On July 23rd, 2021, the IREX Residency and Citizenship Conclave, a platform for Indian citizens seeking out citizenship and/or residency, took place virtually.
CS Global Partners’ Inga Valerie Wellings, the Business Development Manager for the Dubai office, hosted a segment on Caribbean Citizenship by Investment (CBI) Programmes. The discussion focused on how second citizenship can help expand opportunities along with what makes Dominica and St Kitts and Nevis industry leaders.
According to Wellings, for international entrepreneurs, second citizenship can help tackle obstacles such as travel restrictions, volatile markets and/or political and economic instability. While traditionally, the only way to obtain citizenship used to be through residency in a country for a set period or through ancestral descent, it is now possible to invest in a citizenship through trusted CBI programmes.
A second citizenship can open the door to a wealth of benefits. This includes visa-free travel to key business hubs, tax benefits, investment opportunities, safety and stability along with a higher quality of life. The Caribbean, in particular, is a popular destination amongst astute investors due to the region’s vast experience and longevity in the CBI industry.
Known as the ‘Nature Island of the Caribbean’, Dominica has been hailed as the world’s best offering for second citizenship by the annual CBI Index for the last four consecutive years. Established in 1993, the programme is one of the oldest options on the market as well as one of the most affordable. Those who choose Dominica have the option to either invest in a government fund or through pre-approved real estate options from international hoteliers like Marriott, Hilton and Kempinski.
Once becoming a citizen of Dominica, applicants gain access to increased travel freedom to 75% of the world, a second home in a stable democracy with ties to the UK and US and the ability to pass citizenship down for generations to come.
St Kitts and Nevis was responsible for pioneering the world’s first CBI option and now operates the longest-standing programme globally. Internationally regarded as ‘Platinum Standard’ brand, the dual-island nation’s programme offers the market’s fastest processing time as the country is the only CBI jurisdiction to offer a fast-track option. Under the Accelerated Application Process, citizenship can be granted within 60 days and sometimes as quickly as 45 days.
Applicants can make a qualifying investment through the Sustainable Growth Fund – the most straightforward route to second citizenship. Those who pass the necessary due diligence checks gain visa-free or visa-on-arrival travel to nearly 160 destinations, a local currency pegged to the US dollar and alternative business prospects.