IM Yearbook 2020/21

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As enhanced data privacy restrictions are enacted in jurisdictions around the world, due diligence processes will have to adapt accordingly, and, in some jurisdictions, it will be necessary to find alternate legal methods of obtaining meaningful intelligence. Laura Austin LA: The changes implemented in light of Covid- 19 showcase the adaptability of the CIUs, and in many ways are another great example of positive progress emerging from the pandemic. From a due diligence perspective, the more comprehensive information and documentation we have at the start of an investigation, the better and more comprehensive the output will be. However, this is in no way positing that comprehensive and high-quality due diligence cannot be conducted without the comprehensive set of required documents in hand. In reality, due diligence, when conducted properly, only partially relies on the documents and information reported, while equally relying on intelligence and information that was not disclosed. Additionally, it is worth noting that to date, we have not seen a significant number of files submitted to us with missing documents. Certain of the documents we have received have not been notarized, as notaries in many countries were not available during lockdown periods, but with the exception of a few jurisdictions, the lack of a notary stamp does not typically impact our ability to confirm the document with official in-country sources. There is rightfully a concern on some level about an impact to the due diligence process if, for example, a significant number of documents are absent at the time the diligence is initiated, but this has not been our experience to date, and we are confident that the CIUs will continue to apply adequate standards when it comes to the documents received and the initiation of the due diligence process. EL: We support the adoption of technology to assist both applicants and the CIUs. Whilst supplied documentation is, of course, fundamental to the process, it does not tell the full picture and our checks online and in-country enable corroboration of genuine information and discovery of false or misleading information. We work alongside the CIUs when conducting verification, and if a perceived issue or threat is identified, we would always liaise with the relevant CIU and request further documentation to alleviate concerns. As technology develops, we believe that the application process can be streamlined and, potentially, allow for verification to be more transparent. How do you expect the due diligence practice to develop in the next five years? SW: I think there will be further significant improvements in the process of risk assessment and lower-risk application vetting, driven by technology and automation. As more data becomes available in digital format and Machine Learning and Artificial Intelligence tools become smarter and more available to practitioners, the vetting process will become faster and more seamless, particularly for low-risk applicants. However, where the risks remain high—either because of lack of transparency, lack of documentation, remote location in highrisk perceived countries—local and human based intelligence will remain the sine qua non of effective due diligence. JS: Hopefully we will start to see a more uniform adoption of due diligence for agents and governments across the industry. This is especially critical for the Western European residency programmes that deal in high volumes but seemingly do very little due diligence. Ideally, these Golden Visa programmes would adopt the minimal due diligence standards outlined in the IMC-coordinated reports, publicly outline what level of vetting takes place at the applications stage and what risk-based approach is taken when making decisions. LA: Technology will continue to play a significant role in the evolution of the due diligence industry, both in internal process enhancements and end-user offerings. We expect significant advancements in internal technology solutions that allow for added efficiencies in record retrieval, analysis and reporting, leading to improved turnaround times, increases in capacity, and more sophisticated levels of risk-based analysis. For end-user solutions, we also expect enhancements to risk rating and post-investigation monitoring tools. External to enhancements from providers, the next five years promise to bring additional data privacy measures in a number of jurisdictions, including increased use of anonymization and pseudonymization in records. As enhanced data privacy restrictions are enacted in jurisdictions around the world, due diligence processes will have to adapt accordingly, and, in some jurisdictions, it will be necessary to find alternate legal methods of obtaining meaningful intelligence. EL: With ever greater scrutiny on programmes by the media and policymakers, it has become vital to ensure that every application has been checked and all sources verified. Digital passports and IDs will change the way we all verify our identities, both at home and when travelling. That will inevitably alter the way in which verification for citizenship takes place and should allow for better initial checking. We also support the IMC’s work to establish best practice in due diligence and that will help to allay the fears of some on the quality of citizenship granting. 80 Investment Migration Yearbook 2O2O/2O21
United Kingdom United States Turkey Malta Canada Portugal Montenegro Austria St. Kitts & Nevis St. Lucia Dominica Grenada U.A.E Greece Andorra Antigua Switzerland Vanuatu Australia Ireland Our Team is Growing to Serve You BEYOND Your Expectations OUR OFFICES Dubai | London | Hong Kong | İstanbul | Kiev | Shanghai | Budapest | Moscow www.beyond-immigration.com info@beyond-immigration.com
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IM INVESTMENT MIGRATION Win-Win Pat
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from IMC Education and Training: Gi
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INDATA Key Facts and Figures 100-60
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750 Million People Would Like to Mo
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INDUSTRY OVERVIEW DOUBLING DOWN ON
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A Changing Market China has long be
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What’s your economic outlook for
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400+ MEMBERS FROM 55+ COUNTRIES Int
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Covid-19 is upending the investment
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Interview with KRISTIN SURAK, Assis
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Interview with BRUNO L’ECUYER, Ch
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When the news broke about covid-19,
Page 31 and 32: on investment migration, the Commis
Page 33 and 34: C0% WE ARE PLEASED TO ANNOUNCE THE
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: There is scope to introduce a minim
Page 86 and 87: Economic Impact Economically, Seixa
Page 90 and 91: Lose yourself… …and regain your
Page 93 and 94: HOW WE CONDUCT IN-COUNTRY CHECKS IN
Page 95 and 96: Beijing, China “Wealth creation i
Page 97 and 98: “Wherever I go, I want to be a ch
Page 100 and 101: INVESTING IN A GL BAL Rupert Gather
Page 102 and 103: In conversation with PARAG KHANNA,
Page 104: THE IMPORTANCE OF EB-5 Due Diligenc
Page 107 and 108: MARC AUDET PRESIDENT AND CEO AURAY
Page 109 and 110: KIERON SHARP CHIEF OPERATING OFFICE
Page 111 and 112: FRÉDÉRIC VILLA MANAGING DIRECTOR
Page 113 and 114: ROGELIO CACERES FOUNDER & CEO RCG G
Page 116: Save the Date The Investment Migrat
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IM Yearbook 2020/21

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