The international law firm has formed a JV to help clients interested in the ever-changing world of citizenship-by-investment schemes.

Withers, the international law firm, has formed a joint venture to advise high net worth individuals looking to live an international lifestyle and in particular to help them navigate the expanding market of citizenship-by-investment programmes, aka “golden passports”.

The JV is called Withers Global Advisors. The unit will help clients who want to become citizens or take up the residency rights offered by a raft of countries. Nations including the UK, US, Spain, Portugal, Malta and various Caribbean jurisdictions, offer these schemes for varying minimum amounts of investment. The 

WGA is a JV between Withers and New York-based immigration law expert Reaz Jafri, who will act as its chief executive.  Jafri has worked as an immigration lawyer for 25 years, Withers said.

“In today's world, our clients face increasing political and economic uncertainty and, in many parts of the globe, threats to the personal safety of their families and themselves.  Taking up residence or citizenship in another country mitigates these risks and provides additional options and choices,” Jafri said.

Such “golden passports” can be politically controversial. In the UK, for example, opposition politicians have called on the country’s Tier 1 visa regime to be scrapped, or put on hold (such UK visas are obtainable by those investing at least £2 million ($2.79 million); the amount was hiked from £1 million a few years ago). It has been argued the schemes foster inequality and don’t bring enough money to the country to justify their existence. As heard at a recent conference in Switzerland attended by this publication, there are risks that if such schemes are offered to people so they can enjoy lower taxes, this might eventually produce pushback from countries of origin.

The sector has seen the rise of organisations such as the Investment Migration Council, an international body seeking to promote best practice around such residency/citizenship schemes, and it has recently waded into controversy around a programme operated in Hungary.