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Tag: USA

Bartra Wealth Advisors’ Survey Finds Over 80% of Respondents Consider Emigrating Overseas

Posted on by bwa

To understand the intent and views of the people of Hong Kong on emigrating overseas, Bartra Wealth Advisors (‘Bartra’), a subsidiary of Ireland’s market leading real estate developer and the first Irish immigration investment advisory in Hong Kong, conducted an online survey on emigration. From 1,200 responses, the survey found that 84% of respondents are currently considering or will consider emigrating overseas, among which the majority are high-income individuals including office workers, business people and professionals.

Survey immigration

According to the survey, among the respondents who intend to emigrate about 85% of respondents claim that they will not leave Hong Kong within a year of obtaining an approval of their application to emigrate. The survey also found that over 50% of respondents’ decision to emigrate is in order to improve their living environment, while approximately 30% want their children to obtain a better education. To obtain a foreign residency/citizenship and political factors each account for 20%. As the people of Hong Kong gain a better understanding of Ireland, the country has increased in popularity as a destination for relocation, more so than other European countries and Malaysia. Currently, the top three destinations are the UK, Taiwan and the US. Meanwhile, the top three areas of concern for Hongkongers deciding to emigrate are the associated costs, the ease of application and language. Over 40% of respondents have considered obtaining residency by immigration investment, for which they care most about the security, return, and duration of the investment project, according to the findings of the survey.

Survey Countries

Jeffrey Ling, Bartra Wealth Advisors Regional Manager, said, “Although the UK is still the top pick for relocation for the people of Hong Kong, uncertainty increased after Brexit which may affect the politico-economic environment in the UK. As a member of the European Union and part of the Common Travel Area with the UK, Ireland, an English-speaking country, is a gateway to both the UK and EU countries with promising business prospects; it is the first choice for many companies looking to relocate their headquarters. Moreover, this survey reveals that Hong Kong people require a great deal of flexibility around application and residency requirements via investment immigration, and they show a high degree of concern about the robustness and security of the investment projects. Both of these requirements are met by the Immigrant Investor Programme (‘IIP’) qualified projects that Bartra offers.”

Survey Timeline

Since the desire of high-net-worth clients to immigrate is strong and their top choice remains the UK, Bartra recommends they ensure a full understanding of the local investment market performance before immigrating. Wealth and investment management firm Harris Fraser was specially invited to conduct market analysis and share views on investment opportunities and wealth management trends. Cyrus Chan, Harris Fraser Investment Strategist, said, “With widespread vaccination programmes underway, the global economy is expected to recover faster than expected. However, although the UK and the EU came to an agreement for Brexit last year, relevant implementation details still need to be clarified. The troubled British economy may rebound, and the Irish economy will benefit from it. In addition, with the structural changes in the global economic environment, the wealth management needs of high-net-worth clients increase accordingly. Currently, more popular investment strategies include yield enhancement strategy, financial leverage, Euro asset allocation and focus on the healthcare sector.”

Airport lobby

The pandemic has disrupted the relocation plans of many people in Hong Kong. According to the survey, Hongkongers require more time as well as a high degree of flexibility when planning for emigration. Jay Cheung, Bartra Wealth Advisors Marketing Director, said, “In the current climate, investment immigration services and products need to have three advantages: 1) high flexibility and fast-track process; 2) product safety and strong demand; 3) ability to add value and integrate with wealth management services.”

By investing in Ireland’s Immigrant Investor Programme (‘IIP’), application will be approved within 4-6 months, and applicants are only required to reside one day per year in Ireland to maintain their residency; in other words, they can obtain a foreign residency without relocating. Many of Bartra’s clients have already been granted permanent residency of Ireland, but have remained living and working in Hong Kong. In addition, Bartra commands unrivalled creditability in Irish immigration consultancy services. The Social Housing and Nursing Home projects Bartra offers to Hong Kong clients planning to obtain permanent residency in Ireland can be achieved in three or five years, and both guarantee 100% investment capital protection. They each have an approval and renewal rate of 100%. In addition, the Nursing Home project has an annual return of 4% paid on maturity, which is fitting of a high demand healthcare sector. As for the ability to integrate wealth management services, apart from cash, IIP applicants can use stocks, funds, cash value of insurance policies, properties, or even parking spaces and valuable paintings and collectibles etc., for asset requirement approval. Some clients will seek advice from financial services to pledge/refinance their assets to fund investment immigration in the current low interest environment so as to obtain residency without exiting from existing investments.

Press Conference Feb 2021

Pictures are Bartra’s press conference in early February.

Joe Biden’s Irish roots and what this may mean for US-Ireland Relations

Posted on by bwa

The small town of Ballina in County Mayo on Ireland’s west coast lies at the mouth of the River Moy and can count among its notable residents Mary Robinson, Ireland’s first female president, who served from 1990 to 1997.

Lately, its inhabitants have had something to celebrate and the town has been awash with flags and fanfare. This is because Ballina is also the ancestral home town of the new President of the United States, Joe Biden.

In the early 19th century, Biden’s great, great, great grandfather, Patrick Blewitt, called Ballina home. That was until 1851 when, spurred by the Irish potato famine, he cast his sights on America and headed West, settling in Scranton, Pennsylvania.

Almost a century later, in 1942, Biden was born in that very city. Yet Biden has maintained an affinity for Ireland and in 2016 made a trip to Ballina where the warmth of its residents was on full display as thousands lined the streets to greet him. Biden embraced Ballina’s people – and made contact with relatives who still reside there.

Ballina
Cityscape of Ballina Ireland

Biden’s visit also served to inspire many in Ballina, reminding them that anything is possible. Not only has Ballina spawned the nation’s first female president, but it can now count the President of the United States of America among those the town is proud to call its own.

In a letter from the President of Ireland to Joe Biden on 20 January, Michael D. Higgins wrote to congratulate the new President of the United States and referenced an Irish proverb: “Is ar scáth a chéile a mhaireann na daoine”, which means, “we live in each other’s shadow and in each other’s shelter.” He added that “It reminded me that we are all interconnected, we are all interdependent, we all have an effect on each other on this fragile planet that we share.”

Higgins went on to say, “The US has been a true friend to Ireland in so many ways. Your own friendship and support for so many years has been invaluable. Ireland, of course, has made its most valuable contribution to your great land by providing so many of our daughters and sons. The descendants of some turned out to be rather fine Presidents!”

For Biden is not the only American President with Irish roots – others include Barack Obama, George H. W. Bush and George W. Bush, Ronald Reagan, Jimmy Carter, Richard Nixon, Woodrow Wilson, and famously John F. Kennedy, to name a few. The inauguration of Joe Biden means that 23 of the 46 US Presidents have Irish ancestors, it’s an impressive 50%.

Yes Biden is among the most outward in his affection for Ireland; he has embraced his Irish roots and Catholic faith. He has quoted Irish poet Seamus Heaney often – in the 2008 presidential primaries, as vice-president and, most recently, on winning the election he released a campaign video where he reads from Heaney’s The Cure at Troy, pitching himself as the person to mediate social healing.

Map of Ireland

US-Ireland Relations

And his love for Ireland may bode well for the nation and for US-Ireland relations. Biden is known for being against Brexit and while on the campaign trail he often mentioned that any future trade deal between the US and the UK would be dependent on the latter’s respect for the 1998 Good Friday Agreement, which brought decades of conflict in Northern Ireland to an end. Yet the Irish border was something of a sticking point in Brexit negotiations, with the UK government reneging on an agreement with Brussels to respect the agreement and the open border. Biden raised the issue early on, stating that he did not want a guarded border between the Republic of Ireland and Northern Ireland. And following the Brexit agreement in December, the decision has been made to maintain an open frontier.

Economically Biden appreciates that the United States is important for Ireland for investment and job creation. The nation is a magnet for US tech and pharmaceutical giants thanks to its low taxes and well-educated, English-speaking workforce. Pfizer, Johnson & Johnson, Facebook, Google, Apple and Twitter are among those with significant business operations in Ireland.

Many believe that Biden’s Irish roots will help relations between the US, the UK, and Ireland, particularly with regards to each’s relationships with Europe, especially as Ireland remains a member of the EU. And it certainly seems to promise a good relationship between the US and Ireland, which Ireland’s growing influence diplomatically will only enhance. Ireland boasts embassies in every country in the EU and is one of the biggest spenders in Washington when it comes to foreign lobbying. In June 2020 Ireland won a seat on the UN Security Council, while in July Irish Minister for Finance Paschal Donohoe became leader of Eurogroup.

Additionally, Ireland’s prime minister receives an automatic invitation every year to the Oval Office for St. Patrick’s Day – the only world leader to enjoy such a privilege – and has done since 1956. This arrangement could make Taoiseach Micheál Martin the first head of government to meet with the new president if the meeting goes ahead in March.

Ahead of that scheduled meeting, Martin extended an invitation to Biden to Ireland in return, who replied “try and keep me out,” jokingly emphasizing his love for his homeland. But it goes beyond just love – there’s a respect there too. As Ambassador Mulhall at Ireland’s embassy in Washington has said “It’s a good thing that we will have a president who has this kind of depth of understanding of Irish affairs, which is bound to be beneficial to us.”