Meeting the Needs of the Modern HNWI

An article written by Christos Vardikos, Attorney at Vardikos & Vardikos and the Consul a.h. for the Commonwealth of Dominica and President of the Consular Corps in Greece for the IM Yearbook 2025

Christos Vardikos, who manages the boutique law firm Vardikos & Vardikos, shares insights into the trends shaping client preferences, the unique advantages of combining programmes, and the future of investment migration in a volatile global landscape.

How do you view the Commonwealth of Dominica’s Citizenship by Investment (CBI) Programme as maintaining its competitive edge, particularly against European programmes such as Greece’s Golden Visa?

The programme of the Commonwealth of Dominica is one of the two oldest programme in existence. The programme has evolved over the years, adapting to all the new circumstances.

Irrespectively of the current price increase, with which all the islands have aligned, the programme of Dominica is still very competitive and the application pace has not slowed down.

The Dominica CBI is a mature programme. Applicants know that their file is going to be dealt in a swift manner and the outcome positive or not, will be available within a four-month period. The due diligence procedure has always been robust and is now complemented by the mandatory interview.

The entry level – $200.000 for a single applicant and then $250.000 for an application of four – is not an excessive amount for a family that seeks new horizons and new available options.

At Vardikos & Vardikos we focus on the Dominica CBI (as Authorised Agents/ Service Providers) and the Greek lawyers for Greek Residency Programmes. We do not consider both programme/jurisdictions as competitive between them.

The Greek Golden Visa programme can complement the Dominica passport holder, in the sense that a European residency gives real power to the Dominica passport and can be a pivot for better international mobility (i.e). getting long term visas for USA and Canada.

Greece has long been a safe harbour for many nationalities across the Mediterranean, so it comes as no surprise that there is significant demand for the Dominica CBI programme from these groups.

Last but not least we should mention the Greek Non Dom Programme that is the most cost effective in Europe.

What trends do you see shaping the preferences of high-net worth individuals when choosing between residency-focused versus citizenship-focused programmes?

HNWI are usually sophisticated and they prefer to combine programmes so that they can get the best out of each one. The issue is with the non sophisticated or the not well informed/ advised HNWI, who seek only the so-called international mobility. This category can be a great risk for the citizenship/residency programmes, as apart from their economic affluence, these individuals may regarded as an immigration risk.

“HNWI are usually sophisticated and they prefer to combine programmes so that they can get the best out of each one. The issue is with the non-sophisticated or the not well informed/ advised HNWI, who seek only the so-called international mobility.”

What role do you believe specialised legal advisory services play in navigating the complexities of these programmes, particularly for clients seeking long-term security and global mobility?

We believe that the first step is to understand the client and his real needs – not only what the client has in his mind, but also the real family needs at the moment of the consultation/application and in the future. Correct and impartial advice is paramount for a successful planning.

We strongly believe and recommend to our subagents to divert the applicants to the correct and appropriate for them, programme, irrespective of the monetary interests a subagent might have.

The best example for this is the Greek Golden Visa via a fixed term deposit of €500.000. Most agents around the world, do not explain or present this option to their clients as Greek banks pay no commission and an agent can earn only a service fee.

This option might suit to more applicants as they have a capital guarantee, an interest earning account, no complications/burdens, that come with owning a property and an easy way out when ever they want.

am confident that if a Golden Visa applicant knows the above, he might not end up in buying a property. I hope that this will not happen with the new Golden Visa – the Start up Visa at €250,000. This was just voted by the Parliament.
The proposed startup investment option includes:

• A minimum investment of €250,000 in startups listed on the National Register of Startups (Elevate Greece)
• Maximum equity participation of 33% in the company capital or voting rights
• Creation of at least two jobs within the first year of investment
• Workforce maintenance for at least five years

How have shifting global regulations and economic conditions influenced the demand for citizenship and residency by investment programmes?

Citizenship and residency programmes are going to always be in demand and any local crises are always going to boost the said demand. Sophisticated clients seek not only the Plan B but the Plan C, and sometimes irrespectively of the cost.

“We believe that the first step is to understand the client and his real needs – not only what the client has in his mind, but also the real family needs at the moment of the consultation/ application and in the future.”