Embarking on the journey of Citizenship by Investment (CBI) can be both exhilarating and overwhelming. While the benefits are clear, the process requires careful navigation and expert guidance, from selecting the correct country to understanding complex legal procedures. Choosing the right advisor can make all the difference in the success of your application.
CBI programs generate significant revenue for their host countries and as the geopolitical landscape continues to evolve, the demand for these programs continues to grow. The Immigration Consulting Services Market has not only seen growth in recent years but is also poised for further expansion. Valued at US $1.42 billion in 2022, the market is projected to reach $2.11 billion by 2029. This growth has led to the emergence of many new CBI-related companies.
The consequences of choosing the wrong partner
As the market matures, customers benefit from increased options, but it’s crucial for them to remain vigilant in selecting companies with the necessary experience and industry credentials.
This is because not all companies and agents have the same level of experience. Obtaining a second citizenship is a long-term decision and an administratively intensive process. Inexperienced agents may risk wasting time and money by lacking comprehension of the program’s legalities and scope, potentially compromising your application. In the worst-case scenario, this could lead to rejection.
Experienced advisors offer more than just accurate information; they provide valuable insights, anticipate potential issues, and offer cost-effective solutions for clients. For example, an inexperienced advisor may advise a client that he couldn’t include his elderly parents as dependents, necessitating a separate application and an additional cost of around USD 100,000. However, an advisor familiar with the program’s intricacies could have identified for example the opportunity to include a particular dependent (parents of main applicant and subblings) in the initial application, saving the client a significant amount.
This underscores the importance of working with advisors who possess in-depth knowledge of the programs, its requirements and legalities, and effective strategies to optimize the application process and enhance the chances of success.
A Critical Checklist
With a reliable, up-to-date, and trustworthy partner, your CBI application can transform from a daunting task into a seamless journey towards a bright new future.
Before diving into the selection process of the right firm to guide you, invest time in thorough research. Look for agents or agencies with a proven track record of success in facilitating CBI applications. Below are a few of the critical questions you must ask yourself to ensure you are choosing the right partner for your journey.
Does the company or agent have verified accreditation?
Ensure that the consultation firm you’re considering is accredited and licensed to offer CBI services from relevant government bodies or industry associations, this demonstrates their credibility and adherence to regulatory standards. You can request the company for a copy of their Government Authorized Agent certificate.
Does the company or agent have the right level of experience and expertise?
Experience matters significantly in the realm of CBI. Look for companies with longevity, which have been long-time players in the industry, particularly those specializing in the countries you are interested in. A company with a proven track record and experience handling high volume of cases under various programs can make a difference in the process and outcome of your application. Their ability to pre-empt the situation by providing the required documents before the government requests them can save time and prevent unnecessary delays.
Also, ensure that the investment figures provided by your agent are in accordance with the amounts specified by the relevant government authorities. Note that Governments may occasionally introduce ‘limited time offers’.
Does the company demonstrate transparency?
Transparency is paramount when choosing a CBI agent. They should provide clear and comprehensive information about the application process, including fees, timelines, and eligibility criteria. Avoid agents who promise unrealistic outcomes or withhold crucial details. Choosing an immigration consultancy with a written agreement is also necessary to ensure transparency in the services and assistance offered. This ensures that you are dealing with a reliable and trustworthy immigration consultancy that you can trust to deliver the services that fulfil legal requirements and are capable of preparing your case.
Do they have a helpful network and the right connections?
Seek out a company that has established relationships with governments, legal experts, and other stakeholders involved in the CBI process. Companies with a robust network of contacts, both within the CBI industry and globally, can efficiently assist or guide, for example, in obtaining key documents and resolving potential issues more efficiently.
Are they responsive and showcase professional communication skills and support?
Effective communication is critical to a smooth CBI application process, thus it is important to choose an agent who communicates promptly and professionally. A reliable CBI agent should offer personalised support throughout every stage of the application process. Assess their responsiveness and willingness to address your concerns promptly and opt for agents prioritising client satisfaction and going the extra mile to ensure a seamless experience.
By Veronica Cotdemiey is the Chief Executive Officer Citizenship Invest.
Disclaimer: Views expressed in this article do not represent the position of Kenya Broadcasting Corporation.
