Source:
https://globalcenters.columbia.edu/events/golden-passports-global-market-citizenship
Recap : 監管套利（Regulatory Arbitrage）常用的操作方法，是從一個監管嚴格的國家或行業轉移至另一個監管嚴格比較寬鬆的國家或行業。
應用於個人層面，常見的用法，是處理婚姻或移民又或者選科擇業的時候，嘗試在不同的監管制度之間鑽空子，尋找一個對自己最有利的方案。
應用：婚姻+移民
例 1：去拉斯維加斯旅遊，一時興起，順便結婚。美國內華達州的法例容許任何國家的人在當地結婚，帶旺相關的產業例如酒店、餐飲、婚禮統籌。後悔？無問題！拉斯維加斯（內華達州）的離婚手續以速度快聞名，若雙方達成共識（共同申請），最快可在大約兩週內完成，而且無須上庭。基本要求為夫妻至少一方在內華達州居住滿 6 週，並由當地證人簽署居住證明。無子女、無共同財產的「簡易離婚」最迅速。許多明星藝人都選擇在拉斯維加斯結婚（例子：汪明荃+羅家英），是有原因的，因為不論結婚或離婚，手續都較其他司法管轄區簡單。當事人是否另有目的，自己想。欲知詳情，請上網或向當地律師查詢。
例子 2：研究那個國家的移民門檻最低，又或者相關法規對自己最有利。俄羅斯或中國的富商為了逃避本國的政治制度以及西方世界的經濟制裁，需要購買外國護照傍身，隨身攜帶、有備無患、增加安全感。部份人同時持有多本外國護照。塞浦路斯 (Cyprus) 護照因為能夠進入 27 個歐盟國家，曾經是是俄羅斯或中國富商的熱門選擇。曾經是英國足球會車路士 (Chelsea) 班主的俄羅斯富商艾巴莫域治 (Roman Abramovich) 持有塞浦路斯 (Cyprus) 護照，英語傳媒指他跟普京關係密切，詳情請參考這個博客的另一篇文章 Money laundering through football，發表日期是 2026 年 2 月 14 日。他是否白手套，自己想。但是購買塞浦路斯護照進入 27 個歐盟國家這條路已經行不通了，原因是反貪腐及防止間諜滲透，詳情請參考《延伸閱讀》部提供的資料。
近期的好例子，是揚威國際的中國犯罪份子所選擇的外國護照。外國金融罪案專家研究錢志敏（提示：被沒收的比特幣價值 50 億英鎊）及陳志（提示：被沒收的比特幣價值 105 億英鎊或 150 億美元 ）洗黑錢案，其中一個角度是犯罪分子選擇那個國家的護照。根據公開的資料（經西方國家的執法部門查證），錢志敏 2017 年離開中國的時候，使用 Saint Kitts & Nevis (SKN) CBI (Citizenship By Investment) 護照。已經被遣返中國的陳志（提示：太子集團）持有以下國家的護照：PRC, Cambodia, Vanuatu, Cyprus。2023 年 8 月中新加坡執法部門破獲的福建幫 10 人洗黑錢集團成員持有多國的護照，其中一款是 Vanuatu CBI passport，也有成員持有 Cambodia 護照。
外國金融罪案專家由此推論：合法的金融機構如果在審查客戶身份的時候（提示：Know your customer, KYC），發現客戶使用以上幾款外國護照，應該格外留神，否則容易觸犯反洗錢法規，然後被監管機構罰款或譴責。Auntie 補充一句：如果是上述幾款護照再加上華人血統和福建口音，更加高危。至於從事正當行業的海外華人是否應該選擇以上幾款外國護照，自己想。
黃金護照 (Golden Passport) 或投資移民 (Citizenship By Investment, CBI) 計劃容許申請人用錢買居留權或公民身份，吸引需要外國護照傍身的犯罪分子，也容易淪為紅色貴族、貪官或白手套專用的走資或洗黑錢的渠道，導致當地的樓價急升（原因：犯罪分子利用物業洗黑錢），影響本地人的利益。如果閣下是律師、會計師、移民顧問或金融從業員，專門服務「高淨值人士」（High-Net-Worth Individual，簡稱 HNWI），見識過一些年紀輕輕也沒有上班但是坐擁巨額財富和 N 個高級物業的大陸人（提示：楊蘭蘭），一定明白這個道理。如果是實行民主選舉的西方國家，黑錢湧入導致樓價飆升，令當地人置業難，可以導致執政黨下台。所以部份西方國家會採取行政手段，為外國人買樓或囤積物業設置障礙。接近戰略設施（例如：軍事基地）的土地索性禁止外國人購買，原因是影響國家安全。欲知詳情，請上網。
應用：選科+擇業
香港人的玩法，是避開那些需要花很多時間讀書和考試，然後領取牌照以及接受官僚制度或業界組織監管，但是又不知道可以幹多久的所謂「專業」（例如：醫科、法律、會計、建築），然後利用新舊媒體協助自己轉型成為神棍（即是：風水、算命、星座、塔羅）或食家（即是：向餐飲業經營者收錢寫正面食評）。簡單地說：避開監管嚴格的行業，投身不受監管的行業，用行動貫徹監管套利 (Regulatory Arbitrage) 的精神，把逃避監管變成生存策略。
神棍（玄學家）和食家（食評人）是香港中年人轉型的熱門選擇。好處：工作時間自由，價格自定（如果你能夠說服客戶付錢的話），不受政府監管，無需承擔法律責任，避開強調服從的舊式管理制度。許多出身舊媒體的中年人喜歡走這條路，因為可以利用以往累積的名氣或人脈，無需從頭開始。李居明
(1955-) 、王貽興
(1977-) 和蔡瀾
(1941-2025) 是好例子。
- 李居明是浸會傳理系出身，年輕時做過財經記者和電影宣傳（提示：大迷信、奇聞雜誌、新光戲院、粵劇特朗普、粵劇四人幫），之後轉型成為玄學家或「師傅」（港式粵語：主流傳媒對中式神棍的客氣稱呼）。
- 王貽興是中大中文系畢業，曾經在報章寫專欄，出過書，也做過電視台資訊節目主持，跟 TVB 不歡而散。之後轉型教紫微斗數以及看風水，即是「師傅」。網民認為很正路，原因？中文系出身，文言文有根底，學習玄學有優勢。
- 蔡瀾是電影幕後，香港的電影業走下坡，就轉型成為食家兼經營相關的生意（提示：暴暴茶、蔡瀾美食坊），把名氣套現，模仿者眾。
以上三位仁兄都有名氣，想了解他們的生存之道和經營手法請上網。最新的發展，是移居香港的大陸人加入戰團（提示：七師父），說明這條路的競爭越來越激烈，開始內卷（競爭白熱化）。香港是競爭激烈的一線城市，外來者源源不絕，內卷嚴重。神棍或食家是低入行門檻的行業，龍蛇混雜，泥潭混戰，不容易混。如果你是香港的失業中年，想轉型成為神棍或食家，請參考這個博客的另一篇文章《入行障礙（二）》（2012 年 12 月 14 日）。
結論
對於沉迷計算的香港人來說，監管套利
(Regulatory Arbitrage) 的精神和操作方法並不難理解。對真香港人來說，比較難理解的，是大陸人的思維和手段。真香港人如果沒有做功課，選錯外國護照或選錯科、入錯行，就會浪費時間、精力和金錢，大把手尾跟。今時今日，從西方人的角度看，香港跟中國分別不大。外國人也未必懂得分辨香港人和大陸人，正所謂：黑狗偷食，白狗當災，明白未？
延伸閱讀／參考資料：
Cyprus
country profile
BBC
https://www.bbc.com/news/world-europe-17217956
Key points: Cyprus has been divided since 1974 when Turkey invaded the north in response to a military coup on the island which was backed by the Greek government.
The island was effectively partitioned, with the northern third run by a Turkish Cypriot government and the southern two-thirds by the internationally-recognised government led by Greek Cypriots.
United Nations troops patrol the “Green Line” dividing the two parts, and reunification talks have made slow progress.
Cyprus has successfully diversified it's largely agraian economy into one based on services - including a large tourism - and light manufacturing.
More recently it had also developed into an important financial hub, especially for investors from Russia and Eastern Europe.
（推介原因：塞浦路斯的基本資料。它的命運跟香港有相似之處：都是前英國屬地或殖民地，同樣是共產黨權貴專用的洗黑錢中心，也是大陸人的移民熱點和走資渠道。塞浦路斯南部由希臘控制的部份於
2004 年加入歐盟，令它成為俄國富商的理財中心。俄羅斯由於入侵烏克蘭而被西方世界制裁，需要透過離岸中心隱藏資產，而塞浦路斯就是提供相關服務的地方，情況就等於香港是中共權貴的洗黑錢中心，異曲同工。避稅天堂或離岸金融中心不乏前英國屬地或殖民地，原因是英文通行和使用英式制度，但監管制度比英國本土寬鬆得多，於是吸引共產主義黑金，成為走資渠道或洗黑錢中心。塞浦路斯、香港和新加坡都是好例子，英式制度是優勢還是詛咒，自己想。）
塞浦路斯移民市場異軍突起
紐約時報中文網
2012-09-29
https://cn.nytimes.com/china/20120929/cc29cyprus/zh-hant/
節錄：塞浦路斯，一個位於地中海東北角上的小島國，面積和天津差不多大，總人口則連北京的二十份一都不到。自上世紀七十年代以來，由於歷史原因，塞浦路斯被希臘和土耳其兩族人分治，雙方武裝衝突不斷，致使塞浦路斯至今仍處於南北分裂狀態。2004 年 5 月，由希臘人控制的塞浦路斯共和國正式成為歐盟成員國。然而，就是這樣一個長期處於領土爭端糾紛，在中國名不見經傳的小國在過去的一年時間裡迅速在國內移民市場上爆紅。用百度搜索塞浦路斯，出現在首頁的絕大多數網頁都和移民有關。
（推介原因：證據。）
Cyprus
Papers: Golden Visa Schemes Are Broken Beyond Repair. EU Must Act.
Transparency
International
Aug 24,
2020
Intro: The European Commission must take decisive action against Member States’ scandal-ridden ‘golden visa’ schemes, which a new leak of documents shows remain vulnerable to corruption and money laundering, Transparrency International said today.
The Cyprus Papers - a new series by AI Jazeera's Investigative Unit shows that the Europe Union (EU) is currently defenceless against the haphazard sale of EU citizenship and residency to criminals and the corrupt.
Investigative reporters obtained a trove of documents that appear to show an investment of over €2 million Cyprus secured EU citizenship for 1400 wealthy individuals and their 1100 family members from 2017-2019. Reportedly among the primary applicants were at least 30 individuals with pending criminal charges or convictions, as well as politically exposed persons (PEPs).
（推介原因：賽浦路斯、香港、英國和葡萄牙都曾經推出投資移民計劃，結果吸引來自共產主義國家的權貴及其家屬或代理人，導致黑錢泛濫、樓價上升、間諜出沒，官府要取消該項計劃又或者收緊審批。容許外國人用錢買護照的概念出自右翼經濟學家，所以經濟學被形容為「惡魔的執照」。Transparency
International 是一個反貪腐的國際組織。）
Investopedia
Golden Visa Countries: Unlock Residency Through Investment
By Daniel Thomas Mollenkamp
Updated February 17, 2026
https://www.investopedia.com/golden-visa-countries-8356287
Key Points:
- Golden visa programs offer residency or citizenship through financial investments in a country.
- These programs are designed to attract foreign investment but face criticism for favoring wealthy individuals.
- Requirements for golden visas vary by country, often involving real estate or capital investment.
- Some countries, like Portugal and Ireland, have ceased golden visa programs due to controversies.
- Critics argue these programs may facilitate money laundering and increase housing market instability.
What Are Golden Visa Countries?
Immigration can be a slow process. There’s sometimes a controversial, streamlined path to securing residency rights for the wealthy. Many countries run programs that offer visas or even citizenship in exchange for investments, sometimes facilitated through private companies in the “investment migration” industry.
Often advertised as enabling “global citizenship,” these programs translate private financial power into rights that provide increased freedom of movement, access to healthcare, and enhanced business opportunities. But they don't come without some controversy and concerns, including potential risks of money laundering and impact on local housing markets.
Notable countries that offer attractive golden visa programs include Portugal, Greece, and Italy.
How Golden Visa Countries Work
In exchange for a minimum investment, some countries offer residency rights. The specific amount required varies by country.
However, these visa programs let well-heeled individuals bump up their rights in foreign countries. For those who acquire these rights, such programs increase freedom of movement, provide access to healthcare, and can remove friction from estate planning, taxes, or business dealings.
Critics allege, as discussed below, that they also risk facilitating the movement of dirty money and destabilizing housing markets.
Top Countries Offering Golden Visa Programs
While the programs have ignited controversy in Europe—particularly in the European Union (EU), where a passport will get you access to all 27 member states plus a few others in the Schengen area, many of which do not benefit directly from the initial investment—they remain relatively popular.
Portugal, Malta, Greece, Cyprus, Spain, and Italy have among the most sought-after golden visa programs because of their beautiful scenery, high standards of living, and stable political climates. However, Portugal’s program has recently seen some changes.
（推介原因：Investopedia 是值得推介的網上財經術語辭典。）
What’s a Golden Visa and Where Can You Still Get One?
By Henrique Almeida, Joao Lima, and K Oanh Ha
February 26, 2025
Excerpt: Golden visas are often bought by citizens of China, Russia and Middle Eastern countries who want to live in western Europe or the US. President Donald Trump’s latest plan — dubbed the “gold card” — to offer residency and a path to citizenship to those willing to pay $5 million would create a new avenue for legal immigration to the US. But the curiosity for such programs cuts across nations: Americans registered a spike in interest in visas elsewhere in late 2024 after Trump won the divisive presidential election.
Still, securing a golden visa
is getting harder. Law enforcement agencies are concerned that the programs
facilitate criminal activity and are riddled with corruption. Critics
say they entrench inequality by giving opportunities to the rich that are
denied to others, and say citizenship and residency are fundamental rights that
should not be sold to the highest bidder.
Cyprus Confidential
Frequently asked questions about the Cyprus
Confidential investigation
ICIJ (Nov 15, 2023)
https://www.icij.org/investigations/cyprus-confidential/faqs-cyprus-leaked-files-offshore/
Intro: Where did the Cyprus Confidential data come from?
How does the size of the leak compare with previous ICIJ investigations?
Why Cyprus?
These questions and more, answered.
（推介原因：這是導讀和背景資料。ICIJ 不止一次披露離岸公司的機密文件，讓你明白權貴如何隱藏及轉移資產。今次聚焦塞浦路斯所以叫 Cyprus Confidential，被爆黑材料的是試圖隱藏或轉移資產的俄羅斯富商。ICIJ 之前公開過的離岸公司文件：2016 年 4 月的 Panama Papers 和 2021 年 10 月的 Pandora Papers。Pandora Papers 內有前特首董建華和梁振英名下的離岸公司資料，再加上 ICIJ 背後牽涉索羅斯，香港的中文傳媒或避而不談或點到即止，即是自我審查。相比之下，台灣媒體的報導比較詳盡。失去言論自由的地方，不可能是國際金融中心，但是洗黑錢功能也許會保得住。證據：蔡天鳳。）
Cyprus ignores Russian atrocities, Western sanctions
to shield vast wealth of Putin allies
ICIJ (Nov 14, 2023)
https://www.icij.org/investigations/cyprus-confidential/cyprus-russia-eu-secrecy-tax-haven/
Intro: ICIJ-led investigation Cyprus Confidential reveals how the EU member state powered the Kremlin's financial machine, moving vast sums for oligarchs, including after Russia's 2022 Ukraine invasion.
The Mediterranean island of Cyprus has long been a geopolitical crossroads, a prize contested by empires and a meeting point of people, religions and money.
An astonishing flood of foreign money, mostly Russian, has poured into the island over decades, bringing wealth to a few but leaving Cyprus with a reputation as a shady financial hub.
Now, an investigation by the International Consortium of Investigative Journalist (ICIJ), Paper Trail Media and 67 media partners reveal how Cyprus, at the east end of the Mediterranean nearest Turkey, Syria and Lebanon, plays an even bigger role than was commonly known in moving dirty money for Russian President Vladimir Putin's autocratic regime and other brutal dictators and anti-demicratic actors.
（推介原因：塞浦路斯所扮演的角色。）
Oligarch's Oasis
CONFIDENTIAL CLIENTS
ICIJ
https://www.icij.org/investigations/cyprus-confidential/oligarchs-offshore-clients/
Excerpt: Here are six billionnaires identified in the Cyprus Confidential documents:
- Roman Abramovich（艾巴莫域治）(246 Companies, 15 Trusts)
- Petr Aven (15 Companies, 2 Trusts)
- Alexey Mordashov (64 Companies)
- Rinat Akhmetov (60 Companies)
- Alexander Abramov & Alexander Frolov (71 Companies, 7 Trusts)
（推介原因：被開名的六名俄國富商。）
Cyprus to clamp down as investigation reveals
oligarchs moved assets after Ukraine invadion
The Guardian (Nov 14, 2023)
Key Points:
- PwC Cyprus and other advisers helped one of Russia's most powerful oligarchs, Alex Mordashov, attempt to transfer £1 bn in a public company on the day he was placed under sanctions, The Guardian has been told the transfer is subject to an “ongoing” criminal investigation in Cyprus.
- €600,000 of undisclosed payments from companies linked to the same oligarch to an influential German journalist, considered a leading expert on Russia, to support the publication of two books about Putin.
- Tens of millions in offshore payments made by Roman Abramovich（艾巴莫域治）during his ownership of Chelsea football club（車路士球會）to agents, scouts and club football officials that may have breached strict football rules on accounting and financial fair play.
- Undisclosed agreements that allowed Abramovich and the super-agent Pinhas Zahavi to control the careers of 21 young footballers under controversial third-party ownership arrangements, which have been compared to bonded labour.
（推介原因：The Guardian 是 ICIJ 的傳媒合作夥伴，這篇文章把 Cyprus Confidential 中的重大發現寫出來，是個 Executive Summary。）
Transparency international
EU golden passports & visas (2:02 minutes)
2022-02-14
https://www.youtube.com/watch?v=S_JNEfJfTKw
Over the last decade, many rich foreigners have bought
citizenship or residency rights from the European Union (EU) countries they
have no real connection to. And because countries have accepted the money with
little checks on who or where it came from, the EU’s
so-called golden visa and golden passport schemes have been sorely vulnerable
to corruption and money laundering. What’s worse, investigations have
shown that government officials and private sector intermediaries often knew
they were helping suspicious individuals. Transparency International campaigns
to get the European Commission to curb the corrupt abuse of golden visa and
golden passport schemes.
Ending corrupt abuse of EU golden passports & visas
Those who loot their countries cannot be allowed safe haven in the EU.
https://www.transparency.org/en/campaigns/ending-corrupt-abuse-european-union-golden-passports-visas
Excerpt: The problem. Golden passport and visa schemes have turned European Union (EU) citizenship and residency rights into a luxury good: with enough money, anyone can buy in. This is a particularly attractive prospect for criminals and the corrupt – and numerous scandals have proven they are taking advantage. These EU golden passport and visa schemes are not about genuine investment or migration – but about serving corrupt interests.
Our solution. Golden passport schemes need to be banned. Golden visa schemes must be regulated with adequate checks in place.
We have been calling on the European Commission to harmonise rules across the EU and stop the abuses by requiring that EU governments make significant reforms to the schemes and conduct enhanced due diligence on applicants and their money. New rules should also require private sector intermediaries to adhere to anti-money laundering obligations.
There is now broad consensus that investment migration schemes pose
serious risks of financial crime. But when Transparency
International first began looking into the issue, the prevailing narrative was
that investment migration programmes could be an economic silver bullet. The EU
wasn’t considering the risks. We knew we had to step in, so we joined forces
with partners to document the problem and drive an effort to address it.
Transparency international
EU Court of Justice puts an end to harmful
citizenship-by-investment schemes
The Commission vs Malta will close one door to corrupt
actors buying their ways into EU
Apr 29 2025
OCCRP
Cypriot Auditor Scrutinizes Political Donations From
‘Golden Passport’ Program
News
Almost all of Cyprus’ political parties received
donations from people or companies connected to the citizen-by-investment
scheme, which was halted amid allegations of corruption.
Reported by
Kyriakos Pieridis
CIReN
Christodoulos Mavroudes
CIReN
May 28, 2025
Intro: Cypriot political parties received more than 1 million euros in donations connected to the country’s controversial “golden passport” program, according to the country's Auditor General.
Before the Cyprus Investment Program was shut down amid allegations of corruption, foreigners could obtain citizenship by purchasing real estate worth at least 2 million euros. The scheme reportedly brought an estimated 9 billion euros into the country over the course of 13 years.
The Auditor General published its series of reports on Tuesday — one overview and eight more scrutinizing donations to specific political parties. The reports analyzed a total of 1.12 million euros worth of funds donated between 2016 and 2021 by individuals and corporate entities linked to the citizenship program.
Cyprus scrapped the program in late 2020 after an Al Jazeera investigation uncovered
two politicians offering advice on how an investor could circumvent regulations
and obtain a passport even with a criminal past.
CHINESE MASTERMIND IN WORLD'S LARGEST CRYPTO
LAUNDERING CASE PLEADS GUILTY IN LONDON; SHE USED HER SAINT KITTS CBI PASSPORT
TO FLEE CHINA AND OPERATE HER SCHEME IN THE UK FOR YEARS WITH IMPUNITY
Kenneth Rijock
Sept 30 2025
https://rijock.blogspot.com/2025/09/chinese-mastermind-in-worlds-largest.html
Excerpt: This week, in a London Court, the Chinese national known to the UK media as the Bitcoin Mastermind, ZHIMIN QIAN（錢志敏）, entered a plea of guilty to two cryptocurrency money laundering charges involving fraud in the equivalent of many billions of dollars, committed in China. Qian used a Saint Kitts & Nevis (SKN) CBI passport to flee China in 2017, to avoid criminal prosecution, and has engaged in a continual life of crime since then. She used third parties to assist her in major money laundering activities, as she reportedly does not speak English. She worked the system admirably, from the viewpoint of a career criminal, according to the facts; used someone else's identity got acquire the SKN passport, no questions asked.
While the case is deserving of study for those engaged in the suppression of cryptocurrency offenses, we bring it to your attention solely for the purpose of displaying yet another instance of the continuing abuse of CBI passport by career Chinese criminals, who are never properly vetted in the offices of the SKN CIU, due to rampant corruption by the last three Saint Kitts governments.
If I am a compliance officer at a major international bank, and a new, affluent individual, seeking to open an account, brandishes a Saint Kitts & Nevis (SKN) passport, I must, as gatekeeper, bar the door and decline to accept that individual, no matter how inviting that new lucrative business may be, because there is no set of facts which will allow me to assume the level of risk in that situation. He is an unacceptable client, whether he has a CBI passport, or is a native-born Kittitian, because the risk of money laundering and financial crime is just too high to accept; Caveat banker.
$3BN CHINESE MONEY LAUNDERING KINPIN ESCAPED SINGAPORE CRIMINAL DRAGNET BY ONE DAY USING HIS VANUATU CBI PASSPORT TO CHEAT JUSTICE
Kenneth Rijock 的貼文
Information released this week in Singapore, regarding one of the principal Chinese players in the three billion dollar Singapore money laundering operation confirmed that he escaped the massive arrests by only one day, by leaving Singapore with his VANUATU Citizenship by Investment (CBI) passport to exit with impunity. The details came out in connection with testimony from one of his subordinates, who was assigned the storage of the fugitive's $7m liquor collection, after he fled to avoid criminal prosecution for the money laundering of illicit mainland China gambling profits.
While we do not wish to portray all CBI
passport holders as bad actors, a large portion of the world's transnational
criminals arrested around the world are found to be holding, and employing, CBI
passports to facilitate their offenses. we also remember that some of the other
money launderers arrested in the Singapore case held ST. KITTS AND NEVIS (SKN)
passports. Compliance officers should always institute enhanced due diligence
procedures on any customer or client or third party or counterparty, found to
be using a CBI or CIP passport for identification or account opening.
维基百科：亨利及合伙人
https://zh.wikipedia.org/zh-tw/%E4%BA%A8%E5%88%A9%E5%8F%8A%E5%90%88%E4%BC%99%E4%BA%BA
亨利及合伙人（Henley & Partners）是一家總部位於倫敦的英國投資移民諮詢公司，並告知個人客戶如何移民以及遷移企業至外國，或者是向個人客戶告知在瑞士等國家獲得居留權可以減少自己的稅收。一國政府可能也是亨利與合伙人的客戶，亨利及合伙人會向某國政府告知如何通過投資移民吸引別國人員的財富，甚至幫助該國政府制定和管理投資移民項目。亨利護照指數就是由亨利與合伙人發佈的。歷史：1997年，兩家公司合併成亨利及合伙人。2006 年，該公司與聖克里斯多福及尼維斯 (ST. KITTS AND NEVIS, SKN) 當局合作，替該國政府販賣該國的公民身份和護照。
（推介原因：這家移民顧問公司較早前發表研究報告，指英國的工黨政府嚇跑富豪，詳情請參考這個博客的另一篇文章《富豪逃離英國？ 》，發表日期是 2025 年 10 月 11 日。）
Gaming the passport lottery
Oliver Bullough
Coda
7 May 2025
https://www.codastory.com/oligarchy/gaming-the-passport-lottery/
Pretty much everyone in Brussels has had it in for Malta’s “Citizenship by Investment programme ever since it launched a decade ago, but it took the European Court of Justice to finally kill it, on the basis that it’s illegal to make acquisition of a passport a “mere commercial transaction”. “Such ‘commercialisation’ of citizenship is incompatible with the basic concept of Union citizenship,” the court declared.
On one level, I am fully onboard with the widespread rejoicing that has followed the decision, and anything that annoys ex-Maltese prime minister Joseph Muscat is clearly an unalloyed good. I’m also not persuaded by the argument from passport vendors Henley & Partners (who helped design the programme) that this decision was an infringement of national sovereignty. A Maltese passport gives its holder rights to live, work, and travel anywhere in the European Union, so European authorities should have a say, not least considering some of the questionable people who’ve obtained, or rather bought, citizenship in the past.
However, at the risk of being one of those people, I want to point out that this is not the knockout victory that it looks like.
It’s a basic principle of the offshore world that I called “Moneyland” in a previous book that if rich people perceive something as onerous – taxes, transparency, democratic oversight, legal accountability, alimony — they’ll find a way to get out of it. I have little to no sympathy for any of this, with the one partial exception of citizenship.
It is undeniably unfair that someone like me – born in Britain, with one Canadian parent – has access to two super useful passports, whereas someone born in, say, Palestine, Nigeria or Bangladesh is stuck queuing for visas from countries that charge a fortune for the application, and may not provide them anyway.
The golden passport schemes of countries like St Kitts and Nevis (SKN), Turkey and, er, Nauru all sprang up in response to demand from people rich enough to travel the world but inconvenienced by borders (or by law enforcement), and that demand isn’t going away just because formal schemes like that in Malta are abolished. Instead, it will become informal.
（推介原因：Oliver Bullough 是擅長調查報導的外國記者，專寫金融罪案。他的文章和著作讓你明白金融罪案跟政治經濟、歷史文化和大國角力之間的複雜關係，讓讀者看見來龍去脈。）
A Tale of Two Bitcoin Billionaires
Oliver Bullough
Coda
8 October 2025
https://www.codastory.com/oligarchy/a-tale-of-two-bitcoin-billionaires/
Excerpt: “Between 2014-2017, Qian（錢志敏）orchestrated a large-scale fraud in China through defrauding over 128,000 victims and went on to store the illegally obtained funds in Bitcoin assets,”the Met said. She fled to the U.K., where she was arrested last year, and her devices containing the keys to access her 61,000 bitcoins were seized.
This episode raises some very interesting issues. What happens to the money? Obviously, her victims should get their money back, but what return should they get: just a standard interest rate, which is better than the nothing they have at the moment; the 300 percent she promised them, which would in ordinary times be awesome; or a proportionate share of this incredibly successful crypto-investment? If I was in the U.K. government, I would be arguing for the first option, but if I was in the Chinese government, I’d be aiming for the last.
Western law enforcement agencies normally struggle to get any kind of cooperation from their Chinese counterparts, but this case appears to be an exception. “Through a meticulous investigation and unprecedented cooperation with Chinese law enforcement, we were able to obtain compelling evidence of the criminal origins of the cryptoassets,” stated Will Lyne, head of the Met’s Economic and Cybercrime Command, which is something I have never heard a senior copper say before.
Could this be the prelude to an unprecedented thawing in relations between the U.K. and China, and the dawning of a new appreciation, nay a respect, for the rule of law in Beijing? Or could it just be that Xi Jinping’s people want a chunk of that $7.24 billion? The jury’s out. And it will remain out until those pesky jurors learn to do what they’re bloody well told.
Qian travelled to the U.K. with a passport issued by the Caribbean nation of St Kitts and Nevis (聖基茨和尼維斯), which she applied for under the false name of Yadi Zhang（張雅迪）. St Kitts pioneered the whole “citizenship by investment” idea in partnership with Henley & Partners, and has done very well from it, as is abundantly obvious if you visit this extremely beautiful country. It may, however, be time for the rest of the world to start wondering why we are quite so happy to offer its “citizens” visa-free travel if this is the kind of person it sells passports to.
Another citizen of St Kitts and Nevis (聖基茨和尼維斯), is the blockchain billionaire Justin Sun (孫宇晨), who in August became the first Kittitian to sort of go into space. He travelled just beyond the official boundary on one of Jeff Bezos’ New Shepard rockets, which are so ludicrously appropriate in their phallicness that each trip is almost performance art.
The contrast between Sun’s fate and that of Qian couldn’t be more striking. The former, however shady his business dealings, gets to dine at the White House, while the latter is scheduled to be sentenced in a British court next month. If only Qian had invested in Trump’s meme coin?
（推介原因：這是 Oliver Bullough 對錢志敏案的評論，重點在於那些已經轉化成比特幣的犯罪收入該如何處理。應該轉換成現金退還給非法集資騙局的受害者，還是由中英兩國依照某個比例瓜分？換言之，中英關係再添談判籌碼。這篇文章也提及錢志敏進入英國所用的 St Kitts and Nevis (聖基茨和尼維斯) 護照源於該島國在 Henley & Partners 的協助下設計的投資移民計劃。Henley & Partners 正是這個博客的另一篇文章《富豪逃離英國？》提及的那間移民顧問公司。）
（孫宇晨是用 620 萬美元競投香蕉的那位仁兄，也是加密貨幣公司波場（Tron）的創始人。2025 年 1 月，孫宇晨向特朗普家族支持的加密貨幣項目 World Liberty Financial 投資 3000 萬美元，同時被任命為顧問。孫宇晨曾任格林納達（Grenada）駐世界貿易組織大使（2021 年 12月 - 2022 年 6 月），是否擁有該國的護照或公民身份，有待查證。孫宇晨生於 1990 年，北京大學歷史系畢業，曾經在香港中文大學做交換生，入學時間是 2009 年秋天。欲知詳情，請上網。 ）
Transnational Criminal Organizations Designations; Issuance of TCO-related General License
Office of Foreign Assets Control (OFAC), USA
2025-10-14
https://ofac.treasury.gov/recent-actions/20251014
Excerpt: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing TCO General License 1, "Authorizing the Wind Down of Transactions Involving Certain Persons Blocked on October 14, 2025."
Additionally, OFAC has updated its Specially Designated Nationals and Blocked Persons List.
Specially Designated Nationals List Update
The following individuals have been added to OFAC's SDN List:
CHEN, Zhi (Chinese Simplified: 陈志), Phnom Penh, Cambodia; DOB 16 Dec 1987; POB Fujian, China; nationality China; citizen Cambodia; alt. citizen Vanuatu;
alt. citizen Cyprus; Gender Male; Digital Currency Address - XBT bc1qeth6n6ryxexvkx34wnx3nuynun4474h3j0gkhw;
alt. Digital Currency Address - XBT bc1q2we5eqjj8je6lz9xwjattpc3pn4jejc5h0s70f;
alt. Digital Currency Address - XBT bc1qnujzvts45qka3cr2eqqw8ur3q6g6s0ze2wlk5m;
alt. Digital Currency Address - XBT bc1qw4fxztd5u3sl7vrcqwk2a8v5zh5dllvckx3tlt;
Passport N00081108 (Cambodia); alt. Passport
RV047996 (Vanuatu); alt. Passport K00395168 (Cyprus); National ID
No. 010868617 (Cambodia) (individual) [TCO] (Linked To: PRINCE GROUP TRANSNATIONAL
CRIMINAL ORGANIZATION).
InvestHK
新資本投資者入境計劃 - 資格準則
New Capital Investment Entrant Scheme
https://www.newcies.gov.hk/zh-hk/eligibility-criteria/
(a) 年齡
申請人提出淨資產審查申請時須年滿18歲或以上；
(b) 計劃的適用範圍
- 申請人須屬於本計劃涵蓋的以下其中一種類別：
- 外國國民;
- 中國籍而已取得外國永久性居民身份的人士；
- 澳門特別行政區居民；以及
- 台灣華籍居民；
(c) 淨資產
申請人須提出淨資產審查申請：申請人須向投資推廣署署長證明並使其信納在按本計劃提出淨資產審查申請日期前六個月的整段期間內，一直絕對實益擁有市值不少於 3,000 萬港元（或等值外幣）淨值的淨資產或淨資本（包括與家庭成員共同擁有的資產或資本中由申請人絕對實益擁有的份額）；
(d) 獲許投資資產下的投資
申請人須於本計劃推出日期當日（即 2024 年 3 月 1 日）或之後對獲許投資資產已承諾的投資。在下列情況下，申請人會被視作已符合投資規定：
- 由本計劃推出日期當日或提出“淨資產審查”申請前第 180 日起（以較遲者為準）至申請人提出“淨資產審查”當日的整段期間內；或
- 由本計劃推出日期當日或申請人提出“淨資產審查”申請前第 180 日起（以較遲者為準）至獲得入境事務處處長給予“原則上批准”後第 180 日的整段期間內；或
- 在申請人獲得入境事務處處長給予“原則上批准”當日起至其後第 180 日的整段期間內，
- 申請人已經把不少於 3,000 萬港元（或等值外幣）淨值投資於其絕對實益擁有的獲許投資資產；
(e) 沒有不良記錄
申請人須證明沒有不良入境記錄，並符合一般入境及保安規定；以及
(f) 其他
申請人能夠向入境事務處處長證明有能力為自己和受養人（如有）提供生計及住所，而無須依賴按本計劃投資的獲許投資資產、或在香港受僱或自僱、擔任職位或從事業務或申領公共援助（視屬何情況而定）所帶來的任何收入。此外，受養人進入香港時，須受當時適用於其入境的任何其他政策所規限。
（推介原因：香港版的投資移民計劃。）
許正宇：優化新資本投資者入境計劃不預期會影響市民置業
RTHK 2025-10-06
https://news.rthk.hk/rthk/ch/component/k2/1826105-20251006.htm
節錄：立法會召開財經事務委員會政策簡報會。財經事務及庫務局局長許正宇表示，新資本投資者入境計劃接獲的申請已突破 2200 宗，可帶來 700 億元資本投入，形容有較大進展。
許正宇表示，將住宅投資門檻由 5000 萬元降至 3000 萬元，已考慮數方面，不預期亦不希望有關變化影響市民置業。他強調，當局作出任何優化及調整，一直有顧慮對民生的影響，每次優化都是漸進過程。
他又說，非住宅物業可算入投資額，已由 1000 萬元增至 1500 萬元，希望吸引到願意將資金投入香港的申請人。至於申請人在按揭安排方面，他說，金管局一直有一系列措施，並與市場溝通，會繼續交流及溝通。
計劃要求申請人須投資至少 3000 萬元於獲准投資資產，當中 300 萬元投放於港投公司的投資組合。許正宇說，各方面工作正在平衡安排下進行，過去已物色數家本地基金公司負責管理工作，令資金可以適當地引導至本港創科或創新範疇。
國家移民管理局：中國護照「含金量」持續提升
RTHK 2025-07-30
https://news.rthk.hk/rthk/ch/component/k2/1815770-20250730.htm
節錄：國家移民管理局公民出入境管理司司長熊樹人說，「十四五」期間，當局聚焦廣大群眾的現實需求，採取一系列的改革創新舉措，累計為中國公民簽發出入境證件超過3億人次，公民持有有效普通護照數量已經超過1.6億本。他又提到，2021 年以來，新增新加坡、泰國、馬來西亞等 10 個免簽入境國家，目前使用中國護照可免簽或者落地簽進入全球 90 多個國家或者地區，根據有關國際諮詢機構的統計排名，中國護照在全球的通行度排行榜中，已經由 2021 年的 72 位上升至第 60 位，強調中國護照的「含金量」持續提升。
（推介原因：黑色幽默。）
特朗普在社交平台發布網址 宣布移民「金卡」網站上線
RTHK 2025-06-12
https://news.rthk.hk/rthk/ch/component/k2/1808680-20250612.htm
節錄：美國總統特朗普在社交平台發布網址，宣布金卡網站上線。特朗普表示，註冊金卡的等待名單，在這個新公布的網站上開放。特朗普今年初在白宮表示，他打算出售定價 500 萬美元的美國金卡，目標人群是富有的移民。他當時表示，這款金卡不會直接給予購買者美國公民身份，因此，不需要通過美國國會，但將賦予同綠卡一樣的權利，是獲取美國公民身份的路徑。
The Trump Gold Card is Here.
Unlock life in America
Trump Gold Card
For a $15,000 DHS processing fee* and, after background approval, a contribution of $1 million, receive U.S. residency in record time with the Trump Gold Card.
（推介原因：美國版的投資移民計劃。）
相關的文章：
賢內助（三）
2010 年 2 月 27 日
http://xiaoshousha.blogspot.hk/2010/02/blog-post_27.html
節錄：有些做生意的男人，明知公司遲早資不抵債，將會被債權人入稟清盤，而自己由於為生意提供了私人擔保 (Personal Guarantee)，將會破產，於是早一兩年就開始部署，陸續把名下的資產轉到老婆名下，然後跟老婆離婚。辦妥離婚手續之後，老婆通常會帶著孩子到海外生活一段時間，全面退出丈夫的生活圈子，避開一眾親朋戚友以及生意夥伴。今時今日，不少生意人都把孩子往海外送，孩子開學、辦理移民，都是常用的藉口。
情 Deal 攻略
2024 年 11 月 3 日
https://xiaoshousha.blogspot.com/2024/11/deal.html
節錄：情「刁」（Deal）的背後，是政治、經濟、社會和文化脈絡。這本書所收集的文章來自 Auntie 的中文博客《小收煞》，嘗試呈現港式愛情遊戲的底蘊。Auntie 是這樣看的：與其用緣份或命運等虛無縹緲的概念來解釋愛情婚姻，又或者歸咎於難以查證的東西（例如：床技），倒不如站高一點，研究遊戲規則為何是這樣，再決定是否適合自己玩。這個角度是否曲高和寡或筆走偏鋒，由讀者和市場決定。
富豪逃離英國？
2025 年 10 月 11 日
https://xiaoshousha.blogspot.com/2025/10/blog-post_11.html
節錄：有一份來自英語世界的調查報告，聲稱由於工黨政府上台之後對有錢人加稅，令百萬富翁紛紛逃離英國。發表那份調查報告的機構叫 Henley & Partners，是移民顧問公司，在香港有辦事處。那份調查報告的重點被香港的中文財經媒體廣泛轉發。在網上世界，也有幾位 KOL 發表評論或抽水（例如：陶傑、蕭若元），結論是工黨政府害死英國，不走就笨。
騙徒版購房通 (Part 1)
2025 年 10 月 3 日
https://xiaoshousha.blogspot.com/2025/10/blog-post.html
節錄：Case 1 的中國騙徒（錢志敏）透過推銷理財產品非法集資，然後用比特幣 (Bitcoin) 洗黑錢，牽涉金額逾 50 億英鎊，成為全球歷來最大宗涉及比特幣的案件。籌集的資金（犯罪收入）透過銀行系統以外的管道（例如：比特幣）跨國轉移，然後購買外國物業（洗黑錢）。Case 1 的中國騙徒用假身份和買來的護照（注意：真假有待查證）入境英國，在他人的協助下購買外國物業洗黑錢。
騙徒版購房通 (Part 7)
2025 年 11 月 16 日
https://xiaoshousha.blogspot.com/2025/11/part-7.html
節錄：Auntie 想用另一個個案研究 (Case Study) 暫時總結「錢志敏 50 億英鎊洗黑錢案」。資料來源是一個專為從事反洗錢 (Anti-Money laundering, AML) 及相關工作（例如：Compliance）人士而設的網頁，重點在於此案的調查過程。
騙徒版購房通 (Part 6)
2025 年 11 月 14 日
https://xiaoshousha.blogspot.com/2025/11/part-6.html
節錄：Auntie 想用一位金融罪案專家撰寫的個案研究 (Case Study) 暫時總結「陳志+太子集團洗黑錢案」。在金融罪案領域，運用 Case Study了解犯罪集團的洗黑錢手法和訓練反洗錢 (Anti-Money laundering, AML) 工作人員，是常見的做法，跟商學院 (Business School) 的教學方法很相似。
Oliver Bullough (Part 1)
2025 年 9 月 3 日
http://xiaoshousha.blogspot.com/2025/09/oliver-bullough-part-1.html
Oliver Bullough (Part 2)
2025 年 9 月 10 日
http://xiaoshousha.blogspot.com/2025/09/oliver-bullough-part-2.html
攻略
2013 年 2 月 23 日
https://xiaoshousha.blogspot.com/2013/02/blog-post_23.html
節錄：香港人喜歡研究「攻略」。所謂「攻略」，即是尋找遊戲規則的漏洞，然後思考如何在付出最少的情況下，得到最多的回報。作為遊戲的參加者，既沒有體育精神，也不講紳士風度，也許勝之不武，甚至卑鄙無恥。當事人的所作所為，是走捷徑 (Shortcut)，走法律罅（鑽空子）。可以是踩界，甚至是犯法（例如：僭建），只是沒有被抓到。這種做法，英文叫 Game the system ，港式網絡語言叫「屈機」。
入行障礙（二）
2012 年 12 月 14 日
https://xiaoshousha.blogspot.com/2012/12/blog-post_14.html
節錄：香港的失業中年，還有甚麼出路？有！神棍和食家。這兩個行業的共通點，是毋須考試，不受監管，成效存疑，沒有法律責任，適合大話精。在一個發展成熟，各行各業的入行門檻都不斷升高的社會，低入行門檻的行業只會越來越少。失業中年想謀生或者轉行，但是又不想讀書考試，自然懂得如何選擇出路。香港盛產神棍和食家，入行者眾，水準參差，便是這個道理。
南洋幫（五）
2014 年 2 月 28 日
https://xiaoshousha.blogspot.com/2014/02/blog-post_28.html
節錄：蔡瀾就是那位出身電影界的食家，曾經擔任日本電視節目＜鐵人料理＞的評判，由於日語流利（年輕時留學日本），加上說話狠辣，被日本傳媒譽為「辛口」（日本漢字：勁辣、毒舌）。 Auntie 是老人家，眼盲耳聾，習慣把電視機當收音機用。每次曾淵滄接受訪問，我都以為是蔡瀾的飲食節目，然後開始覺得肚餓，走入廚房尋找食物。
狗咬狗
2016 年 11 月 30 日
http://xiaoshousha.blogspot.hk/2016/11/blog-post_30.html
節錄：新舊媒體之間的關係，似乎是「狗咬狗」。過去數年，廣告收入從舊媒體轉移至新媒體（尤其是針對年輕人的宣傳活動），於是舊媒體停刊熄機裁員減薪（尤其是文字傳媒），新媒體則只會聘請三十歲以下的年輕人，你叫舊媒體的傳媒人怎麼辦？中年轉業還是提早退休？難怪新聞部的男女主播輪流跳船，然後透過其他途徑把名氣套現，止蝕抽身轉型轉飯碗。簡單地說：新的殺死舊的，但老前輩尚未死得，還有一點反擊能力。
宿命論
2018 年 1 月 11 日
https://xiaoshousha.blogspot.com/2018/01/blog-post.html
節錄：廣告是媒體的主要收入來源，新舊媒體都一樣。但是新媒體跟用戶（兼內容生產商）及廣告客戶的關係比較鬆散。遇上經濟低迷的日子，這種特質會呈現出來。KOL or YouTuber 是職業，替品牌拍廣告片可以生存？別傻了，那是剎那光輝，未必有持續性。博出名，還可以。有了名氣就要設法套現，變成現實世界的鈔票，否則那些點擊率或粉絲團可以因為平台改例而一夜消失。名氣平台給你，利益自己去找，即是走不出邵逸夫的商業模式，明白未？
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