Business Chief US and Canada September 2022 | Page 105

“ The volume has now reached a critical mass where it is reasonable to suggest that investment migration is now a standard consideration for international HNWIs who are looking to hedge volatility , create short-term value , as well as long-term yield through enhanced global mobility ”
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“ The volume has now reached a critical mass where it is reasonable to suggest that investment migration is now a standard consideration for international HNWIs who are looking to hedge volatility , create short-term value , as well as long-term yield through enhanced global mobility ”
Juerg Steffen CEO of London-based Henley Global
Surge in demand for citizenship amid uncertainty This is especially true for those with restrictive nationalities or who live in unstable or unpredictable countries . Lebanese , Syrian , Nigerian , Pakistani and Bangladeshi nationals are among the top five nationalities investing in second citizenship , as they look to increase global mobility and opportunities . Nigerians , whose passport has seen the worst decline in its power of any other passport over the past decade , have access to just 45 countries – compared to some CBI programs which offer visa-free access to more than 160 countries . In light of recent events , the pandemic and invasion of Ukraine among them , it is increasingly the case that citizens of firstworld countries are also looking to second citizenship as a Plan B , with Covid bringing “ into sharp focus what really matters to people – family , freedom and security ”, says Green . deVere Group saw demand for its citizenship service rocket in 2020 , with a 50 % YoY increase , and London-based advisory firm Henley & Partners reported a record number of enquiries during 2020 and 2021 , with an average increase of 46 % in enquiries each month since the outbreak of the pandemic .
Swiss boutique advisory Passport Legacy has noticed an uptick in demand for dual citizenship , namely from citizens of first-world countries concerned about their safety since the Russian invasion of Ukraine . And Turkey ’ s CBI program has seen significant growth in the last few years and a sudden surge of demand recently from both Russian and Ukrainian applicants looking to escape the conflict .
Juerg Steffen , CEO of Henley , says that the volume of people looking for alternative citizenship routes has now reached a critical mass “ where it is reasonable to suggest that

Citizenship by Investment by numbers

14 The number of official CBI programs worldwide , while more than 80 countries offer residency by investment ( RBI ) permits , some of which lead to citizenship

US $ 100,000 The minimum cost to secure second citizenship , a oneoff donation available in St Lucia , Antigua , and Dominica

US $ 2bn The estimated annual valuation of the citizenship by investment industry , which , when combined with Residency by investment generates a staggering US $ 22bn a year

5,000 The number of people annually who receive citizenship by investment , according to the Investment Migration Council

US $ 1.2bn The revenue earned by Dominica ’ s CBI program from 2017-2020 businesschief . com 105