Overview
The international environment for investment migration has become more demanding. In November 2023 the FATF and OECD published a joint report on the misuse of citizenship and residency by investment programmes, urging governments to understand the risks, build layered due diligence into programme design and define the responsibilities of every participant, including intermediaries. The OECD monitors programmes that may be used to undermine the Common Reporting Standard, and in April 2025 the Court of Justice of the EU held that Malta's 2020 investor citizenship scheme was incompatible with EU law.
Regional cooperation is also changing how programmes are governed. In 2025 the five Eastern Caribbean states that operate citizenship programmes moved to legislate for a regional regulator, the Eastern Caribbean Citizenship by Investment Regulatory Authority, intended to harmonise standards, due diligence and reporting. These developments show that a programme's long-term value depends on its credibility with partner countries, correspondent banks and international bodies.
Fintech licensing raises parallel questions. Jurisdictions that license electronic money institutions, payment service providers, virtual asset service providers or forex brokers must balance market access against prudential, conduct and anti-money laundering risks, and must be able to supervise what they license. Frameworks that are attractive on paper but thinly supervised tend to attract the wrong applicants and invite scrutiny from standard-setters and banking partners.
Legal Wealth can support governments and agencies with practical, standards-based advice on these questions. Our perspective as an adviser to applicants and licensees helps us identify where frameworks are unclear, where due diligence can be circumvented and where processes create unnecessary friction for legitimate investors.
Key benefits
- Programme and licensing frameworks aligned with FATF, OECD and relevant regional standards
- Risk-based due diligence designed into the process rather than added later
- Clear rules for intermediaries, agents and service providers, with accountability
- Transparent reporting that supports trust with partner states and correspondent banks
- Investor-facing processes that are rigorous yet predictable for legitimate applicants
- Practical input drawn from the applicant and licensee perspective
Requirements
- A clearly defined mandate from the responsible ministry, unit or regulator
- Access to existing legislation, regulations, procedures and statistics, subject to confidentiality
- Identification of policy objectives, such as investment, development, or financial-sector growth
- Engagement with financial intelligence units, supervisors and law enforcement where relevant
- Commitment to independent due diligence and transparent reporting
- Clear conflict-of-interest arrangements between advisory work and any private client activity
- Realistic supervisory resources for any licensing regime being designed
Service modules
Programme design and review
Assessment of investment options, thresholds, eligibility and family rules, benchmarked against international practice and the FATF/OECD recommendations.
Due diligence and integrity framework
Design of layered background checks, source-of-funds standards, information-sharing protocols, revocation powers and post-approval monitoring.
Intermediary and agent regulation
Licensing criteria, conduct rules, marketing standards and sanctions for agents and service providers involved in the programme.
Fintech licensing frameworks
Advice on licence categories, capital and governance requirements, AML/CFT obligations and supervisory approach for payment, e-money, virtual asset and forex activity.
Governance and transparency
Reporting structures, publication of statistics, audit arrangements and stakeholder communication to build confidence with partners.
Step-by-step process
- 1
Scoping
We agree objectives, deliverables and confidentiality terms with the responsible authority.
- 2
Diagnostic
We review the existing legal framework, procedures and data and identify gaps against international standards.
- 3
Options paper
We set out policy options with their risks, benefits and implementation requirements.
- 4
Drafting support
We assist the authority's legal drafters with regulations, guidance and procedures.
- 5
Implementation
We support process design, training and stakeholder communication as the framework goes live.
- 6
Review
We help establish metrics and periodic reviews so the framework adapts to new risks and standards.
Typical documents
- Current enabling legislation and regulations
- Operating procedures and application forms
- Due diligence policies and service-level arrangements
- Agent and intermediary licensing rules
- Programme or licensing statistics and annual reports
- Relevant mutual evaluation and international assessment reports
- Policy objectives and ministerial guidance
How Legal Wealth helps
Legal Wealth offers governments practical, standards-based advice grounded in day-to-day experience of how investors and licensees engage with regulatory systems. We work within the mandate and confidentiality terms set by the authority, keep advisory roles separate from any private client work on the same programme, and focus on frameworks that are rigorous, transparent and sustainable. Policy decisions and legislation remain the prerogative of the government.
Enquire with Legal WealthFrequently asked questions
What kinds of authorities do you work with?
The service is designed for ministries, investment migration units, financial regulators and other public bodies responsible for investment migration or fintech licensing. Each engagement is scoped with the authority concerned.
Which international standards are relevant?
Principally the FATF Recommendations, the 2023 FATF/OECD report on CBI/RBI misuse, OECD guidance on the Common Reporting Standard, and any regional rules, such as EU law for member states.
How do you manage conflicts of interest?
Conflict arrangements are agreed at the outset of any government mandate, including separation of advisory work from private client work on the same programme.
Can you advise on fintech and virtual asset licensing?
Yes. We can advise on licence categories, capital and governance requirements, AML/CFT obligations and the supervisory capacity needed to oversee licensees.
Do you draft legislation?
We support the authority's legal drafters with policy input and technical drafting suggestions. Legislation is adopted through the jurisdiction's own constitutional process.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
Sources
- FATF/OECD – Misuse of Citizenship and Residency by Investment Programmes (November 2023)
- OECD – Residence and citizenship by investment (CRS integrity)
- Court of Justice of the EU – Commission v Malta (C-181/23), press release of 29 April 2025
- St Kitts and Nevis Citizenship by Investment Unit – ECCIRA Bill 2025 passed
