The modern world has become a global village where the traditional birth-centric concept of citizenship is being replaced by notions that define citizenship on the basis of the individual’s ability to access different parts of the world. Further, security—economic and political—constitutes a vital aspect of modern understanding of the concept of citizenship.
This is why high-net-worth individuals facing security threats utilize investment immigration as an insurance that helps them acquire second citizenship without onerous physical residence requirements.
Economic citizenship separates citizenship from patriotism and allows the applicant to acquire a second passport without giving up his or her roots and native heritage. Investment immigration merely enables the individual to exercise a choice—that of owning property, using the passport, and being the citizen of another nation.
Small countries like St. Kitts and Nevis, Dominica and Grenada utilize investment immigration to generate much-needed revenues for infrastructure development and economic growth. Such schemes serve as a beneficial solution for applicants as well as the nations offering citizenship in lieu of investment. Other jurisdictions plan to launch similar programs in 2016.
St. Kitts and Nevis offers citizenship for a minimum investment of $250,000 investment in its Sugar Industry Diversification Foundation (SIDF). Dominica requires a one-time payment of $100,000 into its Economic Diversification Fund while citizenship of Grenada is available to those donating $200,000 to the National Transformation Fund.
These nations also allow applicants to invest in real estate. St. Kitts, Dominica, and Grenada offer citizenship against real estate investment of at least $400,000, $200,000, and $350,000 respectively.
These three investment immigration programs are significantly cheaper as compared to Maltese IIP or the Bulgarian program that require investment of at least $1.2 million. Austria is significantly more expensive charging $10 million for fast-track passport.
The benefits of investment immigration include:
- Security haven for wealthy residents of nations facing severe economic or political troubles.
- The right to reside in some of the most beautiful destinations in the world. The Caribbean region is very famous for its golden beaches and relaxed lifestyle.
- Improved infrastructure development, economic growth, faster job creation, and equitable social development in the nations offering such programs for wealthy investors.
- Second passport, visa-free travel or visa-upon-arrival options for successful applicants. This is a popular option for entrepreneurs and business persons who need to travel to different countries on a regular basis.
- No minimum residence requirements to acquire and maintain citizenship. Investors can receive their passport in 3-6 months after submission of their investment immigration application. In most countries, the process of applying for citizenship by naturalization begins after five to six years of continuous residence.
- A liberal tax regime with no or very little tax on foreign income, capital gains, and inheritances.
- Political stability in democratic nations where individual rights are protected by the rule of law. Further, such citizens are assured of security of their economic assets at all times.
- A tranquil alternative for family members along with improved educational and work opportunities in developed regions like North America and the EU.
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