THE GOLDEN PASS

SECOND PASSPORTS HAVE FOUND INCREASED PURPOSE IN A POST-PANDEMIC WORLD. SIMON BROOKE DISCOVERS THE CITIZENSHIPS WORTH INVESTING IN FOR BUSINESS OR LIFESTYLE ADVANTAGE

It’s one of the most important questions we all face – where to base our families and our wealth? The pandemic, political and economic uncertainty combined with the growing use of communications technology, mean more of us than ever are rethinking where we should base our families – and our assets. Knight Frank’s 2021 Wealth Report revealed that, globally, 24 per cent of UHNWIs are planning to apply for a second passport or citizenship. Meanwhile, advisory firm deVere Group reported that enquiries for second passports, citizenships and overseas residencies were up by more than 50 per cent year-on-year. As they seek to attract foreign investments and talented individuals, a growing number of countries across the globe are now offering residency or citizenship solutions such as Investor Visas, Golden Visas and Citizenship by Investment. This offering increased during the pandemic.

“There’s no doubt that Covid continues to be a major game-changer and accelerator when it comes to the investment migration industry,” says Dominic Volek, group head of private clients at Henley & Partners, a residence and citizenship planning advisory. “Interest in alternative residence and citizenship options continues to spike 18 months into the pandemic.”

In the first half of 2021, the company had already received nearly 80 per cent of the web enquiries that it received across the whole of 2020, already a record year for enquiries with over 25 per cent more interest than the year before.

Although the Henley & Partners client base has always been global, it has experienced a significant upsurge of interest from the Anglosphere,

Ensuring future access to multiple residences or relocation options, or having dual citizenship, has become even more essential for entrepreneurs and investors and their families as a means to mitigate volatility and reduce their exposure to risk

particularly from US citizens, with an increase of 208 per cent, Canadians (up 47 per cent) and Australians (up 41 per cent). Meanwhile, nearly a third more Britons have expressed an interest and demand from EU citizens is also rising. According to Astons, an international real estate company, some £6 billion was invested in residency schemes in 2020 with the figure for 2021 likely to show an increase.

“The current pandemic has made people feel their citizenship, and its limitations, restrictions, and benefits, more than ever before,” explains Volek. “Ensuring future access to multiple residences or relocation options, or having dual citizenship, whether by exploring one’s ancestry or by participating in residence- and citizenship-by-investment programs, has become even more essential for entrepreneurs and investors and their families as a means to mitigate volatility and reduce their exposure to risk at a national, a regional, and global level.”

Countries that are using citizenship and residency as a way of developing their economies include New Zealand where successful tech entrepreneurs can apply for residency. Australia’s Global Talent visa was specifically designed to attract dynamic, highly skilled individuals to relocate to the country.

Brexit has inevitably been a driver with a growing number of UK based businesspeople looking to citizenships and residencies that give them easy access to EU states.

As well as the obvious candidates, Vanuatu, which is near Australia, is a Commonwealth country, and passport holders benefit from visa-free access to the 26 countries in the EU’s borderless Schengen Zone. The citizenship process can take just 30 days and Vanuatu’s minimum investment figure is one of the lowest of Citizenship by Investment programmes worldwide at just $130,000. Rami Cassis, an international investor and entrepreneur who is CEO of Parabellum Investments, a family office operating as a global private equity firm an international investor and entrepreneur, advises those who are thinking of choosing new citizenships and residencies to look beyond purely economic factors.

“The decision on what an appropriate quality of life means is highly personal and will depend on a number of factors including whether the individual remains professionally active and where geographically those business interests lie,” he says. “Also, whether schooling, medical care or other factors such as where extended family and friends are based are important.”

Similarly, Konstantin Kaminskiy of Golden Visas Ltd advises those thinking of taking this step to take a considered, holistic approach. “First of all, we need to understand what goals they need to achieve with obtaining a new citizenship,” he says. “The most common answers are to obtain a freedom of travel visa free or to relocate their family to a country with higher education and living standards. Then we drill down to what country and city would suit their lifestyle needs the best. Then we advise on the type of government residency and citizenship programme they may participate in to successfully relocate.”

With a greater number of options for residencies and citizenships than ever before, as well as more drivers and motivations for making this move, it’s essential that you think carefully about your ultimate goals – and then take expert advice to ensure that you can achieve them. NEW ZEALAND Individuals who make considerable investments are rewarded with entrepreneur work and resident visas

VANUATU Citizenship by investment programme is the fastest in the world and minimum investment is just $130,000

AUSTRALIA The Global Talent visa is a fast track to permanent residency for dynamic, highly skilled individuals

London Calling

DISCOVER THREE PRESTIGIOUS LONDON ADDRESSES FOR YOUR NEXT NIGHT OUT ON THE TOWN, A STONE’S THROW AWAY FROM THE LUXURY HOTELS OF PARK LANE AND THE FAMED MUSEUMS OF KENSINGTON AND CHELSEA

From the newly refurbished Forty Five Kensington to The Palm Beach, an icon of Mayfair for over 50 years, Genting UK welcomes you back to its worldclass venues in the heart of London. With each setting offering a level of exclusivity, privacy and distinct service to cater to every need, they may just become your regular new haunts.

← Forty Five Kensington

43-45 CROMWELL ROAD, SOUTH KENSINGTON, LONDON SW7 2EF

Located in the heart of London’s most prestigious Royal Borough, Forty Five Kensington sets new standards in style and sophistication for competitive entertainment. Sample the delights of the venue’s luxurious new restaurant, which boasts an inspiring menu of dishes from around the world such as farrouj meshwi and harissa glazed lamb rump. After your meal, enjoy a drink in the relaxed surroundings of the club’s elegant bar, where you can choose from a selection of fine wines, Champagnes and spirits in the utmost comfort.

fortyfivekensington.co.uk

← The Colony Club

24 HERTFORD STREET, LONDON W1J 7SA

Located close to Park Lane, and designed to elegantly weave together hints of Oriental opulence with a Western style, The Colony Club will transport you to a dramatic setting for a truly unique night on the town. Upstairs, in the celebrated restaurant, guests can dine at the famous Teppanyaki table or in the exclusive private dining room, while the main restaurant features a selection of South East Asian and Middle Eastern fusion dishes, all served in stunning surroundings.

colonyclub.co.uk

→ The Palm Beach

30 BERKELEY STREET, LONDON W1J 8EH

A veteran of over 50 years, The Palm Beach remains an icon of Mayfair, offering a truly unique gaming experience in the heart of bustling Berkeley Street. Decadent, plush Interiors set the scene for every kind of memorable evening in London. Multi award-winning chef Mahmud Zaman is behind The Palm Beach’s restaurant, an ideal venue for a light snack or celebratory dinner in a sumptuous environment, where you can indulge in the finest Indian and South Asian cuisine, alongside a selection of classic international dishes.