“Ridiculous” Perks Diluting the Essence of Citizenship: 10 On The Weekend With Richard Hallam

10 On The Weekend is a weekly (-ish) feature in IMI, the concept of which is simple: Each time, we ask the same ten questions of a different IMI Pro, letting readers get to know the interviewee on a more personal and informal level than they might during the ordinary course of business.

Our guest this week is Richard Hallam, CBI Director at Ora Caribbean

How do you spend your weekends?

I endeavor to switch off at the weekend—from emails, social media, and other distractions—to be more present for my children and for myself. I am a keen cyclist, so (very) early morning rides are a weekly pilgrimage, and then, living in the Caribbean, there has to be beach time.

What are your top three business goals this year?

I am launching a new development in Grenada with Ora Caribbean called Silversands Morne Rouge, so my number one goal is obviously market penetration.

I also want to continue to advocate for more transparency, clarity, honesty, and camaraderie in our business, striving to transform our industry from one that is less “grey” to one that is more highly regarded and honest, with a greater emphasis on its positive impacts.

Third, due to the industry’s volatility and fluctuations, I think it is not only wise but imperative to have a “Plan B,” whether that connects to investment migration or completely separate. I’ve never been one to put all my eggs in one basket, so I want to dedicate some focus to other ventures.

What’s your biggest business concern right now?

I’m very concerned and sometimes overly vocal about the direction some aspects of the industry are headed and the negative implications happening as a result.

The CBI industry, generally, and the Caribbean specifically, seems to have forgotten the intrinsic value of citizenship and the plethora of positive benefits it can bestow upon a successful applicant.

The focus is not on the citizenship itself anymore but on the perks associated with an investment. As competition for applicants increases, the “perks” become ridiculous to the point that the citizenship itself is diluted, and the add-ons become the focus, which then becomes infinitely exasperated by overzealous developers to the point where, well, where we are now.

Which book is on your nightstand right now?

Father to Son. It’s a short book about life lessons on raising a boy and is full of little anecdotes, nuggets, and words of wisdom. It keeps me grounded and reminds me every day of my reason for being.

How and when did you first get into the investment migration industry?

I was part of a small team of advisors involved in the original concept and inception of the current Grenada program, and, stemming from that, was one of the only protagonists of the Grenada program in its formative years. 

What was your proudest moment as a service provider?

I think two things come to mind that are different sides of the same coin. The first is that when you deliver a certificate of citizenship and passports to a family, you can see in their eyes the difference this is going to make to them and their futures, and it really drives home for me what should ultimately be our goal as service providers. 

Second, to be able to take a development from concept through design, construction, completion, and operation, all funded through investment migration, is an achievement in itself.

We are all aware of the graveyard of failed, unfinished, and abandoned CBI developments that pepper the Caribbean landscape. I’m proud to be embarking on my third such development in Grenada.  

Which investment migration market development has surprised you the most in the last year?

I think it has to be the cloud lifting from the Caribbean programs, which has, in turn, catalyzed the current changes we are all seeing and experiencing and shed light on some of the darker corners that existed.

I hope that it continues and that the industry and its players continue to put pressure on those who put personal gain ahead of the rule of law and the customers we serve.

If you could go ten years back in time, what business decision would you change?

I would have taken more risk in my professional decisions, believed a little more in my abilities, and invested $10,000 in bitcoin. But no regrets.

What investment migration industry personality do you most admire?

Armand Arton is someone I have known since I came into the industry. As an immigrant himself, he is self-made and has not only built an internationally recognized brand and global investment migration business but has simultaneously found the time to focus on philanthropic, nonprofit, selfless endeavors.

He has always been a friend, confidant, and sounding board, both professionally and personally. 

If all goes according to plan, what will you be doing five years from now?

Working hard. Making a difference. Giving back. Being a role model to my children. Wishing I had invested that $10k (no regrets).