19/01/2023
For the global citizen and modern businessperson, citizenship by investment programs are the ‘insurance policy of the 21st century’ and address the key concerns around flexibility, mobility, and safety. What truly drives the desire for second citizenship by many high-wealth individuals in today’s political climate is the need to have a contingency plan – an insurance policy for themselves and their families – and an increased opportunity to truly live as a global citizen.
Today’s most popular citizenship-by-investment programs find their roots in the tranquil island nations of the Caribbean. St Kitts and Nevis were the first to establish its program, which was entrenched into the nation’s laws in 1984. Dominica emulated its neighbor in 1993, and Grenada re-launched its program in 2013. Under each of these programs, a qualified individual, as well as his or her family, may obtain citizenship in as little as 90 days without ever traveling to the Caribbean.
Caribbean citizenship is the ultimate gateway to lucrative business opportunities. Not only are St Kitts and Nevis, Dominica, and Grenada all members of the Commonwealth of Nations, but they are also members of the Caribbean Community (CARICOM), meaning that their citizens can live in any other CARICOM member state. These three nations are also highly ranked in the World Bank Group’s Doing Business Rankings, with Dominica ranked 101 out of 190 countries.
For the mindful businessperson seeking to protect his or her assets, citizenship of St Kitts and Nevis, Dominica, and Grenada can also provide an effortless means of preserving wealth. None of these nations tax foreign income, personal wealth, inheritance, or capital gains. Moreover, each of these countries respects individual privacy and is strongly adherent to the rule of law.
Whereas many businesspersons pre-crisis years may well have been comfortable operating in their country or region, today’s economy no longer allows successful businessmen to operate in limited environments. Second citizenship is key to gaining access to new countries, regions, and markets.
Moreover, second citizenship is a practical and worthwhile alternative for individuals wishing to complement their existing wealth protection and investment growth strategies, improve their personal security, and increase confidentiality in their personal affairs.
