Having citizenship of your country is something that every person in the world has the right to, but the fact is that having dual citizenship is a door that opens many possibilities for everyone. Today, there are more and more people who decide on dual citizenship for several reasons.
First of all, dual citizenship enables us to travel to many countries of the world without a visa, but it also enables us to develop a business in a foreign country through investments.
Caribbean citizenship has become highly recommended and popular recently. Why not when you can travel to over approximately 150 countries with this passport, without a visa? What is particularly interesting for those who want Caribbean citizenship is caribbean citizenship by investment programs. Read below what you need to know if you want to apply.
How Can I Apply?
There are several ways to obtain Caribbean citizenship – through a spouse (getting married to the Caribbean), applying for further education, applying for a work permit, and so on. However, what is particularly interesting to us in this article is the citizenship by investment program.
What Does Citizenship by Investment Program Mean?
This is actually about a financial investment in this country. Caribbean islands St Kitts and Nevis are offering a passport in exchange for a $150,000 donation to the hurricane relief fund. Other islands, Antigua, Barbuda, and Granada grant citizenship for an investment of $100,000, as do Saint Lucia and Dominica. This investment usually includes investment in real estate.
What Documents Are Necessary?
When we talk about documentation, it is necessary to prepare copies of your personal documents (unless it is stated that originals are necessary), and then when you submit the application, you will have the obligation to fill out an additional application. You can always rely on intermediaries between you and the Caribbean countries who will do everything to facilitate the entire procedure, do not worry about that. When it comes to the language, almost in every Caribbean country English will be just fine.
How Much Money Do I Have to Invest?
It is not easy to say an exact amount because it depends on one Caribbean country to another. The “citizenship by investment” program was first introduced in 1984 by the island nation of Saint Kitts and Nevis. Today, the passport of this Caribbean country is obtained for 250,000 dollars invested in the local sugar industry.
Another way to obtain citizenship is to buy real estate worth at least $400,000 on either of its two islands. In 2013, 25% of the budget of this country was filled from the economic citizenship program.
Citizenship by investment program is one of the most popular options for those looking for second citizenship, especially among the wealthy, as it is a beautiful Caribbean island nation known for its luxury resorts and pristine beaches. Who can resist such a beautiful beach?
For additional family members (children or parents) the contribution requirement is $10,000 per dependent.
How Long Does It Take to Get Citizenship?
The processing time is relatively fast, with a processing time of about three out of six months, and you won’t even have to come to this country in person to complete all the paperwork.
Citizenship through investments is a very significant source of financing for the Caribbean state budget.
Why is Investing in the Caribbean a Good Financial Move?
Having in mind that the standard of living in the Caribbean is worse than in many larger and more developed countries, and at the same time it offers many natural beauties, we would say that it is a perfect place for investments. Although these islands are exposed to a changing climate and hurricanes are nothing new, we can’t deny that we would love to travel there.
Investing in real estate is profitable for several reasons – the Caribbean is one of the world’s most popular tourist destinations, and there is no doubt yoou could easily sell your property to tourists, and it will also come in handy for you and your family to catch a few sunny days during the year.
Once you apply for Caribbean citizenship, know that it is not permanent, but for 10 years, after which you will have to apply for an extension. This time you have to allocate a much smaller sum, around 10,000$.
Foreign direct investments are motivated by economic interests, among which profit is in the first place. In the last two decades, there has been a huge expansion of foreign direct investment, and this expansion coincides with the emergence of globalization.
Today, the entire world is witnessing the significant impact of globalization, which has completely redefined the way business was conducted. One of the key results of globalization is precisely the huge increase in global foreign direct investment. Foreign direct investment is an important factor in the process of globalization because it strengthens interactions between countries, regions, and companies.
Citizenship is acquired by birth, and it can be earned or lost, or even bought by investing in a certain project in a certain country. Approximately 50 years ago, dual citizenship was uncommon, but it is now almost universal, as more than half of the world’s countries now have so-called “citizenship by investment” programs. The citizenship-by-investment program was launched in 1984 by the Caribbean nation of Saint Kitts and Nevis, and in the following years, another 46 countries in the world adopted similar programs for the sale of citizenship.
Currently, 12 countries in the world offer the sale of citizenship based on investment. This is definitely something that brings good to both sides – investors and the country. Most of them are underdeveloped Caribbean countries that fill the state budget in this way.
Individuals and families are becoming more and more mobile, and the possibility of having a second passport is becoming more and more relevant.
The establishment of the “citizenship through investment” program opens new opportunities for the dynamic economic growth of a country. Besides that, the Caribbean is an attractive destination for many reasons, including the relaxing lifestyle, beautiful scenery, and climate. Then why wouldn’t we take the opportunity ourselves and combine the pleasant with the useful, invest, profit, and enjoy!