Dual citizenship enables investors to make business more efficient, and move around the world almost effortlessly. Almost, but not entirely, because as much as it seems that borders and bureaucracy are fading into oblivion, even those who possess great assets are continuously running into limitations. Here is where a second passport comes in as a solution by granting instant access to multiple countries, allowing tax optimization, and serving as an element of prestige.
In this article, you will find the answers to these questions:
Caribbean countries are very popular among wealthy businessmen who are planning to invest in the second citizenship. There are many reasons for this:
For a long time, Dominica’s economic citizenship program had the most favourable cost options. With the additional fees included, the minimum investment goes just above $100k, which, understandably, became popular among foreign nationals. Dominica receives about $50 million in foreign investment each month.
To finance rebuilding and economic recovery after the latest hurricane onslaught, the authorities of other Caribbean nations were forced to reconsider the price policies of their own CBI program. Antigua and Barbuda, for instance, has also decided to allow foreign investors to donate USD$100,000 to a state fund and obtain the Antiguan passport in exchange. How much funds will they attract thanks to cost reduction remains to be seen, but today, Antigua and Barbuda offers optimal conditions for a family of 4 – with additional fees, the passports will cost about $146k (while on Dominica around $223k). However, children in the 26-28 age gap may be included in the application, while Antigua and Barbuda’s CBI program does not allow this. Furthermore, the Antiguan program has suffered a serious blow when the visa-free regime with Canada was cancelled.
Thus, Dominica retains the image of the most accessible program, and economic immigration experts are still recommending it as one of the most sensible choices.
Should the investor choose to obtain the citizenship through real estate purchase, Dominica offers $200k selections, versus $400k in Antigua and Barbuda. But… real estate has its pitfalls.
Which option is more advantageous for the applicant – a contribution to the state fund or purchase of real estate? Of course, in the first case, the minus is that the investment is non-refundable. The real estate can be sold after 5 years on Antigua and after 3 years on Dominica. However, the donation option is less expensive and therefore more attractive to investors.
It is worthwhile to understand that investing in real estate may be risky. First of all, because of hurricane danger. Recent Irma and Maria hurricanes destroyed almost all houses on the island of Barbuda. Nature elements in the Caribbean are unpredictable. Real estate on Dominica, although cheaper, isn’t of much interest and doesn’t generate much income. The main problem is absence of direct flights from the UK and the USA, where the majority of tourists come from.
One of the best locations for owning real estate the Caribbean can offer is the island of Antigua, especially seeing the undeniable potential of the local hotel industry.
South Point, Antigua, is an exclusive boutique hotel located in the epicenter of Caribbean yacht events. Eight of the twenty-three apartments are still on sale.
In 2015, tourists spent $30 billion in the Caribbean region, which is by 4.2% higher than the previous year. The tourist flow to the Caribbean has grown in all major countries, including the USA, Canada, Europe, and South America. This is not surprising. The new airport on Antigua is the biggest and most modern in the Caribbean region, and annual passenger traffic will only grow.
Antigua gets extra image points thanks to its yacht-friendly disposition, and the annual yacht show. The English Harbor in the south of the island of Antigua is considered to be world’s yacht capital and brightest, most luxurious Caribbean attraction.
Thanks to its low cost, the citizenship acquisition program of Dominica is popular among foreigners. Investment migration experts also appreciate other benefits of the program. In 2017 ranking conducted by the Financial Times’ Professional Wealth Management magazine, the Commonwealth of Dominica led the list of 12 states that offer a second passport in exchange for investment. The Dominican program scored 90% in the CBI Index based on various criteria: affordability, ease of registration, freedom of movement, lack of conditions for compulsory travel or residence, ease of security screening, living standards.
The rating, however, was compiled before Antigua and Barbuda, and Saint Kitts and Nevis cut their prices, so in a couple of months, it will be possible to understand if it had any effect on the scores.
Dominica’s popularity is largely based on tolerant due diligence procedure that allows investors from Iran, Iraq, and Yemen to apply. But this doesn’t mean that the procedure is not thorough.
Quick processing is one of the trademark features of Caribbean programs. Dominican and Antiguan CBI application processing takes about same amount of time, which is 3-5 months. The donation or investment in real estate is only made after the Government issues approval of the investor’s candidacy.
It is rational to obtain Dominican or Antiguan investment citizenship to secure your family and assets, and not depend on political or economic environment in your home country, talkless of absence of visa processing procedures. With your Caribbean passport, the world and countless possibilities are far more accessible.