REPORT WARNS AGAINST UNREGULATED AND UNLICENSED SOCIAL MEDIA INFLUENCERS GIVING FINANCIAL ADVICE, WHICH INCLUDES SECOND PASSPORT MARKETING

The well-known SOVEREIGN GROUP, which dispenses corporate services, and other related financial advice, is warning the investing public in its most recent report, regarding actions recently taken by the UK FINANCIAL CONDUCT AUTHORITY, and other national regulatory agencies, about unqualified and unlicensed social media influencers who are illegally offering financial products in the global marketplace. The report goes on to cite a number of actions the FCA has taken, including the issuance of Cease & Desist letters, and arrests made after criminal proceedings have been initiated.

What I find noteworthy is that Sovereign has seen fit to include, in its comprehensive list of subjects that require licensed, professional advice, is "Residency, Tax Residency and Citizenship Planning." Most investors who contemplate the acquisition of a second citizenship and passport fail to secure neither legal nor tax advice before embarking up an application for Economic Citizenship, and rely solely upon the marketing spiel of the company selling the citizenship. The vendors are not tax professionals, nor attorneys licensed in the jurisdiction where the purchaser will have his or her new citizenship. Additionally, any adverse information is either not disclosed, or minimized. This does not serve the best interest of the purchaser, who may learn negative things after the fact, too late to recover the investment.

Again, we strongly advise buyers to retain the services of a qualified attorney, who may also refer them to a tax professional for further consultation. Sovereign is spot on by including economic passports in the category of purchases that require professional advice in advance. It is humbly suggested that those who intend to acquire a second passport take their wise advice.