Welcome to Mobility Minute, a newsletter published every Friday byWorldwide ERC®for the benefit of members and the global mobility and relocation industry. Here's a quick glimpse of what you'll find in this week’s issue:
Worldwide ERC Announces New Board Members
Hiring Across State or International Borders
Canadian Legislation Bans Foreigners From Buying Homes
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Worldwide ERC Announces New Board Members
Worldwide ERC recently announced that four members will join its Board of Directors for three-year terms on January 1, 2023.
The new members are: Tanya Mariottini, Director, Global Mobility, Twilio, Inc.; David Pascoe, Executive SVP, EMEA & APAC, Global Talent Mobility, Cartus; Kelly West, Founder & CEO, The MilesWest Group; and Deb Convery, Director, Global Mobility & Immigration, Stripe.
Companies expanding overseas need an effective way to hire, train, onboard and protect international employees. It is not always necessary to establish a local entity to hire internationally. Partnering with a professional employer organization, employer of record, or global employment organization allows companies to build an international team without having to spend money on a physical presence in the country.
Why is this important?
While remote work and work-from-anywhere policies gained popularity in 2020, there are different tax compliance and employment laws that employers need to understand and follow if employing a worker in a different state or country. EORs and GEOs not only help companies maintain compliance in a foreign country, but an expert from that geographic location will be dedicated to fulfilling any HR needs.
Canadian Legislation Bans Foreigners From Buying Homes
The Budget Implementation Act has now been passed into law, and a portion of the legislation called the Purchase of Residential Property by Non-Canadians Act prohibits non-Canadians from purchasing, directly or indirectly, any residential property in Canada. The legislation will go into effect on January 1, 2023, and will last for two years.
Why is this important?
The Canadian government's regulation would prohibit foreign commercial enterprises and non-Canadian citizens or permanent residents from buying residential property in Canada. This legislation will limit housing options for employees relocating to Canada.
Benivo announced a $12 million funding round led by Updata Partners. With this new capital, Benivo will grow its teams in the US, UK, Armenia, and India, and continue to expand its unified mobility solution to address the industry's key pain points.
If you have news about Worldwide ERC® members and our industry, send your updates to mobility@worldwideerc.org.
Global Economic Snapshot
Large numbers of Russians rushed to book one-way tickets out of the country while they still could Wednesday after Russian President Vladimir Putin announced a partial mobilization of military reservists for the war in Ukraine. Flights filled up quickly and the prices of tickets for remaining connections sky-rocketed, apparently driven by fears that Russia's borders could soon close or of a broader call-up that might send many Russian men of fighting age to the war's front lines. — NPR
Almost three years after Covid waylaid the New York real estate industry, the city’s new development market is tiptoeing into unfamiliar territory: normalcy. Sale and rental prices have exceeded 2019 levels, with rents continuing to break records, according to market reports. And developers are once again moving forward with ambitious megaprojects. — The New York Times
The U.S. dollar is experiencing a once-in-a-generation rally, a surge that threatens to exacerbate a slowdown in growth and amplify inflation headaches for global central banks. The dollar’s role as the primary currency used in global trade and finance means its fluctuations have widespread impacts. The currency’s strength is being felt in the fuel and food shortages in Sri Lanka, in Europe’s record inflation, and in Japan’s exploding trade deficit. — The Wall Street Journal
The U.S. State Department says it plans to fully launch an online passport renewal option for the general public in early 2023. The shift, which for many will eliminate the need for piles of paperwork and hours spent waiting in line at passport offices, is meant to offer relief after the pandemic created two years of extensive delays and backlogs for passport seekers.
Online Passport Renewal in 2023
Since 2020, shuttered passport offices and personnel cuts at the State Department have bogged down the system, with wait times for passport renewals stretching as long as 18 weeks. Some travelers have flown across the country in order to have their passports renewed in person!
Worldwide ERC®, P.O. Box 41990, Arlington, VA 22204, United States, 1-703-842-3400
