Date of Conferral

2023

Degree

Doctor of Business Administration (D.B.A.)

School

Business Administration

Advisor

Theresa Neal

Abstract

AbstractAlthough numerous European law firms consult with business owners in the United States about citizenship by investment programs (CIPs), most CIP law firm consultants cannot efficiently determine the most advantageous benefits of each program to help their clients maximize returns from CIPs. Wealthy business owners applying for CIPs are concerned about how law firm consultants determine the most advantageous programs, impacting their competitiveness, revenues, and taxes. Grounded in Dunning’s ownership, localization, and internalization eclectic paradigm theory, the purpose of this qualitative multiple case study was to explore strategies some European law firms use to determine the most advantageous CIP in the EU to increase revenue, reduce taxes, and create a competitive global presence for wealthy applicants’ businesses. The participants were three CIP consultants from two European law firms. Data were collected using semistructured interviews and reviewing documents published on the law firms’ websites. Four themes were identified through Braun and Clarke’s thematic analysis process: business applicants’ goals, business applicants’ eligibility for available CIPs, financial, legislative, and political systems of a country; and the role of third-party organizations and professionals in CIP selection. A key recommendation is for law firm consultants to factor in expert opinions, a CIP applicant’s qualifications for a program, and the country’s environmental and economic stability when assessing CIPs. The implication for positive social change is the potential to create an avenue for CIP applicants to increase their investments and create local employment opportunities.

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