As early as the 1980s, St. Kitts and Nevis introduced its citizenship by investment program. Since then, many countries have proactively made citizenship available to people based on investment. Nowadays, countries such as Cyprus, Malta, Antigua & Barbuda, St Lucia, Grenada and Dominica have their own citizenship by investment programs.
However, the Caribbean is often viewed as a place to live in case something bad happens. Wealthy businesspeople like Caribbean passports because it makes travel easier – mostly it is a travel document. Some passports are restrictive whereas Caribbean passports let citizens travel to more than 130 countries without a visa.
Through the Grenadian passport -a Caribbean state- people, in general, can live in the United States of America as they own at least 50% of a business, as the U.S. has a bilateral investment treaty with Grenada. This is very appealing to people who want to live in the U.S., and they don't fancy to opt for the green card option either because they want to refrain from paying worldwide tax or because they don't want to wait for six to seven years to get the green card.
Since they can get citizenship in Grenada, and then get the business registered as an E-2 company and be in the U.S. in a matter of six to eight months. Thus, they can stay in the U.S. with the E-2 visa and have the visa renewed every five years so long as the business is active.
Those who consider the sophisticated financial infrastructures often motivate Malta or Cyprus citizenship in place in those countries. People can set up private equity or hedge funds there and benefit from a friendly tax regime. This makes these countries very attractive.
Obtaining a second passport and living a free life isn’t just about spreading your risk across different countries—it is about finding the places where you feel truly at home.
One of our proudest accomplishments at Savory & Partners from all of the time we have spent advising people seeking to create their second passport plan has been introducing them to countries that they thought were means to obtain second passports that they ended up loving. Our clients happen to fall in love with the new haven, thus wanted to spend time there. They even fall in love with the culture and the people and end up making friends.
Obtaining a passport from a country that is going to be safe and secure from geological and political unrest is considered as a smart diversification when it comes to planning your second passport strategy.
In fact, this is one of the most rewarding parts of the work we do at Savory & Partners. Having a second passport is way more than having multiple travel documents stashed in your bag. It is a lifestyle that grants you better freedom in as many ways possible as you can imagine.
If you want to find out more about how you can set up a customised residence and passport strategy as an investor, be sure to sign up on our website or call our team on +971 (0) 4 430 1717.