A leader in the investment migration world, Vicky speaks to CIVITAS POST about her perspective on industry developments in Canada and on the global stage. Amongst the many programmes Vicky has expertise on, she discusses the Bulgarian residency/citizenship routes, Irish Immigrant Investor Visa and UK Tier 1 Investor Visa.
CIVITAS POST undertakes interviews with Leading Women in the industry which are published and distributed to industry players from Bogota to Bangkok. On Leading Women, today we are featuring Vicky Katsarova, a Canadian based investment migration professional who is heading High Net Worth Immigration as CEO and President.
Vicky Katsarova is the Founder and CEO of BulCan Consulting Inc., trading as High Net Worth Immigration. She has been helping high net worth individuals emigrate to countries all over the world through a variety of citizenship by investment programmes. Vicky obtained a Postgraduate Diploma in Human Resource Management from the Chartered Association of Business Administrators in Canada. Vicky’s also completed several certificates in Entrepreneurship and Business Management from Trump University and Penn Foster College in the US, as well as a diploma in Hotel and Restaurants Management from Aleko Konstantinov Institute of International Tourism.
Ms. Katsarova is the CEO and President of BulCan Consulting Inc., trading as High-Net-Worth Immigration, based in Canada. Her company offers 14 programmes including the UK Tier 1 Investor Visa, the Irish Immigrant Investor Visa and many others to a wide range of clients.
“I treat every client with honesty and care and I always go the extra mile to provide the support and services my clients need to realize their dreams. At the end of the day, it’s about them. As we say, it’s business, but it’s also highly personal, “ Katsarova.
The Canadian Migration Industry
Welcome, Vicky! It’s a pleasure to be featuring you on our latest ‘Leading Women in Investment Migration’. Could you please give us a bird’s eye overview of your company, High Net Worth Immigration and the main programmes you offer.
It is my pleasure and honour to be part of this great initiative featuring women in Investment Migration business. High Net Worth Immigration is the trading name of BulCan Consulting Inc., a company registered in Nova Scotia, Canada.
There are countless reasons why someone would need to obtain dual citizenship and passport—that’s why our portfolio is so diverse. We promote 14 countries with different investment options within any given programme:
- The UK, Ireland, Bulgaria, Moldova, Greece and Cyprus
- The US and Canada
- St. Kitts & Nevis, St. Lucia, Grenada, Antigua & Barbuda and Dominica
- Vanuatu
Recently, the Quebec Immigrant Investor Program (QIIP) was suspended until July 2020, reportedly due to the substantial backlog of applications and in order to further review the programme. What changes should investors expect to the QIIP requirements in 2020?
In recent years, the Quebec Immigrant Investor Visa was under a lot of pressure due to the low retention rate of applicants. Unfortunately, we don’t know what is going to happen with the QIIP; the programme could close or reopen.
It’s possible that we will be updated about the future of this programme in May or June 2020, but that is not guaranteed.
There has been a few shifts in the Canadian cabinet recently, in your opinion, will the appointment of Mr Mendicino as Minister of Immigration, Refugees and Citizenship have any indirect impact on the investment migration industry in Canada?
It is still too early to see the impact that Minister Mendicino’s appointment will have on the investment immigration industry. My prediction is that he will abide by the immigration trend promised by the Trudeau-led Liberal Party of Canada during the recent federal election: a steady increase in immigration levels.
This is what Minister Mendicino recently said on Twitter “We will continue to advance smart immigration policies that contribute to economic growth, reunite families and live up to our responsibilities to the most vulnerable, and lift up communities.”
We note that in addition to the QIIP, you also offer the Nova Scotia Nominee Program (NSNP) Entrepreneur Stream, do you feel this programme is actually succeeding in attracting talented foreign entrepreneurs to Canada, what would make this a more effective programme?
The NSNP Entrepreneur Stream is steadily growing – it started with about 133 nominee invitations in 2016, and already has over 600 invitations in 2019.
Recent statistics show that Nova Scotia’s retention rate of newcomers remains strong at 71%, which is the highest in the region. However, we can’t determine what part of this percentage is made up of prospects who applied via the Entrepreneur Stream.
I think that we would attract more entrepreneurs to settle in Nova Scotia if they were eligible to apply for permanent residency (PR) immediately upon selection. The current requirement mandates staying on a work visa for one year and only then being able to apply for permanent residence if their business is still operating.
Read more: The Canadian Immigration Landscape – Changes and Developments
Global Investment Migration
Traditionally, residency and citizenship programmes have been drawing the attention of predominantly Asian clients, yet in recent years the demand for these solutions has been stemming from a wider range of markets, a more diversified client base.
In your business, have you experienced this trend of diversification? What new markets have you been attracting clients from?
Yes, we are certainly not an exception to this trend. A new trending market is Sub-Saharan Africa and in particular countries such as Nigeria, Senegal and Ghana.
The Bulgarian Residency and Citizenship programme hasn’t drawn enough demand from foreign investors. Would you agree/disagree, and if so, why do you believe this is the case?
I disagree. In fact, we’ve had more clients apply to the Bulgarian Programme for Residency and Citizenship than any other program. The main challenge is not the programme itself or the legislation, but the implementation of regulations.
I think that Bulgaria needs to do more to promote and support the Bulgarian investor visa and defend its interests before the EU governing bodies. It’s common knowledge that the investment migration industry is not the “favourite child” of the EU at the moment.
As is the case with all of the investor migration programs, there are definitely facets that the Bulgarian programme can improve.
We expect amendments to be announced early next year which will include introducing investment options, allowing the positive economic impact to be more publicly visible.
Of the programmes you offer, from Ireland to Vanuatu, which have been of most interest to your clients? In your experience, what has been most important to your clients – the amount of money that needs to be invested to qualify for a programme or the speed with which a residency permit/citizenship application is processed?
In the past year, the most popular programmes have been the UK Tier 1 Investor Visa and the Ireland Immigrant Investor Programme (IIP).
As far as determining factors, both are important to our clients, but it seems that speed and physical residence requirements take precedence over the cost.
Let’s use the UK Tier 1 Investor Visa and the Irish IIP as an example:
Most applicants will initially contact us with a request for the UK Tier 1 Investor visa, but if they cannot comply with the residence requirement, they will apply for the Ireland Immigrant Investor Visa.
The Irish IIP is suitable for people who are not ready to relocate immediately.
Another unique feature of the Ireland programme is the fact that Ireland is the only EU country whose citizens may live and work without restrictions in the UK once Brexit comes into effect.
So, by having an Irish citizenship and Irish passport, you have the best of both worlds – access to the EU and the UK at the same time.
We understand from the Home Office that for the UK Tier 1 Investor Visa “the qualifying financial investment has to be invested into UK shares or corporate bonds – government bonds are no longer an acceptable investment under the new reforms that commenced on the 29th March 2019.”
The latest changes are meant to increase transparency, ensure that foreign investors’ funds are directed at active and trading companies and to have a more direct correlation between this investment and the impact it has on the UK economy.
In light of these changes, what choices do prospective UK tier-1 Investors have?
These recently amended regulations can prove challenging for investors. Fortunately, there is a new approach that provides a unique solution.
What we offer is tailored investment design, created for each applicant who is seeking to obtain indefinite leave to remain (ILR) or British citizenship.
Each tailored investment takes current market conditions into account. Investor returns are clearly communicated from the beginning and once the conditions are met, the returns are added to the investor’s capital sum.
When an investment matures, a new one is created. Each qualifying investment is monitored to ensure compliance with the Home Office’s regulatory requirements for the lifetime of the investment.
Every investment is run through a UK regulated stock-broker and bank. We also don’t charge the investor any discretionary fees or additional management fees, which is another major advantage.
The investment migration industry on the whole is growing and in doing so, drawing ever more attention from the general public and governments globally.
As we enter a new year and a new decade, what key changes do you see on the horizon for the investment migration industry?
In my opinion, the investment migration industry will grow and expand in the coming years, despite its critics.
Like any growing industry, we might witness restructuring and consolidation among the key players in an effort to defend the existence of the investment migration industry.
I personally would support any reasonable initiative in this direction.
Leading Women in Investment Migration
Could you share with us briefly your professional journey this far, which led to you establishing High Net Worth Immigration in 2010.
It’s been an amazing journey for me thus far! I was introduced to the investment migration world by Armand Arton, the founder of Arton Capital, and have been fortunate enough to learn from the best in this industry.
I met Armand in 2008 in Dubai. At the time he was working on structuring the Bulgarian Program for Residency and Citizenship and my Bulgarian heritage and knowledge of the country proved to be an asset to his team.
Shortly after that, I started my own business, which was something I’d always wanted to do.
What do you feel is your added value in terms of the service you provide your clients, how do you ‘stand out’ from the crowd from your client’s perspective?
You see, I’m one of them.
I know the challenges, the hopes, the desires and the hurdles my clients need to overcome to become dual citizens. It is easy for me to understand their needs and that’s why they trust me.
I treat every client with honesty and care and I always go the extra mile to provide the support and services my clients need to realize their dreams. At the end of the day, it’s about them. As we say, it’s business, but it’s also highly personal.
You have been leading the way as founder of your investment migration firm for the past decade. What has been the greatest challenge you faced and how did you overcome this?
Even though I learned from the best in the investment immigration industry, nobody held my hand along the way. I had to work hard to reach the point I’m at today where High Net Worth Immigration has become a recognized name in the industry.
So, hard work and dedication is my formula for success.
Finally, how do you define success, particularly to you as a businesswoman working in this industry?
First of all, I absolutely love what I do.
I’ve always wanted to have my own business and investment migration is the perfect match for me.
Not only that, but this business allows me to visit beautiful places and meet incredible people along the way. I became part of their life journey too, which is fulfilling.
Thank you, Vicky.
For questions about citizenship or residency programmes, please contact Vicky Katsarova on +1(902) 210-5700 or email her at vicky@high-net-worth-immigration.com For more information about, please see High Net Worth Immigration.
There is no limit to what we, as women, can accomplish – Michelle Obama
