Wealth-X accepts the founding chair position for the newly-announced industry association
Toronto, October 3, 2014 – The Global Citizen Forum 2014, hosted in Toronto, proved to be a launch platform for significant initiatives. On October 3, 2014, its second day, in front of more than 260 delegates, Mykolas Rambus, CEO, Wealth-X, announced the establishment of the Global Residence and Citizenship Council (GRCC). The non-partisan, not-for-profit body will address the opportunities and challenges of the movement of global citizens, which has intensified in the last decade.
Just recently, Richard Branson, got himself a new lifestyle on his private Caribbean island, changing the 22 per cent annual corporate tax rate for his love of the beautiful British Virgin Islands. And while the ingenious UK billionaire denies that his decision to quit the UK is for tax reasons, another famous face, this time from France, was very open on the subject. Gérard Depardieu first took Belgian residence and then Russian citizenship after a bitter dispute with the French government over tax. And this is just the surface.
Tax optimization is seemingly the most obvious rationale for the wealthy to seek second residence and citizenship. Little known fact however is that only 4 per cent of the total migration flows of high- and ultra-high-net-worth individuals are motivated by tax reasons. The vast majority of applications for alternative residence and citizenship are motivated by other factors such as higher quality of life, freedom of movement, safety and improved social life.
Dissemination of information about global migration trends, giving advice on government policies, second residence and citizenship planning strategies, and advocating transparency in this field are some of the objectives of the newly-established Global Residence and Citizenship Council.
“The Global Residence and Citizenship Council will protect the reputation of the industry and serve as solid ground for the development and maintenance of best industry practices,” Armand Arton, CEO of Arton Capital, one of the founding members and the brainchild behind the council.
Founding members of the GRCC include Wealth-X, the Center for Global Dialogue and Cooperation (CGDC), the Canadian Association of Professional Immigration Consultants (CAPIC), CS Global Partners, Arton Capital, and Confederation Partners. The council’s management will be rotated annually, starting with Wealth-X. The GRCC will be open to sovereign, corporate and individual membership across countries and industries.
The announcement for the formation of the Global Residence and Citizenship Council and of the report Global Citizenship: Planning for Sustainable Growth, commissioned by the World Economic Forum’s Global Agenda Council on Migration and Arton Capital were just two of the many highlights in the two day forum, which was held at the Four Seasons Hotel in Toronto. The program was dynamic and beneficial; government officials, including the Prime Minister of Antigua & Barbuda, industry leaders and delegates discussed trending industry topics. As every year, delegates also had the opportunity to share their opinions and insights during the plenaries and breakout sessions and set the tone for the Global Citizen Forum 2015, to be held in Monaco.
Wealth-X is the world’s leading ultra high net worth (UHNW) intelligence and prospecting firm with the largest collection of curated research on UHNW individuals, defined as those with net assets of US$30 million and above. The firm’s Wealth-X Professional solution is the standard for banking, luxury marketing and not-for-profit professionals working with the ultra affluent. Headquartered in Singapore, Wealth-X has 13 offices across five continents. (www.wealthx.com)
About Arton Capital
Arton Capital empowers individuals and families to become Global Citizens. This is accomplished through a high-end service experience sustained by long-term relationships. As a global financial advisory firm, specializing in investor programs for residence and citizenship Arton plays a critical role in helping governments, consultants, legal and financial professionals and investors to meet their goals quickly, efficiently and more effectively. As an industry leader, Arton curates the Global Citizen Forum, where delegates, government representatives and industry patrons meet annually to exchange, build awareness, educate and advance global citizenship.