The Stronger Advisory Role CBI Agents Must Play

The Consensus from Invest Caribbean

The inaugural Invest Caribbean conference in Antigua and Barbuda concluded with a consensus that Citizenship by Investment agents need to perform a stronger advisory role when guiding potential applicants — advice extending well beyond which programme to choose.

Industry practitioners, due diligence providers, risk-assessment companies, and tax-planning experts among the speakers at the conference — organised by the Citizenship by Investment Unit of Antigua and Barbuda — all stressed the importance of agents serving as ethical guides. The job is to enlighten potential applicants on the processes involved in securing citizenship and on the long-term implications of those choices.

The Areas That Need Real Advisory Work

In particular, speakers stressed the educational and reassuring role agents must play around the way due diligence is conducted, the chain of custody of confidential information, tax planning, the structuring of real estate ownership, and doing business in the CARICOM region.

The Dual Responsibility of an Agent

Kem Warner, then Managing Director of PassPro Antigua and Barbuda, commented on the dual responsibility agents carry — to the government Citizenship by Investment Units, and to the clients themselves.

“Governments offering legal second citizenship depend on agents to know their clients and conduct their own due diligence checks even before an application goes through the system, so they perform a key risk assessment role,” said Warner.

“However, it is also the agents’ responsibility to correctly represent the realities of second citizenship to the client - ensure they are informed about the entire process and that any queries they may have are promptly and adequately addressed. Additionally it is the agents’ duty to ensure that real estate projects that are presented to clients through the property investment route are themselves vetted to make sure that applicants are presented with government-approved and solid options that present a value proposition.”

With an in-depth knowledge of the Caribbean region driven by a team of regional industry stalwarts, PassPro takes pride in acting as ethical consultants who serve the best interests of the clients and government programs it represents.

The Invest Caribbean Conference is the very first major international industry gathering of its kind to take place in the Caribbean region. The Conference brought together highly respected decision makers from within the industry, international due diligence service providers and the heads of the CIU of the various Caribbean countries offering legal second citizenship for a three-day program of insightful and informative sessions and site visits to Government Approved Citizenship by Investment real estate projects.

If you would like to speak privately about whether a Citizenship by Investment programme fits your circumstances, reach a senior advisor at PassPro.