Malta outwits competitors for US inward investor visas
Jurga McCluskey, partner and head of immigration at Deloitte UK, says that as the UK tightens its rules and regulations around immigration, more UHNWs are looking at economic citizenship in destinations like Malta.
What changes are afoot in the industry?
The overall popularity of the UK as destination of choice is slowly reducing because of increasing restrictions and requirements which include additional due diligence exercises. As a result, UHNWs are looking at other jurisdictions and thinking more strategically which means options like dual citizenship.
What nationality are your clients?
Our clients come mainly from the CIS region, Middle East and China.
How does the Syrian refugee crisis affect immigration?
The refuge crisis and geopolitical environment is impacting on choices that UHNW clients make. Those based in more exposed or volatile regions are keen to have an exit strategy to be able to relocate if and when required at a moment’s notice. Second citizenship and residence permits are popular as a result.
What trends do you see?
The main trend is economic citizenship acquisition. We work with a significant number of clients choosing to invest in jurisdictions like Malta. It is a trend that is likely to stay, especially as the UK tightens its rules. Clients tend to be increasingly international and some of them don’t have or want to have just one base, they base themselves in many locations. Getting permission to do so in one of those locations opens quite a few doors internationally.