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.
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 instance, 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.
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 on +971 (0) 4 430 1717.