Transkrip lengkap untuk Global Citizenship Programs Index 2026

00:06:18.240 --> 00:06:25.199 So my advice you know to families and individuals today is consistent. 00:06:25.199 --> 00:06:28.160 Start with a strategy, not the project. 00:06:28.160 --> 00:06:39.839 Met what are you actually you know trying to protect, be uh deliberate and intentional, and then you work backwards to the jurisdictions that can actually address it. 00:06:39.839 --> 00:06:43.759 Um think in portfolios, not in singles. 00:06:43.759 --> 00:06:54.560 You know, many of our high network clients now hold a primary citizenship, a backup citizenship, and one or two strategic residencies. 00:06:54.560 --> 00:07:02.560 And also, it is really important to take credibility and compliance very seriously. 00:07:02.560 --> 00:07:19.199 It's my opinion that the programs that will still be standing and in solid ground in 10 years from now are the ones that are very rigorous with their due diligence, and and and that will ensure that they have you know strong international standing. 00:07:19.199 --> 00:07:23.279 And that's exactly what we've weighted uh on the report. 00:07:23.279 --> 00:07:28.079 Credibility and compliance so heavily in this year's index. 00:07:28.079 --> 00:07:37.040 So citizenship in 2026 is no longer a passport, it's an infrastructure for a globally mobile life. 00:07:37.759 --> 00:07:41.920 Wow, that is such a powerful reframing. 00:07:41.920 --> 00:07:47.920 Citizenship is a layered architecture to protect rights and assets. 00:07:47.920 --> 00:07:50.079 So thank you very much, Patricia. 00:07:50.079 --> 00:08:04.720 And I'm also very happy because it sets up perfectly the next question, which is about how that architecture actually gets built in practice for most for the most of the sophisticated investors. 00:08:04.720 --> 00:08:07.199 So, Jean, over to you. 00:08:07.199 --> 00:08:16.000 Um, I have a question for you, Jean, as head of institutional client relations at Global Citizen Solutions. 00:08:16.000 --> 00:08:31.600 I see that you work closely with wealth planners, family officers, and institutional advisors who are increasingly integrating investment migration into broader wealth protection and succession strategies. 00:08:31.600 --> 00:08:40.960 So, how are these advisors framing citizenship and residency programs with their clients' overall planning? 00:08:40.960 --> 00:08:57.440 And in practical terms, how can a high net worth individual today build a genuine mobility portfolio to maximize flexibility, optimize stack exposure, and build long-term resilience? 00:08:59.039 --> 00:09:00.080 Thank you, Gizane. 00:09:00.080 --> 00:09:04.480 Those are very good questions, actually, and that there's a lot to speak about. 00:09:04.480 --> 00:09:21.440 But uh what we're seeing from the institutional side is that residency and citizenship planning is increasingly being integrated into wealth planning, and it's definitely something new if you compare it to five years ago, ten years ago, for example. 00:09:21.440 --> 00:09:28.399 There are numerous factors to this, but uh outside in summary, the demand is client-led. 00:09:28.399 --> 00:09:41.360 So it isn't it isn't the advisors that are taking this topic to the clients, the clients are taking this topic to the advisors, which means advisors are starting to adapt uh to this demand. 00:09:41.360 --> 00:09:52.639 And the driver from the client side, you know, uh a high network individual or high network family, um they're becoming more and more cross-border. 00:09:52.639 --> 00:10:01.039 And sometimes or or multiple times, the first generation might not be cross-border, but the second or third will almost certainly be. 00:10:01.039 --> 00:10:03.279 And we see this pattern frequently. 00:10:03.279 --> 00:10:20.559 I mean, for example, a couple that uh build entire life in business in the US, for example, or Brazil or Middle East, even though they might be perfectly happy where they are right now, their kids can also be in London, uh, living in Milan, for example, in Singapore. 00:10:20.559 --> 00:10:32.879 So uh this the family legal and tax structure needs to reflect this mobile reality or this desire for mobility. 00:10:32.879 --> 00:10:44.399 And uh so these programs end up serving both the parents and their their children in parallel, sometimes for the same purpose, sometimes for different uh goals. 00:10:44.399 --> 00:10:48.399 And and why are people more cross-border? 00:10:48.399 --> 00:10:51.919 It all comes about you know what Patricia was mentioning. 00:10:51.919 --> 00:10:59.279 So, risk management, geopolitical risk management is a very big topic, lifestyle as well, tax optimization. 00:10:59.279 --> 00:11:01.120 I mean, the list goes on. 00:11:01.120 --> 00:11:16.080 And I think one note I like to mention, which which um is quite important as well, is advisors that touch on this matter early on usually have the opportunity to advise the clients throughout the entire process. 00:11:16.080 --> 00:11:23.120 Um, because again, it's something from our perspective, it's becoming more and more prevalent in in today's world. 00:11:24.320 --> 00:11:25.200 Thanks, Joao. 00:11:25.200 --> 00:11:33.519 And I think that's exactly the integrated picture our audience has been waiting to hear. 00:11:33.519 --> 00:11:43.279 How citizenship sits not in isolation but alongside financial structures as part of um of a good financial strategy. 00:11:43.279 --> 00:11:54.159 So now, Patricia and Jean, they have given us the strategic and operational view of how and why investors are approaching citizenship today. 00:11:54.159 --> 00:12:00.639 But to understand which programs actually deliver on that promise, we need to turn to the research. 00:12:00.639 --> 00:12:03.840 And for that, I will bring in Laura Madrid. 00:12:03.840 --> 00:12:05.279 Hi, Laura. 00:12:05.279 --> 00:12:06.559 Hello, hello. 00:12:06.559 --> 00:12:28.399 So the 2026 Best Citizenship Programs Index evaluates 15 programs across five weighted pillars,

like we mentioned um earlier, but I will repeat the procedure, mobility, tax optimization, quality of life, investment, and credibility and compliance. 00:12:28.399 --> 00:12:31.200 Laura, it's enough talking for me. 00:12:31.200 --> 00:12:41.600 Can you walk us through how the global intelligence unit selected and weighted these pillars and what methodological refinements were introduced in this edition? 00:12:42.320 --> 00:12:42.960 Sure, sure. 00:12:42.960 --> 00:12:49.759 Let's talk a little bit about methodology, but because it's uh aligned with what Patricia and uh Joan have said. 00:12:49.759 --> 00:12:55.679 In 2026, we developed and updated uh the methodology for the CP index. 00:12:55.679 --> 00:13:03.840 And the framework Patricia has just described is precisely what this uh index is designed to measure. 00:13:03.840 --> 00:13:17.279 Uh, we we kind of developed this technical answer to the natural payoff to Patricia's strategic frame about um uh global mobile uh individuals and global mobile families. 00:13:17.279 --> 00:13:27.360 Uh we believe the index uh uh needs to capture every single layer of this infrastructure of a global mobile investor and their families. 00:13:27.360 --> 00:13:32.720 And that's why we focus on those uh five uh pillars that you mentioned. 00:13:32.720 --> 00:13:42.159 We have procedure and we analyze minimal investment thresholds in the programs, investment options, processing times, residency requirements, family inclusion. 00:13:42.159 --> 00:13:54.639 Then the second one is mobility, and we use our proprietary data on the Global Passport Index to um weight countries on their mobility, uh their passports. 00:13:54.639 --> 00:14:05.200 Uh then we have tax optimization pillar, and we analyze tax systems and tax rates on income, corporate capital gains, wealth, and inheritance. 00:14:05.200 --> 00:14:08.480 Then, of course, we have quality of life as an indicator. 00:14:08.480 --> 00:14:20.480 If we see the most recent service with um expats and global mobile people, quality of life is one of the most important drivers for people when deciding uh on a destination. 00:14:20.480 --> 00:14:22.320 So it's also relevant. 00:14:22.320 --> 00:14:37.919 As Joanne just mentioned, uh, sometimes the family will not relocate immediately, but the future generations can have it as an asset to relocate in the future, and then quality of life is a very important uh driver. 00:14:37.919 --> 00:14:50.879 Then we have investment environments, and we use ease of doing business and economic stability uh indicators to measure countries and and jurisdictions on this uh topic. 00:14:50.879 --> 00:15:01.440 We also have the cross-cutting um indicator, as we we mentioned in the in the beginning, that is credibility and compliance. 00:15:01.440 --> 00:15:29.440 And credibility is an indicator that we put together with uh our experts' analysis and also the reputation programs um um uh uh demonstrate uh from the operators, and compliance

is uh is an indicator that is related to how countries apply guidelines on anti-money, anti-laundry money uh guidelines and know my client uh framework. 00:15:29.440 --> 00:15:55.039 So the bottom line of the index is that we kind of put together all the indicators that can offer to investors, private clients, and um investors in general, and the most reliable and transparent programs for for investors to invest when it comes on uh citizenship programs. 00:15:55.039 --> 00:16:05.120 We understand that it's important for investors um to build an infrastructure, uh, to have this uh mobile life. 00:16:05.120 --> 00:16:21.759 And our index is one uh piece of of the the puzzle this uh investors need to put together when thinking about um investing in uh in citizenship uh rights elsewhere. 00:16:22.399 --> 00:16:27.759 Thank you, Laura, and well done for coordinating this with your team. 00:16:27.759 --> 00:16:37.200 And I think that rigor is what gives the index its weight with the methodology established. 00:16:37.200 --> 00:16:43.519 I'd like now to turn to the supply side of the market, which is where Joe comes in. 00:16:43.519 --> 00:16:45.360 Hi, Joe. 00:16:48.159 --> 00:16:50.000 Hi, Gizane and thanks for having me. 00:16:51.039 --> 00:16:52.000 You're welcome. 00:16:52.000 --> 00:17:08.240 So, Joe, um the Caribbean continues to anchor the global CBI market, but the region has undergone significant reform in recent years, particularly around accountability and transparency. 00:17:08.240 --> 00:17:16.400 What improvements have been most consequential for clients and uh for the long-term credibility of the region? 00:17:18.240 --> 00:17:20.400 Yeah, so obviously it's a great question. 00:17:20.400 --> 00:17:24.160 Um, I'd point to sort of three game changers. 00:17:24.160 --> 00:17:32.799 Um, first, the ECC IRA, um, which is the new regional regulatory authority which launched last year. 00:17:32.799 --> 00:17:42.559 Um, for the first time, all five Caribbean programs will be operating under unified standards with a single oversight body headquartered in Grenada. 00:17:42.559 --> 00:17:44.400 So that's pretty transformational. 00:17:44.400 --> 00:17:49.200 Uh, the second would be the $200,000 minimum investment floor. 00:17:49.200 --> 00:17:55.519 So these countries stopped competing on price and and competing on started competing on quality. 00:17:55.519 --> 00:18:04.079 Um, that sent a clear signal to the US and the EU, you know, say we're serious about integrity over you know quick revenue. 00:18:04.079 --> 00:18:12.559 And then the third, um, and this is what clients really, really notice is mandatory biometrics and interviews for everybody. 00:18:12.559 --> 00:18:23.119 Um, and yes, you know, it adds a step, but it also means that the programs can defend themselves credibly when Washington or Brussels um come knocking, you know. 00:18:23.119 --> 00:18:33.839 Um, and that protects what clients really, you know, invested for or bought, you know, visa-free access to you know 140 plus countries. 00:18:33.839 --> 00:18:38.960 Um, so from basically where I sit, you know, the trade-off is absolutely worth it. 00:18:38.960 --> 00:18:52.480 I mean, applications might take a little bit longer now, you know, doc uh documentation requirements might be slightly tighter, but you know, the clients are getting the real credibility instead of just a fast process. 00:18:52.480 --> 00:19:10.960 Um, and then you know, the Caribbean went from five countries doing their own thing, um, so sometimes undercutting each other to a coordinated, transparent system uh with public annual uh reporting and generating accountability. 00:19:10.960 --> 00:19:16.480 And so that's not just reform, that's a complete industry um maturation. 00:19:16.480 --> 00:19:18.480 And you know, frankly, it's working. 00:19:18.480 --> 00:19:26.079 Um, despite the stricter requirements, we're seeing strong client confidence because you know people recognize these programs are now built to last. 00:19:26.480 --> 00:19:27.680 Thank you very much, Joe. 00:19:27.680 --> 00:19:30.720 Um, so let's be dynamic here. 00:19:30.720 --> 00:19:33.039 And now I'm gonna bring back Joao. 00:19:33.039 --> 00:19:43.359 Um Joao, Joe has just walked us through how the Caribbean has reformed and where new programs are emerging. 00:19:43.359 --> 00:19:54.400 But before any of these programs reach an end client, they often have to pass through the institutional gatekeepers. 00:19:54.400 --> 00:20:04.319 By that I mean the family officers, the wealth managers, and the private banks that advise them on where to place their capital and citizenship. 00:20:04.319 --> 00:20:16.799 So, Jean, from your experience, how do these institutions actually assess a um citizenship program before recommending it? 00:20:16.799 --> 00:20:24.640 And what do they look at in terms of program requirements, investment options, and credibility? 00:20:25.920 --> 00:20:27.599 Uh thank you, Gizane. 00:20:27.599 --> 00:20:30.240 That's uh that's an interesting question, actually. 00:20:30.240 --> 00:20:35.759 Um filter is quite rigorous, uh, actually. 00:20:35.759 --> 00:20:40.880 I think uh typically private banks or wealth managers ask three main things. 00:20:40.880 --> 00:20:45.519 Uh, the first one is is the jurisdiction of our program credible? 00:20:45.519 --> 00:20:52.480 Uh the second would be are the investment routes suitable for our client, for my client? 00:20:52.480 --> 00:20:59.200 And then finally, and logically, uh, is the firm they will work with in the in this industry credible? 00:20:59.200 --> 00:21:02.960 And this logically applies to us or any other company. 00:21:02.960 --> 00:21:25.519 In terms of jurisdiction or program credibility, I think that they like to see that the government is actually vetting applicants, not just collecting fees, you know, because in the end, a program that's too soft uh in screening, it can create uh easily uh reputational damage

or exposure for everyone involved. 00:21:25.519 --> 00:21:30.079 So that's also something they they tend to look at uh very often. 00:21:30.079 --> 00:21:44.319 Um and and coming back to the second part of your question, you know, I think it should be emphasized that sometimes a program in isolation might be excellent, uh, but can still be the wrong recommendation. 00:21:44.319 --> 00:22:00.880 You know, it's where things can get a bit tricky sometimes because you know a great program might sometimes conflict you know with an existing structure, for example, or complicates uh succession uh plan uh mid execution, for Example. 00:22:00.880 --> 00:22:05.599 So when we advise the client, we also advise their advisors sometimes on this. 00:22:05.599 --> 00:22:13.680 I think there's this coordination function or coordination aspect, which is crucial to serve well the client. 00:22:13.680 --> 00:22:20.480 And in terms of investment options, it uh the motivation drives everything, uh, I would say. 00:22:20.480 --> 00:22:33.200 You know, for European clients, for example, tax efficiency, uh, tax efficiency is usually the central pillar, um, treaty access or exit from high tax jurisdictions. 00:22:33.200 --> 00:22:36.160 For US clients, uh, it is different. 00:22:36.160 --> 00:22:47.680 Since they have citizenship-based taxation, uh, the conversation shifts more towards access, optionality, again, uh risk management, as we previously mentioned. 00:22:47.680 --> 00:22:52.480 And uh it's more of an insurance and less of a fiscal tool, let's say. 00:22:52.480 --> 00:22:57.519 But for South American, Asian, uh it's it's always a mix of all the above. 00:22:57.519 --> 00:23:04.240 Uh, and for Middle Eastern, typically the focus solely on the mobility and geopolitical risk part of it. 00:23:04.240 --> 00:23:12.160 So it really varies from geography to geography, and uh and that's it, yeah, actually. 00:23:12.480 --> 00:23:31.440 But Joao, that institutional lens is really valuable and it reinforces something that's been a thread throughout this conversation: that credibility, governance, and due diligence are no longer optional features of a program. 00:23:31.440 --> 00:23:43.440 Now, with that institutional perspective in mind, let's turn to taxes because we runs through every one of these recommendations. 00:23:43.440 --> 00:23:48.400 So I'd like to invite Albert Morgenstern. 00:23:48.400 --> 00:23:57.759 Albert, you've spent years watching how tax rules around citizenship and residency have changed. 00:23:57.759 --> 00:24:01.200 Today, there are so many different approaches. 00:24:01.200 --> 00:24:08.480 Some countries charge nothing, others only tax local income, and some tax you wherever you go. 00:24:08.480 --> 00:24:19.440 Can you break down how these systems actually work and how moving to a different country can legitimately help someone manage their tax bill? 00:24:19.759 --> 00:24:21.519 So, uh yeah, absolutely. 00:24:21.519 --> 00:24:30.240 And uh to

understand how investment migration functions, we need to first understand the three primary models that are applied. 00:24:30.240 --> 00:24:33.599 So, first, we can talk about the worldwide taxation. 00:24:33.599 --> 00:24:38.880 This is the most common model used almost in any country around the world right now. 00:24:38.880 --> 00:24:48.000 This uh this model signifies that any income you generate, regardless of where, will be taxed all in the same country. 00:24:48.000 --> 00:24:51.920 So your worldwide income is going to be taxed in your country of residence. 00:24:51.920 --> 00:24:59.119 Since this is a very broad reach, this system is also the one that presents the highest risk of double taxation. 00:24:59.119 --> 00:25:09.440 Now, moving to territorial taxation, so under this system, you're only taxed on the income that you're generating within the borders of your country of residence. 00:25:09.440 --> 00:25:14.880 This means that any foreign source income is exempt from these taxes. 00:25:14.880 --> 00:25:22.240 However, they can still be subject to taxes in the country of origin, oftentimes as a withholding tax. 00:25:22.240 --> 00:25:26.319 Then finally, we can talk about the zero tax regime. 00:25:26.319 --> 00:25:32.000 This system does not tax certain incomes, so regardless of their origin. 00:25:32.000 --> 00:25:44.000 While this can be incredibly enticing, it is also very important to see the cost of entry and what other taxes are there levied on the individuals or corporations. 00:25:44.000 --> 00:25:52.880 For example, if we look at the case of Antigua and Barbuda, they have a serial tax for personal income, but they have a 25% corporate tax rate. 00:25:52.880 --> 00:26:00.559 So depending on how you generate your income, you might be interested to go into Antigua and Barbuda or maybe to some other jurisdiction. 00:26:00.559 --> 00:26:12.480 Taking all these frameworks into account, so both individuals and corporations can strategically align the residency depending on how they generate their revenue. 00:26:12.480 --> 00:26:21.680 For example, if you're a consultant looking to expand your customer portfolio into a new market, it might make sense to seek out a territorial tax system. 00:26:21.680 --> 00:26:30.559 So if you're, for example, in Asia, you can go to Singapore, or if you're in looking for the Americas, you can go to Dominica or Granada. 00:26:30.559 --> 00:26:42.240 Um conversely, if your wealth is generated predominantly through capital gains, maybe acquiring a residency in a zero tax jurisdiction that doesn't tax these gains could be the best way for you. 00:26:42.559 --> 00:26:43.440 Thank you very much. 00:26:43.440 --> 00:26:57.039 I think that distinction between territorial, worldwide, and zero tax models is something every investor needs to internalize before they look at a single program. 00:26:57.039 --> 00:27:07.599 So I'm gonna go back to Joe now, based on everything we shared here today, um, with a forward-looking question. 00:27:07.599 --> 00:27:14.079 So, Joe, what do you think is next for what's next for citizenship programs? 00:27:14.079 --> 00:27:21.519 Do you think we are heading toward a world where they are built around big themes like climate or innovation? 00:27:21.519 --> 00:27:29.920 And and how do you how will growing global scrutiny change the way they are designed? 00:27:30.799 --> 00:27:31.920 So absolutely. 00:27:31.920 --> 00:27:34.000 Um we're already seeing it happen. 00:27:34.000 --> 00:27:38.319 I mean, the next generation won't be sort of Invest X and get a passport. 00:27:38.319 --> 00:27:41.440 It'll be purpose-driven with measurable outcomes. 00:27:41.440 --> 00:27:45.599 Uh, we need to get away from the citizenship by investment terminology. 00:27:45.599 --> 00:28:00.160 Think climate resilience funds that are a nation's facing existential threats, um, innovation hubs attracting tech entrepreneurs, uh, impact investing, where you can you know track actual development results. 00:28:00.160 --> 00:28:07.039 So countries are moving from you know, we want your capital to we want your contribution. 00:28:07.039 --> 00:28:22.640 Um, and I also think you know we'll see tiered models, so entry level with genuine residency requirements, premium pathways for strategic investments, uh, maybe even conditional citizenship that converts after hitting specific milestones. 00:28:22.640 --> 00:28:26.880 Um, and compliance isn't the obstacle, it's the foundation. 00:28:26.880 --> 00:28:31.119 So the ECC IRA in the Caribbean is the template. 00:28:31.119 --> 00:28:39.200 You'll see more regional coordination, more national oversight, because no country can withstand international pressure alone anymore. 00:28:39.200 --> 00:28:45.920 Um, and the programs that thrive in 10 years will answer not just how much, but to what end. 00:28:45.920 --> 00:28:50.000 Purpose-driven, compliance embedded, impact measurable. 00:28:50.000 --> 00:28:52.400 I mean, that's the future architecture. 00:28:53.039 --> 00:28:58.160 Wow, I really love that idea of purpose-driven citizenship. 00:28:58.160 --> 00:29:08.960 The shift from simply offering a passport to actually funding a national mission, it really reframes the whole conversation and I really like it. 00:29:08.960 --> 00:29:15.200 Albert, we've spoken about how investment migration can be used as a tool for tax optimization. 00:29:15.200 --> 00:29:22.000 But of course, the international tax environment is itself evolving rapidly. 00:29:22.000 --> 00:29:34.960 The OECD's BEPS uh framework, I'd like to give the um so BEPS mean base erosion and profit. 00:29:34.960 --> 00:29:39.759 For those who are not aware of the term, base erosion and profit shifting. 00:29:39.759 --> 00:29:41.519 There you go, thank you. 00:29:41.519 --> 00:29:53.440 So um the global minimum tax under pillar two and the increasing um of use of exit taxes are all reshaping the landscape. 00:29:53.440 --> 00:30:06.720 So, right,

given you, uh given all this information, how are these developments changing the calculus of investment migration for high net worth individuals? 00:30:06.720 --> 00:30:13.359 What should investors and their advisors be paying close attention to? 00:30:13.359 --> 00:30:16.079 And uh, sorry, another question, why not? 00:30:16.079 --> 00:30:25.200 And where do you see the uh regulatory um environment heading over in the next five years? 00:30:25.519 --> 00:30:29.119 Yes, so there is a critical tension in the market right now. 00:30:29.119 --> 00:30:45.200 The OECD's VEPS, which by the way includes now almost 150 jurisdictions, I think they're at 148 right now, it has severely restricted historical loopholes and this aggressive transfer pricing strategy that companies were using. 00:30:45.200 --> 00:30:56.720 At the same time, we're seeing a sharp rise in exit taxes designed to penalize wealth flight, as we can see currently in Spain, France, or in Germany, each at different levels. 00:30:56.720 --> 00:31:04.319 However, at the same time, we cannot forget that countries still fiercely compete to attract foreign capital and talent. 00:31:04.319 --> 00:31:08.799 This is creating this fascinating conflict of interest in the global tax landscape. 00:31:08.799 --> 00:31:28.480 On one hand, you have these multi regular frameworks on exit taxes tightening the net, while on the other, you have these individual countries that are also part of this multilateral framework, but they are designing highly targeted international regulations to drive this investment by minimizing the tax impact. 00:31:28.480 --> 00:31:42.000 So for high net wealth individuals and their advisors, the calculus has shifted from simply historically seeking out the lowest overall tax rate to now finding the smart and this compliant domestic incentives. 00:31:42.000 --> 00:32:08.319 Um, things as the ease and cost of entry, the actual tax rate, the tax system, the capital, the ease of moving capital, uh, the withholding taxes that might apply, and also the international treaties that the countries have, as well as obviously personal and political preferences, they all need to be taken into account and valued against each other to find what the optimal option for each individual is. 00:32:08.319 --> 00:32:23.680 So, to your final question, looking ahead over the next five or maybe 10 years, we can see that the regulatory environment is becoming more and more specialized and it's forcing a more in-depth ponderation of all these concepts I just mentioned. 00:32:23.680 --> 00:32:38.400 While at the same time, you have these general tax havens that are still continuing to face immense international pressure, limiting their use more and more, while other countries will keep creating these boutique tax incentives. 00:32:38.400 --> 00:32:44.480 So, overall, it's going to be a very interesting and challenging evolution. 00:32:44.799 --> 00:32:45.920 Thanks, Albert. 00:32:45.920 --> 00:32:55.039

It seems that the new game is one of careful, well documented, um, properly timed planning. 00:32:55.039 --> 00:32:56.160 That's great. 00:32:56.160 --> 00:33:01.519 And that brings us to the bigger picture of where the entire industry is heading. 00:33:01.519 --> 00:33:05.119 So now I'd like to ask Patricia a question. 00:33:05.119 --> 00:33:08.640 Um, Patricia, you've led global citizens. 00:33:08.640 --> 00:33:10.799 Hello there. 00:33:10.799 --> 00:33:12.559 Hello. 00:33:12.559 --> 00:33:13.359 Hi. 00:33:13.359 --> 00:33:24.559 So, Patricia, you've led Global Citizen Solutions through one of the most transformative periods in the history of investment migration, a global pandemic. 00:33:24.559 --> 00:33:32.880 Um, also the rise of digital borders and a fundamental shift in how mobility is valued. 00:33:32.880 --> 00:33:46.720 So I'd like now uh to do this exercise with you, where you look back at the last five years and um and I'd like to see what have been the most defining changes in the industry. 00:33:46.720 --> 00:34:05.839 And then later, I want you to look 10 years ahead, and I want you to tell us how do you see the sector evolving in terms of client profiles, program structures, uh uh regulatory frameworks, and the broader uh geopolitical context. 00:34:07.200 --> 00:34:12.800 Okay, well, that's a um healthy and interesting exercise to do. 00:34:12.800 --> 00:34:24.000 I guess the last um five years kind of have compressed uh two decades of change into a very short window. 00:34:24.000 --> 00:34:32.159 Um, like you mentioned, the pandemic exposed um the limits of you know holding a single citizenship. 00:34:32.159 --> 00:34:40.239 Um overnight we could see that you know premium passport holders couldn't get home or couldn't actually go anywhere else. 00:34:40.239 --> 00:34:45.679 And that kind of changed the psychology of mobility permanently. 00:34:45.679 --> 00:34:51.599 Um digital borders have redefined also what mobility even means. 00:34:51.599 --> 00:35:09.360 It's not just about visas anymore, it's like what we've been talking about is banking access, it's tax residency, data governance, which is a huge thing, and also credibility, and it's all kind of have been rebalanced. 00:35:09.360 --> 00:35:26.719 And then if we try to look 10 years ahead, um I think there's kind of maybe four big shifts that we can try to kind of predict or which will be and it's something that we are already starting to see. 00:35:26.719 --> 00:35:52.400 So the client profiles are definitely kind of you know broaden um from high or ultra-high network families for you know um median income types of families, the programs, they will specialize even more, something that I think Joe touched upon um earlier. 00:35:52.400 --> 00:36:01.199 So it will be more tailored towards innovation, talent, sustainability, which is really exciting. 00:36:01.199 --> 00:36:08.400 I think the regulations will keep you know tightening both on the tax landscape and mobility itself. 00:36:08.400 --> 00:36:17.519 But what we see that the programs that will thrive um will have transparency as a main feature. 00:36:17.519 --> 00:36:28.000 Once you see that, you know, not as a burden, I think we'll be very successful, and then geopolitics that will keep pushing demand upwards. 00:36:28.000 --> 00:36:39.599 Bottom line is the industry is moving from the margins of wealth planning to the center of it, and the world is becoming more uncertain, no less. 00:36:39.599 --> 00:36:44.960 And our job is just to help people navigate with intelligence and foresight. 00:36:45.840 --> 00:36:57.360 Thank you, Patricia, um, and thank you for sticking to all the questions, all um answered very thoroughly, and um, and yeah, so thank you very much. 00:36:57.360 --> 00:37:02.800 I know I made it quite um broad at the beginning. 00:37:02.800 --> 00:37:03.679 Well done. 00:37:03.679 --> 00:37:07.679 So now, um, Patricia, thank you. 00:37:07.679 --> 00:37:12.079 I'd like to invite Laura to close out our conversation. 00:37:12.079 --> 00:37:15.440 Let's bring it back to the data. 00:37:15.440 --> 00:37:26.239 Laura, can you finally take us through the top 10 um positions in the 2026 Best Citizenship Programs Index? 00:37:26.239 --> 00:37:31.599 And also what you consider the most relevant takeaways of this year's report. 00:37:31.599 --> 00:37:33.119 Oh, one last question. 00:37:33.119 --> 00:37:43.920 So what are the headline findings that you think every investor, advisor, or policymaker should take away from this edition? 00:37:44.800 --> 00:37:45.679 Okay, yes. 00:37:45.679 --> 00:38:12.719 Um, so before I start um naming the countries that did the top positions, um, I would say that it's it's it's interesting that we've been chatting for this uh whole hour about you know investment migration, citizenship programs, and we almost didn't uh mention the war visa because as we said in the beginning, mobility is now one aspect of investment migration and citizenship planning. 00:38:12.719 --> 00:38:31.280 We have other aspects, and that's why our index is uh built um around five indexes that of course will address mobility, but also include tax, investment, quality of life, and programs, quality uh and compliance and credibility. 00:38:31.280 --> 00:38:56.480 So as Patricia said, this this is uh I think the most uh relevant evolution of this uh the environment of investment migration, that now we have mobility as one of uh of indicators that we use to assess programs, but we have other other relevant indicators that we gather in the composite to score uh programs uh in our index. 00:38:56.480 --> 00:39:14.239 So this is this is relevant because it aligns with um building uh a mobility, global mobility portfolio for for investors and their their families to have this global mobile life that most uh high net worth individuals are are seeking now. 00:39:14.239 --> 00:39:32.559 So then again, as we said in the beginning of this this conversation, uh

the Caribbean region is uh anchoring uh uh the ranking we have in the first position, send kids and new with uh an overall score of 93.8. 00:39:32.559 --> 00:39:36.960 It's the oldest uh citizenship program uh in 2024. 00:39:36.960 --> 00:39:46.800 It was its 40 years anniversary, and it's it's um it's strong across uh the whole indicators board. 00:39:46.800 --> 00:40:03.440 It does does well in procedure, it's uh one of the leading uh Caribbean passports with over 140 visa-free uh countries, it has a zero personal income tax, and the its compliance score is also um high. 00:40:03.440 --> 00:40:05.920 It uh ranks third globally. 00:40:05.920 --> 00:40:12.079 Then in the second position, we have Antigua and Barbuda, and there are two standout features of this program. 00:40:12.079 --> 00:40:17.599 It's the broader, the broadest family inclusion policy of any citizenship program. 00:40:17.599 --> 00:40:26.559 So we can include in the main applicant um application uh spouses, children, parents, and even uh unmarried siblings. 00:40:26.559 --> 00:40:32.400 And it's it scores really well in the investment uh sub-index as well. 00:40:32.400 --> 00:40:48.960 Then we have Granada that has uh scores really high in mobility, uh its passport, then Dominica with the lowest entry threshold, the lowest uh investment, minimum investment threshold, and then in the fifth position, uh St. 00:40:48.960 --> 00:40:49.760 Lucia. 00:40:49.760 --> 00:41:02.719 We are talking about citizenship programs that still offer um um the possibility to invest uh in the country uh economically, and then we turn to Europe. 00:41:02.719 --> 00:41:11.840 In the European region, we have two citizenship by merit or citizenship by contribution programs. 00:41:11.840 --> 00:41:23.199 Malta is in the sixth position, and it's a program that offers the possibility to acquire uh the citizenship uh by merit. 00:41:23.199 --> 00:41:36.000 Uh, it has one of the highest compliance scores and the second highest mobility score because it's a passport that is really strong and it gives access to the Schengen area, of course. 00:41:36.000 --> 00:41:38.239 And then we have the Austria. 00:41:38.239 --> 00:41:48.559 Uh it's an exclusive pathway and it's the most um that requires the highest investment in our data set, I would say. 00:41:48.559 --> 00:42:03.599 But then again, it's the top in the top position in the mobility sub-index because it's the strongest uh uh passport in terms of access uh in our in our ranking. 00:42:03.599 --> 00:42:12.000 It's it's a very good option for ultra-high net worth individuals that want to have access to the Schengen area, for instance. 00:42:12.000 --> 00:42:18.960 Then we have um following close Nauru, North Macedonia, and Turkey in the 10th position. 00:42:18.960 --> 00:42:28.239 Turkey is a program that still accepts uh investment in in real estate as an investment option in this program. 00:42:28.239 --> 00:42:48.159 So what we have uh in 2026, when we see this um constellation of programs of uh citizenship around the world is the Caribbean region is the one that is setting uh uh standards on the investment migration industry. 00:42:48.159 --> 00:43:03.039 In Europe, we have um a transition to citizenship by merit programs, where you, of course, you give your contribution, but contribution will be linked to some specific uh qualitative uh contributions. 00:43:03.039 --> 00:43:15.280 And then outside Europe, we have um in the Middle East um um uh Jordan uh citizenship program, for instance, in Egypt to have a citizenship program. 00:43:15.280 --> 00:43:30.639 Uh the Turkish citizenship program is also uh a relevant um uh program where you can still invest in real estate, and in Oceania you have uh Vanuatu and Nauru uh citizenship programs. 00:43:30.639 --> 00:43:39.519 We also see some uh countries um analyzing the possibility of um implementing their own citizenship programs. 00:43:39.519 --> 00:43:40.960 We've been seeing this in St. 00:43:40.960 --> 00:43:54.880 Vincent and Granadines, and even countries in Latin America are uh starting this broader conversation about receiving contribution uh and granting citizenship rights in return. 00:43:54.880 --> 00:43:59.760 So, we what we see now, I think, is an evolution of the industry. 00:43:59.760 --> 00:45:29.440 Uh we see some um restrictions uh on on the basis of um uh territory access and some um more restrictive um compliance guidelines but I think investors should see this as a stamp of quality of the programs that uh align and follow closely these guidelines and not um uh as um some obstacle for in the landscape of investment migration in general thank you Laura this was a remarkable snapshot of where the global market stands today and um and the perfect note on which to close um this has been a very good conversation um amazing insights and so much depth and expertise was brought to this conversation thanks to Albert Patricia Joan Joe and Laura it is really clear that uh the best programs are the ones built with vision with transparency and the real needs of global citizens in mind for everyone watching make sure you explore the 2026 best citizenship programs index and report from Global Citizen Solutions. 00:45:29.679 --> 00:45:40.079 It is the most comprehensive look at the world's leading programs, their tax environments and what smart global mobility really looks like today. 00:45:40.079 --> 00:45:43.280 Thank you very much and until next time