Asia is the fastest growing economy in the world, especially in South East Asia and China. Last 10 years both regions’ GDP has increased over 6% every year. This leads to a much larger middle class. And a large middle class comes with strong spending power. As a result of this most millionaires emerge in those 2 regions. According to statista.com, in the last 8 years there have been over a million new millionaires in China every year (https://www.statista.com/statistics/702759/china-number-of-millionaires/).
On the other side of the coin, rapid changes also change the way people spend their money so many millionaires and billionaires lose their wealth, be it by economical challenges or changes in government regulations. Another factor that is very true is unlike Europe and the US, China’s economy is very state controlled, so in many cases, a millionaire can get out of favor, and by relations to that it can slow down his business while his rival will take over.
As a result of this, the new rich in Asia are very aware of those situations and it is a different set of skills and requirements they need to have to protect their social status and income, compared to their European and US buddies.
When we dive deep on the main differences, there are 2 things Chinese new emerging millionaires are doing to protect their wealth.
First, they are investing in multiple businesses in different locations, this is especially harder for Chinese citizens as the government has hard policies when it comes to bringing money out of China. Also they tend to park their money in real estate especially in countries like Australia, US, UK and Singapore. That is pretty common for many millionaires around the globe.
Second and more unique trend is getting a second citizenship. This industry is getting more and more popular over time as it gives those millionaires a safety net and allows them to bring their wealth and themselves easily around.
To understand this new trend and why it is getting more popular, we had a short interview with James Bian from SGPEC, top company in Singapore when it comes to second citizenship applications. SGPEC and James have helped 100s of people all around China and SEA to get their second citizenship and many of those people are living under a totally different identity in their new countries.
SGPEC, has been the fastest growing second citizenship consultancy in Singapore. How did you guys even decide to start this agency?
Our founder was previously running a successful property and wealth management firm, however, due to clients’ strong demand over the years on second residency planning, we have decided to focus fully on second residency for the sake of serving our clients better as we realized, this is the most effective way to help them as having a second identity can help clients reduce tax tremendously and allow asset allocation to be done more effectively. We manage to be the officially appointed Vanuatu Citizenship by Investment operating licensee with the right to operate the Vanuatu Trade Commission. Eventually become a one stop solution that serves clients more conveniently.
As you mention giving your clients what they want is the main motive. When it comes to second citizenship what the clients really want and care about?
Professionalism is the prerequisite for us, but to deliver liberty and protect the client’s privacy is our service. We are laser beam focused on privacy and efficiency as there is no second chance in our line of work, as every case is different and require the specific connection and skillset to accomplish the task, therefore there is zero room for mistakes here as this is not a meal that we can cook again but a mistake that can jeopardize the clients’ safety.
You mentioned convenience and speed. Is it not more convenient if your clients choose a local firm in their home country, that they can see the progress go regularly if needed etc.?
The advancement of the internet causes the affluent people around the world to not only be concerned about cybersecurity but also their physical privacy. Singapore as Asia’s huge resources traffic, financial and also trading hub, conveniently allows the clients to be able to be connected seamlessly to some of the world’s best programs that they cannot gain access to with the agencies from their home country. Singapore is not only a physical free trade port, but also a place where the east and west resources interchange. We are able to deliver the kind of flexibility that clients are not able to enjoy in their home country easily. Furthermore, Singapore being a British commonwealth country, is a country with a holistic rule of law that renders clients the ease of mind when it comes to privacy, security and most importantly, the reliability of the company.
My friend recently got citizenship in Singapore. She mentions it is a step by step process and she did not use any agent. I understand in your case it is a bit different. Can people do this on their own? Or does it change a lot of agency to agency you work with?
Immigration is an obscure and complicated procedure, it requires a high level of professionalism in A4: terms of preparation, operation and delivery during the progress. As our target market is the ultra high net worth clients, therefore, they are willing to fork out the sum to get everything settled and put into place without worrying about where might go wrong, it is like a form of risk transfer that clients pay and leave the risk management up to our company to handle and eventually minimize the risk level to its lowest. For example, for Vanuatu, the application cannot be done as an individual, therefore it does not make any sense for clients to register their own company and go through all the hassle just to acquire a Vanuatu passport. Thus, we are here to simplify the obscure procedures and efficiently deliver what clients want without the client having to do any unnecessary tasks unless required specifically by the government.
I can see there are way more things behind. But finally, once I got my passport this is what matters. By the way, once I get the passport, how to use it? Can I just take the passport and start my new life? my background etc, customs can ask how the heck you end up here?
In our industry, a huge problem that arises is that most companies only assist the clients in obtaining the passport but do not train the client on how to use the passport. It is as if a helicopter company only delivers the helicopter to you without you knowing the model and how to operate it. We are like a company that, metaphorically speaking, helps you select the right helicopter that suits you and teaches you how to fly the helicopter. Which means we analyze and determine which passport is the most suitable for the client, and tailor make a proposal that the clients can follow and effectively maximize the potential use of the passport that he purchased. The key here is we determine how pragmatic the program is for the client before execution.
Wow that really opens my eyes. Since you can guarantee results and even can give money back. How do you assess what a person can get, how long it will take or what can be the issues they might face?
Every client is unique and we assess the client by doing a short 30 minute call without exposing their name, and still be able to check out their options for them. Only if they decide to work with us, we will get details and kick start things. Every program is different and clients face different issues in every program. Simply put, in the Vanuatu program, the fastest we have processed is 8 days but with express processing charges involved. The pertinent issues clients face is too diverse but most of the time, is that the clients were not prepared to fit the requirements for the program but have the money to participate, so our experts in the company have to come up with the most viable solution in the shortest amount of time.
Great how can our readers understand more and kickstart this process?
Everyone is welcome to visit our website sgpec.sg to view what services we offer, which is better for you and book your call at once!
If you are interested in second citizenship and want to learn more about how it can work for you, you can always contact James Bien through his company’s website which you can find in the description below.
Company Name: SGPEC
Contact Person: James Bian
Email: Send Email
Phone: +65 8866 5586
Address:8 Marina Boulevard #14-03A ,Marina Bay Financial Centre Tower 1 S018981