THE NEED FOR REGULATION IN THE INDUSTRY
In recent years, an increasing number of wealthy individuals have acquired additional citizenships and residences to diversify their personal exposure and options. Analyzing the high returns on investment that investor programs for alternative residence and citizenship offer, the GIIC expects the number of wealthy individuals pursuing such programs to increase at an even faster rate in the next 10 years. With the increase in such applications, there is a growing need for investment and legal advice. Until the formation of the GIIC, there had been no industry-wide body to support the industry and its clients.
Many individuals and firms who operate in the industry are regulated by national organizations or government bodies. This level of representation and regulation falls short for two reasons:
- These organizations are focused solely on the general concept of immigration as opposed to investor immigration, a growing niche that faces differing challenges.
- These organizations are national bodies but many investor immigration advisors offer services in several jurisdictions, many of which are not regulated.
Poorly managed investor immigration programs and rogue advisors have contributed to a negative perception of the industry. The GIIC aims to protect the industry by:
- Introducing a Code of Conduct by which its Registrant Members abide, thus ensuring advisors and industry practitioners are held to a higher standard
- Serving as a voice to promote the industry and highlight the positive economic impact of investor immigration
- Advocating transparency and ethical conduct in the industry
The GIIC aims to ultimately become the global self-regulatory body for the investor immigration industry. Governments, the public and all industry participants should be confident that GIIC Members are held to a higher standard.
As its membership grows, the GIIC will enforce more strictly its Code of Conduct and begin to audit its Registrant Members to ensure they act in abidance.
In addition, the GIIC will introduce education and training programs for its Registrant Members, to ensure they are kept up-to-date with changes in regulations and best industry practices.