IM Yearbook 2023

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IM YEARBOOK What’s ahead for Citizenship by Investment? The idea of citizenship by investment has long provoked discussion and debate amongst critics and supporters. The IM Yearbook has invited Eric Major, CEO of Latitude and Patricia Casaburi, Managing Director of Global Citizen Solutions, to share their thoughts and opinions on the future of citizenship by investment. Pressure from the EU and the US is growing to end citizenship by investment (CBI) pathways in Europe and beyond. Are we seeing the end of citizenship by investment? Eric Major: Certainly not! Citizenship is a sovereign matter, which no supranational body can fully dismiss or carry off. The question is whether they can influence a country to cease it, to which the answer is Yes. Some nations will be influenced, possibly Malta and Montenegro, and others will not be. The Caribbean nations, I suspect fall in this category. However, in the end, CBI will be around for as long as independent states exist. Patricia Casaburi: I think we will see an evolution rather than the end of citizenship by investment. Most countries have a few different paths to temporary or permanent relocation, and we are seeing governments being creative in the development of visas for various market demands, hence the popularity of the digital nomad visas in EU and beyond. Investment migration professionals have adopted important self-regulatory mechanisms, while programmes insist that they apply the highest levels of due diligence. In your opinion, why have these initiatives failed to convince critics so far? Patricia Casaburi: Critics of CBI and RBI who are part of the EU or other governments would likely want to see more harmonisation on the due diligence checks, more cross-border reports and background checks on main applicants and family members regarding sources of wealth, corruption, and tax evasion. Of course, these are in place, but a lack of standardisation and transparency exists. Eric Major: The truthful answer is that our industry has experienced very damaging blemishes, even over the last three years, which brings fair doubt to the veracity of the industry’s claim to its high level of due diligence: Cyprus, Vanuatu and even Portugal quickly come to mind, let alone the early days of the Caribbean CBIs. It’s harder to build a reputation than it is to destroy it. There are concerns that if CIPs are phased out, the economies of some Caribbean countries will collapse. What comments would you like to make about this issue? Patricia Casaburi: Some countries in the Caribbean, like St Lucia, do not rely solely on CBI and have a diverse tourism industry. The population is often well-educated; however, the islands suffer from a lack of job opportunities and of course, are often hit by hurricanes. So, unless these governments propose ways of diversifying their economy with agriculture, for example, the downfall of CIPs would impact them hugely. Eric Major: As I already mentioned, I do not believe the Caribbean CIPs will be phased out. Yes, they could potentially loose visa-free travel privileges in the Schengen area, but I am 100% convinced they will continue to exist. Last I checked, there were more millionaires in the US than in any other country in the world, and Americans don’t apply for Caribbean CIPs because of Schengen access. They buy it because it is a safe destination that provides them a great lifestyle. In your opinion, how should CIP countries and the industry best respond to the situation? Eric Major: Let time show us how things will play out. At this point in time, there is nothing the industry can do to reverse the decisions that have already been made. However, we should encourage the CIUs to have a 10%-15% refusal rate. Too low a refusal rate isn’t credible in my mind. Patricia Casaburi: Four things come to my mind: Implementing the sought-after standardization of due diligence, improve communication between member states and third countries, continuous monitoring but also, investments that fit a bigger agenda. For example, investments in climate change and advancing energy targets, solutions that ensure the affordability of rent for locals, the creation of jobs, social programmes, and productive investments in the economy. What are your expectations for citizenship and residence by investment for the next three to five years? Patricia Casaburi: I predict that there will likely be more regulation, the introduction of an EU regulatory body that oversees programmes at the country level, productive investment, as well as full cross-border transparency. We may see the rise of programmes that cater to other parts of the world, like the Asian as well as the South and Latin American markets. Motivation is also ever evolving and geo-political events matter. Eric Major: Lots of changes coming, and I am still bullish! BIOS Patricia Casaburi is the Managing Director of Global Citizen Solutions. She previously worked for The Rezidor Hotel Group as a Corporate Account Director. Eric Major is one of the pioneers of the investment migration industry. A former CEO of Henley & Partners, he is now CEO and Chairman of Latitude – Residency & Citizenship Solutions. 22 - Investment Migration Yearbook 2O23
Secure your family’s future with alternative citizenship Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 35 offices worldwide. The firm also runs a leading government advisory practice that has raised more than USD 10 billion in foreign direct investment. For more information on acquiring alternative citizenship, e-mail yourfuture@henleyglobal.com or visit henleyglobal.com Define your Future Antigua · Australia · Austria · Canada · China · Cyprus · Dubai · Grenada · Hong Kong · Indonesia · Latvia · Malaysia · Malta · Montenegro · Nigeria · Pakistan Philippines · Portugal · Qatar · Singapore · South Africa · South Korea · Spain · St. Kitts · St. Lucia · Switzerland · Thailand · Türkiye · United Kingdom · Vietnam
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Page 3 and 4: IM YEARBOOK Contents Facts & Figure
Page 5 and 6: The Investment Migration Forum Adva
Page 7 and 8: IM YEARBOOK Matter 25 20 Numbers an
Page 9 and 10: IM YEARBOOK Investment Trends 71% E
Page 11 and 12: 400+ MEMBERS FROM 55+ COUNTRIES Jos
Page 13 and 14: IM YEARBOOK EDITORIAL An Engine of
Page 15 and 16: IM YEARBOOK of generating whole new
Page 17 and 18: IM YEARBOOK New mobility regimes Th
Page 19 and 20: IM YEARBOOK The other part of the d
Page 22 and 23: IM YEARBOOK The IM Long Read A Frag
Page 26 and 27: Clarity in a complex world. Citizen
Page 28 and 29: IM YEARBOOK leader of Iran since 19
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Page 33 and 34: IM YEARBOOK APAC in property in the
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Page 37 and 38: IM YEARBOOK 1. Welcome to the metav
Page 39 and 40: IM YEARBOOK 3. Sustainability: True
Page 41 and 42: IM YEARBOOK 5. The new reality: rem
Page 43 and 44: A LOCAL PARTNER YOU CAN TRUST. With
Page 45 and 46: IM YEARBOOK the Great Lockdown, alb
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Page 49 and 50: LET US HELP YOU MAKE PARADISE HOME:
Page 51 and 52: IM YEARBOOK Over the last five year
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Page 58 and 59: IM YEARBOOK Interview with Austin T
Page 60 and 61: Become an IMC Fellow! Why settle fo
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Page 64 and 65: IM YEARBOOK How migration policy ca
Page 66 and 67: IM YEARBOOK CONGRATULATIONS: YOU AR
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IM YEARBOOK In a bid to reduce our
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IM YEARBOOK About Us We are the wor
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IM YEARBOOK Two Routes to Membershi
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IM YEARBOOK Application Process Tim
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IM YEARBOOK IMC Qualifications and
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IM YEARBOOK Programme Structure / C
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IM YEARBOOK About the Forum The Inv
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IM YEARBOOK A Who’s Who from Gove
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IM YEARBOOK Previous Forum Partners
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IM YEARBOOK Testimonials from Past
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IM YEARBOOK Become our exclusive Ga
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IM YEARBOOK Forum Partnership Oppor
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IM YEARBOOK Visibility Opportunitie
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IM YEARBOOK Membership Facts Member
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IM YEARBOOK Visibility Opportunitie
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IM YEARBOOK 2. Standard Horizontal
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IM YEARBOOK 3. News Round-Up 3. New
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