“Things Have Become Very Divisive”: Investment Migration People in the News This Week
Investment migration people in the news this week included:
- Dominic Volek, Rohit Bhardwaj, and Judi Galst of Henley & Partners
- Gonçalo Roxo of Your Property Advisor
- Savory & Partners
- Anthony Liew of My Second Home Consultants Association
- Patrick Ho of Mayflower My 2nd Home
- K. Soma Sundram of the Malaysian Institute of Estate Agents
- Sunita Singh-Dalal of Hourani & Partners
- David Lesperance of Lesperance & Associates
- Alena Lesina of Astons
- David McNeill of Expat Empire
Bloomberg – China Faces World’s Biggest Millionaire Exodus as Economy Slows
China will see the biggest net outflow of millionaires globally this year as the nation’s wealth growth slows, Henley & Partners said in a report Tuesday.
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The advisory firm estimates China will lose 13,500 high-net-worth individuals with investable wealth of more than $1 million, followed by India with an exodus of 6,500, and the UK at 3,200, according to the Henley Private Wealth Migration Report.
While buyers from countries like Brazil and Finland are also on the rise, Gonçalo Roxo, the cofounder of Your Property Advisor, a real-estate consulting company that helps foreign citizens buy homes in Portugal, said Americans had taken a particular shine to Portugal’s lifestyle.
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“In 2020, maybe out of 10 clients, one would be American,” Roxo told Insider. “Now, out of 10, maybe five are Americans.”
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Applications for golden visas are open until July 1, according to the second-citizenship firm Savory & Partners. Other Americans are following in the footsteps of the Bagbys by finding their way to Portugal through a D7 visa — nicknamed the digital-nomad visa — which allows non-EU citizens with passive or independently earned monthly income of at least €760 to receive a temporary residence permit.
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Judi Galst, the associate director of private clients at the investment and migration consultancy firm Henley & Partners, said that the pandemic motivated Americans to seek out passports that allowed for easier travel, particularly those in the Schengen Zone, like Portugal’s. Passport holders of countries in the Schengen Zone can move freely between 27 European Union member countries. But, she noted, the political climate in the US also played a part.
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“Things have become very divisive,” Galst said of the United States. “Regardless of which side you’re on, and I talk to clients on both sides, people feel unsettled, and it’s prompting them to want to understand what their options are.”
The Star – Too much time lost in putting MM2H back on right track
“I hope a decision will be made soon on the review of the MM2H programme. We have to act fast so that we don’t lose out to Thailand, Indonesia and Cambodia, which are aggressively promoting their own programmes,” said Malaysia My Second Home Consultants Association (MM2HCA) president Anthony Liew.
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“At the moment, the approval rate for the MM2H programme is about 10% compared to approvals in 2017 and 2018,” he said.
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Patrick Ho, an MM2H consultant, said that applications for the programme had decreased drastically.
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“We used to process about 10 applications a month under the previous MM2H criteria. But now we have only processed five applications in the last 18 months since the programme was revived,” he said.
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Malaysian Institute of Estate Agents’ (MIEA) chief executive officer K. Soma Sundram said stakeholders should be called in to give their input.
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“The changes to the MM2H were disruptive because it was done overnight without time for stakeholders to make adjustments,” he said, adding that previous attempts by MIEA to reach out to the government were ignored.
MSN – Over 6,500 high net-worth individuals to leave India in 2023: Report
Dominic Volek, the company’s group head for private clients, claimed that the recent and ongoing unrest has resulted in a change where more investors are thinking about relocating their families for a variety of reasons, including safety and security, education and healthcare, climate change resilience, and even crypto-friendliness.
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“Nine of the top 10 countries for forecast net HNWI inflows in 2023 host formal residence by investment programmes that encourage foreign direct investment in return for the right to reside, which can also lead to citizenship in some cases. Investors see the clear value of diversifying their domicile portfolios as the ultimate hedge against both regional and global volatility, now and in the future,” Volek told Live Mint.
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Sunita Singh-Dalal, partner, private wealth and family offices at Hourani told Live Mint, “Prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse are but a few issues that have triggered the trend of investment migration from India. Dubai and Singapore remain preferred destinations for wealthy Indian families. The former, also known as the ‘5th City of India’, is particularly attractive for its government-administered global investor ‘Golden Visa’ programme, favourable tax environment, robust business ecosystem and safe, peaceful environment.”
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Additionally, Rohit Bhardwaj, director, of private clients at the company’s India office, told Live Mint, “With a current count of approximately 3.5 lakh high-net-worth individuals (HNIs) residing in the country, India showcases a robust wealth presence. Asia is home to various wealth hubs and just this year, the number of enquiries received from South Asia in the first four months of 2023 already accounted for 72.2 per cent of the total number of enquiries recorded the previous year which in itself was a record year. We project this upward trajectory to continue this year, with Indian investors voicing the demand for alternative residences and additional citizenships.”
The Telegraph – ‘Fire escape plan’ for wealthy Britons worried about Labour tax rises
David Lesperance, an international tax and migration adviser, said he is acting as a “concierge” for rich people in the UK who are putting together contingency plans to protect their wealth if Labour wins the next general election.
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“They’re just watching the ‘tax the rich’ wildfire,” Mr Lesperance told The Telegraph.
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“I can tell you because I’m the concierge leading them out the door – they either have already left or have plans to leave and are just waiting to see which way the political wind is blowing.”
Financial Express – Citizenship Via Investment: Safest golden visa and passport options for investors’ residency
Immigration Expert for Astons USA, Alena Lesina, says, “There are a lot of high net worth individuals opting to leave America at the moment. This is partly due to the high taxation laws, but also because they’re looking to secure a better quality of life and a greater degree of safety for themselves and their families.”
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The good news is that the option to gain citizenship or residency via investment can help many investors provide a far better quality of life for their families and there are a host of options that are considerably safer.
Bloomberg – Americans Are Leaving Portugal as Golden Visa Honeymoon Ends
“People who enquired last winter about moving to Portugal have for the most part not followed through,” said David McNeill, founder of consulting company Expat Empire.