Why Global Migration From Developed Markets Is Growing

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Catching up with Latitude Group Chairman Eric Major is always enjoyable. Eric is personable and each discussion doubles as a masterclass. We learn about his perspective on the latest global migration developments.

1.) What are the latest global migration trends you are noticing, Eric?

“The new buzz term in our industry is “optionality”. Entrepreneurs in developed markets like the US, Canada, and the UK are increasingly looking to have options in their back pockets in case the worst happens.”

“For example, Americans are very lucky with their 50 beautiful States given the immense diversity of that great country. But moving from New York to Florida or California to Texas is proving not to be enough. They are now considering places in Europe, such as Portugal, Malta, or Spain, and the Caribbean too.”

2.) What factors have you identified in The Great US Migration?

“We are at the start of something big. In their hearts and minds, most Americans do not want to leave America, they would prefer to stay. They would prefer to see a positive future in their homeland.”

“But there is no denying that the country as a whole is going through deep-rooted social, economical and political challenges. Regional and social issues are propelling them to look abroad. For high net worth families, their next base is more likely to be international rather than national.”

“What makes the bucket tip is different for each American. Whether it is Roe vs Wade, the mass shootings in US schools, concerns over rising taxes, Black Lives Matter, or the Capitol insurrection, any one of these events may have caused some to reach their tipping point and seek our services.” 

3.) What makes the Caribbean so appealing?

“Travel agents market the Caribbean as a short-haul tropical paradise. But Americans are now looking at these islands as more than a vacation destination. As the pandemic has taught us, being able to work on the shores of Nevis is more of a magnet than a stuffy home office in Manhattan.”

“Staying in the same time zone as their usual one is another benefit. They can hop on a plane from New York to Antigua or Miami to Cayman and still not miss a beat at work. The Caribbean has long attracted snowbirds but these days many are not flying back north.” 

4.) HNWIs in emerging markets invest in migration for a stronger passport. The US passport is a Top 10 passport, why would anyone want to trade down?

“Many years ago, the Global Head of HR for ExxonMobil approached me. They were developing oil rigs in the Middle East. All their crews were American. So, there was a security concern about their employees entering certain countries with a US passport.

“It’s easier to check into a Best Western in Baghdad with an Antigua and Barbuda passport rather than an American one.  If you come from an empire nation, you might not want to “wave your flag” in certain jurisdictions. Citizenship is a whole extra level of benefit than merely property investment. We like to say that it enhances your S.M.I.L.E.“

“Security

Mobility

Insurance policy

Lifestyle

Education and Employment Opportunity” 

5.) How does optionality fit in with the Latitude Group’s SMILE concept?

“Optionality and SMILE are a perfect fit. People are investing in second residency and citizenship for an ever-growing number of reasons. It is certainly not just about tax.”

“It is also about Security, in case the world around you suddenly changes. It’s about Mobility in the event, for example, the world is struck with another pandemic. It’s an Insurance policy that gives you and your children the right to live and settle in a foreign land.”

 “It’s about enhancing your Lifestyle by living in your new paradise abroad, and it’s about giving your children new opportunities in terms of Education and Employment abroad. Indeed, our clients have families and they naturally want a brighter future for their children and their children’s children.”

Setting up your global migration Plan B

Are you looking for an insurance policy an insurance broker won’t issue you? If Plan A fails, do you have a Plan B in place? For all your citizenship and residency needs, don’t delay. Contact RIF Trust, global migration specialists, today.