How Covid has affected citizenship migration

After Covid, climate change and cryptocurrency, a fourth C – Conflict in Europe – is now driving wealth and investment migration

To say that the world has changed a bit in these past couple of years would surely be an understatement. From the way we work to how we socialize, Covid has impacted almost every aspect of our lives. And if experts are to be believed in some cases the pandemic has also had an impact on where we want to live!

According to citizenship and migration experts the past two years have seen three Cs driving wealth and investment migration: Covid, climate change, and cryptocurrency. In 2022, a fourth C has abruptly emerged: Conflict in Europe.

Interestingly, sensing a ripple effect to the unrest around the world, many nations also launched newer programs attracting those looking for alternate more lucrative options for settling down their families. The pandemic has also seen a significant spike in the supply side of investment migration.

Read: Are Indian Americans well protected against the new Covid variant? (March 28, 2022)

Dr Juerg Steffen, an investment migration industry expert and CEO of Henley & Partners, a residence investment firm with a global presence says, “The pandemic has also seen a significant spike in the supply side of investment migration.”

“Over the last two years, many countries have created new programs or improved existing options to attract high-net-worth individuals, investors, or talented individuals,” he says.

“Welcoming these new residents and citizens brings considerable gains. Specifically, investment migration programs allow them to increase their sovereign equity.”

Nirbhay Handa, a citizenship and immigration expert says, “Investment migration continues to surge in South Asia, with the concept rapidly gaining greater public acceptance.”

“A growing number of ultra‐high and high‐net‐worth investors focused on future proofing themselves and their families are increasingly seeking out alternative residence and citizenship options.”

“Our offices saw a 52% increase in client enquiries in 2021 compared to 2020 across South Asia, and 2022 looks to be another year of significant growth,” Handa noted.

“The premise of this approach, by investment programs, is to improve a country’s public finances and support its economic growth and employment creation without increasing its debt,” adds Steffen.

Read: Migration data relevant for the COVID-19 pandemic (March 29, 2022)

“In the current context of consecutive crises, which have slowed the world’s economy and affected many nations’ fiscal balances, it is unsurprising to see interest in investment migration surging.

“It works for sovereign states by diversifying their economies and creating new revenue streams, and it works for investors by diversifying their options, spreading their risks and creating new possibilities,” Steffen says. “It’s a classic win-win for both sovereign states and investors alike.”