The new shape of global mobility: wealth planning and identity strategies for 2024-2025

Knight Frank Wealth Report: Global Mobility Becomes a Necessity as 13% UHNWIs Plan to Acquire a Second Identity

The investment finance and spending dynamics of the world's ultra-high net worth individuals were recently analyzed in detail in the annual Wealth Report published by Knight Frank. Knight Frank is the authoritative real estate consultancy, headquartered in London, and publishes its annual Wealth Report, the ultimate guide to outstanding real estate markets, global wealth distribution, wealth threats and opportunities, commercial real estate investment opportunities, philanthropy, and luxury spending trends. This year's Wealth Report reveals that the epidemic has led to a surge in the desire for global mobility, with 13% UHNWIs planning to obtain a second passport or overseas status, with implications for 2023 amidst a volatile political situation and economy.

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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

Since the beginning of 2023, when China fully liberalized its epidemic control, people's enthusiasm for emigration has never been higher. According to the WeChat index, the number of searches for "immigration" reached a staggering 170 million on March 13th. The epidemic has pressed the pause button on people's lives, giving more people time to think about where they should go from here, and allowing those with identity plans to be more careful in choosing their immigration destinations and overseas identities.

Increasing choice of immigration destinations

European and American immigration policies tighten, golden visa loses its aura

Immigration to Europe or the United States is no longer the only option, other countries are becoming more and more important. The "Golden Visa" program used to make Europe a popular destination for immigrants, but in recent years, Europe's immigration policy has been gradually tightened, Cyprus, Malta, Bulgaria, Ireland and other countries have stopped investing in the naturalization program one after another, closing the door on the influx of groups of people from overseas into their own countries. In the past, getting a U.S. passport was equivalent to getting a pass to most countries around the world. U.S. citizens once enjoyed full mobility and travel privileges, but the magic of the U.S. passport is fading with the onset of New Crown Pneumonia, and U.S. citizens may be denied even entry into Europe due to poor epidemic control policies. In addition, the United States is a country that taxes its citizens globally, with the wealthy bearing a high tax burden.

Epidemic so that mobility is blocked, taxes make rich people under pressure, under the influence of two factors superimposed, more and more rich people in the United States began to seek investment in immigrants, to buy a second passport, including the "U.S. backyard" known as the Caribbean island passports. Dominica, for example, in addition to the warm and comfortable climate, the mountains and the sea, and the United States is adjacent to the United States, is also an internationally renowned "tax haven", holding a passport for the citizens of the country to provide zero-tax treatment, there is no overseas income tax, but also do not carry out the global tax, to meet the U.S. high net-worth individuals tax planning needs.

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 risks 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 account's nationality belonging to the account, thus reasonably and effectively avoiding CRS and realizing the global allocation of assets.

Other countries are also attracting more and more migrants. According to Knight Frank's 2023 Wealth Report, in 2019, Malaysia has more investor visas than all European immigration programs combined. Visa programs in South Korea and Panama are also popular, with both countries approving more applications than EU powerhouses Portugal and Greece. In terms of citizenship, Turkey is the fastest-growing market, with applications reaching nearly 1,000 per month during the NCRP. Singapore and Dubai are emerging as important wealth centers. Dubai has implemented a very pragmatic approach to attracting the wealthy and is trying to correct what is perceived to be a weak link, namely length of stay. Singapore is also developing a very attractive tax and regulatory framework that will help attract not only more Asians but also wealthy global residents.

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.

No single country controls global immigration rules. As the Vanuatu passport fiasco has shown, if a country's visa program compliance rules become too lax, the European Union could end visa-free travel and the value of that country's citizenship-by-investment program and passport could plummet. Dominica's Citizenship by Investment program, however, has a long history of credibility and has been named "Best Citizenship by Investment Program" by the Financial Times for six consecutive years because of the thorough due diligence it conducts on applicants to ensure that only those with the highest ethical standards are granted citizenship in the country.

future trends

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

But digital nomads can be plagued by tax issues. While destination countries are keen to simplify tax rules, getting outbound countries to cooperate will be more challenging. How do you solve the tax challenges of digital nomads? Getting a second passport through Dominica's Citizenship by Investment program to re-establish a full underlying identity is a legal and safe solution.

Extended Reading

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Dominica Citizenship Program

The Dominica Citizenship Naturalization Program was established in 1993 A.D. and is one of the oldest naturalization programs in the world.
passport immigrationApplicants are not required to attend an interview
Immigration can be processed quickly: the time it takes is about 2-3 months.
The most cost-effective program for single applicants
The status can be passed on permanently to the next generation in the direct line.
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The new shape of global mobility: wealth planning and identity strategies for 2024-2025