For decades, it has been accepted best practice to invest in different regions and asset classes, from equities to real estate, to futureproof your portfolio. These investments can spread risk and create new opportunities to ensure longevity and the greatest value. But what about where you reside? The same principle applies. In an increasingly unpredictable world, affluent individuals are actively diversifying their geographical domicile options and expanding their personal access rights to a range of different jurisdictions through residence and citizenship by investment.
Ghana has a population of 2,600 high-net-worth individuals (that is, persons with investable wealth of US$1 million or more). Of this group, 100 individuals emigrated from the country last year, as shown in the Henley Private Wealth Migration Dashboard. 100 more are forecast to leave Ghana in 2023.
Plan for the present and the future
Ghana is Africa’s 9th wealthiest country, according to the Africa Wealth Report 2023, with millionaire growth of 24percent from 2012–2022. Savvy Ghanaian entrepreneurs and investors recognize that having a diversified portfolio of residences and/or citizenships can add impetus to their wider wealth planning and legacy management strategies to protect against further downside and to create new value and enhance well-being and optionality for the entire family. Visa rules can and do change, as do governments, but citizenship, when legitimately acquired through an established investment migration program, is for life and can usually be passed down to future generations.
It is estimated that over the next 20 years, around US$72 trillion in wealth generated by the so-called ‘baby boomers’ will be transferred to their Generation X and millennial offspring, motivating many high-net-worth individuals to plan generational wealth transfers more strategically.
A growing number of countries across the globe host residence and citizenship by investment programs in some of the most sought-after locations in terms of business environment, quality of life, and access to top-tier tertiary education institutions and private healthcare. These programs offer a suite of attractive investment options, from government donations starting at US$100,000 to real estate acquisition, to capital transfers, to enterprise start-ups — each providing a pathway to residence or citizenship in exchange for a significant financial contribution.
Expand your business opportunities with economic mobility
Many investors are driven by the need to secure stronger passports so they can travel with relative ease, but this also enables access to a greater proportion of the global economy in terms of the GDP they have visa-free access to. According to the Henley Passport Power index, Ghana accounts for 0.08percent of the global GDP, and an individual with a Ghanaian passport has visa-free or visa-on-arrival access to approximately only 60 out of 226 destinations worldwide, which together account for about 3.5percent of the global economy.
Improving your economic mobility and accessing a higher share of global GDP matters because it leads to greater financial freedoms that facilitate conducting business and international banking and investment, as well as entrepreneurial opportunities. Greater visa-free access to more stable economies can also mitigate country- or jurisdiction-specific risk.
Ghanaian investors who access greater global reach through residence and citizenship programs can build strong transnational networks and relationships with key figures in stable, high-income economies.
Secure a haven for your family in times of volatility
As we witness a paradigm shift in the new world order that is unfolding, safety and security is at the forefront of wealth planning. Wars are no longer being fought on battlefields alone but also in cyberspace, and in this age of digital media, information wars can be just as dangerous as they polarize societies across the world. This year, we anticipate that there will be over 122,000 millionaires on the move, the highest number on record, many of whom are likely to be prompted by the conflict and violence erupting in every region.
Access premium global education for your children
Ghanaian families who want to ensure that the next generation has access to the best education can do so by securing residence in countries such as the UK, the USA, Canada, Australia, New Zealand, and numerous European countries that are home to the world’s best educational institutions. In so doing, they will open doors for their children at the world’s most sought-after institutions and prepare them for what seems to be an uncertain future.
Henley & Partners’ education division provides clients with all the support and assistance they need to access the best schools and universities in their countries of choice.
Ensure longevity with world-class healthcare
Medical innovation is advancing so rapidly that we can live longer lives. This also makes it a priority for investors to ensure that when required, they have access to the top-tier level of healthcare. High-net-worth individuals are keen to benefit from the best possible medical facilities and treatments available, which is why countries such as Australia, New Zealand, and Switzerland, which all deliver some of the world’s best healthcare, are seeing a rise in demand for their residence programs.
Investment migration programs are fundamentally designed to balance risk and opportunity: a portfolio of multiple residences and citizenships generates unique short-term value and long-term yield, enabling investors to transcend the constraints imposed on them by their countries of origin, to improve the resilience of their wealth and estate planning strategies, and to ensure physical and financial longevity for generations to come. Having just a plan B is no longer enough to secure your legacy — you need a plan B, C, and even D.
To find out more about these or any other investment migration programs, or our education services, please reach out to Henley & Partners. As the pioneering firm and global leader in residence and citizenship by investment and with over 40 offices worldwide, we are best placed to successfully serve international clients and partners, advising and supporting you every step of the way.
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>> The writer is a Consultant at Henley & Partners. The writer can be reached via +233 202 220 496 and or grace.arthur@henleyglobal.com. henleyglobal.com
