuals must consider visa and immigration processes, labour laws, cultural norms, and taxation. Key elements include compliance with local documentation, employment contracts, and healthcare requirements, as well as leveraging economic zones and digital infrastructure. Service providers’ role: Providers aid in regulatory compliance, tax efficiency, and financial planning. They streamline visa
Adaptability in an interconnected world
processes, align contracts with local laws, optimise tax strategies using treaties, and manage payroll compliance while minimising social security liabilities. Evolving globalisation: Globalisation is shifting, not declining. Remote work, digital nomad visas, and regional trade hubs like the UAE offer opportunities. Businesses should embrace flexible work policies, explore emerging markets, and focus on sustainability and innovation clusters to remain competitive.
to adapt to global demands. • Flexible work and visa policies: Incorporate remote work and hybrid models to access global talent pools
without the need for relocation. Take advantage of digital nomad and long-term visas offered by governments.
• Sustainability and climate mobility: Position mobility
strategies around industries and regions prioritising sustainability and green technologies. • Risk mitigation: Monitor geopolitical developments and have contingency plans for supply chain disruptions or political instability. Take the emerging opportunities of Tax Ease in selected host countries.
Dr. Alireza Azimzadeh Managing Partner Adler International GmbH
Q3 Is globalisation on the wane? How do recent political events create new opportunities in global mobility?
visas (e.g. UAE) to attract remote workers and diversify economies. Sanctions on countries like Iran and Russia have led to talent migration to neighbouring nations such as UAE, Qatar, and Armenia creating new hubs for business and innovation. As for immigration reforms, several countries are easing immigration policies to attract high-skilled workers. UAE introduced the Golden Visa and other flexible residency options while Saudi Arabia opened its economy under Vision 2030, welcoming foreign talent for sectors like tourism, technology, and finance. Demographic shifts and talent shortages are also impacting global mobility. Ageing populations in developed economies, such as Japan, Germany, and Italy, are driving demand for foreign workers in healthcare, technology, and engineering. Emerging markets with young, skilled workforces (e.g. Iran, India, the Philippines, and parts of Africa) on the other hand are becoming sources of global talent. Political focus on technology and AI has fueled growth in innovation hubs. Countries like India, Iran, Singapore and Georgia are hotspots for tech talent and cross-border assignments. Governments are incentivising talent mobility in high-tech sectors, such as through the Startup Visa programs in the EU and other regions. How companies can leverage these opportunities: • Strategic talent placement: Identify emerging markets and hubs that align with business goals and relocate key personnel to leverage new opportunities. Invest in upskilling and cross-cultural training for employees
Q1 What are the key considerations for businesses and individuals navigating cross-border mobility in your jurisdiction? Navigating cross-border mobility in the Middle East involves understanding and addressing several key considerations due to the region´s diverse regulatory, cultural and economic landscape. • Visa and immigration: Visa categories, Sponsorship (employer sponsorship for work and residency permits in Saudi Arabia and UAE), Documentation: ensure compliance with specific documentation requirements in consideration of the diverse processing times. • Labour laws and employment contracts • Cultural and social norms (business etiquette, religious practices, language) • Taxation and financial regulations (Personal and Corporate Tax, Payroll Compliance, Cross-Border Transfers) • Healthcare and insurance (mandatory coverage, healthcare access) • Housing and living • Security and political stability (regional dynamics, legal protections) • Economic and trade zones • Technology and digital
Dr. Alireza Azimzadeh has received his doctorate in Law from the Vienna University. His main specialisation is international commercial law. With an MBA in Entrepreneurship and his long-standing expertise in international trade, he founded Adler International in Hamburg, Germany in 2018 to support entrepreneurs around the globe towards their internationalisation.
ABOUT US...
infrastructure (e-Government Services, Data Protection Laws) • Environmental and sustainability trends. Q2 How can service providers help clients structure global mobility strategies (e.g., regulatory, tax, financial efficiency)? Service providers are pivotal in helping clients structure global mobility strategies by offering specialised expertise, tailored solutions, and ongoing support. Here’s how we can assist across key areas like regulatory compliance, tax optimisation and financial efficiency: Regulatory compliance • Visa and work authorisation: Provide guidance on local sponsorship requirements and immigration laws. • Labour law alignment: Ensure employment contracts comply with local labour regulations, including termination clauses, working hours and benefits. • Data protection compliance: Help navigate global and local data privacy laws (e.g. GDPR, regional
adler-international.com
Globalisation is not “on the wane”, but it is undergoing transformation. Recent political, economic, and social events have created both challenges and opportunities in global mobility. While there is scepticism about globalisation due to protectionist policies, regional conflicts, and economic nationalism, globalisation is adapting rather than reversing. Key trends include regionalisation of trade and mobility, digital globalisation and localised globalisation (glocalisation). Countries are forming or strengthening regional trade agreements, which are emerging as centres for trade and talent mobility. Meanwhile the shift from physical to digital goods and services has accelerated. Companies rely on cross-border talent for technology, remote work, and innovation, driving new forms of global integration. At a more local level, businesses are tailoring global strategies to suit local markets, creating demand for talent with cross- cultural expertise. Opportunities in global mobility from recent political events The pandemic normalised remote and hybrid work, making it easier for companies to hire talent across borders without physical relocation. Some countries are introducing digital nomad
+49 174 15 80180 aa@adler-international.com irglobal.com/advisor/dr-alireza-azimzadeh
data protection acts) when managing employee data. Tax optimisation • Personal Tax Planning: Design tax- efficient compensation structures, including salary, allowances, and benefits, while accounting for host and home country tax obligations. Provide guidance on double taxation treaties (DTAs) and ensure proper filings in both jurisdictions. • Corporate Tax Advisory: Align mobility costs with corporate tax strategies by leveraging incentives in free zones or low-tax jurisdictions. Optimise payroll tax compliance across multiple regions using centralised or local payroll solutions. • Social Security Contributions: Analyse host and home country social security requirements and provide strategies to minimise duplication or reduce liabilities through totalisation agreements.
Adler International GmbH is a multidiscipline consulting firm based in Hamburg, Germany with a quarter century of history, vast experience and know- how across a wide range of industry segments. We are proud to have assisted international and government clients to establish and expand operations in the Middle East or to be their supportive trustee in their business endeavors on the ground. We aim to be partner of choice from proof of concept to full operation, providing specialised commercial and strategic advice for entities looking to expand their business abroad. Adler International offers numerous services, ranging from general business advice, high-calibre negotiations and partner searches, to management consulting services such as market analysis, business development, resourcing and operation. Client-driven and industry-focused, Adler International helps companies address their plans. Our global reach and experience allow us to work across borders, to offer clients forward-looking, results-oriented solutions.
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