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Economically , many companies went bankrupt , and probably many more will follow suit . In 2020 , the US ’ s GDP contracted by 3.5 % 2 and the Eurozone ’ s by 6.6 % 3 on average . Forecasts were a lot more optimistic for 2021 , but halfway into the year , inflation and tax increases are looming for several advanced economies . As more SARS-CoV-2 variants are being discovered , it has been predicted that the virus in its many different forms might unfortunately be here to stay .
DIVERSIFICATION OF DOMICILE EVOLVES INTO AN INDISPENSABLE ASSET
A few sectors have nonetheless flourished in the face of the pandemic and there is a reason ( or several reasons ) for this . The investment migration industry is a case in point , with advisory firms experiencing an astonishing increase in the number of requests with a notable spike in the third quarter of 2020 , and their government advisory teams seeing a surge in countries re-evaluating their options in their quest to expand their sovereign equity — a term that describes how investment migration can endow nations with a significant source of sustainable revenue without incurring debt and thereby burdening future generations .
Although our client base has always been global , demand is rapidly increasing in the most affluent countries . Last year , we saw a significant upsurge of interest from the Anglosphere , particularly from US citizens ( 208 %), Canadians , Australians , and Britons (+ 47 %, + 41 % and + 31 % respectively ). Demand from EU citizens is also rising , although the numbers are comparatively lower , with notable increases in enquiries by investors from Italy (+ 55 %), Portugal (+ 39 %), and France (+ 33 %).
This is an understandable new trend — travel was banned overnight , retail outlets were closed for substantively long periods , and investment and business options became scarce . Perhaps most importantly , however , access to a whole gamut of services and opportunities , which we presumed would always be obtainable abroad if they were not available locally ( for example , better education systems , more advanced healthcare services , a safer and cleaner environment , and a generally better quality of life ), were suddenly beyond our reach . Before the pandemic , this freedom was almost taken for granted .
THE REASONS BEHIND THE BURGEONING DEMAND
The investment migration industry has recently gained wider acceptance and acknowledgement and owing to its somewhat unique capacity for imbuing host states with sovereign equity , more governments and decision makers are keenly observing its evolution .
The industry has grown considerably since the early 2000s and 2021 looks on track to be another year of successful expansion . For many years , acquiring an additional permanent residence option or a second citizenship was perceived to be a convenient luxury , whereas today , the
“ The industry has grown considerably since the early 2000s and 2021 looks on track to be another year of successful expansion .
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magnitude of the optionality that such investments bring has propelled them to becoming fully-fledged and indispensable assets — prerequisites for 21st-century global citizens . With all the barriers and restrictions imposed due to the pandemic , affluent investors and high-net-worth families realize that now , more than ever before , having guaranteed access to multiple jurisdictions is no longer optional . It is a necessity . Interestingly , although not surprisingly , one of the new main drivers is the vital requirement of having access to more advantageous healthcare systems .
COUNTRIES FOCUS ON EXPANDING THEIR SOVEREIGN EQUITY
Several advanced nations with the highest numbers of highnet-worth individuals pursuing multiple citizenships have nonetheless managed to cushion the spread of Covid-19 and its effect on both public health and the economy , with New Zealand and Australia being prime examples , and Canada to a certain extent . The United States , on the other hand , has suffered on both levels , and so have the top economies in Europe . Yet regardless of how their countries