“Agents are the Face of the CBI Industry: We Need to Act Responsibly”

Giselle Bru, Chief Executive Officer of PassPro Immigration Services says the investment migration industry needs to learn from luxury brands when marketing their products, and better engage with the media, policy-makers and the public at large to help them understand the industry.

How many times has a frontline member of staff influenced your perception of an organisation – whether positively or negatively?

A helpful sales assistant who recommends the right outfit for an event or a gracious waiter who guides you through a confusing menu can really elevate your shopping or dining experience. On the flip side, a poorly informed customer service representative or a bank teller who failed to advise you on extra fees you would incur can ruin your perception of an organisation. No matter how well-managed, responsible, customer-focused or tech-forward a company may be, what you remember is your interaction with the person you spoke to face to face. In the Citizenship by Investment (CBI) industry, government authorised agents are the front-line. We are the face of the industry, and what we do or say shapes market perceptions.

Promoting a high value investment 

Second citizenship is a highly sought-after investment for individuals across the world who seek greater freedom and a more secure and stable future for themselves and their families. The benefits offered by second citizenship are considered to hold immense value – allowing those who acquire it to enjoy unhindered travel to some of the most desirable destinations – both business hubs and leisure hotspots, along with numerous other benefits that allow them to enjoy better global connectivity and the freedom to do business around the world. For government authorised agents tasked with promoting citizenship-by-investment programmes, it is imperative that the channels used to educate potential clients about these benefits defend their inherent value and do not stray into promotional tactics that commoditise second citizenship.

Taking a leaf out of luxury marketing 

When was the last time you received an SMS message or a “50% off” email blast from a luxury brand? The answer is probably never.If we look at the marketing and promotion of other high value products, one rarely sees the usage of pushy or cut-price tactics. Luxury brands almost never engage in price-led advertising for the simple reason that the benefits offered by high-value products are non-quantifiable. Instead, luxury brands use other sales, promotional and marketing tactics that focus on:

• Storytelling – letting people who have already acquired their products demonstrate how they have improved their quality of life.
• Educating consumers on the brand history, handcrafted detail and hours that go into making a product and the inherent quality of the raw materials used.
• Cultivating positive brand associations and developing valuable partnerships with other highly trusted and respected brands.
• They show rather than tell and often get other people to talk on their behalf – peer-to-peer references, reviews and word-of-mouth is used extensively, rather than intrusive and repetitive ads.

Their entire strategy is based not on “push” marketing but on “pull” tactics – making people understand the value of the product, trust the brand and see it as a long-term investment in improving the quality of their life rather than a one-time purchase. Maintaining not just a positive brand image but also the high-value of the citizenship by in-vestment product is crucial. It directly impacts the attraction of new investors and the capacity to maintain good relationships with existing investors, in addition to the far-reaching effects it has on resident citizens and the local Caribbean economies.

The Medium is the message 

As agents, we need to avoid using marketing channels such as SMS blasts, deal-based offers, and ads prominently featuring Caribbean pass-port images – these marketing tactics perpetuate the idea that passports can be purchased easily for cash, with no other eligibility criteria or due diligence safeguards. Instead, we need to focus on tactics that build trust and highlight the inherent high value of second citizenship. Direct referrals are among the strongest channels of new business in this industry, and referrals are based wholly on trust. We need to cultivate strong relationships with our existing clients – who have already experienced the value of second citizenship – and let them act as advocates. We also need to demonstrate the constitutional strength of the programmes and the depth of the due diligence process employed.

The roles of educators and regulators 

Irresponsible advertising can play a role in fuelling negative publicity of citizenship-by-investment programmes. As agents, we need to stand alongside governments and play a key role in educating clients, the media, banks, government policy advisors, and border control agencies about how the industry works. We also need to help build a more robust regulatory environment within which we can all operate more responsibly. As agents, we should pursue a far-sighted communications strategy that is built less on transactional communication and more on educating the consumer – on the programme mechanics, the strict and deep due diligence requirements, and the duties alongside the benefits. Alongside these efforts must come a strong push for educating policy-makers, regulators, immigration departments, and law enforcers to understand how and why citizenship by investment programmes operate, how they respect existing banking, law enforcement and AML/FT regulations, and how they contribute to the long-term sustainable development of the countries that offer them.

Transformational change 

Most of the countries currently operating CBI programmes are small island nations for whom CBI receipts constitute a significant channel of foreign direct investment, and a source of debt-free income. Monies from CBI programmes have not just financed infrastructure development, they have supported social security and community health programmes, and served as an integral lifeline during devastating natural disasters such as Hurricane Maria and Hurricane Irma that wreaked havoc in the Eastern Caribbean a few years ago. Advocacy efforts must focus on shining a light on the positive impact of these programmes on the countries that offer them and their resident citizens, while also highlighting how the self-sufficiency of these nations is in the interest of the global community as a whole. Cultivating media contacts who can serve as partners in spreading this message is a crucial way we as agents can make a difference. When talking to the media, share a balanced message that focuses not just on the visa-free travel benefits afforded to investors but on the long-lasting benefits of the programmes to the home nations. Connect media in your home countries with government spokespeople who can give voice to a broader story. Try to avoid reducing the story to statistics – annual numbers of citizenships, nationalities of investors and the dollar worth of the industry are empty facts; how have the lives of these thousands of citizens investors transformed and how have CBI receipts been utilised for community good are the real story. Tell it well and tell it often. As with all industries, stronger regulation will go a long way in helping the industry and its players mature more rapidly. It is therefore highly encouraging that several CBI units have recently expressed clearer guidance on advertising and promotional best practices. What we say and do as agents has a long-term impact on the future of the citizenship by investment industry. It’s time we practice accountability for our actions and promote the programmes responsibly.

BIO: Giselle Bru oversees PassPro Immigration services, headquartered in Dubai. with more than a decade’s experience, Giselle is a trusted advisor to high-net-worth investors and policy-makers within the investment migration community. Giselle brings together a solid background in government service – drawn from time spent working at the Inter-American Development Bank, the Ministry of health and the American Embassy in Belize – with in-depth knowledge of the real estate landscape in markets as diverse as Panama, Belize, the Caribbean islands and Cyprus.