Sat | Sep 23, 2017

US advisory firm defends Citizenship by Investment Programme

Published:Monday | January 9, 2017 | 1:00 AM

A New York-based financial advisory firm specialising in investment consulting and wealth management has defended the Citizenship by Investment Programmes (CIP) being undertaken by several Caribbean countries.

Reacting to the 'Passports for Sale' programme aired on CBS flagship programme 60 Minutes last weekend, Apex Capital Partners Corp said "while 60 Minutes certainly featured concerns expressed over the years, most of the countries and services providers participating in these Citizenship by Investment Programmes are doing so via a successful process that supports domestic growth as well as the individual citizen.

"Our team witnesses it first-hand the extensive due diligence process, which involves background checks and interviews, while also conducting information exchanges within the international community, including numerous foreign governments," said Nuri Katz, founder and president of Apex Capital Partners Corp.

In a statement, he said "the programmes we recommend are credible, best-of-breed programmes which rely upon maximum possible oversight".

 

CONCERNS ON DUE DILIGENCE

 

During the 'Passports for Sale' segment, Katz noted that multiple on-camera interviewees "brought forward concerns surrounding the due diligence performed by countries providing citizenship in exchange for a one-time fee or investment within said country".

He said Apex Capital Partners Corp.is an internationally recognised financial services firm that provides end-to-end execution in areas such as second citizenship, business immigration, wealth management and real estate investment opportunities.

Katz said his company "interacts directly with many governments mentioned in the segment, including Antigua and Barbuda, Cyprus, St Lucia, Dominica, and St Kitts-Nevis on behalf of its clients.

"Many of the countries APEX works with provide citizenship that facilitates ease of travel, simplifies financial management, and offers a high quality of life," he said, noting that the television programme had "incorrectly" claimed that the industry was created by a service provider in the last decade.

In fact, he said, the industry was created in 1984 by St Kitts and Nevis, "when they launched the first Citizenship by Investment Programme, which was then followed by Dominica with the launch of a similar programme in 1994".

Caribbean countries launched the CIP as a means of attracting foreign investments. The islands provided citizenship to these foreign investors on condition that they make a significant financial investment in the socio-economic development of the country.

- CMC