IM Yearbook 2020/21

More documents

Info

Lose yourself… …and regain your senses Become a citizen of Antigua and Barbuda through the islands’ newest Citizenship by Investment Real Estate Development, Moon Gate Antigua. Located at Half Moon Bay, Moon Gate Antigua is a couples-only 40-suite Boutique Hotel, featuring a Cocktail Bar, Lounge, Gym and a 50 cover A la Carte Restaurant. With spectacular views overlooking the bay, and a two-minute walk to the white sands and turquoise waters of one of the Caribbean’s most beautiful beaches, Moon Gate is a place where you can relax, unwind, lose yourself and regain your senses… www.moongateantigua.com
DON’T BE THE LAST TO KNOW: THE IMPORTANCE OF MONITORING Residency- and citizenship-by-investment (RCBI) programmes have to meet the challenge of not only weeding out unsuitable applicants at the time of application, but also identifying those who could bring disrepute after they go through the application process and receive approval. Meeting this challenge involves employing a multi-pronged approach of enhanced due diligence along with real-time, ongoing monitoring, writes Karen Kelly, Exiger’s Director of Strategy and Development. The need for thorough, professional, enhanced due diligence on applicants to RCBI programmes is a standard highlighted regularly by industry advocates and programmes themselves. The risks of not implementing a comprehensive due diligence process have become evident in cases where applicants with ties to criminal activity and corruption have been named publicly and programmes were subsequently forced to re-examine their procedures and consider options for revoking citizenship or residency. However, even programmes with otherwise robust due diligence processes can be caught unaware by serious events that impact an approved applicant after an approval is granted. Applicants can and do experience material changes to their circumstances in the months or years following their approval. External factors, such as sanctions programmes that target new jurisdictions or sectors, would be near impossible for an RCBI programme to predict. Likewise, yet to be announced investigations against applicants or future suspect business dealings present a challenge when due diligence can only reasonably (and realistically) examine what has already transpired or is in progress. Red Flags By monitoring subjects through a technology platform for adverse developments in the months and years after initial due diligence, one observes that sometimes smaller red flags can precipitate more serious adverse findings in the future. Such red flags may include pending litigation, judgments, investigations, or regulatory actions against a subject or their businesses. The following examples are relevant to the investment migration industry: u A retired state official with a high net worth that far exceeds reported income and investments. Media outlets report an investigation into his financial activities has started, but law enforcement cannot confirm or deny such rumours at the time of due diligence. Five months later, the individual is charged with financial crimes and detained. u A business owner who heads a group of companies had a recent falling out with his companies’ shareholders and left his position as a result of related litigation, which has not yet progressed through the courts. He is later charged with multiple violations of local Anti- Money-Laundering and Anti-Terrorism Financing regulations and is already thought to have fled the jurisdiction. u Individuals with large personal or business debts due or judgments rendered around the time of application, already residing in a new jurisdiction in anticipation of avoiding payment. u Individuals whose political exposure and relationships have changed over time as new government officials take office, or as they enter new roles and industries. RCBI programmes make decisions regarding prospective applicants based on the information available at the time of the application. Holding off on decisions where an applicant is involved in an active legal case that could have a serious impact on the applicant’s reputational, legal, or financial standing can mitigate the risk of pending outcomes. But in cases without black and white findings, programmes assess the risks using the information at hand and make decisions accordingly. A Proactive Response Ongoing, real-time monitoring of applicants, after the initial due diligence report has been delivered, is fast becoming a standard tool for an RCBI programme to ensure it is alerted should serious findings come up after an applicant is processed. It is in a position to proactively respond, rather than scrambling to react to media reports and public pressure. Ongoing monitoring also presents a learning opportunity when applied to applicants that were not accepted or are still being considered, as it can validate the programme’s risk assessment framework and identify patterns to look out for in future applications. Monitoring across an applicant population does not need to be a heavy lift for a programme. Artificial intelligencepowered monitoring can scan thousands of sources in multiple languages in real time, eliminating false positives, and continuously refining an applicant’s risk profile. The right technology can be leveraged to scan for specific types of events and red flags for which a programme wants alerts, such as ties to sanctions or criminal proceedings. RCBI programmes that add technology-enabled monitoring to their toolbox for assessing applicants, and that are transparent about its implementation, have an added deterrent against bad actors. A combined approach of third-party due diligence and ongoing monitoring makes it more difficult for those looking to escape future consequences and strengthens a programme’s reputation for accepting only the highest-calibre individuals. Karen Kelly is Director of BIO Strategy & Development for Exiger Diligence, focusing on the Immigration, Citizenship, and Visa (ICV) Practice. She has 12 years’ experience that includes managing due diligence services for residence- and citizenship-by-investment (RCBI) programmes, financial institutions, and corporations, and developing specialised due diligence training programmes. She also participated in a large-scale RCBI programme review focusing on policies and procedures, workflow, operational support, and system implementation. Investment Migration Yearbook 2O2O/2O21 89
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 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 and 82: There is scope to introduce a minim
Page 83: United Kingdom United States Turkey
Page 86 and 87: Economic Impact Economically, Seixa
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
show all

IM Yearbook 2020/21

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?