New CEO Talks Economic Citizenship and Residency

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We recently had the pleasure of catching up with our new Group CEO, Mimoun Assraoui. On a visit to Egypt, we interviewed him, appropriately enough, in front of the famous Giza Pyramids. We quizzed him on a number of topics, focusing on economic citizenship and residency issues.

1.) We’re here today by the Giza Pyramids for the closing gala of the ICCE 2023 to congratulate Mr Mimoun Assraoui on his new role as Latitude Group CEO. So, Mimoun, congratulations first on your new role! How will you apply your experience as the new CEO of Latitude Group?

“Thank you so much, Raghda. I’m very happy first of all to be here in Egypt, in Cairo, with the beautiful pyramids behind us. These are exciting times.” 

“It’s the first country I’m visiting after my appointment this week. I’m honoured and thrilled to be the Latitude Group CEO. It’s a great achievement what we’ve done over the last 10 years in building one of the leading Citizenship and Residency by Investment firms globally.” 

“So, again, I would like to thank the board, to thank the management, to thank our dear employees for the trust that they put in me. Hopefully, I can be the best leader I can be thanks to the support of the management and the global talent we have around the world.” 

2.) What kind of services do you provide for governments and individuals at the Latitude Group?

“The core of our business is Citizenship and Residency by Investment. We’ve been doing that successfully over the last 10 years. The Middle East and Africa have been our core markets.”

“We have seen the trend that has developed from where it started in Dubai to now growing globally in Africa. Here in North Africa, in Nigeria, in South Africa, and East Africa.”

“The citizenship will grow, this is what we have been doing for B2C. In terms of B2B, we have been expanding our services for partners and this will grow.” 

“The reason for us reorganizing the company is to be stronger on what we call the government advisory mandate. Here, we have Eric Major who I’d like to congratulate on his new role as Executive Chairman. He will be leading this initiative of government advisory that will be very important for our group.”

3.)  What are the challenges the investment migration industry presently faces and how will the Latitude Group in general handle them?

“That’s a very good question. We’ve undergone changes due to a trend that started in the last quarter. Caribbean countries have faced pressure from the European Union and the UK. We’ve seen Dominica losing visa-free access to the UK because of negligence on the due diligence.”

“We’ve also seen prices increase in the case of St Kitts and Nevis. There are changes happening in our industry but for good. Obviously there’s a tightening of the rule of due diligence. This is leading to an increase in the pricing.”

“Yes, we’ve seen a democratization of Citizenship and Residency by Investment over the last 10 years which is great. But right now there’s a trend of making the rules tighter which obviously will benefit the clients and the industry in the long term.”

“We’re at the forefront of these discussions with the different parties involved. This is because of our importance at the global level. We also represent the Investment Migration Council, not only in the Middle East and Africa but also in the Caribbean. So, there are challenges but for the good in the long run.”

4.) What are your future plans when it comes to launching new (economic citizenship and residency) solutions or expanding into new markets?

“Well, we’ve seen that Africa obviously and where I am here, in Egypt, is part of our growth market. We’ve invested heavily over the last years in terms of growing this market.”

“The next markets where we will be looking at more carefully will be Asia. We started doing that for example in Southeast Asia.”

“We opened an office in Pakistan. Obviously we have a presence in India and we have an office in Hong Kong. So we’ll be looking at Asia to be a growth market for us.”

“Also the US. What we’ve seen happening in the American market is there’s a lot of demand for residency. So, this will be another growth market for the group.”

5.) We’re interviewing you in Egypt today, home to one of your African offices. How significant a market is this for Latitude Group? Do you think there is room for expansion in your operations here?

“Definitely. Egypt is a key market and Cairo the capital is home to an area housing more than 22 million. It’s a big country in Africa, a developing country and we’ve seen increasing demand from Egypt.”

“We have one of the largest offices outside Dubai, here in West Cairo. Obviously, we will be looking at further expansion as it’s a growth market for us.”

6.) This is the Land of the Pharaohs, a country with an ancient history. With which Egyptian historical figure does Mimoun Assraoui identify with most and why?

“I was lucky to have visited the pyramids in the past and I’m looking forward to seeing more of Egypt. If there’s one Pharoah that represents myself and also the company it’s Horus. The God of the Sky connects to “Hello Freedom” (our slogan) and mobility.”

7.) What are your predictions for Residency and Citizenship by Investment in 2024?

“Given what we’ve discussed earlier and where it is going, I think 2024 will be the year of less quantity, more quality. So there’s going to be a tightening in the procedure. We expect prices to increase.”

“The industry has done a great job in coming from HNWIs to the mass market. But right now it’s going to focus on HNWIs and will be more stringent. So you will see that path of quality and also more residency programmes in Europe where there is a clear pathway from residency to citizenship.”

“These are the trends that we are expecting and obviously consolidation in our industry. So, we are gearing our group to be at the forefront of the industry, anticipating the needs of our clients and the governments also who we are talking to.”

8.) If someone out there wants to reach RIF Trust and Latitude Group, what do they do?

“The best thing to do would be to call us or email us. Obviously, come and visit us at our Cairo office. Our team will be happy to welcome you and discuss your needs in our Cairo office.”

9.) Thank you so much, Mr Mimoun, and we would really love to see you again in Egypt sometime soon.

“Thank you. It’s been an honour to be here. Every time I visit Cairo, I’m very excited. It’s an amazing country and it’s great to see how Egypt is developing, how the infrastructure is developing and we’re looking forward to more business and expansion in Egypt.”

“Thank you very much and let’s enjoy the beautiful evening just below the pyramids.”

10.) Are you excited?

“Super excited. Yeah, let’s enjoy it. Thank you very much.”

Securing Economic Citizenship and Residency with RIF Trust

Has reading Mimoun’s interview inspired you to think about a new residency or second citizenship? We can advise you on both Citizenship by Investment and Residency by Investment. So, don’t delay and contact us today for the answers to your economic citizenship and residency questions.