Jean-François Harvey, Founder and Managing Partner of Harvey Law Group, an international law firm specializing in investment immigration, discussed the potential impact of the 2024 U.S. presidential election on interest in pursuing a “Plan B” in citizenship outside of the U.S. due to political reasons. However, there are many other motives for pursuing a second passport, including global investment opportunities and contingency planning.
Investment immigration involves obtaining permanent residency or citizenship in a foreign country by making a significant financial investment in that country’s economy. Various programs, such as citizenship by investment (CBI) programs, residency by investment, and retirement visas, offer different benefits to investors and their families. Motivations for seeking citizenship by investment include risk management, global mobility, tax management, and larger opportunity sets for business leaders.
In addition to business opportunities, CBI programs offer personal benefits such as legacy and prestige. Before pursuing citizenship by investment, business leaders should carefully consider factors such as residency requirements, regulatory and legal frameworks, government stability, and cultural dynamics in the chosen country. Understanding the impact on essential services like healthcare is also crucial for those considering this option.
Leaders considering citizenship by investment should be aware of administrative complexities and legal requirements inherent in the process. Processing times, document collection requirements, and total costs can be significant challenges that applicants may face. Working with experienced legal professionals who can provide insights and guidance is recommended to navigate the intricacies of these programs.
Overall, due diligence is crucial before committing to an investment immigration program, as they are often accessible only to high net worth individuals. It is essential to carefully weigh the potential drawbacks against the benefits offered by CBI programs and consider long-term implications before making a decision. Consulting with an attorney for specific legal advice tailored to individual situations is recommended.
