5 Questions With Ceri Pratley, Head of Residency & Citizenship Services
Ceri Pratley has been advising high-net-worth individuals and their families on international private client, wealth management, residency and citizenship matters for almost three decades.
As Sovereign’s Head of Residency and Citizenship Services, Ceri is responsible for the planning, development and implementation of all the group’s residency, tax residency and citizenship programme services.
This entails working alongside Sovereign’s local professional service providers and our business development teams to combine their offerings with the relevant government agencies and qualifying investment partners to deliver all-encompassing residency and citizenship solutions.
What led you to your role as Head of Sovereign’s Residency & Citizenship division?
I am originally from the UK but moved to the Middle East with my family at the age of 10. Having returned to the UK to complete my secondary and university education, I began my career in London as a wealth manager in 1996. Having experienced the expatriate lifestyle from a young age, I was keen to keep moving and began working in the international wealth management sector in 2000.
As a self-employed wealth management consultant, I established and built my own advisory business and team in Southeast Asia. I was a Sovereign client myself, having incorporated my business through Sovereign, and I soon began introducing my own clients to Sovereign when they required professional corporate or private client products and services.
Between the introduction of the US Foreign Account Tax Compliance Act (FATCA) in 2010 and the OECD Common Reporting Standard (CRS) in 2014, it became apparent to me that residency and citizenship (RC) planning were set to become crucial elements in international wealth management planning and strategy.
It was then a relatively small industry, but I believed it had huge potential for growth, so I switched my professional focus to the sector in 2016. I was keen to work with an international organisation that had the geographical diversity, professional knowledge, experience, as well as the products and services, to provide international clients with all-encompassing RC and private client planning advice and services.
The Sovereign Group was the obvious match. I reached out to my Sovereign contacts in Singapore, Andy Galway and Will Headley, who kindly put me in contact with Group Business Development Director Nick Cully and CEO Gerry Kelly. We met, discussed our common objectives, and I began working as a consultant to the Group in February 2019.
What is a typical working day like for you?
As a Group, we assist clients with the planning and implementation across more than 50 government-approved residency, tax residency and citizenship programmes, in more than 20 countries. As you can imagine, this would not be possible without the cooperation and assistance of colleagues – directors, managers, BDMs, marketing, administration and support staff – and partners based in each applicable country.
The average day varies, but usually entails me working across multiple jurisdictions to advise and assist potential clients, to liaise with colleagues at our local offices and our partners, and to research, formulate and deliver all-encompassing RC services to clients.
RC programmes are also continuously evolving, with the creation of new government programmes, the incorporation of additional options and benefits within existing programmes and, of course, the removal of programmes that are no longer considered beneficial to that particular economy or society.
It’s therefore essential that I keep up to date with industry news and developments, that I train my colleagues and work closely with the marketing department to update news reports and materials, and that I implement promotional strategies either online or directly to clients and partners through webinars and seminars.
As an RC expert, which programme or jurisdiction best aligns with your own long-term goals?
In a world of political uncertainties, restrictions on travel and the movement of assets, and increased taxation, our clients and their families and businesses have developed a genuine need for liberating, flexible solutions. Fortunately, globalisation and increased ease of mobility have meant that country borders are no longer the barrier they once were.
Alternative residency and/or citizenship strategies provide a broad spectrum of immediate and future benefits and opportunities: security, lifestyle, mobility, education, healthcare, travel, business, investment, tax planning and retirement. When planned and implemented correctly, such opportunities are not just available to the main applicant, but also their family and succeeding generations.
Individuals’ needs and wishes change and evolve over time, so it is not necessarily the case that a client will establish residency, tax residency or citizenship in one country alone. Over time we will continue to work with clients or their family members to grow their residency and citizenship portfolio to match their individual requirements and provide greater benefits and flexibility.
Given the multi-jurisdictional nature of my role, Sovereign’s extensive network of offices, experienced local teams and partners, and, crucially, today’s communications technology enables me to work remotely and perform my role effectively without the need to always be in the same physical location as my colleagues or the clients with whom we work.
Thailand is currently my family home; it suits my relatively young family very well because it provides all the benefits referred to above. Combining this with an internationally based business and personal wealth management structures makes it an attractive place to establish a place of residence.
It is likely, however, that future family, educational, business, tax and, eventually, retirement goals and needs, will see me and/or my family members establishing residency (primary or alternative), tax residency and/or citizenship elsewhere. This could be in any country that implements attractive policies and opportunities, whether that be in Europe, the Middle East, Africa, Asia or the Americas.
As with our clients, it all comes down to personal and business needs, and the opportunities and benefits available in each location at that time. The important thing is to plan, to maintain ties to countries that continue to provide liberating and flexible opportunities – and to distance yourself from those that don’t.
What is a common misconception about the RC industry?
Due to recent, significant increased international promotional activity by investment-focused sales agents, many clients and professional partners are under the impression that RC planning options are limited to residency and citizenship by investment programmes, commonly referred to as ‘Golden Visas’.
This is not correct. While such programmes may be suitable for some clients, they are not suitable for everyone. No two clients’ requirements and objectives are the same, which means that residency and citizenship planning must be approached holistically, not from the mindset that one or two solutions fit all.
Government-approved residency and citizenship programmes enable foreign nationals to gain full residency rights in a new country in return for making a capital investment, establishing a local business and/or injecting capital into the economy. Available programmes include:
- Financially Independent Visa Programmes
- Business Start Up, Investment and Incubation Programmes
- Residency by Investment Programmes
- Tax Residency Programmes
- Citizenship by Investment Programmes
- Citizenship through Naturalisation
The Sovereign Group’s extensive range of private client and corporate services, global office network, experienced local teams and professional service partners ensure that we are very well placed to assist clients from all over the world with the identification, development and implementation of the most suitable overall strategy for their individual needs.
Your role involves speaking at various events throughout the year. Are there any upcoming ones where we can catch you?
Yes, we do have an in-person event organised in September. In conjunction with the Sovereign/PPG UAE offices, all our offices and partners that provide RC planning and accompanying services, we will be hosting a Sovereign-branded Alternative Residency, Citizenship and Private Client Tax Planning Forum in Dubai on 25 September 2024.
This provides an excellent chance for the Sovereign Group to inform and educate our clients and partners of the broad range of residency and citizenship options available, as well as the accompanying private client and corporate planning services that we can bring to the table for international clients to really take full advantage of these opportunities.
For further information or to register, please refer to the following link:
