Ten On The Weekend

“The Situation in the Caribbean May Escalate”: 10 on The Weekend With Hany Mostafa Moawad

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 Hany Mostafa Moawad, Managing Director of  Prime Properties.

How do you spend your weekends?

I spend my weekends with family and friends. It is important to dedicate time to your loved ones.

What are your top three business goals this year?

My three main business goals are:

  • Strengthen Prime Properties’ position as the most reliable immigration investment consultancy firm in the Egyptian market.
  • To promote the Egyptian Citizenship by Investment program worldwide by signing cooperation agreements with as many international immigration agents as possible.
  • Bolster the Egyptian Citizenship by Investment Program’s brand and status within the international investment migration industry and position it as a leading program for high-net-worth individuals (HNWIs).

What’s your biggest business concern right now?

I think everyone in the industry has the same concern regarding the Caribbean losing Schengen and UK visa-free access.

I’m more worried about what might happen to the industry’s image in the potential event that Caribbean governments start revoking passports that investors obtained through discounted prices. 

In 2017, I steadfastly decided not to partake in Caribbean real estate discounting. I discovered it when a party first offered me discounted proposals. I refused and I have maintained my stance to this day.

I worry about the number of investors who may lose their citizenship (and money) if Caribbean governments decide to revoke the citizenships of those who knowingly or unknowingly obtained their citizenship through an illegally discounted price.

The situation in the Caribbean may escalate, similar to what happened in Cyprus, where the government revoked hundreds of passports for similar reasons.

If this does unfold, it will be a disaster for the industry’s reputation in Egypt and the rest of the world. I’m sure all the firms that offered these discounted prices will close up shop and flee the business altogether.

That is the best-case scenario these firms could face; if clients push back, they could easily face legal punishment in Egypt and other countries.

Which book is on your nightstand right now?

I am currently reading two books: Art of War by Sun Tzu and Rich Dad Poor Dad by Robert Kiyosaki.

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

At the end of 2011, I received a message on LinkedIn from a company called Imperio Properties in Cyprus asking me to be their agent in Cairo. 

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Back then, we were not working as real estate agents; we were more of a consultancy for real estate developers and not a company focused on sales in any way.

Imperio Properties invited me to come to Cyprus, and I was impressed with their quality of work. I decided to promote them to my network in Egypt, and it was quite a success. 

I attended meetings with my clients alongside Imperio’s lawyers, and from there, I started gaining more knowledge about the legal side of the residency program, so I decided to offer this service to my clients.

My clients who had already purchased properties through me in Cyprus pushed me to look for other similar programs and provide them with the same service in different countries. This was when investment migration was a completely new concept in Egypt.

Shortly after I got into the business, the rest of the golden visa programs started to open, followed by additional Caribbean Citizenship by Investment Programs. We were the first company in Egypt to introduce these programs to the market.

We were also the first consultancy firm in Egypt that obtained a license from Antigua in 2015.

We now offer investment migration programs to 16 destinations and continue to explore more options to add to our repertoire. 

What was your proudest moment as a service provider?

Every time I deliver a passport or residency card, get a call from a client thanking me for fixing his problem, or receive a referral from an existing client praising my honesty and good reputation, it is a proud moment for me.

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

The digital nomad residency market in Europe. It shows massive potential, and the rapid growth in the number of digital nomad programs is an outstanding development. 

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

Investing more in online marketing and personal branding

What investment migration industry personality do you most admire?

I need to mention two people: Ziad Al Shourafa and Firas Kaysi.

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

That is a simple one; I’ll be retired.

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