Following COVID-19, more high-net-worth individuals are exploring overseas options.
In an April interview with the Financial Times, French President Emmanuel Macron said that following the coronavirus, “it’s going to change the nature of globalization.”
Writing for The Guardian, professor of economics and public policy at Harvard University, Kenneth Rogoff, said, “The post-pandemic world economy seems likely to be a far less globalized economy, with political leaders and publics rejecting openness in a manner unlike anything seen since the tariff wars and competitive devaluations of the 1930s. And the by-product will be not just slower growth but a significant fall in national incomes for all but perhaps the largest and most diversified economies.”
Rogoff said that while developed nations with large and established economies, such as the United States, could see a decline in GDP as a result of deglobalization, it is developing countries that are likely to be hit hardest.
Mohammed Asaria, Managing Director and Board Member of
Range Developments, says that the majority of his clients seeking
second citizenship are from emerging markets.
“Second citizenship is no longer viewed as a luxury but an asset for high-net-worth individuals from developing economies.”He says that while the middle classes in emerging markets are more likely to be price-sensitive, high-net-worth individuals continue to seek the security of more stable economies. Asaria’s business, Range Developments, is the developers of the Park Hyatt St Kitts, Kempinksi Dominica, and the Six Senses Grenada in the Caribbean.
By investing US$220,000 (plus government fees) in a state-approved real estate project in Grenada, individuals can become eligible for citizenship. By subsequently investing in a viable business in the US (there are no statutory prescribed minimum amounts), individuals can apply for the residency in the United States through an E-2 visa in around six weeks.
According to Asaria, since the pandemic, a large number of people are seeking second citizenship. “We are seeing a lot of second-generation Arab expatriates, NRIs, Russians, and Africans look at the threat of deglobalization and looking at Grenada and the US E-2 visa.”
Following the disruption to international supply chains and travel following the outbreak of COVID-19, Asaria believes that investors are looking for stability for their families and businesses. “Those who are seeking a safe haven could secure Grenadian citizenship with a US E-2 visa and start a business in Miami within nine months, obtaining access to the world’s largest economy for themselves, their families and their businesses, and all for between US$400,000 to US$500,000."
“In the case of Grenadian citizenship, applicants’ spouses and children below the age of 21 are also eligible for E-2-dependant visas. The dependents spouse can also apply for authorization to work anywhere in the United States."
