Remy: Well, as global leaders take the stage in New York for the start of the UN General Assembly's general debate, much of the real diplomatic and financial dealmaking is happening on the sidelines. Global residency and dual citizenship have long been part of wealth protection strategies for high net worth individuals as well as families, and that trend has skyrocketed over the last 5 to 6 years, starting with the COVID pandemic. And Argentina quickly emerging as a magnet for tech and crypto. Under President Javier Milei, recently highlighted by headlines of Silicon Valley heavyweight Peter Thiel pursuing Argentine citizenship. Joining us live here in New York is Chris Willis, managing director of Latitude Group. Chris, great to have you here. Thank you so much for joining me.
Chris Willis: Thanks, Remy. Great to be here.
Remy: When it comes to strategies for high net worth individuals as well as wealth protection, why dual citizenship?
Chris Willis: Well, I think a lot of it is about optionality. People are growingly getting more concerned about what's happening globally. And where can they park their assets? There is some concern about what's happening in the United States, so people are looking at other jurisdictions, not only for their assets, but also for personal security as well. You touched on Peter Thiel looking at places like Argentina, and it's very well reported he's been in New Zealand as well. So literally going as far away from any potential conflict as possible, and that's becoming part of the conversation now for wealthy families as they're saying it's not just a matter of, you know, where can I be, but where is it going to be safe for my family for generations to come.
Remy: Yes, and given all of the volatility that we've seen not just in 2026 but also since the beginning of the pandemic, it is no surprise here. So what has changed when it comes to some of these individuals as well as families actually pursuing this?
Chris Willis: Well, you touched on the pandemic and that was really a trigger for a lot of things. You may remember there was a short period of time when Americans were actually banned from travel to places like Europe, Singapore, the UAE, and all that. So for a lot of family principals, they said to their family office, Hey, we've been exposed here. How do we fix this? And so that started their investigations into how do I, how can I get a second residency or citizenship. So that really triggered a lot of things. And a lot of other things that have happened within the United States have sort of, you know, been a tipping point for other families where they're saying, Hey, we need to make sure we have another alternative just in case. So it's about having those options.
Remy: Yes, and you bring up the pandemic, and that is something that doesn't seem as though it was longer than 5 years ago. But when it comes to some specific territories, some jurisdictions, which ones are more attractive when it comes to these high net worth individuals and why?
Chris Willis: Well, it really depends on the family's needs. Some have a natural affinity. They want to go to Europe, so they start pursuing things like the opportunities in Malta, you know, which has opportunities. By merit for people who are meritorious enough to be considered for citizenship in that country, but by becoming a citizen of Malta, by extension you have settlement rights across the 27 European Union member states. So that 1 equals 27 is popular and attractive for a lot of high net worths who are saying this actually covers a lot of bases for me because maybe I want to go live in Portugal. I want to live in Ireland, but I can do that by being Maltese as opposed to just coming over as a visitor with an American passport. But then you're seeing other jurisdictions like New Zealand, which has become very popular because they actually have what they call residency for life. So as long as you meet a minimum of 21 days in the 1st 3 years, um, you're putting in 5 million New Zealand, so 3 million US give or take, into New Zealand funds for a term of 3 years. And so for some people they're happy to park money outside of the US for that term and then see what the life, you know, what the situation is going to be in the US in 3 years' time, then maybe they'll return those funds. So there's a strategy around a lot of this, you know, for planning for families and you touched on Argentina as well, where, you know, as you say, President Milei has been very vocal about looking to attract investment coming into the country and using the sovereignty. Having a citizenship by investment program is something that's totally in line with his objectives.
Remy: Yes, and while I have you here, the spotlight is on geopolitics as well as the UN General Assembly, and there is so much happening in all regions of the world. And it's not just geopolitics, it's also climate change, extreme weather that is affecting populations around the globe here. So when it comes to a lot of the uncertainty, how are high net worth individuals, organizations, as well as families actually looking ahead not just to the end of this year but also beyond.
Chris Willis: Well, they're looking at succession planning is a big thing for families, so they're saying what opportunities are there for my children and my grandchildren and by having citizenship that typically allows for a pathway for them to also receive those same benefits. Residency is different because you then like a green card holder in the US, you eventually can become naturalized and then will happen from there. But if you have it through citizenship, then that can be passed on typically in most jurisdictions. So that's one thing that they will look at. But then there's a lifestyle component as well. Argentina, another reason why it's going to be very popular is because, you know, it's a G20 country, but you've also got, it's not just Buenos Aires, which is a phenomenal city, but you've got the wine region of Mendoza, you've got Patagonia, you've got other elements. It's a very agriculturally rich country as well, so it's very popular for many different reasons. And that's what people are looking at is a do I have status there and could I spend time there as well.
Remy: And finally, Chris, before I let you go, I do want to get your take on some of the capital requirements as well as tax responsibilities, not to mention your expectations for residency by investment. Where do you see that industry going?
Chris Willis: Well, I mean in terms of tax, I mean for Americans, you unfortunately have your citizenship-based taxation, so you're always going to have some ties to the United States. We've seen a greater number of Americans renouncing because they want to exit from that fiscal responsibility here, but for a lot of people, unless you either spend the prerequisite time, typically 183 days, to trigger yourself as a tax resident, then you would be able to, then you have to enter the tax regime in that jurisdiction. But many people, they have several properties, they manage their day count to not trigger unnecessarily in another jurisdiction to then incur additional tax exposure.
Remy: And finally, before I let you go, we have less than 60 seconds here, but when it comes to the crypto billionaires out there, we have to keep in mind that we have been looking at lower crypto prices. But what's the reality for those crypto billionaires?
Chris Willis: For a lot of people look at places like Argentina because the issues with their inflation and their currency, that crypto is very popular there as a jurisdiction to go to. But a lot of it now is unfortunately you can't typically use your crypto to make the investment in these countries. Some countries are trying to be more flexible on that, but your crypto wallet can be used in terms of demonstrating your source of wealth. But in terms of actually making those investments, you do have to still convert before you can do it.
Remy: Chris, I appreciate your time. Thank you so much for joining us today and thank you so much for sharing your perspective.
Chris Willis: Thank you.
