With the Coronavirus pandemic sending waves of economic uncertainty across the globe, the pace of business and transactions has begun to slow. During the recovery period over the next 12-18 months, adaptation and agility is key to commercial survival and the need for individuals to take steps to design a backup plan is now greater than ever. In order to overcome the challenges brought by current global volatility in the midst of Covid 19, individuals should look to acquire second citizenship or residency.
Global Capital Hub is a leading investment and immigration firm with a large footprint and presence in many different countries. Our focus is working with high net worth individuals who are looking for residency and citizenship solutions that suit their investment objectives and globally mobile lives. Whilst we have extensive expertise in global immigration and citizenship solutions, we also facilitate investment into the fields of life sciences, longevity, biopharma and artificial intelligence and innovation into the health sector.
A ‘plan-B’ option of citizenship or residency can allow individuals to organise greater long-term financial planning and ensure the safety of their families in a way which is tailored to accommodate family, business and lifestyle. Just as investors should spread their risk and diversify their portfolio into different forms of investment, a second passport can offer means by which an individual and their finances can absorb economic shocks, maintain global relationships and ensure business continuity.
Our high net worth clients are looking at 5 key things right now:
- They are looking for countries with both current and long term economic and social stability which has become increasingly important as they focus on maintaining their health and wealth.
- They are looking for countries that are liveable for long periods of time; a consideration which has only gained attention due to individuals’ travel being restricted over lockdown. This equates to countries with great infrastructure, health care, education systems and those that welcome international residents.
- They are looking for countries that offer efficient public and private sector services that will process applications in a timely manner. Business continuity has been a key issue during lockdown over the world and services more than ever need to be seamless, contactless and expedited.
- They are looking for good airlift in order to gain access to the country and ensure long term transitioning in and out of the jurisdiction.
- Finally, they are looking for flexible residency programmes which will not impact on their globally mobile lifestyle.
In order for investors to secure their options now and use the current time to plan investment and citizenship strategy, individuals should work to keep themselves informed generally and specifically with regards to updates in citizenship and investment programmes which are changing all of the time.
The needs of our clients are in a constant state of change and now, more than ever, demand is coming from countries not previously interested in investment migration options. Individuals do not want to be isolated from economic activity hubs or risk being in a location where supply chains are collapsing or there is no local agricultural supply to rely on. Remote tax havens were in Vogue pre-Covid 19 but tax avoidance is not a key concern in a pandemic situation. Protection of health and wealth remain at the forefront of our clients’ minds. Turkey is becoming a popular option for citizenship by investment schemes with greater numbers of countries seeking trade channels through Europe in order to access the Middle East and Africa.