22 UGLOBAL IMMIGRATION MAGAZINE
WHAT THE INVESTMENT MIGRATION INDUSTRY ’ S REACTION TO THE PANDEMIC AUGURS FOR THE FUTURE
BY DR . JUERG STEFFEN
In light of Covid-19 , countries around the world are expanding their sovereign equity in an effort to use investment migration as a source of sustainable revenue without incurring debt .
For thousands of years , homo sapiens was nomadic , wandering the earth to search for food and follow the seasons . However , gradually , around 10,000 BCE , the need for frequent migration ceased and we sedentarized , usually near water bodies to develop agricultural and livestock farming . But globalization is as old as humanity , 1 and in modern times it has led many of us to adopt again a lifestyle that is , to a certain degree , nomadic — whether consciously or unconsciously . Born in one place , we may study in another , work in a third country , invest in several others , and possibly retire to yet another location . This fluid lifestyle offers many desirable benefits and presents an unfathomable number of opportunities , both for one ’ s personal advancement and for business . Furthermore , the traditional passport and visa system has made it seamless for us to pursue this way of living .
COVID-19 HIGHLIGHTS THE FRAGILITY OF THE GLOBAL ECONOMY
The outbreak of Covid-19 unexpectedly ground everything to a sudden halt . Governments imposed restrictions on their citizens ’ freedom of movement . Employees were forced to work from home . People were prevented from traveling , be it for business reasons or personal purposes ( in an unprecedented move , the EU temporarily suspended the Schengen Agreement ). Some governments imposed extended quarantine periods ( three weeks for passengers entering Hong Kong ) while others made it difficult for people to return home from abroad ( owing to a huge surge in cases in India , Australia banned Australians from traveling back to their home country if they had been in India 14 days prior ).