Transparency vs Confidentiality in Second Citizenship
June 19, 2018 - News
At the Caribbean Investment Summit that took place from May 16-19, 2018 in St Kitts and Nevis, PassPro was asked to comment on finding the balance between Transparency Vs Confidentiality.
It’s a topic that often comes up in our discussions with clients - where does one draw the line between full transparency and breaching individual privacy?
Do governments need to have the right to know every single detail of one's life in order for a person to qualify as a citizen of a country?
More importantly, does the public and the media have the right to know all this information too?
Would we be comfortable if a stranger looked into the intimate details of our private lives?
Many of our clients wonder to what extent the background checks will invade their lives and their circle of acquaintances. We are often asked questions like:
“Will they call my boss and tell him I am applying for a second citizenship?”
“Will they call all my siblings and inform them about my decision?”
“Why are they asking for the contact details of people I do business with? This is a private matter that my business associates have no need to be involved in.”
There are a lot of questions around the due diligence process, but in reality it is pretty straightforward.
When a government conducts due diligence with the goal of approving legal second citizenship, what they are trying to determine are three core points:
1. Are you who you really say you are?
2. Have the funds you are using to pay for citizenship been acquired legally and legitimately with no links to money laundering or terrorism funding activities?
3. Are you likely to be a security of reputational risk?
Transparency in this regard helps governments protect the integrity of their citizenship and the rights and benefits enjoyed by all its existing and future citizens. It is crucial to the long-term sustainability of strong Citizenship by Investment programs.
However, beyond determining the above, individuals have the right to protecting their privacy and keeping their personal details confidential with regard to the wider public and the media. Governments should have the right to check out the backgrounds of applicants, but this does not extend to publicly sharing details of one's identity.
Today, with so many discussions about the right to hold and share personal data surrounding GDPR* (General Data Protection Regulation) which was rolled out a few weeks ago on May 25 2018, it has never been more important to try to balance the increasing calls for transparency with the increasing right to individual privacy.
If you have any questions on second citizenship, the requirements you need to fulfil and the process of applying, feel free to contact our team on [email protected] , call +97145541449 or contact us via the form below and we will be happy to guide you.
* The General Data Protection Regulation (GDPR) is a regulation in EU law on data protection and privacy for all individuals within the European Union (EU) and the European Economic Area (EEA). The GDPR aims to give individuals control over their personal data and to simplify the regulatory environment for international business by unifying the regulation within the EU.
Key stakeholders of the Caribbean Citizenship by Investment industry including heads of state - the Hon. Dr. Timothy HarRead More