IM Yearbook 2020/21

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most mandate-specific international organisations. The EU institutions have legislative powers on a wide array of issues and manage a multiannual budget. At the OECD, the mandate is focused on gathering data, running comparative studies and making practical recommendations on common challenges. With regard to investment migration, the OECD is merely concerned about how the misuse of investment migration programmes could allow individuals to circumvent reporting obligations under the OECD/G20 Common Reporting Standard (CRS). Thus, the OECD provides guidance to finance authorities on how to further strengthen the due diligence obligations under the CRS. The IMF and the World Bank consider investment migration programmes from a public finance perspective as a source of revenue for national governments. In its working papers, the IMF looks at the industry from a cost-benefit perspective. In its 2018 country report on Malta, it praises the significant contribution IM schemes make to the national economy. It also makes recommendations about how to sustain the benefits while mitigating the reputational and financial stability risks. Along with the World Bank’s comprehensive data on FDI, the Bretton Woods institutions help foster a greater understanding of the size of the industry and its contribution to the well-being of developing nations. Whereas the OECD, the IMF and the World Bank provide nonnormative analyses and credible figures on IM, the EU adopts a much more normative stance according to industry insiders. Effect on Non-EU Countries The European Union is also a prominent global political actor. Its power and influence over non-EU countries should not be underestimated, although for the moment, European institutions are focusing their efforts mainly on the CBI and RBI programmes of EU member states. However, the EU already exerts influence on candidate countries through its enlargement policy. Investment migration is likely to be on the agenda of upcoming accession talks with Albania, Moldova and Montenegro. In the eyes of the Commission, investment migration raises rule of law concerns – an essential chapter in the EU accession negotiations. A Look at the Political Landscape The European election in 2019 has changed the political landscape quite significantly. There is no more grand coalition leading the debates in the Parliament. The two main political parties – European People’s Party (EPP) and the Socialists and Democrats (S&D) – no longer hold an absolute majority in the Parliament. A significant proportion of the electorate expressed a clear support for more economic liberalism as the clear winner of the 2019 election was the ALDE group (Liberals). The Greens can also be regarded as an election winner as environmental concerns are gaining in importance for European citizens. These two political groups are now essential to build a majority in the European Parliament. In addition, some argue that the authority of the Commission over the European Parliament is not as strong as it used to be. The new President, Ursula von der Leyen, was elected with a mere majority of seven votes. In addition, three Commissioners nominated by France, Hungary and Romania were rejected after their hearing. The European Union also cooperates with almost any third country in the world. It’s the world largest donor of international aid. The promotion of good governance practices and the fight against international crime form part of this cooperation. An example of the EU’s influence on third countries is the pressure it has put on the Government of Panama following the release of the Panama Papers. Besides, the investment migration industry needs to consider the EU’s fight against tax havens. There is the real but distant possibility that the European Union might cancel visa waiver programmes with third countries that are considered tax havens. Countries whose citizens have visa-free access to the European Union and promote this as a benefit of their investment migration programmes could potentially be the first ones to lose their privileged access to the European Union. Brexit could accelerate this prospect in those countries that were former colonies of the British Empire. Working Hand in Hand Among industry experts, there is the opinion that predominantly negative stereotypes and legal bias fuel the work of European policymakers, while EU institutions are mainly tackling investment migration from a judicial perspective. They say that this narrow approach overlooks the economic, fiscal and social benefits for host countries and migrants alike. There is consensus in the industry that it is important to directly engage with European policymakers to provide them the information they need to make informed decision. The Investment Migration Council (IMC) shares the EU’s concerns on issues such as transparency, due diligence and the potential for illegal activities that can occur in the minority of cases when investment is abused. The trade association, however, believes that the best solution is for industry and policymakers to collaborate in raising standards across the board to mitigate the risks of abuse. The organisation follows an open, comprehensive and a fact-based public affairs approach. On various occasions, the IMC has attended events with policymakers, answered questions about investment migration programmes and highlighted the industry’s self-regulatory practice. The IMC believes that a well-working system is in the interest of host countries, migrants and the industry, whereby properly regulated programmes facilitate the inevitable flow of migration. In 2021 and beyond, the IMC will continue to engage constructively with European institutions and communicate its efforts to MEPs. 30 Investment Migration Yearbook 2O2O/2O21
C0% WE ARE PLEASED TO ANNOUNCE THE LAUNCH OF HILTON GLOBAL ASSOCIATES Melissa Kelley-Hilton Worldwide Investigations Expert Founder & CEO Peter Vincent Global Security Expert Providing Independent Services to Hilton Global Associates Timely, Relevant, and Actionable Investigative Due Diligence for Investment Migration M0% Y0% K0% Programs Around the World 445 Park Avenue, 9th Floor New York, NY 10022 (833) HGA-1234 info@hiltonglobalassociates.com www.hiltonglobalassociates.com 365 Fifth Avenue South Naples, FL 34102
Page 1 and 2: IM INVESTMENT MIGRATION Win-Win Pat
Page 3 and 4: from IMC Education and Training: Gi
Page 5 and 6: 60 62 63 65 68 70 75 76 83 89 91 92
Page 7 and 8: INDATA Key Facts and Figures 100-60
Page 9 and 10: 750 Million People Would Like to Mo
Page 12 and 13: INDUSTRY OVERVIEW DOUBLING DOWN ON
Page 14: A Changing Market China has long be
Page 17 and 18: What’s your economic outlook for
Page 19 and 20: 400+ MEMBERS FROM 55+ COUNTRIES Int
Page 21 and 22: Covid-19 is upending the investment
Page 24 and 25: Interview with KRISTIN SURAK, Assis
Page 26 and 27: Interview with BRUNO L’ECUYER, Ch
Page 28: When the news broke about covid-19,
Page 31: on investment migration, the Commis
Page 35 and 36: two stages: administrative and judi
Page 37 and 38: In conversation with KIERON SHARP,
Page 39 and 40: ● Codrington Although initially i
Page 41 and 42: Interview with GASTON BROWNE, Prime
Page 43 and 44: What are SDGs? They are a set of 17
Page 45: Another feature of investment migra
Page 48 and 49: ADVERTORIAL VCA boasts a specialize
Page 50 and 51: WHAT’S GOING ON IN… Programme U
Page 52 and 53: Europe Europe’s attractiveness as
Page 54 and 55: Southeast Asia Southeast Asia is th
Page 56 and 57: Interview with ALEX MUSCAT, Malta
Page 58 and 59: Simplicity. Safety. Sophistication.
Page 60 and 61: INVEST IN PARADISE. MAKE IT HOME A
Page 62 and 63: FIRST PERSON BOB KRAFT, Chairman, P
Page 64 and 65: LESSONS FROM LOCKDOWN MRVA SEES PRO
Page 66 and 67: RISK PROFILES CHANGE Don’t Be the
Page 68: Impact on the IM Industry Countries
Page 71 and 72: These programmes are not going to b
Page 73 and 74: IN THEIR W,RDS “I decided to foll
Page 75 and 76: A LOCAL PARTNER YOU CAN TRUST. With
Page 77 and 78: WORKING WITH THOSE YOU TRUST THE IM
Page 79 and 80: Due diligence has long been a thorn
Page 81 and 82: There is scope to introduce a minim
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United Kingdom United States Turkey
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Economic Impact Economically, Seixa
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Lose yourself… …and regain your
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HOW WE CONDUCT IN-COUNTRY CHECKS IN
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Beijing, China “Wealth creation i
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“Wherever I go, I want to be a ch
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INVESTING IN A GL BAL Rupert Gather
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In conversation with PARAG KHANNA,
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THE IMPORTANCE OF EB-5 Due Diligenc
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MARC AUDET PRESIDENT AND CEO AURAY
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KIERON SHARP CHIEF OPERATING OFFICE
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FRÉDÉRIC VILLA MANAGING DIRECTOR
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ROGELIO CACERES FOUNDER & CEO RCG G
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Save the Date The Investment Migrat
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IM Yearbook 2020/21

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