Henley & Partners

Henley & Partners is the global leader in residence and citizenship planning. Our highly qualified professionals work together as one team in over 30 offices worldwide. The firm also runs a leading government advisory practice that has raised more than USD 8 billion in foreign direct investment.

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Business 19 Feb 2019

going global

FOUR speaks to Dr. Juerg Steffen, the CEO of the Henley & Partners Group, about the ins and outs of residence and citizenship planning – and how Henley & Partners became the global leaders in this field. Can you tell us a bit about your background, and how you got into your current role?My background is in private banking, with more than 25 years’ experience in this area. I hold a PhD degree in Law and have served as a director of leading private banks in Switzerland and Austria. After joining Henley & Partners, I built up the South East Asia region and worked as Group Chief Operating Officer for a number of years. Now I am delighted to step into my new role as the firm’s CEO. What exactly are the services that Henley & Partners offers, for those that don’t know about the company?We broadly offer two services.We are the industry leader in residence and citizenship planning, providing our clients with an A–Z service that includes real estate acquisition and property management. Alongside our private client business, we are also the preeminent advisor to sovereign states as regards the design and operational development of investment migration programs. Our government advisory practice has raised more than USD 8 billion in foreign direct investment for countries around the world.Because we have been involved in the design, set-up, and operation of the world’s most successful residence and citizenship programs, we understand the application processes for different programs on a very deep level — including the stringent due diligence procedures. For all these reasons, we are extremely well positioned to serve those interested in residence- and citizenship-by-investment, and to advise any sovereign state considering adding an investment migration option to its foreign direct investment strategy. What do you think has led to the increase in high-net-worth individuals (HNWIs) in recent years?There are an estimated 18.2 million high-net-worth individuals on the planet, and their collective wealth now sits at over USD 70 trillion. These remarkable numbers are expected to grow continually over the coming years. There are a number of potential reasons for this increase, including the fact that HNWIs are now found all over the world, whereas previously, wealth was concentrated in western markets and in countries of so-called ‘old money’. The rise of emerging markets in the Far East and Middle East, as well as in South America, has created a new class of HNWIs and led to a global increase in wealth. How and why does this affect wealth migration?The majority of millionaires relocate via dual citizenship, work transfers, spousal and family visas, as they have always done. However, the emergence of residence- and citizenship-by-investment programs over the past decade is having a growing impact on global wealth migration trends. Investment migration differs from other forms of migration in that individuals are required to make a significant economic contribution to the host country before they are admitted, as a sort of upfront demonstration of their commitment to the country’s prosperity and wellbeing. In exchange for this extraordinary contribution, individuals obtain either residence or citizenship rights in that country, as the case may be.Because these programs represent such a clear ‘win–win’ both for the countries administering them and for the individuals participating in them, their popularity is growing dramatically, and we expect this to continue. What are the effects of investment migration?Offering citizenship in return for investment is mutually beneficial for both successful applicants and the destination countries they choose. The inflows of funds from citizenship programs are considerable, and the macroeconomic implications for most sectors can be extensive. For receiving countries, wealth migration is a sustainable form of foreign direct investment. Just like traditional foreign direct investment, wealth migration increases the value of the receiving state, bringing in capital to both the public sector — in the form of donations to the government, tax payments, or treasury bond investments — and the private sector — in the form of investments in businesses, start-ups, or real estate.For HNWIs, a second or third passport grants holders the right to travel, trade, and settle in an expanded set of countries and regions, as well as access to all the benefits enjoyed by other citizens of the state in question (education, health care, voting rights, and so on). It also eliminates a great deal of the inconvenience and waiting time surrounding visa applications and passport renewal or replacement processes. Finally, and perhaps most importantly, an additional passport can quite literally save a person’s life in times of political unrest, civil war, and terrorism, or in other delicate political situations. Where do you see most of the HNWIs moving from and migrating to? – And why?For the third year running, Australia has been the most attractive migration destination for high-net-worth individuals: about 10,000 millionaires migrated there last year, mostly from China, India, and the UK. Experts have proposed a range of reasons for this, including lifestyle opportunities, political stability, proximity to Asian business markets, and relative safety for women.After Australia, the US, Canada, and the UAE continue to attract significant numbers of HNWIs, while Malta, Cyprus, Portugal, and Spain are also seen as highly appealing destinations for wealthy individuals in search of increased freedom and mobility. How great is the number of individuals who gain citizenship in a country through financial investment, but do not reside there? And how does this affect global wealth trends?The specific details about where HNWIs choose to reside and for how long is not information that is publicly available. However, it is safe to assume that beneficiaries of citizenship-by-investment are global citizens who often have multiple places of residence and do not see themselves as being tied to a single jurisdiction. It is also important to remember that the number of residence-by-investment programs far outstrips the number of citizenship-by-investment programs. What’s next or what do you predict for future wealth trends?Global citizenship is now an indispensable asset for wealthy individuals seeking to grow their business and increase opportunities for their family in today’s entirely globalized economy. In 2018, more than a third of global ultra-high-net-worth individuals hold an alternative passport, and another 29% are planning to obtain one.In general, we anticipate that overall demand for a second passport among wealthy individuals will continue to increase in 2019. More specifically, countries with residence- and citizenship-by-investment programs now account for about one in five wealthy individual migrations, and the ever-growing popularity of these programs indicates that they will continue to shape overall wealth migration trends.We also believe this demand will be met by increased supply. Sovereign states around the world are seeing the strategic value of investment migration over and above a non-debt baring liquidity injection. Many sovereign states understand that investment migration programs act as a remarkably successful FDI marketing platform that can attract capital and skills to an economy, thereby creating opportunity for all citizens. Want to know more? Head to Henley & Partners to read up further about their services.

Other 24 Jan 2019

the 2019 henley & partners global mobility report

The 2019 Henley Passport Index and Global Mobility ReportThe 2019 Henley Passport Index and Global Mobility Report is a unique publication that brings together commentary from leading scholars and professional experts on the major trends shaping global and regional mobility patterns today.In addition, the report features fresh analysis of the latest developments on the Henley Passport Index, original scholarly research into the relationship between democracy and travel freedom, and on-the-ground insights into the future of migration technology.Download the 2019 Henley Passport Index and Global Mobility Reporthttps://www.henleyglobal.com/files/download/HPI2019/HPI%20Global%20Mobility%20Report_Final_190104.pdf 

Other 08 Jan 2019

the henley passport index 2019

Asian Countries Dominate When It Comes to Passport Power in 2019Japan goes into the new year holding 1st place on the Henley Passport Index, with citizens enjoying visa-free/visa-on-arrival access to 190 destinations. In a further display of Asian passport power, Singapore and South Korea now sit in joint 2nd place, with access to 189 destinations around the globe. This marks a new high for South Korea, which moved up the ranking following a recent visa-on-arrival agreement with India. Germany and France remain in 3rd place going into 2019, with a visa-free/visa-on-arrival score of 188.The US and the UK continue to drop down the Henley Passport Index — which is based on authoritative data from the International Air Transport Association (IATA) — and now sit in joint 6th place, with access to 185 destinations. This is a significant fall from the 1st place position that these countries held in 2015. Denmark, Finland, Italy, and Sweden now hold joint 4th place, while Spain and Luxembourg are in 5th. As they have done for much of the index’s 14-year history, Iraq and Afghanistan remain at the bottom of the ranking, with access to just 30 visa-free destinations.Turkey’s recent introduction of an online e-Visa service has resulted in some interesting changes to the overall rankings. As of October 2018, citizens of over 100 countries (including Canada, the UK, Norway, and the US) must apply for an e-Visa before they travel to Turkey, instead of being able to do so on arrival. While this specific change means that a number of countries have dropped slightly in the rankings, it does not alter the overwhelmingly positive effect of the wider global tendency towards visa-openness and mutually beneficial agreements. Historical data from the Henley Passport Index shows that in 2006, a citizen, on average, could travel to 58 destinations without needing a visa from the host nation; by the end of 2018, this number had nearly doubled to 107.Dr. Christian H. Kälin, Group Chairman of Henley & Partners and the inventor of the Passport Index concept, says this latest ranking shows that despite rising isolationist sentiment in some parts of the world, many countries remain committed to collaboration. “The general spread of open-door policies has the potential to contribute billions to the global economy, as well as create significant employment opportunities around the world. South Korea and the United Arab Emirates’ recent ascent in the rankings are further examples of what happens when countries take a proactive foreign affairs approach, an attitude which significantly benefits their citizens as well as the international community.”Countries Continue to Embrace Mutually Beneficial Migration Asian countries’ continued dominance of the Henley Passport Index reflects the extraordinary effect that international mobility and migration has had on the region. The full scope of this impact is explored in the recently launched 2019 edition of the Henley Passport Index and Global Mobility Report – a unique publication that offers cutting-edge analysis and commentary from leading scholars and professional experts on the latest trends shaping international and regional mobility patterns today.Commenting in the report, Dr. Parag Khanna, the Founder and Managing Partner of FutureMap in Singapore, notes: “China’s Thousand Talents scheme, Thailand’s entrepreneur visa, and similar initiatives from the UAE to Singapore show many states sustaining a high comfort level with mutually beneficial economic migration.”China’s steady ascent up the rankings over the past few years is a clear demonstration of this. In 2017, the country was ranked 85th, with citizens able to access just 51 destinations. Going into 2019, China sits in 69th place, with its nationals now able to access 74 countries and territories around the world. Commenting in the report, Froilan Malit, an Associate at the Gulf Labour Markets, Migration, and Population (GLMM) program and a Fellow at Centre International de Formation des Autorités et Leaders (CIFAL), says: “Overall, international migration has not only helped stabilize economic growth in Asia Pacific but enabled many labor-sending South and Southeast Asian countries to sustain strong economic growth, even in times of crisis.”As is clear from the United Arab Emirates’ continued upward trajectory, the Middle Eastern powerhouse has taken a similar approach to Asian high performers. Now holding top spot in the region at 22nd place globally on the Henley-IATA index, with its citizens able to access 164 destinations around the globe, the nation recently signed agreements with a number of countries, including Mexico, Japan, and Sierra Leone. Commenting on the UAE’s recent partnerships with African nations, Ryan Cummings, Director of Signal Risk, says: “The United Arab Emirates has demonstrated a penchant for reciprocating visa deregulation as the country aims to attract diverse skill-sets and increase the power of its own passport.”Cummings suggests that the African continent would also benefit from this more expansive approach: “Africa continues to lag behind the rest of the world. That said, it is certainly moving in the right direction in terms of enhancing visa openness. Over the past year, several African countries – notably Angola, Ethiopia, Kenya, Namibia and Senegal – relaxed visa requirements, with the intention of enhancing trade, co-operation, and security.”Looking ahead: Brexit, the US, and changing alliances The 2019 Henley Passport Index and Global Mobility Report offers fascinating insight into what the coming year might hold in terms of visa freedom and travel access. Experts anticipate that neither the US nor EU member states are in line to substantially revise their current visa policies, whereas countries in other parts of Europe (such as citizenship-by-investment newcomers Moldova and Montenegro), as well as those in Asia and the Middle East, look set to continue seeking visa-waiver agreements with diplomatic allies.A question mark remains over the ultimate impact of Brexit. While the deal hangs in the balance, it is difficult to anticipate what the ultimate ramifications will be for EU and UK citizens, as well as for EU and UK trade and co-operation. Commenting in the report on the potential impact of Britain’s changing relationship with the EU, Prof. Simone Bertoli, Professor of Economics at Université Clermont Auvergne (CERDI) in France and a Research Fellow at the Institute of Labor Economics in Germany, says: “London’s finance sector could lose a substantial part of its appeal, and other European countries (notably, France, Germany, and Ireland) could decide to strengthen policy measures to attract financial sector workers.”Finally, insights from the report show that the ever-growing trend towards visa-openness is unlikely to slow down. Overall, 2019 looks set to hold some surprises in the travel freedom space as more countries and citizens embrace the benefits of global mobility.Citizenship-by-investment countries consolidate their respective positionsAs in 2018, countries with citizenship-by-investment (CBI) programs continue to hold their strong positions. Malta, for instance, sits in 9th spot, with access to 182 destinations around the world. St. Kitts and Nevis and Antigua and Barbuda hold 27th and 28th spot respectively, while Moldova remains in a strong position at 46th place, with citizens able to access 122 countries. A recent agreement signed between St. Kitts and Nevis and Belarus, due to come into effect in the coming months, will further strengthen the St. Kitts and Nevis passport, and enhance the travel freedom of its citizens.Dr. Juerg Steffen, the CEO of Henley & Partners, says: “The enduring appeal of investment migration programs shows that more and more people are embracing alternative citizenship as the best way to access previously unimagined opportunities and improve their passport power. Additionally, it is no surprise that countries are increasingly looking to launch CBI programs, which attract talented individuals and bring enormous economic and societal benefits.”

News, Media & Society 10 Dec 2018

relocating to austria and switzerland

https://www.henleyglobal.com/files/download/relocating-austria-switzerland.pdf