Millennials are Changing the Way Residence and Citizenship by Investment Programs Work
It is no secret that millennials represent a rather unique demographic that is not necessarily thought of as the primary audience of investment programs. However, as they grow old and rich they too become interested in getting a residency or citizenship from other country, in fact, since the millennials are often more global minded it is more trendy amongst them to have such investment ideas. In many ways these new younger generation of investors are changing the game for investment programs and the usual agents that deal with it.
A Changing Demographic of Investors
Investments require a lot of money and that is why more often than not it is the people with a lot of money, thus older generations, that actually undertake them. However, our world is going through a transition in which the classical understanding of economics is no longer working properly. In an increasing amount there are now quite a lot of young entrepreneurs that are often even under the age of 40 but are still millionaires. Sometimes through luck, sometimes out of a good start up, and especially lately thanks to certain technologies, there is a growing number of such individuals on the world. These people are already quite more broadminded people than their predecessors. In fact, you can hear people being called global citizens these days, that applies to these new group of rich millennials as well. Not surprisingly more and more of these millennials are now investing in Golden Visa programs and thus the more than 60-year-old investors that the sector was used to in the 90s is now being replaced by people much younger, in certain cases less than 40.
A New Sort of Global Minded and Young Investor
Being younger is not the only thing new that those investors bring to the table for citizenship-residency by investment programs. Most of these millennial millionaires are coming from India and China. This may come out as not a surprise because these places are known for their younger millionaires, in comparison to American and European millionaires rather high age average. Moreover, both India and China are known for its mobile phone loving population. Use of social network apps as well as all sorts of mobile services in both of these countries is quite high which creates rather similar global minded citizens from both of them. These people, often knowledgeable about latest technologies and trends usually find it easier to make money and thus the phenomenon of millennial millionaires are born.
New Communication Methods are a Must for these New Clients
Simple brochures or lengthy manual are not doing the trick for the millennials when it comes to attracting them for lucrative business opportunities. What is working is the use of latest social media apps and a more image-heavy introduction to the topic. Millennials are known to frequent Facebook, Instagram, YouTube and LinkedIn thus the citizenship-residency by investment professionals have started to have a presence in these environments as well. Due to the massive differences of such media outlets the very nature of advertisement is changing. A gorgeous photo of a house for sale in a Caribbean island that can offer you a citizenship-residency by investment opportunity often attracts these younger investors more than an essay on how much profit they could have off of it in the next few years. These new clients are much more likely to investigate opportunities on their own and go for the source if they need any answers thus it is becoming more and more important for investment consulting offices to have a presence in as many media outlets as possible.
The Old Professional Advising is Still Required for the New Type of Customer
The fact that the new wealthy millennials doing their own research also means that the professionals in the business should adapt to meet their specific needs as well. Merely a few decades, even years ago, it was often necessary to help out a customer decide which country to settle in let alone which real estate to buy. Nowadays the majority of the millennials investors that are interested in citizenship-residency by investment programs already know a lot about it. They usually already have well laid out plans on which country to go to, which city to buy a house from, and even which tax benefits does that bring them. This may seem to mean that there is basically no need for any intermediaries anymore, but the data shows that this is wrong. Millennials still need, and often want to have a human touch while handling their investment. There is simply way too much legal issues to know of before handling international investments and it is very hard to come across someone that is willing to handle everything on his/her own with no issue. Due to an increasing demand and also supply in the market (with new rich people and new citizenship-residency by investment programs from different countries) it is becoming harder to navigate it so more than likely a need for specialist will continue to exist in the upcoming years.