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10th Sep 2022

Architect Africa Online

Africa's Leading Architecture Aggregator

Wealthy entrepreneurs set their sights on multiple residences

Ultra-high-net-worth individuals (UNHWI) and their families from some of the world’s most advanced economies are opting for an integrated investment migration portfolio of complementary citizenship and residence options, both to create optimal value and mitigate risk in terms of where they can live, work, and invest. The mounting interest in securing multiple options for residences is a world-wide phenomenon. In the past eight months, Henley & Partners has seen a 32% increase in the daily average number of enquiries compared to the first six months of 2020. There was an astonishing 192% leap in enquiries from American citizens in 2020 compared to the previous year, a 34% increase in enquiries from Canadians, a 30% rise in enquiries from Australians, and 29% and 26% more enquiries from UK and French nationals, respectively.

According to Juerg Steffen, CEO, Henley & Partners, a single alternative residence or citizenship will always be an asset, however, investing in a suite of different homes worldwide will hedge against manifold levels of volatility, creating an enhanced combination of value and yield. “It’s a case of not putting all your eggs in one basket. The majority of options include the whole family, and many extend to parents and others, even to grandparents. The more jurisdictions you and your family can access, the more diversified your assets and opportunities, and the lower your exposure to country-specific risk and global volatility.”

Dominic Volek, group head: private clients, Henley & Partners, says the desire for UNHW families to secure global access and have a range of choices have skyrocketed. “This isn’t just about vital risk management and hedging potential volatility. It’s about a global perspective, and the best way to do that is to have a diversified portfolio of domiciles,” he says. HNW and UHNW investors from emerging and developed economies alike are seeking out alternative business, career, educational, and lifestyle opportunities on a worldwide scale, broadening their option base and transcending the constraints imposed on them by their countries of origin to improve the resilience of their portfolios and ensure physical and financial longevity and legacy.”

In terms of options for extended families, Volek says, “We’re seeing more UHNW investors wanting to include their siblings, parents, and grandparents in their investment migration applications. There are many options that cater to large, multi-generational families, and the beauty is that family members don’t necessarily have to be in the same location. For example, a successful tech entrepreneur could apply for Australia’s Global Talent Independent Visa, or any of Australia’s residence-by-investment options for that matter, to obtain permanent residence there. His children, meanwhile, have their sights set on studying in Europe, so they also apply for the Greece Golden Visa Program, which has no residence requirement. And since December 2020, minors may apply for a Greek Golden Visa as a main applicant through purchasing real estate or opening a time deposit bank account in Greece, so they might consider that option for their children. The retired parents, on the other hand, would prefer to live in Thailand, so they also apply for the Thailand Elite Residence Program, which has an option that includes dependents, which may include legitimate parents, stepparents, a spouse (including by civil union), children, and stepchildren.”

Volek goes on to say that the Thailand Elite Residence Program is a top choice for supplementing any investment migration programme. “Thailand is a safe, prosperous country with an excellent quality of life and there’s no minimum stay requirement,” he says.

The post Wealthy entrepreneurs set their sights on multiple residences appeared first on Everything Property.

SOURCE: First Published on Everything Property


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