IM Yearbook 2018/19

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IM INVESTMENT MIGRATION YEARBOOK 2018/2019 Market Players Today, there are approximately 100 countries offering investment migration programmes, with 60 of them actively promoting their programmes and 30 of them attracting the largest share of applicants. Supporting these countries in marketing their programmes are concessionaires, agents and referral partners. Figures on the number of companies and advisers active in the industry are hard to come by, though some 550 agents are licensed in one country or another. However, this is believed to be only a small fraction of the market as many countries do not require formal registration. The industry landscape remains very fragmented and ripe for consolidation. Henley & Partners and Arton Capital are the two dominant forces in the sector followed by a large number of small firms. Increasing competition and a need to scale up may well see the first wave of mergers and acquisitions occurring sooner rather than later. Growing Pains The industry has enjoyed some very positive momentum over the past number of years with record numbers of affluent citizens from the booming BRICS nations seeking access to Europe and North America. A major plus for the industry has been the ability to attract entirely new customer groups to the concept of acquiring a second residency or citizenship, which has helped expand the pool of potential clients and, in turn, widened the choice of programmes available. But it hasn’t all been smooth sailing. Pricing wars not only impacted the bottom line but also the image of the industry. Questions on transparency and adherence to international standards on anti-money laundering and compliance regulations brought the sector into sharp focus of other countries and international organisations who demanded tighter controls across the industry. A Serious Responsibility The investment migration industry emphasises that it wants to be part of the solution and not the problem and bemoans the fact that the actions it has taken are not being fully recognised by the international community. Countries offering citizenship-by-investment programmes are acutely aware that they risk having their programmes suspended or forced to close if they were to grant residency or citizenship to individuals without thorough background checks. Because of the importance of the sector to many economies, programmes have implemented KYC and due diligence standards that now go far beyond those of the banking and the financial services industries. The industry recognises it needs to do more in terms of showcasing the steps it is taking to safeguard the borders of its partner countries and thereby avoid having visa-waiver agreements revoked. A Changing Clientele It is estimated that up to 5,000 people acquire citizenship abroad each year. To date, Europe is the most popular region in terms of second residence and citizenship applications, accounting for over half of the total number of applications, with the Caribbean in second place, ahead of North America. The European programmes are popular thanks to free travel within the EU, while the Caribbean programmes are attractive due to their relatively low investment requirements. The largest sources of custom are China, Russia and the Middle East. While the traditional markets are still important, agents are reporting that they are seeing increased interest from applicants in the US, the UK, as well as other European countries, who increasingly value the options a second passport or an alternative residence can offer. Events including the decision by Britain to leave the European Union and the 2016 US Presidential election are driving new interest. Most of the individuals making these types of investments are high-net-worth entrepreneurs with a net worth of about US$2 to US$15 million. However, the recent price drop some programmes have experienced means acquiring a second passport has become increasingly affordable for people of more modest means too. Today, there are approximately 100 countries offering investment migration programmes, with 60 of them actively promoting their programmes and 30 of them attracting the largest share of applicants. 14
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IM Yearbook 2018/19

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