LITMIR.BIZ

      Introduction

      Since the 1^st edition of this book was published, the world, and the Euro zone in particular, has been in the grip of unprecedented economic turmoil. Countries looking for new ways to generate growth are increasingly focused on the benefits of economic migration. However, governments are also under pressure to ensure that employers give priority to local workers when they are looking to fill vacancies. The global political climate is therefore one torn between the undeniable economic benefits of migration and the political need to be seen to be implementing protectionist measures to appease the concerns of the general public. This has led to a number of countries implementing immigration and citizenship laws designed to meet these twin aims, with varying degrees of success. While each country is eager to be seen to be making its own mark on the worldwide immigration environment, the global immigration landscape has become plagued with a plethora of inconsistencies and diverging rules.

      The last twelve months has also been a time of significant political upheaval. As well as the uncertainty which has been a consequence of the “Arab Spring”, there is an increasing sense that immigration itself is becoming a political battleground. With the rise in popularity of far right organizations, other, more mainstream, parties are having to rely on their support to form stable coalition governments. This has a knock-on effect on immigration policy in a number of countries which are now adopting a more protectionist approach. Furthermore, a number of countries are looking to increase their tax receipts by targeting high earning residents.

      It is therefore clear that obtaining citizenship or residence rights in one or more countries, combined with the ability to quickly leave one country and settle in another, is becoming increasingly important, both politically and economically, for high net worth individuals.

      In a mobile global economy, the reality is that key players live and conduct business on an international basis. For the ever growing number of these high profile and high net worth individuals, meeting the physical presence requirements for settlement or for naturalization in a country is becoming impractical. It is neither desirable for tax planning and wealth management purposes nor feasible if they are to take full advantage of international business opportunities across the globe.

      For these individuals the option of a second or even third citizenship is enormously attractive. The freedom which is afforded them is unparalleled. When one considers the reality that, due to the nature of their business, many international entrepreneurs will not spend more than six months a year in any one country, the benefits of citizenship-by-investment become more apparent.

      For individuals who hold passports of countries with fewer visa waiver agreements, a second passport can open up travel to countries previously restricted by time consuming visa application requirements and processes. Using their second passport means giving the individual and their business access to markets in countries previously beyond their reach. Greater access to new markets creates new opportunities for growth.

      The economic crisis has brought this issue into stark relief. Nations are in greater need of ways in which to raise revenues and individuals are searching for more tax-effective means to structure their global lives. In exchange for a route to citizenship or residence, nations can incentivize high net worth individuals and their families to invest in and grow their economies.

      In some sectors there remains a stigma attached to the practice of exchanging investment for residence or citizenship privileges. Some believe that in awarding permanent residence and citizenship to those making a significant investment into the local economy you are devaluing both. However, this outdated belief is no longer reflective of the true nature of investor immigration and citizenship-by-investment today. These fears stem from historical practices abandoned by modern governments.

      There is no doubt that investor immigration and citizenship programs need to be properly monitored and administered in order to prevent abuse. These programs must be run in a manner which is legal and transparent and in keeping with the constitution of the nation offering citizenship. This not only prevents corruption but gives the individual obtaining permanent residence or citizenship a sound legal right to their new citizenship. This is a stark contrast to obtaining residence and citizenship illegally. Sadly, there are a large number of illegal schemes run predominantly on the internet through various agents which amount to immigration, citizenship and passport fraud.

      When researching the options available in relation to investor immigration and citizenship for certain countries, much of the information is unclear and it can be very difficult to find real and accurate information. Furthermore, immigration laws are also increasingly being drafted “in a hurry” in response to the ever changing political environment. Legislation introduced

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