A few weeks ago, Hong Kong's chief executive announced John Lee Ka-chiu a revised program for capital investors whereby they will get residency permits if they contribute about $3.8 million.
«The government and regulatory authorities in Hong Kong are attempting many support efforts», maintains Guy de Picciotto, the CEO of the Swiss private bank Union Bancaire Privée (UBP).
Guy de Picciotto, CEO Union Bancaire Privée (Image: UBP)
«The incentives to establish family offices in Hong Kong are a positive step forward», he indicates, adding with a quick wink. «Before I arrived here (last week) everyone told me that I would notice how Hong Kong had changed. Luckily I didn't see any change. Hong Kong is still full of energy. It is a booming city in which everyone is occupied with their business.»
More Mobility and Freedom
The importance of getting companies and talent into the country was shown by Dubai ten days ago during the Global Citizenship Conference by Henley & Partners attended by roughly 400 people around the world. Henley & Partners is a global consultancy that assists and supports high-net-worth individuals and families with double citizenship and foreign residency permits.
It does not confer the passports or permits but guides the applicants through the process with authorities, some of whom offer investment programs. For many Swiss citizens, it is probably hard to understand why that is. But for many nationalities having a second passport allows for greater mobility and freedom, something that has become even more valuable in times of pandemic and global geopolitical crisis.
Golden Visas
It is not just Indian and Chinese citizens who are interested. In the meantime, Americans and Europeans have become very interested, Juerg Steffen, CEO of Henley & Partners, told finews.com. In the meantime, the authorities of Dubai are offering a so-called «Golden Visa», that – very generously – allows for the entry of American and European financial sector talent for ten years. Moreover, it is valid throughout the entire United Arab Emirates.
Singapore skyline (Image: Shutterstock)
The UAE is competing with Singapore in that regard, given that until a few years ago it was relatively easy to get a residency permit in the city-state. In the meantime, authorities have become far more restrictive given that the inflow of new residents became too large to manage. But this once again shows how a financial center can use all kinds of means to increase its attraction abroad in what seems to be a global, unstoppable trend.
Right now, it seems like Switzerland is alone in not doing so.
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