Citizenship by Investment in Focus – Part 1
Today, more than a dozen countries offer government-endorsed Citizenship by Investment programs, with the Caribbean trumping the list of the world’s most popular destinations for second passports.
Five countries in the region operate second passport programs, including Grenada, Dominica, Antigua & Barbuda, Saint Lucia, and Saint Kitts & Nevis.
Launched in 1983, St Kitts & Nevis is the world’s oldest CIP program.
Each citizenship program is operated by a dedicated government department and is backed by federal law. Most authorities solicit third-party specialists, such as TFG Global Solutions, who administer second passport applications on their behalf.
Although entry requirements vary among CIP programs, applicants are required to demonstrate their commitment to the country by investing in the economy through approved real estate projectsor a non-refundable donation.
CITIZENSHIP BY INVESTMENT APPLICANTS
Historically, the majority of second citizenship applicants are from emerging economies, including Asia, South America, and Eastern Europe. There is also interest among Middle Eastern and African (MEA) countries due to the geopolitical risks in these regions.
Applicants are typically successful business people who want the freedom to travel and do business in multiple countries without visa restrictions. In Africa, there is high demand for second citizenship from Nigerian applicants correlating to the country’s exponential growth.
In the Middle East, conflict in Syria and Yemen has prompted interest in CIPs from applicants seeking long-term security, as well as guaranteed freedom of movement. However, many second passport applicants are from stable countries, including those in the Gulf Cooperation Council (GCC).
In the UAE, a recent survey confirmed the top nationalities seeking dual citizenship were from Pakistan, followed by Syria, India, Lebanon, Egypt, Palestine, Jordan, Iran, Iraq, and the UAE.
Dominica was ranked the most popular country for second citizenships, while other key destinations included Antigua & Barbuda, Grenada, and Vanuatu.
In terms of demographics, 56% of survey respondents applied with their families, while 39% of all citizenship applicants were aged 40 and under, highlighting the growing popularity of second passport programs among younger applicants.
BENEFITS OF SECOND CITIZENSHIP
Second citizenship is the ultimate status symbol that offers many financial, lifestyle and travel-related benefits.
These include:
- Lifetime citizenship in a safe country with greater personal security.
- Global mobility with visa-free access to more than 100 countries.
- Enhanced financial security – register assets without restrictions.
- Zero taxation on global income and capital gains.
- Citizenship can be passed down to future generations.
- Access to additional visas on certain CIP programs.
For Part 2 of our special feature on Citizenship by Investment, continue reading here.
TFG GLOBAL SOLUTIONS
TFG Global Solutions is the global services division of The First Group. Leveraging our global network of specialists, each service is designed to meet unique requirements, from discerning travel and lifestyle experiences to Citizenship by Investment opportunities. We operate second passport programs in Turkey, Grenada, Vanuatu, Dominica, and Antigua & Barbuda.
To learn more about our CIP programs, schedule a free consultation.