Navigating the RCBI due diligence process – what investors need to know

For prospective Residency & Citizenship by Investment (“RBCI”) investors interested in securing a second passport or a second residency, their success relies on their ability to fulfill the client pre-screening and due diligence requirements.

Investors should apply the following principles to their investment immigration application process to avoid delays, complications, and potential denial. These include; know what is on the program administrator’s due diligence checklist, selecting a compliant RCBI investment product, and work with a legal service provider whom the government appoints.

Know what is on the program administrator’s due diligence checklist:

The official due diligence requirements for an incoming application will vary depending on if it is for an RBI or CBI Program. Regardless of the program, investors will be subject to a client background check and will need to disclose several detailed records. These items notably include:

  • Proof of a clean criminal record
  • Source of funds (and the corresponding documentation evidencing them)
  • Verification of the client’s identity
  • Indicators of political or criminal links

 

In addition to the above, investors should prepare the following information to smoothen their client on boarding process. These are:

  • Education background and credentials
  • Company associations
  • Physical residential address
  • Employment history
  • Competencies
  • Potential conflicts of interest

If investors can supply these details, they will significantly lower their risk profile and chances of having their application be denied. At the same time, it is recommended that investors consult with their immigration attorney to determine if the program they are applying for will require additional pieces of identification or documents not featured here.

Select a compliant investment product

Some countries have lists of pre-approved projects an investor can choose from. For example, in the Caribbean, investors can only apply through designated government-approved investment products or projects. While part of the due diligence may have been done by the government at the initial stage, investors should always seek confirmation of the government-approved status of their preferred project.

Failing to conduct a background check on the investment opportunity could not only result in the loss of capital, but also prevent the investor and accompanying family members from securing the coveted immigration status. Investors can mitigate this risk by first checking the official government website and seeking the professional advice of a licensed immigration practitioner.

Work with a legal service provider who’s appointed by the Government

Similar to selecting a compliant RCBI investment option, investors should find a legal service provider who the government officially appoints, where applicable. Further, a legal provider who has experience working with the government administrator can advise their clients on the best way to overcome the hurdles of the due diligence process and obtain government approval for their application.

For example, the Government of North Macedonia has appointed the Harvey Law Group as the Master Compliance Agent for the newly launched North Macedonia Economic Investment Citizenship Program, with the right to promote the program throughout the Asia region and conduct thorough pre-screenings of all potential applicants.

About the North Macedonia CBI Program:              

To fuel the local economy and attract international talents and investors, North Macedonia has launched its’ all-new citizenship by investment program – the North Macedonia Economic Investment Citizenship Program.

To qualify for this program, applicants are required to make an investment contribution of €200,000 in a North Macedonian social and development investment fund designated by the government. This investment contribution will entitle investors to apply for a North Macedonia citizenship and passport for themselves and their family. The process takes 3 to 4 months for most applicants.

This generous, swift, and affordable program is only available to 1,000 applicants.

To learn more about the North Macedonia Economic CBI Program, the benefits, and the investment options available, please contact us via email at [email protected] or via phone at +852 2116 1333.

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