Knight Frank's Wealth Report 2023: Global Mobility Becomes a Necessity, 13% UHNWIs Plan to Obtain a Second Identity
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China's Immigration Passion Remains High
Knight Frank revealed back in its 2018 Wealth Report that a third of UHNWIs already have a second passport. The three-year-long New Crown Pneumonia epidemic, while briefly disrupting people's plans to work, study and settle abroad, has not diminished the long-term desire for liquidity. According to this year's Wealth Report, demand for global mobility has expanded rapidly since the outbreak and now encompasses a wider range of people, including those seeking protection from arbitrary border closures and those looking to work in another country
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New Options for Wealthy Chinese-Americans: Caribbean Passports and Dominican Citizenship
St. Kitts and Dominica are highly popular for Chinese people, especially Dominica. Dominica's superior tax system and the opportunity for HNWIs to rationally allocate assets and diversify risk globally make it popular among the Chinese immigrant population. As Chinese citizens are subject to CRS and foreign exchange control restrictions, while Dominica recognizes dual citizenship, Chinese citizens who become Dominican citizens through the Citizenship by Investment Program can enjoy the benefits of a second citizenship while maintaining their Chinese citizenship.CRS involves the exchange of information between the country of account opening and the country of taxation. Using Dominica's second nationality status, Chinese citizens can open bank accounts overseas and transfer funds to overseas accounts, which will fundamentally change the nationality attribution of the account, thus reasonably and effectively avoiding CRS and realizing the global allocation of assets.
Other countries become new hotspots for immigrants
True global mobility may be a dream, but regional planning is evolving. Open borders on a global scale may be difficult to implement because of the wealth gap between countries. However, allowing greater mobility within regions is gaining momentum. The Schengen Area in the European Union is perhaps the most notable example, but there are similar examples elsewhere, such as the Economic Community of West African States (ECOWAS) in West Africa, the Caribbean Community (CARICOM), the Gulf Cooperation Council (GCC) in the Middle East, and the Common Market of the South (MERCOSUR) in South America.
According to Knight Frank's Wealth Report 2023, in addition to tax planning, lifestyle and education are among the factors that will attract wealthy individuals to immigrate to a country in the future. In addition to long-term status planning such as emigration, there are many people around the world who are looking for "medium-term" solutions, where they may want to spend a few months in a place where they can work remotely and still see the sights and taste the local specialties. Such people are known as "digital nomad" The boom in digital nomads has brought more people into the realm of global mobility, and countries are introducing new policies to attract them.
The introduction of the Golden Visa program had helped countries like Spain and Portugal attract large amounts of money from immigrant investors, ease the financial debt crisis and revive their economies, but it has also led to skyrocketing real estate prices in popular cities. In order to further stimulate economic growth without pushing up prices, many countries are shifting their policy focus to "digital nomad visa". Almost 20 countries in Europe, including Greece, Portugal, Spain and Estonia, have now beenVisas for digital nomadsThe maximum period of residence is 5 years, with the possibility of further application for permanent residence in some countries;IndonesiaThe program is also available in Asian countries such as Thailand and Malaysia.digital nomad visathe brochure freely.
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Dominica citizenship by investment (CBI) program
- The Dominica citizenship program was established in 1993 and is one of the oldest naturalization programs in the world.
- Second PassportApplicants are not required to attend the interview
- Can handle immigrants quickly: the time is about 2-3 months
- For single applicants, this is the most cost-effective plan
- Identity can be passed on permanently to the next generation
- Click here for consultationreservation