As Europe experiences a brutal war reminiscent of the darkest days of the 20th century, many families are increasingly seeking second citizenships in safer countries. They are making investments in the economy in return for a passport. As part of their Perspectives video series, PWM held a panel with three key due diligence investigation agencies, including Exiger. There, they discussed the future of citizenship by investment and how applicants are vetted.
When a country is considering bestowing citizenship to an investor it requires a very in depth look at that investor – who they are, what their background is and where their funds are coming from. An important piece of that is engaging a third-party expert to ensure the veracity of all the information supplied.Karen Kelly
Director of Strategy & Development, Exiger
- Karen Kelly, Director of Strategy & Development, Exiger
- Heyrick Bond Gunning, CEO, S-RM
- Eddy Leviten, Chief Operating Officer, FACT Worldwide
The Mechanics of Due Diligence
PWM hears how due diligence agencies can help countries with securing citizenship by investment programmes. The speakers highlight how to avoid fraudulent applications, detect ‘red flags’ and monitor investors with questionable reputations.
Sanctions and Anti-Money Laundering Measures
Due to the ongoing Ukraine-Russia war, jurisdictions are suspending citizenship applications from wealthy Russians. Consequently, countries seeking to preserve reputations are also asking due diligence agents to ‘re-scrub’ existing investors who may be on sanctions lists.
Contrasting Competing Jurisdictions
PWM asks their panel to determine the ‘gold standard’ of due diligence. What defines the quality of competing citizenship by investment programmes?
How countries seeking new citizens can work with law firms, intelligence agencies and due diligence investigation firms to assess high-risk and politically connected clients.
For more information on this four-part panel, you can read the press release here.
Published by the Financial Times, Professional Wealth Management (PWM) specialises in analysing the growth strategies of private banks and the regional financial centres in which they operate. In an industry driven by regulation, technology and economic disruption, they provide strategic advice and information to key decision-makers. PWM carries the latest analysis of private banks, wealth managers and regional financial centres, along with in-depth reporting on asset allocation, the fast moving regulatory agenda, digital operations and technology, with input from a broad range of thought leaders. Across print, digital and event channels, PWM provides strategic advice to key decision-makers working in all stages of the distribution process.