A once-in-a-century pandemic brought the world to a screeching halt and upended daily life. Freedom of mobility was put on pause as travel restrictions, lockdowns and border shutdowns became the new norm. All industries worldwide were impacted. In the global residency and citizenship by investment industry, the pandemic had a slightly unexpected impact among investors and entrepreneurs. The pandemic brought forward a new perspective on planning and a heightened interest in enhanced global mobility through RCBI programs in a post-pandemic world.
When the pandemic ensued worldwide, entire countries experienced the effect of business closures, strain on healthcare systems and resulting economic downturn. For HNWIs, however, safety and security for their families became paramount, including among those already living in advanced countries. The desire to seek residency and/or citizenship in other locales became increasingly attractive since an alternative location via RCBI can provide flexibility and stability to safeguard wealth and business in times of social, political or economic changes—such as what was experienced during a global pandemic.
Investors are increasingly widening their global search and interest is growing. Many HNWIs want to obtain multiple options for domicile worldwide where they and their family, extended family and assets can be based. Before the pandemic, factors such as quality of life, education, healthcare and travel were the main priorities. The pandemic has had the effect of causing many to re-evaluate their priorities, life choices and long-term goals for themselves and their extended families.
The pandemic’s impact brought about a shift toward the inclusion of safety and security, access to top notch healthcare, dependable infrastructure, pandemic preparedness and management, good airlinks, better prospects for children and grandchildren as well as retirement considerations for parents and grandparents. Demand for investment migration programs has increased by entrepreneurs and affluent investors that no longer want to be restricted to a single jurisdiction.
We reached out to our previous Top 25 winners and asked them to share their insight about the migration landscape globally and in their country.
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WR Immigration
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
The Global Pandemic has created a massive surge in interest in second passports, both from Americans and others. One reason is the pandemic has created a new framework where people have been liberated from an office and can work from anywhere.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
We are very fortunate to have developed a cloud-based Immigrant Management System, WRapid™ that is ideally suited to remote work. The employer and employee portals provide complete transparency to all as to progress, information, and the ability to upload documents in a secure environment that is GDPR compliant. These trends are efficient and will increase and are definitely here to stay.
TRENDS: What are some trends you are seeing in the global RCBI industry now?
There is a massive surge in interest especially for Grenada and Turkey since they are U.S.- treaty countries and thereby open the door to owning and running a business in the U.S.
LOCAL: How was your country’s local investment program impacted? Did any regulations or criteria change in the program because of COVID?
We are based in the U.S., where COVID has dramatically changed and restricted the issuance of visas and green cards.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
We are already seeing a surge of demand for travel as people are seeking to get out of their homes and people have ironically become much more global and wanting to move because they have been confined in their homes so long. Book now and book early because prices are going up and bookings are already getting full.
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Simard & Associates Limited
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
We have seen that the interest in RCBI and immigration programs as a whole has remained steady, despite the pandemic. Potential applicants still have firm plans to immigrate, but may have slight hesitations as to when to execute the plan. Despite this, many immigration programs can be processed without the applicant needing to land and reside in the country immediately, and others have prolonged processing times. Once an interested candidate understands this reality, interest remains firm.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
As with all other businesses, it is vital that immigration law firms and consultants make sure that safety protocols are followed. This, of course, has led to more online exchanges in lieu of the traditional office meetings. Seminars and large events are also done online for the most part. These changes are likely to be temporary as the severity of the situation decreases.
TRENDS: What are some trends you are seeing in the global RCBI industry now?
Most countries, it would appear, are starting to veer in the direction of more active types of immigration programs (for example business start-ups) rather than the typical passive investment schemes that were popular in the past. Most countries have the same level or more demand for immigration, but are slowly looking to attract migration that will lead to local prosperity.
LOCAL: How was your country’s local investment program impacted? Did any regulations or criteria change in the program because of COVID?
The Canadian immigration programs have, as a whole, remained unchanged during the pandemic; those interested can still apply, and their applications will be processed. The Canadian Government has, however, clearly indicated that due to the effects of COVID, the processing of files is less effective. Essentially, this means that applicants can expect their files to be processed at a slower rate than usual. Another indirect consequence for those who have been accepted is the closing of the Canadian border (in most cases) to non-permanent residents/citizens. As such, under the current regulations (subject to change at any moment), even if an applicant has had his application accepted, they may need to wait until the travel restrictions have been lifted before landing in Canada.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
While we must all stay vigilant and assume that the effects of COVID will linger for a while yet, there is room for optimism. An increasing number of people, both in the destination countries and the nations of those looking to immigrate, are getting vaccinated. As nations and peoples start to see beyond the mist that is COVID, interest in RCBI will increasingly return.
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JEAN-FRANÇOIS HARVEY
Harvey Law Group
Global
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
For our firm, the impact was positive; we witnessed an increase in business activities. As for the industry itself, we have seen an increase in new markets, while the activity in traditional ones like China was definitely lower.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
Honestly, we had to expand our team to answer to the demands. While WHF was offered to all our employees around the world, the majority of our team decided to keep working from the offices as they did before.
LOCAL: How was your country’s local investment program impacted? Did any regulations or criteria change in the program because of COVID?
Our firm has 22 offices around the world. While some offices were impacted, others have seen an increase—hence, it balanced itself. COVID did however create more flexibility from the different RCBI governmental department notably on the notarization of document.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
This is hard to say, but now that the market is moving towards the West, this can only be good for HLG as a law firm. Countries like the USA have strict rules with respect to who can offer immigration services, being a lawyer is only playing field, hence, no complaints here.
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NEXT Lawyers
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
Even though in practical terms, some things became more difficult or impossible—namely traveling abroad or obtaining necessary documents—it is true that the pandemic has had a positive impact on the RCBI industry worldwide.
The pandemic has impacted our generation in a very unexpected way and made people rethink their priorities and life options. Being faced with such an unimaginable and dramatic scenario, people started paying even more attention to mobility. Traveling became impossible for most people, therefore having more than one nationality or holding a residence permit from other countries became a necessity.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
To be honest, in our law firm, we didn’t have to change or adapt much due to COVID.
Before the pandemic, Next Lawyers was already a globalized law firm. Our lawyers were already used to working remotely from different parts of the world, facing multiple time zones and working online most of the time.
Even from one of four offices, online meetings were already common with multiple clients or investors from the different corners of the world.
Of course, we had to implement some changes in the offices and structure, especially on the administrative services, to be more efficient in times when most day-to-day tasks became difficult.
However, I don’t consider those a big change to our business, our procedures or way of working, since we were already prepared for it and doing it.
The only change that I foresee and hope is not here to stay is those glasses/barriers/protections separating people’s desks or meeting rooms.
TRENDS: What are some trends you are seeing in the global RCBI industry now?
We are witnessing an increase in demand from clients from all over the world. People are now interested not only in the big, vibrant cities but also in smaller towns where raising a family can be simpler, comfortable, and safe. Also, I believe that people will now focus more on the quality of the health care services provided in each country and their costs.
European countries where the social state of the law is very important and implemented will definitely attract even more interest from the RCBI industry.
Lastly, I expect that working remotely will become one of the rules of the future of work and employment. Thus, people will choose to live in countries where they have a good quality of life, welfare, and safety, but that are also more tax efficient.
A tax efficiency system or regime like the Portuguese non-habitual tax regime will become an even more decisive factor in choosing the country to migrate and live.
LOCAL: How was your country’s local investment program impacted? Did any regulations or criteria change in the program because of COVID?
The pandemic has had a positive effect on the reputation of the Portuguese residence by investment program (RBI). Our program was already very well seen internationally, but the way Portugal handled the COVID-19 pandemic has brought even more attention to it. Portugal has proved that it is not only a safe and politically stable country, but it also has a fantastic public health system (22nd best health care system in the world).
In fact, in the first trimester of 2021, the investment increased 2,1% to 122,2 million euros. In March 2021, investment totaled 36,758,269 euros, 31.5% more than in the same month of 2020.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
We truly believe that the industry will grow considerably. The pandemic has had us all rethinking the way we live and work and, most importantly, our priorities. Nowadays, mobility has become a priority. New trends in the way we live and work, such as the digital nomads, will have a great impact on the way people plan their future, making the idea of moving abroad more accessible.
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Baker Donelson
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
COVID has impeded full capitalization and development of projects to which investors had committed in popular industries. This has jeopardized investor compliance with two key requirements under the EB-5/USA rules: expenditure of capital as planned and creation of jobs. And secondarily, return of capital is less certain. Reduced productivity and availability of adjudicators at USCIS and consulates has deeply slowed adjudications.
For those seeking capital from investors, COVID has reduced the frenetic travel for conferences and shifted attention to online conferences and direct contacts.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
We have been paperless for 20 years and increasingly un-hooked from physical offices, so COVID has not changed how we work. We miss personal interaction at conferences.
TRENDS: What are some trends you are seeing in the global RCBI industry now?
While COVID has dampened the international aspirations of some, it has caused others to be more resolute about immigrating through investment. The U.S. program has experienced significant stagnation from increased investment amounts, slower processing and visa availability, and uncertainty about expired legislation and litigation about key rules.
LOCAL: How was your country’s local investment program impacted? Did any regulations or criteria change in the program because of COVID?
No changes to rules because of COVID per se.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
Investment based immigration will accelerate as COVID worries thaw and key rule sets are solidified.
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Caiado Guerreiro
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
In Portugal, on the one hand, we have had a negative impact in terms of the delays in the applications, analysis timings, and lack of appointments due to COVID restrictions. However, on the other hand, the excellent results in dealing with the pandemic turned Portugal into a very safe and desired destination, leading to a significant increase in the demand for the Portuguese immigration programs. Now, with the beginning of the tourism season and with the borders almost fully opened—mostly powered by the Portuguese initiative EU COVID-19 Passports for Travel —we believe that the number of new applications and transactions will increase.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
Remote work and video conferences were the main trend caused by COVID at the office level. It was something that we already used to do, but since 2020, it has become the daily rule. With the return to normalcy, remote work will naturally decrease but video conferences are here to stay. They brought new efficiency to the work model; they enable us to connect with much more people on the same day in different time zones, allowing a much closer relationship with our clients and partners.
TRENDS: What are some trends you are seeing in the global RCBI industry now?
Definitely the increase in the demand for safer countries, not only in a social perspective but also in terms of health care and mobility. Having a Portuguese residency card, for instance, would mean—even under COVID restrictions—free access to more than 25 different countries for the holder and their family members. Also, with the phenomenon of cryptocurrency investment and mining on the rise, countries like Portugal that do not charge taxes on this kind of income and where the speed of internet and technology allow for good performances become destinations of choice.
LOCAL: How was your country’s local investment program impacted? Did any regulations or criteria change in the program because of COVID?
In terms of the process, not really. In Portugal, the first stage of the program already didn’t require the presence of the applicant. Naturally, in terms of timing, the program suffered some delays with the cancelation of appointments and the suspension of the services due to public health reasons. However, the Portuguese government was always very fast at implementing measures and replies to similar situations; a restructuring of the current immigration services already being in progress, which is creating huge expectations in terms of an increase in efficiency. The government will also introduce some changes that are not related to COVID in January 2022, where some investment options will become expensive and others, like real estate investments for habitational purposes, will be subject to geographic restrictions to protect the local residential communities and attract more investment to less developed areas. This will mean (and it already means) a running for the last 2021 opportunity to benefit from the current regime, but also, the emergence of new and different business opportunities outside major cities. There are more and more international companies settling in Portugal to develop these projects because they believe they will be of interest to foreign investors. Portugal is a territorially small country and therefore there are, in fact, no great distances between north / south, east / west.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
I foresee an increase in countries that will start offering this type of programs (as a way of overcoming the economic impact of COVID), consequently, more competition between the respective regimes and conditions. On the other hand, it will be necessary to bring investment immigration up for international discussion, due to the lack of regulation and the need to prevent, in a proportionate and harmonized manner, money laundering and terrorist financing with other immigration routes. These are themes that are increasingly relevant with direct impact on societies. If governments do not respond and present the concrete rules and the direct positive effects of the programs, they will not have the support of local communities.
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Mazzeschi S.R.L
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
We experienced an increasing interest in the Italian investor visa, which previously was not very popular. Italy also has an “entrepreneur visa” for those who want to invest 500,000 euros and create three jobs but, unfortunately, no clear guidance has ever been issued by the government. Wide discretion on the issuance of the visa is left to each consulate and this visa has never been adequately publicized. Our government has announced plans to enhance policies and incentives to attract more foreign investors, and this could be an effective tool for the recovery of the Italian economy.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
The pandemic and the necessity of working from home gave us the opportunity to speed up the investments in technology, digitalization of many processes, and a data-driven team culture. I asked my team to be more flexible and ready for different tasks depending upon the new kind of queries we receive from clients. Permanent flexibility will be the hallmark of the future workplace. I am also trying to instill in my team the culture of lifelong learning; they need to understand that the skills and knowledge you have now will constantly need to be updated.
As for the changes that are here to stay, I think most companies will need to adopt a more flexible work policy, allowing staff to work remotely. This also means that companies need to invest permanently in technological tolls to help employees to manage their work differently. Companies will need to invest in providing them with adequate training .
TRENDS: What are some trends you are seeing in the global RCBI industry now?
Most countries are implementing more restrictive and selective immigration policies. Highly skilled and educated individuals are scarce and they will be in demand, while there is a surplus of low-skilled workforce. Many people have therefore realized the importance of having a second passport or residency, in order to maintain the freedom to travel and move to a different country. Obtaining a passport or residency in an EU country is particularly valuable, because holders can obtain the right to move and settle freely in any EU country.
LOCAL: How was your country’s local investment program impacted?
Italy is a country attractive for its lifestyle and for being an EU member. Italy’s investor visa has become more popular also for the tax incentives that our government has introduced to new residents. The government is also investing to digitalize rural areas and this program is attracting many digital nomads and people who can work remotely. Even though Italy, like most other countries, has not yet implemented a specific visa for digital nomads, I think that some changes will occur in the near future to take into account this new phenomenon.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
I expect a further growth of the industry. In the EU, CBI programs of countries like Malta and Cyprus have received opposition and are currently being disputed by the European Commission. On the other hand, I think RBI schemes will become even more popular, because many countries will try to attract more investment to help their economies to recover after the pandemic.
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Donoso & Partners LLC
IMPACT: How have you seen that the pandemic has impacted the global RCBI industry?
There have been two trends, which have been at odds with each other during the pandemic. The first trend is the desire for potential investors to secure residency in countries that have solid health care systems and offer relative political and economic stability in comparison to their home countries. The second trend is the tendency for potential investors to be hesitant to take important decisions about their lives during an important critical event such as the COVID-19 pandemic. I expect that there will be pent-up demand for residency by investment that will become more active in the latter half of 2021 and through 2022.
ADAPT: How did you adapt your business or ways of working due to COVID? Do you think some of those changes are here to stay?
Donoso & Partners adapted by embracing technology early-on during the COVID-19 pandemic. We made sure to use our website and social media to update clients and potential clients on events relating to U.S. and Canadian visa issues. Legal changes in travel restrictions and visa issuance by consulates have been changing so rapidly in relation to COVID-19 conditions that people naturally sought out to Donoso & Partners for accurate information. We also embraced technology by using Zoom and other communications systems for meeting with clients and joining together our whole team of lawyers and professionals who were social distancing at home. Our efforts have been very successful, and we will continue to use platforms such as webinars and social media to engage in outreach.
TRENDS: What are some trends you are seeing in the global RCBI industry now?
Investors are actively seeking a second residency or passport because of challenges in their home countries that include political instability and the ripple effects of the COVID-19 pandemic. Investors are also focusing on their children by pursuing residency by investment earlier than ever in the life of their children, so that their kids may settle at an earlier age in their destination country, whether that be the United States or Canada.
LOCAL: How was your country’s local investment program impacted? Did any regulations or criteria change in the program because of COVID?
The COVID-19 pandemic reduced the number of investment projects offered in the U.S. EB-5 immigrant investor program and caused some projects currently under construction to experience delays. In Canada, the federal government decided to suspend the very popular Owner-Operator Labour Market Impact Assessment, in part due to the challenges of the COVID-19 pandemic in opening and operating small businesses in Canada. At the same time, Provincial Nominee Programs for entrepreneurs, such as the Ontario Immigrant Nominee Programme, adapted by offering virtual interviews rather than in-person visits to the province.
FUTURE: Looking ahead, what do you anticipate happening this year and in the near future in this global industry?
Residency or citizenship by investment is an excellent tool for spurring foreign investment into destination countries during difficult economic times. I expect that such programs will remain popular and continue to become more widely used. At the same time, the U.S. EB-5 immigrant investor program appears ripe for updated regulations and I would expect to see improvements to the program implemented during 2021 and 2022. I expect that these improvements will likely cause a reduction in rather long processing times for initial approval of visa petitions by USCIS.
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