Spanish Citizens have the world’s second most powerful passport for Residing and Investing Abroad

According to the 2017 Global Passport Ranking recently issued by Arton Capital – a recognised global financial advisory and world ranking firm – Spain has the world’s second most powerful passport for Residing and Investing Abroad – just behind Singapore and ahead of the United Kingdom.

https://www.passportindex.org/byIndividualRank.php

Developed by international residence and citizenship advisory firm Arton Capital, the Passport Index is a free online interactive tool that sorts and ranks the world’s passports by their cross-border access; it shows how many countries a passport holder can visit either visa-free or by obtaining a visa on arrival.

Combining that visa criteria with two other relevant parameters:

-the United Nations Development Programme Human Development Index which measures the average achievement in human development, such as living a long and healthy life, being knowledgeable and having a decent standard of living

– Residency by investment is the process of obtaining a Permanent Residency card in another country by investing in the economy of that country. Permanent Residency status is then conferred at an accelerated rate compared to traditional applications
shows that Spain grants to its citizens the world’s second most powerful passport for acquiring a Permanent Residency by Investment status abroad which in turns can allow the access to best local education institutions or optimised local taxation status. It can also increase their global mobility by granting access to additional visa-free programs.

At OneLife, for over 25 years, we offer a personalised service with portable solutions designed to achieve our clients’ objectives, wherever they live in the world. With our private equity solutions, we can assist our clients who may invest and live abroad.

Article by Antonio Corpas, Head of Wealth Structuring and Private Equity at OneLife

≠Success in ≠Relocation: the road to relocation reality

The road to relocation reality can be a long and bumpy ride but future relocators often feel prepared ahead of their cross-border adventures.

Their expectations are evenly matched to the actual experience of their predecessors whom have already experienced the relocation journey.

Forty-nine percent of future relocators expect that they would learn about different cultures and in fact, 45% of relocators confirm that their move has indeed opened their eyes to a new realm of cultural experiences!

The harmony between the expectations and reality of HNWIs who have moved illustrates that the relocation journey can be particularly rewarding for personal development and overall quality of life.

To read more about how HNWs are faring on their relocation journey (or how they think they will fare!), click here to get the relocation e-book.

≠Success in ≠Relocation: out with the old and in with the new

The modern wealth manager must provide more than just a strong relationship with their clients. To retain their relocator clients, wealth advisers will need to have the right knowledge to satisfy their client’s international requirements and objectives.

Notably, we discovered that high-net-worth individuals under 35 are the most likely to change their wealth manager following a move abroad.

Disloyal? Unattached?

Not necessarily – many of these millennial magnates simply feel their home-based primary adviser would not be able to fully grasp the complex nature of their international aims. Interestingly, 65% of relocator Baby Boomers are not likely to change their wealth manager. They worry initiating a new relationship abroad will never match the relationship they currently have.

Find out more in our recent thought leadership report: “≠Success in ≠Relocation: The Relocation Journey.”

≠Success in ≠Relocation: the playbook of international wealth

European HNWs know what they want – especially when it comes to their wealth management. Trust, security and stability are indispensable. And these attributes become even more important for HNWs living in new countries with different tax laws.

To understand their preferences further, we asked relocators and non-relocator European HNWs which capabilities they believe are or would be necessary as part of a wealth management proposition. Quality of service came out on top for both these groups as the most important factor when working with a wealth firm.

Interestingly, the wealthy wanderers of the world also tend to seek out digital offerings much more than their peers who decide to continue living in their country of origin. In contrast, non-relocators seek to work with firms who provide high quality investment performance monitoring services.

Delve into the data even further by clicking: here.

≠Success in ≠Relocation: the mind of a HNW relocator

HNWs’ financial needs are constantly changing depending on personal objectives. Add to the mix a move across borders and things can get complicated. Wealth managers must ensure they are aligned to an individual’s goals and avoid adopting a ‘one size fits all’ approach when offering solutions to their clients.

In our most recent research, we identified various types of high net worth personas. By understanding the specific attributes, behavioural traits, and financial objectives that distinguish one high net worth investor from another, we were able to determine specific ways in which wealth managers need to provide tailored solutions to their entire client base.

We asked European investors how they would sum up their most recent relocation experience, and the results consisted of both positive and negative reactions.

European HNWs claimed they felt their move abroad had been exciting, challenging and adventurous. So with this in mind – what communication styles and specific solutions can wealth managers adopt and offer in order to best align with the cross-border hurdles these relocator clients inevitably have faced? How can they keep hold of clients as they move further away from their home base?

Read more in our thought leadership piece… here.

≠Success in ≠Relocation: HNWS’ confidantes

Inevitably, stresses and concerns can follow intense change. For relocators creating upheaval in their lives by moving across borders, getting the right support is paramount. Of the 280 European relocators we surveyed, 44% seek advice from their peers.

However, many referenced that actually family advice was the most helpful.

Wealth managers must use relocation as an opportunity to build strong relationships with their clients. Currently, however, they are noticeably absent from the process. Only 25% of relocating HNWs look to their wealth advisers for guidance and just 8% found them the most helpful resource.

Becoming more influential in this process will mean providing clients with a blend of technical advice and emotional support as they embark on this significant change.

Find out more from our recent research: here.

≠Success in ≠Relocation: sentiments towards relocation

The decision to relocate is not easy to execute, especially without an expert guidance.

Individuals must consider the logistics of the move, financial planning, potential tax implications and the impact of moving on social and professional networks. For some, this is enough to put them off relocation!

In our recent research on ‘≠Success in ≠Relocation: The Relocation Journey.’, we asked European HNWs, who have relocated or are planning to, their true feelings about starting afresh in a new country. The general consensus is that relocation is an opportunity which is facilitated by having a flexible approach.

While those who have international aspirations believe relocation has no bearing on their wealth creation potential, the relocators we surveyed were typically wealthier than those who had never moved abroad.

To find out more about what HNW relocators think, click here.

#Success in #Relocation: motivations for HNW relocation

European HNWs are increasingly becoming internationally mobile and over a quarter are already planning their next move. Yet in spite of these widespread aspirations to relocate, the specific drivers for moving abroad are diverse. For 37% of HNW relocators, career progression is the most influential factor, followed closely by lifestyle reasons. Professional development is important for 42% of HNW women alongside the desire to provide their children with better opportunities. By contrast, a primary motivation for men is to have a more comfortable retirement.

HNW relocators clearly think beyond the financial reasons for relocation and are driven by opportunities to improve both their careers and their lifestyle. So, it is critical that wealth management providers acknowledge what makes HNW relocators tick and provide services which are aligned with their cross-border motivations.

Discover more about the reasons why European HNWs move abroad by accessing our latest research: here.

≠Success in ≠Relocation: the cross-border agenda

Relocation, whether for work or for leisure, can be an exciting yet stressful time for high net worth (HNW) individuals. Our latest research explores the objectives, attitudes and expectations of these individuals ahead of relocation. Their concerns and motivations vary and for the most part they extend beyond the financial.

During this time of change, wealth providers must adapt a holistic approach to successful wealth management solutions involving managing multiple financial factors to suit HNWs developing needs. To meet HNW expectations, advisors must avoid tunnel vision when it comes to offering cross-border advice.

To understand the financial complexities of relocation we asked European HNWs about their relocation experiences. For many, a new location means new priorities; over half of these individuals said setting up a new bank account was at the top of their to-do-list with tax related priorities following close behind.

Interested in learning more? Get ready for the upcoming launch of our newest research on wealthy relocators!

KYCTech-OneLife: a fruitful collaboration

Milenko Keserovic (Compliance Manager at OneLife) and Luc Maquil (Co-founder of KYC Tech) shared the first steps of the collaboration between their two companies during the RegTech Summit which took place at Luxembourg-Kirchberg on 12^th October. “One click, One KYC report” actually best describes their common Compliance – or Reg – and Technology – or Tech – project.

“Technology makes compliance more efficient. It facilitates administrative tasks and allows employees to work on projects with added value” started Luc Maquil, who co-founded KYC Tech with his partner Thierry André to help answer the growing challenges posed by regulatory constraints. “We have a symbiotic approach, as we look to apply our RegTech solution in an efficient way for the business” explained Mr. Maquil. The solution is composed of multiple ingredients, the first one being raw data (PEP lists, terrorists lists, sanctions lists…) which can also be extracted from the internet, social media, etc. Workflow is also a crucial step: who undertakes the action? What needs to be done? Exchange and collaboration are key. Then comes architecture: identify, select, plug and comply.

“Save time and focus on added value”

Milenko Keserovic then took the stage to go over the collaboration between OneLife and KYCTech. “When we onboard a new client, we face a number of regulatory constraints. First of all, we need to screen the name of the client – client being a generic term, also meaning entities and not only the holder of the policy” started the Compliance Manager, who continued: “These tasks are currently being done manually. KYCTech has a fully automated solution: when we register a client into the database, the system makes an automatic call to the platform and the results come back in just a few seconds”. Then, the Compliance team can easily decide whether to onboard the new client or not. “The results are positive. Clients are categorised in the right way and the tool is user-friendly. It has a lot of benefits: no manual work means less risk of error” explained Milenko.

KYCTech also provides OneLife with an Enhanced Due Diligence (EDD) solution. Here again, work is currently being done manually, and experts have to devote a lot of time to collect information and documents. “The RegTech startup is able to offer an EDD report which we have tested: we send a request and receive a comprehensive report within the next 48 hours. We can then focus on analysing the file” added the Compliance Manager who describes the report as “accurate, useful and full of information”. The tool is automated, simplified, immediate and cost efficient. Moreover, the two experts are also currently developing solutions to facilitate the tasks of the compliance team when it comes to dormant policies.

Finally, Milenko Keserovic explained that on the one hand this project has been managed in an agile way, based on exchanges and interaction between the teams of KYCTech and OneLife. On the other hand, the RegTech startup tries to understand how OneLife employees work, what and why they do it. Milenko Keserovic and Luc Maquil can only agree on this exciting project: “We both realise more and more that technology can really be helpful and allows employees to save time which can be used for tasks where human judgment is needed”.