For this week’s edition of Nestmann’s Notes, I thought I’d share with you a recent conversation I had with Chris Kalin of Henley & Partners, the global leader in citizenship and residence planning. Read below to find out about Chris and his firm, as well as an opportunity for you to learn firsthand about a unique citizenship opportunity.
Mark: Chris, what is your personal background, and how did you come to join Henley & Partners?
Chris: I’m qualified in law and have a masters of law from the University of Zurich after working in the immigration space for a while when I was a student. I actually joined Henley & Partners while I was still a law student and worked part-time and then became the youngest partner of the firm in Zurich helping to build up the Swiss office.
Mark: Is your current position the head of the residence and citizenship practice group?
Chris: Yeah, we have such an international practice group. It’s basically the combination and coordination of all the lawyers and specialists who work specifically on the technical side of the immigration and law side, and I coordinate that as head of the group.
Mark: You describe Henley as being involved in residence and citizenship planning. Could you briefly describe that concept and how that fits in with an international perspective for the clients whom you’re after?
Chris: For a long time, our focus has been advising wealthy individuals and families all over the world with regards to their residence, alternative residence, and alternative citizenship needs. In fact, we coined the terms “residence planning” and “citizenship planning.” We’re looking systematically at the possibilities, comparing current residence status versus what may be desirable in the future and comparing current citizenship status with regards to other options for acquiring alternative citizenships, be they for more flexible travel, personal security, privacy, and so on.
Mark: Are your clients from all over the world?
Chris: Yes, there’s no corner of the world that we don’t service.
Mark: Who is your typical client? Are you working mainly with entrepreneurs or people with inherited wealth?
Chris: Our clients are wealthy people who are looking to internationalize to diversify their situation. They are entrepreneurs and investors, as well as folks with inherited wealth. There are young people and Internet entrepreneurs, but also very wealthy elderly people who may have sold a business and are now looking for a safe retirement environment and so on. It’s a real spectrum of people, both by geographic diversity and background.
Mark: You’re planning a conference in Malta on May 28-29, which of course is just a few weeks away. One of the things you’re featuring is a session or review of the new Malta citizenship program, which your firm developed on consultation with the Maltese government. This is a real game-changer because it provides a very straightforward path to citizenship and a passport in an EU country with all the associated benefits. What’s the current status of this program?
Chris: You’re referring to the Henley & Partners Forum that is held every spring. It’s usually held in London, but this year, on the occasion of the launch of the individual investor program in Malta, we have decided to bring this forum to Malta.
We will have all the key people from the government side on the panel of this conference, from the prime minister to the minister of immigration, to the head of the individual investor program operations, to the executive director of the government agency dealing with immigration and citizenship, among many others.
One of the key discussions at this conference will be about this new Maltese citizenship by investment program, which I agree is indeed a game-changer because Malta is a diverse European Union country that has a properly set-up and properly regulated, transparent citizenship program. There is no other EU country that has that in place.
Mark: Are applications now being accepted under the new program?
Chris: Yes, since two weeks ago. Applications are being processed.
Mark: That’s terrific. There were some refinements of the legislation after it was initially enacted. There were some issues that were dealt with and so on. Can you give us a snapshot of the basic requirements now that exist?
Chris: The original proposal was slightly changed because of local political pressures and consultation with the European Union. It’s interesting – the outcome is that this is now also the first such program that is officially approved by the EU Commission. The basic requirements are a non-refundable contribution to the National Development and Social Fund, an investment in property, and the purchase of securities (currently just government bonds).
Additionally, you need to acquire a residence card first, which you need to hold for one year before citizenship is granted. This residence card, however, gives you visa-free entry into the Schengen area immediately, and it is issued very efficiently. This is the fastest residence card you can get all over Europe.
The entire processing time from A to Z is one year, but it includes this residence period. It’s what the EU would like to see as a minimum standard from all EU countries in the future.
Mark: I see. Is there a requirement for physical residency during that period, Chris, or is just a legal residency?
Chris: That is quite interesting, because the government clearly said and agreed with the EU that it shall be up to the Maltese government to be defined. It depends on each particular case. One cannot say generally how many days or so someone needs to be present. What can be said is that there are some necessary visits to Malta. But it depends on each individual circumstance.
Mark: Okay. Going back to the conference, Chris, can you tell us a little bit about what other subjects will be covered in the conference?
Chris: Other than Malta, which is obviously a focus, we’ll have some very interesting presentations on the Portugal residence program. We’ll have a presentation on Switzerland, which, as you may know, recently voted to essentially restrict the free movement of people between Switzerland and the EU. We’ll have a discussion about what that does with regards to people wanting to move to Switzerland or buy real estate there.
Mark: Who should attend the conference? Who would be your typical attendee?
Chris: The conference was initially designed for professionals – lawyers, bankers, specialists in this field, immigration specialists, etc. – but we also have many individual clients interested in attending. It’s a very interesting mix of people.
