Following the scathing and controversial “60 minutes” piece on the Citizenship by Investment Program (CIP) in the Caribbean, jurisdictions in the Region and other stakeholders have been doing damage control due to the massive fallout.
Henley and Partners, a CIP leader and key backer of the Investment Migration Council (IMC), a Geneva-based oversight association for investor migration, appeared prominently in the broadcast. This, coupled with allegations of Henley and Partners using the association as a mouth piece for its own agenda has triggered a string of resignations.
The IMC argues that it is well within its mandate to pressure the industry to operate at higher standards. The IMC also stated that a representative office will be opened in Barbados and Shanghai and a report on due diligence within the industry will be published.