The growing trend of greater worldwide mobility has stoked people’s desire to broaden their financial and cultural horizons. The changing nature of dual citizenship has made obtaining a second citizenship more appealing, leading people to look at feasible solutions. This is especially valid for high-net-worth individuals and investors. One such strategy is citizenship by investment programs, which benefit all parties involved. Through economic investments, investors can obtain a second citizenship and passport, and the host nation gains from the inflow of foreign direct investment, which bolsters its economy.
WHAT IS CITIZENSHIP BY INVESTMENT?
Citizenship by investment (CBI) is a procedure that allows foreign nationals to become citizens of a country in return for making large financial contributions to its economy. Many nations employ this legal tool to draw in investments and accelerate economic expansion. These investments frequently entail significant amounts of money invested in government bonds, real estate, and company endeavours. Investors receive full citizenship in exchange, which may come with perks including tax benefits, business opportunities, and travel without a visa.
Several countries offer citizenship by investment programs such as Caribbean countries – Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Dominica and Saint Lucia and other countries like Egypt, Malta, Jordan, Montenegro and Turkey.
CARIBBEAN CITIZENSHIP BY INVESTMENT PROGRAMS
Currently, the Caribbean is home to five nations that provide citizenship by investment. They are:
- Antigua & Barbuda
- Dominica
- Grenada
- St Kitts & Nevis
- St Lucia
Depending on the option of donation or real estate purchase, the cost of obtaining a passport and Caribbean citizenship varies. Caribbean citizenship by investment programs aim to draw wealthy individuals, business owners, and their families. People who want to get a second citizenship in order to travel more easily without a visa, have more economic opportunities, and possibly have a backup plan as a second home. The choice has grown in popularity because it provides a number of advantages, such as better quality of life, tax efficiency, and access to a broad range of commercial prospects via the Caribbean network. The Caribbean is a popular choice for people looking for alternative citizenship since it offers a variety of citizenships through investment programs with different qualifications, investment possibilities, and processing durations.
ANTIGUA AND BARBUDA
The program to obtain citizenship through investment in Antigua and Barbuda was launched in 2013. Citizenship can be obtained by international citizens who invest a minimum of $100,000. There are four choices: buying real estate, investing in businesses, and making contributions to public or university funds. Five years after purchase, the property acquired for the citizenship program may be sold to recoup the investment. During ownership, the investor may also receive rental income. Family members of the investor may apply for citizenship together. The spouse, kids, parents, and siblings of the primary applicant are all eligible to participate in the program. Families with six or more can take advantage of a particular investing option in Antigua and Barbuda. They can give the University of the West Indies Fund a donation of at least $150,000. A large family consequently pays less than it would under any other CBI program in the Caribbean. One family member may enrol in the university and get free education for a full year of study. Within the first five years after earning citizenship, investors are required to spend a minimum of five days in Antigua and Barbuda.
DOMINICA
The Dominica Economic Citizenship Program, which was founded in 1993, enables people and families all over the world to obtain an irreversible second citizenship and passport in as little as four to six months without having to travel to the nation. Due to the Caribbean island nation’s stellar international reputation, holders of a Commonwealth of Dominica passport are granted entry to over 115 countries without the need for a visa. Since there are no restrictions on holding dual nationality in Dominica due to the country’s firmly established citizenship through investment program, obtaining second citizenship through investment in the nation is a private process that does not require renunciation of one’s current citizenship. Offering credible second passports at a starting price of just $100,000 USD, the Commonwealth of Dominica has the lowest citizenship by investment program in the world.
GRENADA
The Citizenship by Investment Act was passed by the Grenadan government with the intention of bolstering the nation’s economy through foreign investment. The Grenada Citizenship by Investment program is a simple-to-navigate and highly beneficial program. The Grenada Citizenship by Investment program, like many other CBI programs, offers potential for worldwide trade, tax savings, and visa-free travel to nations that are often hard to obtain visas for. Nonetheless, possessing a Grenada passport has one significant advantage: being qualified for an E-2 visa to enter the United States. Grenadan nationals are exempt from paying taxes on foreign income, dividends, interest, and royalties. A Grenada passport holder is exempt from income tax, capital gains tax, inheritance tax, and even stamp duty. Investing in real estate or making a state fund donation is necessary to obtain a Grenada passport. Investors may list their siblings, children, parents who are dependent on them, and spouses on their application under either of these categories.
ST. KITTS AND NEVIS
There are two primary investment routes available under the St. Kitts and Nevis Citizenship by Investment plan. Through donations or investments in real estate projects that have been approved by the government, applicants can get citizenship and a passport. The government mandates a minimum real estate investment of US$400,000 or a payment to the Sustainable Island State Contribution (SISC) of at least $250,000. There are also applicable agency fees, due diligence fees, and associated government application fees. The primary investor may include a spouse, dependent parents over 65, and dependent children. There is no minimum stay requirement for candidates to the Saint Kitts & Nevis Citizenship by Investment program. Although living, working, or attending school in St. Kitts and Nevis is not required for participation in the scheme, citizens of St. Kitts will have the freedom to do so. Furthermore, no language test is necessary.
LUCIA
The Citizenship by Investment program in Saint Lucia is the most recent CIP program in the Caribbean, having been formed in 2015 under the guidelines of the Citizenship by Investment Bill 2015. Saint Lucia’s program has effectively catered to the world’s upper class by imposing a higher net worth criterion and restricting the number of applications. High net worth individuals are provided with the option to donate funds to the National Economic Fund (NEF) organisation. Candidates may buy real estate in a previously approved real estate development area for a minimum of US $200,000. It is necessary to own and care for the property for at least five years. In addition to the purchase price of the property, other costs include taxes, government administration fees, processing fees, and property registration. An approved candidate may choose to invest US$300,000 in Saint Lucia National Action Bonds with any number of accompanying family members. Bonds must be kept for a period of five years in the applicant’s name. An application cost of US$50,000 is required for each National Action Bond option. This fee is not refundable.
GET YOUR CARIBBEAN CITIZENSHIP TODAY!
Obtaining Caribbean citizenship by investment is extremely beneficial for a lot of reasons. In a couple of months, applicants and their families can start enjoying the advantages of their Citizenship by Investment by working with an experienced agent. Although the procedure can seem daunting at first, thousands of people have benefited from it since it was implemented in 1984, and it is now very well-organised and simple. Find a trusted and government authorized citizenship by investment agent today!
