An IMGW News Business Profile
IMGW.news regularly spotlights companies in the Wealth Management, Investment Migration, Real Estate, and related service sectors. Our mission is to provide readers with a deeper understanding of these firms’ unique offerings and operational highlights, enriching their knowledge of key industry players.
In this article, we sit down for a Q&A with Eric Major, the Group CEO and Chairperson of Latitude Group, to discuss the company’s latest developments, including its recent demerger from RIF Trust. We also explore Latitude Group’s projects and future plans. Dive into our Q&A with Eric to learn more about this pioneering expert in Investment Migration, business leader, and trailblazer.
The Biography
Eric Major is a pioneering figure in the investment migration industry, with over 30 years of experience helping high-net-worth individuals obtain residency and citizenship internationally. As CEO and Chairperson of Latitude Group, a leading global firm in residency and citizenship planning, Eric is a trusted advisor to both private clients and governments. His deep expertise and strategic vision have made him a key contributor to the development, implementation, and market launch of some of the world’s most successful residency and citizenship-by-investment programmes.
“…as witnessed throughout my 30 years in this field, the future of the Investment Migration industry remains very bright, with demand for our services growing by double-digits every year, thus making it a very exciting field to be part of.” – Eric Major.
Before founding Latitude, Eric served as CEO of Henley & Partners from 2011 to 2016, where he played a pivotal role in the company’s global expansion. Under his leadership, Henley & Partners launched four major programmes, including the Malta Individual Investor Programme, while expanding its presence with the opening of more than 20 new offices worldwide.
Prior to his tenure at Henley & Partners, Eric founded and led HSBC Global Investor Immigration Services from 1997 to 2011. During this time, his team facilitated the relocation of more than 5,000 families, raising over USD 1 billion in investment capital for countries such as Canada and the UK. This solidified his reputation as a major player in the investor immigration sector.
Outside of work, Eric is an avid jazz guitarist, often playing his favorite tunes on his left-handed guitar. A passionate traveler, he enjoys planning trips that impeccably combine business with leisure, as well as indulging in fine cuisine and French wine alongside his wife, Anna-Lisa.
The Interview
IMGW News Editor, Ray de Bono, sat down with Eric Major to explore his company’s recent developments and future ambitions.
During the interview, Eric shared insights into Latitude Group’s recent demerger from RIF Trust, discussed Malta’s ongoing case with the EU, and examined emerging trends in the Caribbean market. He also offered his outlook on the future of the Investment Migration industry. It was an engaging conversation that provided valuable perspectives on the company’s future direction.
The Q&A Session
EU Advocate General’s Opinion on the Malta-EU Case
🔍 Question 1: What are your thoughts on the recent EU’s Advocate General’s opinion recommending the dismissal of the European Commission’s case against Malta’s Citizenship by Investment (CBI) programme?
“While the Advocate General’s opinion (in the EU vs. Malta case) is not legally binding, it carries substantial weight as, historically, the European Court of Justice follows these recommendations in around 60-70% of cases.” – Eric Major.
💬 Eric Major: This is a significant development with potentially far reaching implications for our industry. While the Advocate General’s opinion is not legally binding, it carries substantial weight as, historically, the European Court of Justice follows these recommendations in around 60-70% of cases. We’re optimistic that the court will align with this opinion, which would send a strong message across the EU because the Advocate General’s opinion underscores the legal position that decisions regarding citizenship are a matter for individual Member States, not supranational bodies.
Experts in the field, such as Dr Dimitry Kochenov, one of the foremost authorities on EU citizenship law, have consistently argued that the European Commission’s case was unlikely to succeed. His predictions, alongside this recent opinion by the AG, strengthen the argument that Member States have the exclusive right to determine who they grant citizenship to, provided they operate within the broader framework of EU law.
🔍 Question 2: How do you see this opinion impacting other EU member states that operate similar CBI programmes?
💬 Eric Major: Should the European Court of Justice ultimately side with Malta, as we expect it will, it could be a watershed moment for CBI programmes across the EU. Countries like Hungary, Bulgaria and Ireland could potentially use this decision as the legal foundation for launching their own citizenship programmes. Several Balkan nations hoping to ascend to the EU could also be bolstered to launch new CBIs to raise much needed FDIs to their shores.
Ultimately, this opinion—and the potential ruling that follows—could be a turning point for the future of investment migration in the EU, reinforcing the right of Member States to independently shape their own citizenship and residency policies.
🔍 Question 3: What precedent do you believe this could set for the balance between national sovereignty and EU regulation in investment migration?
💬 Eric Major: While this development is undoubtedly significant, it is important to recognize that Citizenship by Investment (CBI) programmes will remain a politically sensitive issue. Numerous EU institutions, including the European Parliament, are likely to continue to express concerns about the potential risks these programmes pose in terms of money laundering, tax evasion, and the commodification of citizenship, so I expect there will be ongoing political debate.
In my view, the narrative will shift from (a) questioning the legality of CBI programmes within the EU to (b) focusing on how the EU will regulate these schemes. Growing pressure will likely lead to stricter oversight and harmonized regulations, with the EU playing a more prominent role in shaping the future of these programmes through regulations.
Latest Developments in the Caribbean
“This shift toward stronger vetting procedures reflects a growing awareness of the need to maintain the credibility and integrity of these programmes in the face of international scrutiny.” – Eric Major.
🔍 Question 4: Can you share your insights on the latest trends and challenges facing Caribbean CBI programmes?
💬 Eric Major: Since my beginnings in the CBI industry back in 2004, Caribbean CBI programmes have undergone significant evolution, especially in terms of operational efficiency and procedural improvements. They have streamlined their application processes, making them more accessible and investor-friendly, while also adopting more robust due diligence practices to mitigate concerns about security risks. This shift toward stronger vetting procedures reflects a growing awareness of the need to maintain the credibility and integrity of these programmes in the face of international scrutiny.
However, transparency remains a big deficit and critical challenge, particularly regarding the use of funds generated from these programmes. There has been ongoing debate about how the revenues from CBI schemes are allocated, with calls for greater clarity on how they contribute to sustainable economic development, infrastructure, and public welfare. For the longevity and reputational strength of these programmes, governments must provide clearer reporting on the impact and utilisation of CBI funds, demonstrating that they are being invested in ways that benefit the broader population.
🔍 Question 5: What do you foresee for the future of Caribbean CBI programmes in terms of competitiveness and adaptation to global standards?
💬 Eric Major: The Caribbean CBI market is currently a little quieter following the recent surge of applications stemming from the increase in investment thresholds. However, the overall demand for alternative citizenship remains robust. What has changed in the Caribbean market is the profile of the target market. With the higher financial requirements, their CBIs will now be more focused on high-net-worth individuals (HNWIs) rather than the broader mass affluent market that previously drove much of the demand, particularly in the Middle East.
“With the higher financial requirements, their CBIs will now be more focused on high-net-worth individuals (HNWIs) rather than the broader mass affluent market that previously drove much of the demand, particularly in the Middle East.” – Eric Major.
In terms of competitiveness, Caribbean CBI programmes will need to continue differentiating themselves by offering value beyond just the price point. This could include enhanced benefits, such as greater visa-free travel access, encouraging a lifestyle proposition for investors seeking secondary residences and incentives for becoming a tax resident in their country.
By striking the right balance between competitiveness and the highest standards of due diligence and more transparency, Caribbean CBI programmes can maintain their appeal to investors while preserving their credibility on the world stage.
The Latitude Group – RIF Separation
“This separation allows each company the flexibility to pursue its strategic goals independently and adapt in line with the specific demands of our respective target markets.”
🔍 Question 6: Could you elaborate on the rationale behind the recent separation of Latitude and RIF Trust, and what it means for both companies moving forward?
💬 Eric Major: Though we have operated together since 2018 and had grown tremendously in our respective markets, Latitude and RIF Trust had never fully merged ‘organisationally’, as we ultimately maintained two separate brands and corporate cultures. The two companies parted ways in August, and this process was done both amicably and professionally. In fact, we continue to collaborate on a B2B basis and maintain a positive channel of communication.
As many in the industry would have witnessed, it became clear that we served different markets and had strategic differences. RIF Trust is a leader in the hyper-active Middle East market, while Latitude predominately served ultra-high-net-worth individuals in Western markets. This separation allows each company the flexibility to pursue its strategic goals independently and adapt in line with the specific demands of our respective target markets.
🔍 Question 7: With the demerger in place, what strategic priorities will Latitude focus on, particularly in terms of government advisory services and global mobility solutions?
💬 Eric Major: Following the demerger, Latitude will prioritise expanding both its physical and digital presence in the U.S. market, with secondary efforts in the general Anglosphere, such as Canada, the UK, South Africa and Nigeria. These markets are strategically important for the high-net-worth clientele we serve and align with our broader global mobility solutions.
A key focus moving forward will be further strengthening our government advisory services. In the post-COVID era, many governments have increased their debt burdens and are now exploring innovative ways to attract foreign direct investment (FDI) to ease the fiscal pressure on their budgets and economies. We see this as an opportune moment to leverage our unrivalled expertise and help governments design and implement citizenship and residency programmes that generate substantial FDIs.
Citizenship by Descent
🔍 Question 8: Citizenship by Descent has gained attention as an alternative route to obtaining a second passport. How do you view the potential of this option compared to Citizenship by Investment?
💬 Eric Major: Citizenship by Descent is an excellent option for anyone with European ancestry. It’s certainly less expensive than a CBI and is a simpler process, though it requires documentation which may be difficult to retrieve at times.
The potential market for Citizenship by Descent is substantial, especially in the US, where it’s estimated that over 100 million Americans may be eligible through their ancestral ties to countries like Italy, Ireland, or Poland. This creates a vast pool of potential applicants, many of whom are seeking greater global mobility, enhanced security, or new opportunities for themselves and their families.
While Citizenship by Descent offers clear advantages in terms of cost and simplicity, it is not always as quick as CBI. Both options serve different market segments, but the growing awareness and accessibility of Citizenship by Descent could increasingly make it a preferred route for many people seeking the benefits of a second citizenship and passport.
🔍 Question 9: What has been its track record to date in terms of uptake and success?
💬 Eric Major: Audra de Falco leads our Citizenship by Descent division and she has been steadily growing the business. Over her career, she has helped more than 2,000 clients successfully obtain dual citizenship through their ancestral heritage, making her one of the most experienced practitioners in this field. Her deep understanding of the complex administrative processes across various European countries ensures a smooth and efficient experience for our clients.
For further reading on Citizenship by Descent, we recommend the recent IMGW News article by Audra Falco, titled Bloodlines and Borders: The American Quest for European Citizenship. You can read it here: Bloodlines and Borders: The American Quest for European Citizenship.
RCBI Landscape for the Future
🔍 Question 10: How do you think investment migration will evolve in the coming decade, and what role will Latitude play in that transformation?
Eric Major: In the coming decade, Latitude will continue to play a crucial role in the investment migration landscape, especially in the North American and European markets. We anticipate that demand for multiple residencies and citizenships will only increase as individuals seek to enhance their SMILE (Security, Mobility, Insurance, Lifestyle and Employment and/or Education) for themselves and their families. The ongoing geopolitical and economic challenges will drive many to explore alternative citizenship and residency.
However, the industry must also prepare for a shift toward greater regulation and oversight. As governments, banks, and supranational bodies become more vigilant about the implications of investment migration, we expect to see stricter compliance requirements and enhanced due diligence measures (rightfully) imposed on the industry.
On the government side of things, we will hopefully see standardised reporting protocols and a push for increased transparency, particularly on how funds generated from these programmes are utilised. The need for accountability will be paramount, especially as public scrutiny intensifies around the potential risks associated with these programmes.
At Latitude, we are committed to adapting to these evolving regulatory landscapes while advocating for best practices in the industry. Our expertise in government advisory services positions us well to assist governments in designing transparent and effective citizenship and residency programmes.
🔍 Question 11: What emerging trends do you see shaping the future of the Residence and Citizenship by Investment (RCBI) industry, particularly in Europe and beyond?
💬 Eric Major: We’re seeing continued interest from the American market, particularly for EU citizenship, hence the expansion of our team in Malta in support of the MEIN, as well as our team in New York, in support of our Citizenship by Descent business. The Caribbean will likely continue to thrive, but its success may be challenged as new competing CBI programmes emerge, targeting similar clientele.
In short, as witnessed throughout my 30 years in this field, the future of the Investment Migration industry remains very bright, with demand for our services growing by double-digits every year, thus making it a very exciting field to be part of.
We hope you enjoyed our interview with Eric Major, and we invite you to check out other recent IMGW News interviews, such as the following:
- One-to-One: Mimoun Assraoui Unveils RIF Trust’s Strategy
- Executive Interview: IMGW News meets Dr. Sirous Motevassel.
- Interview: Insights from Lisa Chanesman, Leading Migration Law Expert, on the Future of Investment Migration
- Perspectives: A Portuguese Viewpoint
- Company Spotlight: Globe Detective Agency (GDA)
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