Citizenship by Investment agents need to play a stronger advisory role towards potential applicants
May 28, 2016 - News Antigua and Barbuda
The inaugural Invest Caribbean conference in Antigua and Barbuda concluded on May 27, 2016 with a consensus that Citizenship by Investment agents need to perform a stronger advisory role when guiding potential applicants, with advice extending beyond just the best program to choose.
Industry practitioners, due diligence providers, risk assessment companies and tax planning experts who were among the high-powered line-up of speakers at the conference organized by the Citizenship By Investment Unit (CIU) of Antigua and Barbuda, all stressed the importance of agents serving as ethical guides in terms of enlightening potential applicants on the various processes involved in securing citizenship by investment and their long-term implications.
In particular they stressed on performing an educational and reassuring role with regard to the ways and means through which the due diligence process is conducted, the chain of custody of confidential information, tax planning, structuring of real estate ownership and doing business in the CARICOM region.
Kem Warner, Managing Director of PassPro Antigua and Barbuda, a Citizenship by Investment consultancy firm with a presence in Dubai, Lebanon, St Kitts and Nevis, the Commonwealth of Dominica and Antigua and Barbuda, commented on the dual responsibility agents have to the government CIUs as well as to the clients themselves.
"Governments offering legal second citizenship depend on agents to know their clients and conduct their own due diligence checks even before an application goes through the system, so they perform a key risk assessment role," said Warner.
"However, it is also the agents' responsibility to correctly represent the realities of second citizenship to the client - ensure they are informed about the entire process and that any queries they may have are promptly and adequately addressed. Additionally it is the agents' duty to ensure that real estate projects that are presented to clients through the property investment route are themselves vetted to make sure that applicants are presented with Government Approved and solid options that present a value proposition."
With an in-depth knowledge of the Caribbean region driven by a team of regional industry stalwarts, PassPro takes pride in acting as ethical consultants who serve the best interest of the clients and government programs it represents.
The Invest Caribbean Conference is the very first major international industry gathering of its kind to take place in the Caribbean region. The Conference brought together highly respected decision makers from within the industry, international due diligence service providers and the heads of the CIU of the various Caribbean countries offering legal second citizenship for a three-day program of insightful and informative sessions and site visits to Government Approved Citizenship by Investment real estate projects.
- Radhina Almeida Coutinho, Director of Strategic Communications, PassPro - Gold Sponsor of the inaugural Invest Caribbean Conference. PassPro is a specialist Citizenship by Investment consultancy firm offering global investors trusted guidance on obtaining legal second citizenship. With an in-depth knowledge of the Caribbean region and a core team of second citizenship planning experts we take pride in acting as ethical consultants who serve the best interest of the clients and government programs we represent. For more information, contact [email protected]
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