BY CONNOR STEENS
The demand for global citizenships has skyrocketed in the wake of the Covid-19 pandemic with affluent investors searching for physical safety and security in residence, and citizenship by investment programs. In a bid to eliminate the risks and limitations that the pandemic has placed upon families, businesses and lifestyles, High Net Worth Individuals are looking now, more than ever offshore, to foreign health havens such as Canada, New Zealand and Australia.
In a collaborative effort between global citizenship firm Henley & Partners, and research agency Deep Knowledge Analytics, the Investment Migration Programs Health Risk Assessment was produced. The Assessment analyses 31 countries that hold citizenship-by-investment programs and ranks their levels of social, economic and health stability as well as exploring the strengths, weaknesses, opportunities and threats these jurisdictions may face in the turbulence brought about by Covid-19.
CEO of Henley & Partners, Dr. Jeurd Steffen advises that “… the chaos and disruption that has been experienced worldwide over the past year has seen access to health security become a chief concern, and our high-net-worth clientele is no exception in this regard.”
By examining six main parameters; Quarantine Efficiency, Government Efficiency, Monitoring and Detection, Healthcare Readiness, Country Vulnerability, and Emergency Preparedness, the report reveals Canada to be the best performing with New Zealand and Australia in 2nd and 3rd place and several European countries ranking highly as well.
Among all continental regions there was found to be at least one favorable jurisdiction, with the Caribbean boasting capable and affordable citizenship-by-investment programs in states such as St. Lucia, Dominica and St. Kitts and Nevis.
North America saw contrasting results between top rated Canada and the United States. Despite being the country that spends the highest percentage of its GDP on healthcare, the U.S. is ranked only 16th out of the 31 examined countries.
European countries continue to possess unrivalled health security with highly sought after citizenship-by-investment programs. Results see countries such as Switzerland, Austria, Italy and the UK amongst the top 10.
Options in the Middle East continue to grow with the UAE taking out 6th overall and Turkey in 11th place.
Listing New Zealand, Australia and Singapore amongst the very best destinations in the age of Covid-19, the Asia-Pacific region offers some of the most secure and healthy choices when it comes to citizenship-by-investment.
Dmitry Kaminskiy, Co-founder of Deep Knowledge Group points out that “as health as the new wealth’ paradigm gains prominence among the global investment community, along with the notion that health, rather than wealth, is the most valuable asset class, we will see the ascendance of regions that promote both individual and institutional migration and relocation on the basis of prioritizing well-being, rather than capital.”
To enquire about establishing an offshore trust or company as part of your asset protection or estate plan please contact us here.