IM Yearbook 2020/21

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RISK PROFILES CHANGE Don’t Be the Last to Know Scan to read more about monitoring for the investment migration industry. RCBI programs are using Exiger’s AI-powered automated due diligence solution to monitor in real time. Contact Karen Kelly at kakelly@exiger.com to find out more. exiger.com
PRODUCT DEVELOPMENT The Many Faces of Business Migration Entrepreneurs, start-up founders and digital nomads: Here’s how they are shaping business migration today As an alternative or an addition to the residency-by-investment route, a new generation of visa programmes is increasingly leaving their mark on immigration systems worldwide. Alexander Varnavas Chad Ellsworth Stéphane Tajick Savvas Poyiadjis Juerg Steffen The words ‘Silicon Valley’ can evoke many things – innovation, growth and unicorn start-ups certainly come first to mind – but more than anything else Silicon Valley is a showcase of immigrant success. No one illustrates this better than Tesla and SpaceX CEO Elon Musk who was born in South Africa and became a US citizen in 2002. Musk is the prime example of a category of immigrants that many countries are currently seeking to attract: talented entrepreneurs and start-up founders. While traditional entrepreneur visas have been around for a long time, and it’s also not the first time that start-up visa initiatives are popular, many in the investment migration industry believe that these types of programmes will not only increase in numbers but become more economically important in the coming years. They are widely seen as more politically acceptable than the conventional residency-by-investment programmes and offer countries the opportunity to promote themselves as a globally competitive player and innovation nation. Meanwhile, some governments are seeking to attract a completely new breed of professionals by introducing digital nomad visas. Pioneer Estonia is being followed by others, including traditional CBI countries such as Antigua & Barbuda. Anti-Immigration Trend In most advanced economies, immigration is a highly debated issue politically and across society. When politicians discuss migration, they usually talk about threats rather than opportunities. The arguments against it are similar everywhere: migrants take jobs from locals, lower wages, don’t integrate with society, strain public resources and bring crime to the country. Khalid Koser, Executive Director of the Global Community Engagement and Resilience Fund points out that there is a polarisation of views between those who champion migrants and those who believe all migrants, and especially wealthy migrants, are criminals. In fact, immigration worries drove some of the biggest upheavals of the past decade – the election of Donald Trump, the rise of populism in Europe and Britain’s decision to break away from the EU. In this climate, it comes as no surprise that entrepreneur and start-up programmes are an easier sell for governments as they attempt to transform immigration from being a potential or perceived economic burden to society into a tool for economic development, argues Fragomen’s Chad Ellsworth. The Dying Entrepreneurs Meanwhile, there is the general feeling that the West’s golden age of entrepreneurship and innovation is behind it. Various studies show that no matter what measure or definition of entrepreneurship is being used, the underlying trend is downward. “The Western world has been looking at a demographic problem for decades now. We have brought immigrants to replace the ageing labour force, but there is a large deficit in the replacement of the entrepreneur class,” says Stéphane Tajick, President and Head Advisor of Stéphane Tajick Consulting. Many businesses owned by the babyboomers are facing succession issues with not enough buyers to keep those assets alive, especially outside large cities. “In Canada, we estimated that billions of dollars are disappearing from our economy because businesses are left to die. This is a problem that Western Europe is also facing and that immigrant entrepreneurs could help solve,” he points out. Politicians and economists are increasingly interested in the question of how migrants shape the economy and how they influence national innovation, economic growth and sector competitiveness. Various studies show that immigrants are more likely to establish their own businesses, and there is plenty of data that can be mined proving that immigration is actually boosting economic growth. In the US, migrants set up about 30% of all businesses, even though they account for just 14% of the population. Studies from the UK show that immigrants were roughly twice as likely as British-born individuals to establish their own companies. Start-up Mania Most advanced economies today have a complex system of immigration programmes designed to maximise a county’s economic competitiveness, including business visa for professionals not sponsored by a destinationcountry employer as well as channels for the highly skilled. Start-ups, however, were long excluded from the business migration world as their business ideas and projects were too unconventional and early-stage for entrepreneur visa. In addition, many start-up founders have eschewed degrees in favour of entrepreneurship, which means they do not qualify for programmes seeking to attract highly skilled professionals as these are often tied to a degree. Start-up visas have attempted to fill this gap. They have become increasingly popular in recent years as they allow a country to market itself specifically to young, high-potential and innovative founders. Traditional immigration nations such as Canada, Australia and New Zealand have introduced them, but so have a number of European countries, including Ireland, Spain, Denmark, the Netherland, Estonia, Latvia, Portugal and Finland. In Asia, countries such as Japan, South Korea, Singapore and Thailand, all offer startup visas in one form or another, while in South America nations such as Chile and Brazil launched them too. It is no coincidence that many countries added a tech focus – which country would not want to attract the next Elon Musk? Investment Migration <strong>Yearbook</strong> 2O2O/2O<strong>21</strong> 65
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A Changing Market China has long be
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Page 100 and 101: INVESTING IN A GL BAL Rupert Gather
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