Countries offering citizenship by investment (CBI) programs in the Caribbean region are witnessing a surge in demand from high-net-worth expatriates living in the UAE.
Demand for programs offering the status symbol of a second passport has risen by 67 per cent in the first half of 2018 in countries like Dominica, St. Kitts and Nevis, and St. Lucia.
The rise in demand is not restricted to the UAE alone.
There has been a significant rise in interest for such programs in the Gulf Cooperation Council as a whole., which includes the likes of Saudi Arabia, Kuwait, Oman and Bahrain.
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Investment immigration programs have received 30 per cent more applications in 2017-18 as compared to earlier years.
In the last quarter of 2017, wealthy families located in the GCC contributed to more than 75 per cent of total demand for economic citizenship programs run by European as well as Caribbean nations.
Why is Citizenship by Investment Popular?
The primary reason why affluent investors opt for CBI programs is the desire to own a more powerful passport, which primarily depends on visa-free travel privileges.
A passport permitting travel to more than 125 countries, including developed nations like the US, the UK, Canada, and in the EU, is a valuable asset.
Finalizing an investment ranging from $100,000 to €2 million is an attractive value-for-money proposition for a globe-trotting entrepreneur or ambitious investor.
Gaining citizenship of a country that has a liberal tax regime is another common reason why investment immigration programs are popular.
Citizens of countries that don’t permit dual citizenship – such as India – are prepared to relinquish their native citizenship to qualify for a cheaper tax regime.
Preferred CBI Destinations
Programs offered by nations in the Caribbean region are popular due to their low investment requirements.
In St. Lucia as well as in Dominica, investing just $100,000 can help you qualify for a second passport.
Further, these nations, along with others in the region like St. Kitts and Nevis, Grenada, and Antigua and Barbuda, either have no, or very limited, physical residence requirements
In Europe, Malta and Cyprus are the most popular programs despite the hefty investment requirements imposed for direct citizenship.
The Family Angle
Apart from personal benefits and privileges, applicants’ choice of program is often determined by benefits and advantages available for family members.
Most programs grant citizenship to the applicant’s spouse or common-law partner and dependent minor children.
Some countries allow more family members to be included and require additional investment for every additional family member.
Eight out of ten investment immigration applications in the UAE in 2017 were family applications.
This shows program offering an improved quality of life or better access to education and career opportunities were likely to rank higher.