High-net-worth individuals (HNWIs) typically embark on high-level wealth and financial planning. They set up financial roadmaps for the future, employ the expertise of specialists, and utilise tools to safeguard their wealth against risk. However, one thing that they often overlook is proper immigration planning, a matter that is equally important but not considered until it’s too late.
What is immigration planning?
Immigration planning is the practice of selecting and obtaining specific residency permits or passports from foreign countries to hedge against political or economic turmoil in one’s home country.
By setting up a proper immigration plan, HNWIs can add an extra layer of protection for themselves, their families, and their wealth.
Luckily, investment migration provides a wide array of options for HNWIs to choose from. Obtaining a citizenship from a Caribbean country or Turkey requires no physical residence, while Malta only requires minimal residence until the application process is complete.
Golden visas in Spain, Malta, Cyprus, and Greece do not have a residence requirement, while Portugal’s program only requires a person to visit Portugal seven days a year to maintain their status.
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Quick action is the way to go
There are currently more investment migration programs available than ever before, allowing HNWIs to create robust immigration portfolios that match their needs and requirements.
However, the investment migration industry is prone to change, and quick action is recommended, especially since a person never knows when a crisis will happen.
The need for proper immigration planning
Take Syrian refugees in Turkey as a prime example. They were dislodged from Syria due to the civil war, which spanned nearly a decade and made a home for themselves in Turkey. Syrian refugees included people from all economic classes and political alliances who had to leave abruptly.
These refugees had to leave quickly, and on short notice, and since the Syrian passport is one of the weakest worldwide in terms of visa-free travel, they had limited options to consider, so neighboring Turkey was one of the primary hosts for Syrians fleeing their country.
However, things have taken another dire turn recently, as according to major news outlets, Turkey’s plan to repatriate one million Syrian refugees has already begun taking shape.
The refugee immigration status is deceivingly comfortable, as it provides a person with the right to live, work, and study in the country without having to provide anything in return, unlike work or investment visas, but it leaves them vulnerable to the decisions of their host government.
The recent Russian-Ukrainian conflict also highlights the need for proper immigration planning. Ukrainian refugees face the same risks their Syrian counterparts do, but it is in Russia where matters become more complex.
Average Russians who have nothing to do with their government or conflict suddenly find themselves cut off from the Western part of the globe. Financial and political sanctions have hindered their day-to-day lives, and their inability to function normally has begun to show.
Opening bank accounts, transferring money, conducting business, importing or exporting goods, and other normal daily activities have become extremely complex. If a Russian HNWI had the foresight to invest in a second citizenship, then they could circumvent some of those shackling restrictions.
This tactic would be especially advantageous if a person were to obtain a citizenship or residency permit (but preferably the former in this case) from a country on the other end of the political spectrum.
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The mindset of preparing for the worst while also taking advantage of the endless benefits a second citizenship or residency offers in the short term is exactly how modern HNWIs should think.
Immigration planning synergises with financial and wealth planning, so combining both is the optimal way to hedge against political and economic risks.
To know more about proper immigration planning and how you can set up a robust contingency plan through obtaining citizenship or residency by investment, contact us today to book a comprehensive consultation with one of our experts.
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