thought leadership by Kevin Hosam
A SILVER LINING FOR CITIZENSHIP BY INVESTMENT DURING THE PANDEMIC
Managing Director and Licensed Agent Exclusive Concierge
uch can be said about the recent hardships faced by many during the ongoing pandemic. As the world came to an obvious standstill with so many restrictions in place, so did day-to-day professions, with the exception of essential businesses. The pandemic has without a doubt caused great misfortune and chaos to our daily lives. The citizenship by investment (CBI) industry was no exemption to the ensuing chaos. Present and prospective investors understandably grew uncertain and spending confidence dwindled as the pandemic unfolded. In the early months of the pandemic, many governments, dependent on revenues from CBI programmes, along with the Citizenship by Investment Units, intervened by making joint attempts to secure what would be their countries’ lifeline of foreign investment for months to come. When we come upon grey skies and gloomy days, we find it difficult to see the silver lining that lies therein; nevertheless, the pandemic has not been all bad for the CBI industry, and here are a few silver lining moments that I would like to highlight. IMPROVEMENT IN SUBMISSION PROCEDURES CBI units that did not have online submission portals quickly implemented this feature to facilitate application submissions without compromising COVID-19 protocols. The use of the portals allowed unit personnel to work from safe spaces as everything submitted for review was done digitally. In so doing, not only were essential staff removed from the immediate threat of exposure to the virus, but the portals benefitted both Licensed Agents such as ourselves as well as the CBI applicants by allowing them to start submitting applications sooner than before. The convenience provided by portals improved efficiency and made it easier to track and monitor applications in some cases.
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THE CITIZEN
