By Micha-Rose Emmett
In the wake of globalization, the doors have been opened to cross-border business and a multi-jurisdictional lifestyle. Those seeking to obtain or take up citizenship, or residence rights in another country, are simultaneously gaining entry to a wider array of countries. This provides individuals with greater freedom of movement and the ability to access a more international platform. Business-minded individuals will also look to alternative citizenship or residence as a means of opening themselves up to new and lucrative international business opportunities, and of expanding their global presence.
It is public knowledge that a global class of highly skilled professionals,from both developed and developing countries,is emerging more frequently by the day. Indeed, over the past few years there has been a surge of wealthy businessmen and families seeking innovative investor immigration solutions.
The rise in regulatory restrictions, economic challenges, and political uncertainty in various countries, continues to affect the lives of businesspersons and their families. By contrast, the Caribbean is a safe and stable sanctuary with a growing economy. It is thus not surprising that businesspersons look to the Caribbean as a strong candidate for alternative citizenship. Depending on an individual’s country of origin, particular needs, and personal goals, together with successful completion of the strict due diligence and background verification processes, citizenship/residence programs can provide easy solutions to some of today’s most difficult problems.
The Most Popular Programs
St. Kitts and Nevis established the first economic citizenship programme in 1984. The Commonwealth of Dominica followed suit in 1993. The other Caribbean nations – Grenada, and Antigua and Barbuda – have followed a similar model. Today, St. Kitts and Nevis, the Commonwealth of Dominica and Grenada stand out as the most popular and sought after jurisdictions for investors.
The popularity of these programs is unparalleled to other programs because they offer a seamless application process completed within 90days; with no residence requirement, no business or education criteria and no risk to the client’s investment, as the investment is only made after application approval has been granted. To add, a passport from any of the four Caribbean jurisdictions offering a citizenship by investment programme, grants the right to live and work in all CARICOM member-countries. Established in 1973, CARICOM is a union of fifteen Caribbean countries operating a regional model of free trade and movement bearing certain similarities with the EU.
St. Kitts& Nevis
The oldest, most trusted and successful citizenship by investment program allowing applicants and their families to obtain citizenship of St Kitts and Nevis, with no residency requirement, in exchange for an investment made into the country. St Kitts and Nevis citizens enjoy visa free travel to 132 countries, including the UK, the Schengen Area, Hong Kong and Singapore; as well as, a secure means of protecting ones assets and wealth, not to mention a highly useful second passport for individuals and their family for future generations. A contribution made to the Sugar Industry Diversification Fund (SIDF) starting from USD250, 000, or an investment into an approved real estate project of USD400, 000 (plus government fees) secures one a St. Kitts and Nevis citizenship.
Dominica
The Commonwealth of Dominica offers a fast route to citizenship of this peaceful tropical paradise through its Citizenship by Investment Programme. The program is the most affordable option as it requires a single applicant to make an economic contribution of USD100, 000, to the country’s Government Fund and in exchange the applicant, and their family will obtain full citizenship of the country for life. Recently the Government introduced a real estate option with a minimum investment requirement of USD200,000. Dominican citizens also enjoy visa free to 90 countries including the UK, Hong Kong and Singapore too. With no interview requirement or residency requirement this program is a very attractive option.
Grenada
The Grenada citizenship by investment program welcomes individuals of good character to obtain citizenship in Grenada for them and their families in return for an investment either in the form of a real estate purchase with a minimum investment of USD250, 000, or a minimum donation to Grenada’s National Transformation Fund of USD200, 000. This programme offers an excellent opportunity for investors to gain a useful alternative citizenship in this well-known Caribbean paradise and is particularly popular for large families. Similarly to the other programs Grenada citizens also enjoy visa free travel to over 110 countries and starting in April 2015, Grenada will be one of only five countries in the world to offer visa-free access to China – arguably the world’s largest economy.
While the Caribbean is widely renowned for this particular type of programme, it is important not to discount the European options; both Cyprus and Malta have their own, popular, versions of an economic citizenship programme at a much higher investment threshold.
Solving a multitude of problems
Wealth protection is also one of the key factors driving investors to seek peace of mind in alternate jurisdictions. The more pervasive and heavy-handed the laws of countries become, the more individuals looking to protect their earnings seek options outside their countries of origin.
There is little question that people would jump at the opportunity to live in a better, friendlier, and cleaner environment. The Caribbean offers stunning natural beauty, as well as peace of mind through strong rule of law and open and tolerant societies.
In the same way that we view our investments in a strategic manner, smart investors are viewing alternative citizenship as an insurance policy for their families and future generations. This need for a ‘back-up plan’ or for an ‘insurance policy’ in the form of analternative citizenship may be fuelled by a variety of personal wants and desires. Chief among these, is the ability to travel freely and without hindrance across international borders. Frequent travellers may seek alternative citizenship for as basic a reason as needing to apply for fewer visas and alleviating their administrative burden. The jurisdictions offering citizenship by investment programmes all offer visa-free access to a wide array of countries.
In addition to aiding those with international businesses and investments, visa-free access is of key importance to families with multiple homes, extended families residing elsewhere, and children studying abroad.
The Caribbean citizenship by investment model was created as a flexible alternative to time-consuming residence or minimum-stay requirements, with the goal of providing efficient and quick citizenship solutions to businessmen with demanding schedules.
In Summary
Increasingly, individuals have looked to alternative citizenship as a means of becoming integrated with peoples from all corners of the globe, and of working for a better future for mankind as a whole. For these individuals, alternative citizenship is but a stepping stone in the pathway to becoming citizens of the world.
