Asia's dynamic role in global mobility needs to be explored, expert says

A senior business executive said in Hong Kong that with international scrutiny, due diligence and greater transparency intensifying, Asia remains a highly open market and has a dynamism and untapped potential that global program operators should explore in depth.

Speaking at the Globevisa Global Citizen Conference, which opened in Hong Kong on Oct 26, Globevisa Group CEO Henry Fan said Asia remains a highly open market, even as the world's understanding of it remains limited.

Hosted by Globevisa Group and themed "By Asia. For Asia. To the World", the conference aims to foster deeper industry exchange across Asia and give the world a deeper understanding of the Asian market. Government representatives from several countries, heads of investment migration agencies and financial and legal experts gathered to discuss emerging trends in global mobility.

The governance and future direction of citizenship-by-investment programs — an important tool for global talent mobility — were a key focus at the conference.

During the Global CBI Leaders Roundtable, participants offered a candid assessment of the external regulatory environment facing the industry. Turning to the European Union's next report under its visa suspension mechanism, expected in December, participants focused on the key issues it is likely to raise and on how jurisdictions can prepare their responses. As reviews of Schengen visa-free access grow more stringent, programs are being held to higher standards of transparency and compliance. The roundtable also examined moves in the Eastern Caribbean to tighten physical residency requirements and adjust regional regulatory mechanisms.

These potential policy changes will not only directly affect the day-to-day operation of such programs, but will also substantially reshape eligibility requirements and application procedures for applicants worldwide, the participants said.

Participants explored concrete steps to tighten source-of-funds checks, guard against financial risk and make information more transparent.

The wider economic and social value of CBI programs to their host countries also drew considerable attention. Delegates discussed how, beyond generating direct fiscal revenue, such programs can more effectively support local public services, infrastructure and climate resilience efforts. In some island nations, for example, CBI revenue is becoming an important additional source of funding for building national climate resilience.