Second citizenship by investment programs are not new. In fact, they have been there for decades, mainly as a means for countries to enhance their incomes. Canada and the Caribbean island of St Kitts and Nevis set about theirs in the 1980s.
The details of different investment citizenship-by-investment programs diverge by country. They allow business people to invest in real estate projects and businesses, buy property, or to donate money directly to a country’s government in exchange for a permanent residency or passport.
St. Kitts and Nevis launched its initiative in 1984, one year after the fledgeling country claimed independence from the UK. The objective was to generate more funds from entrepreneurs who saw value in tropical beaches and low taxes.
Although it did appeal to a few hundred participants, in the beginning, the programs saw a remarkable increase after it had been declared, through a marketing campaign carried out in 2009, that citizens of the island nation would be given visa-free access to more than 26 Schengen area countries.
"When you are someone who holds dual citizenship, that means all the benefits and privileges of each country are yours"
For instance, to become a citizen of the Caribbean island of Dominica, which sits between Guadeloupe and Martinique, you will need an investment of $100,000, with no requirement to spend any time on the island and no wait-time.
Moreover, such programs are vital economic drivers. In St. Kitts and Nevis, for example, passports are the country’s largest export. Also, the money generated from the program is seen as responsible for lifting the nation out of debt and fuelling a construction boom.
On a purely practical level, someone with a second nationality has more ease and greater freedom when it comes to international travel. As far as lifestyle perspectives go, the option of two passports allows someone to retain ties with the country they are from while being an active participant in whatever new country they call home.
A common question asked is “Are second citizenship programs worth it?” They can be, especially if you are looking for a fast-track process for obtaining a second citizenship. However, there are some tailor-made solutions crafted by our team of experts at Savory & Partners to get your second citizenship. To schedule a no-obligation consultation, please sign up on our website or call our team of expert consultants in Citizenship and Residency by Investment Programs: +971 (0) 4 430 1717 or WhatsApp +971 54 440 2955.