By Ray de Bono, Editor, IMGW.News (August, 2024)
The upcoming Global Citizenship Forum Miami 2024 is set to be one of the most significant events in the investment migration calendar this year. Taking place on September 19th, 2024, at The Fontainebleau in Miami, this exclusive one-day forum will bring together leading figures in citizenship and residence by investment. With Miami’s strategic location and vibrant international community, the city offers the perfect backdrop for these critical discussions.
To gain deeper insights into what attendees can expect, I had the pleasure of speaking with Basil Mohr-Elzeki, the Head of Private Clients, USA, at Henley & Partners, a leading firm in the investment migration space.
Significance of Miami as a Host City
Ray de Bono: Miami has been selected as the host city for this year’s Global Citizenship Forum, a city known for its vibrant international community and strategic location. In your view, how does Miami’s unique position influence the conversation around citizenship and residence by investment, and what can attendees expect to gain from the Miami context specifically?
Basil Mohr-Elzeki: Miami is increasingly becoming the most attractive city in the United States, sought after not only for its glorious weather and lifestyle but also for its rich, multicultural society. The city is a hub linking North and South America, offering fiscal and investment advantages distinct from other US cities.
Miami is stealing the show, ranking alongside the likes of London and New York by increasingly attracting more ultra-high-net-worth individuals (UHNWI), as highlighted in the recently published Henley Private Wealth Migration Report 2024. This makes Miami an ideal location for discussing investment migration, as it provides a context where attendees can gain powerful insights, forge top contacts, and explore lasting business opportunities.
Addressing Political Uncertainty
Ray de Bono: With the upcoming US Presidential elections, the rise of far-right movements across various EU states, and the UK elections, how do you see these political uncertainties affecting the demand for ‘Plan B’ passports? Are you noticing an increase in interest from EU, UK, and US citizens who are seeking alternative citizenships as a precaution against potential instability?
Basil Mohr-Elzeki: The world is certainly navigating a turbulent period at the moment, and political factors are becoming the primary concern in the United States. Whenever there is potential for changes in tax regimes or administration, it creates uncertainty. While most American citizens aren’t necessarily looking to relocate, they want the option to diversify, including exploring alternative governments. We’re seeing a rise in demand for alternative citizenships as a precaution against potential instability. It’s about having a ‘Plan B’ in place, whether in response to political shifts, economic concerns, or global conflicts.
The elections are one factor, but changes to the non-dom tax regime in 2025 are another, and unfortunately, we are predicting a significant outflow of millionaires from the UK to more favourable tax jurisdictions. The UAE, for example, is likely to inherit many of these millionaires, who bring not just wealth but also expertise and numerous benefits to the countries they move to. These individuals are typically considering the UAE for residence, but they are also looking at other areas in Europe. Since Brexit, UK citizens have been exploring ways to regain access to the EU, which often involves considering different tax regimes across the EU and the Middle East. Additionally, due to ongoing conflicts, security concerns are prompting more urgent considerations for relocation.
Impact of Global Conflicts on Investment Migration
Ray de Bono: The ongoing conflicts in Ukraine and the Middle East are reshaping global dynamics. How do you anticipate these conflicts will influence the investment migration landscape, particularly in terms of the demand for specific programmes or regions?
Basil Mohr-Elzeki: Global conflicts often increase the demand for investment migration as individuals seek safer, more stable environments for their families. The Ukraine and Middle East conflicts have created an urgency among high-net-worth individuals to secure alternative residencies or citizenships. For instance, Caribbean programmes, known for their quick processing times and minimal physical presence requirements, have become increasingly popular. Meanwhile, European programmes like those in Malta and Portugal offer longer-term solutions with access to the EU, making them attractive to those seeking a more permanent relocation.
Relevance of the Global Citizenship Forum
Ray de Bono: This forum brings together key thought leaders and decision-makers in the investment migration space. How do you see the discussions at this event shaping the strategies and decisions of both individual investors and policymakers in the coming year?
Basil Mohr-Elzeki: This forum is incredibly personal to each investor, with the potential to shape their strategies for years to come. It’s an opportunity for investors to diversify their global mobility and for policymakers to learn from the most popular and successful programmes worldwide. The discussions will likely influence both individual decisions and broader policy frameworks, as stakeholders share ideas and explore ways to optimise investment migration programmes to serve both investors and the host countries better.
Leveraging Technology in Investment Migration
Ray de Bono: With advancements in technology, particularly AI and data analytics, where do you see investment migration firms, governments, and professionals leveraging these tools to optimise their operations and improve client service?
Basil Mohr-Elzeki: Technology will play an increasingly important role in investment migration. While it will take time to integrate AI and data analytics into the processes fully, the benefits are clear. Governments and firms that adopt these technologies will be able to streamline operations, enhance client services, and ensure more secure and efficient application handling. It’s an inevitable future, though the pace of adoption will vary across regions.
Current Trends in Investment Migration
Ray de Bono: As we gather in Miami for this significant forum, what are the latest trends in citizenship and residence by investment that you believe will be most influential in 2024? Are there any emerging destinations or programmes gaining traction among high-net-worth individuals?
Basil Mohr-Elzeki: We’re seeing a rise in demand for Caribbean programmes due to their efficiency and flexibility. Additionally, European options like Malta and Portugal continue to be popular, especially for US citizens seeking access to the EU. The Malta programme, in particular, offers a structured path to EU citizenship with rigorous due diligence, making it attractive to those looking for a stable and long-term option. Despite recent government changes in Europe, the Portugal Golden Visa has regained traction by offering new investment options that continue to draw interest.
Conclusion
The Global Citizenship Forum Miami 2024 promises to be an event of unmatched significance for anyone involved in the investment migration space. With its strategic location and world-class speakers, including the presence of Henley & Partners’ leadership, the forum is set to provide invaluable insights and networking opportunities. As Basil Mohr-Elzeki highlighted, this event will not only educate and inform but also shape the strategies of investors and policymakers alike in the coming year. It’s an event that no serious player in the field can afford to miss.
About Basil Mohr-Elzeki
Basil Mohr-Elzeki is Head of the Americas for Henley & Partners, where he holds the dual roles of Managing Director and Head of Private Clients, based in Miami, USA. He travels extensively throughout the region, providing strategic direction and expert insights to staff, ensuring they deliver exceptional advice to clients on residence and citizenship by investment programs.
Throughout his career, Basil has successfully led sales teams and enhanced operational efficiencies in various organizations across the finance, technology, and investment migration sectors. Basil enjoys strategic thinking, improving processes, and providing an unmatched client experience.
Basil earned his bachelor’s degree in finance from the John Molson School of Business in Montreal and holds various other certifications. As a recognised subject matter expert in investment migration, he regularly contributes to Henley & Partners’ thought-leading publications and is frequently interviewed by top media outlets.
