The island nation of St. Kitts and Nevis is offering fast-track citizenship to individuals investing at least $200,000 in the country. Other nations in the region like Dominic and Grenada are popular among wealthy Chinese and Russian investors seeking citizenship in lieu of real estate investments in the countries.
Around 2,000 investment immigrants have applied for the economic citizenship offered by the Caribbean nations. The popularity of the St. Kitts and Nevis program is evident from the fact that revenues earned by the country exceeded the budgeted estimate by more than 40%.
Such investments are being used to finance large-scale resorts and other luxury projects in these countries. Such programs resemble the US EB-5 program with the distinction that applicants enjoy fast-track permanent residence in the USA while the Caribbean nations offer immediate citizenship.
Apart from the travel privileges of owning a second passport, American applicants are seeking economic citizenship to enjoy access to a cheaper and more liberal tax regime.
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