HOW CONSUMERS CAN REDUCE RISK IN THE ACQUISITION OF ECONOMIC CITIZENSHIPS & PASSPORTS

Elementary by ALEX CEPPI

As a wise businessman in Miami once said, " an Educated Consumer is the Best Customer." More often than not, we see that High Net Worth Individuals (HNI) often fail to retain the services of a competent attorney, experienced in the investment migration, or economic citizenship, field, when shopping for a second passport. These are individuals who would not ever fail to secure legal counsel, in real estate transaction, or the acquisition of a going business, but for some reason, they neglect this important step on reducing risk with such a major purchase. Who is reviewing the contact for purchase, if there's no lawyer? I do recommend that they find a lawyer who knows his way around the economic passport industry, for these important reasons: (1) Due Diligence on your passport sales agent: have you chosen a company, or individual, with a record of assisting customers, not only pre-closing, but in the future if and as necessary, and who will steer you away from problem jurisdictions. (2) Letter of Opinion from a local lawyer admitted to practice in that passport's jurisdiction, so you are aware of the terms of revocation, or cancellation, and under what conditions, so there no surprises down the road. (3) Responding to any possible documentary requests of the agency that approves and issues the citizenship and passport. You may not be familiar with obtaining documents properly authenticated. (4) Reacting to any post-closing issues that may require litigation: What if your passport is cancelled, or some other issues arise? You need counsel on a continuing basis, in my humble opinion. In short, having competent legal counsel ( and NOT your business lawyer) who knows the subject, may save you from some real problems in the future.