For a lot of foreign investors, the Caribbean passport often seems to be an exotic deal. In reality, it is a wonderful opportunity to solve a wide range of issues which turn out to be Mission Impossible in your domestic country. The list includes special offers to improve your business situation, funds safekeeping, travelling bonuses, etc. The Pakistan wealthy people also strive to find a sort of business manna from heaven and prefer the opportunity to receive second citizenship through investment in one of these island countries.
If you check the timeline of citizenship by investment, you will find out that St. Kitts and Nevis were pioneers in the field and literally invented the program. Since 1984, the offer has become definitely reputable. According to the CBI ranking in 2019, the Caribbean region was considered the best place to receive second citizenship. Let’s be more precise. The Commonwealth of Dominica ranked first with the result of 91%. St. Kitts and Nevis won second place with 89%. The bronze medal was given to Grenada — its percentage was 87.
It may seem surprising, but European countries like Cyprus and Malta ranked seven and eight places with 66% and 65% correspondingly. What is the difference? The key reason why the Caribbean passport is so much preferable is its favorable investment conditions. Compared to Europe, where sometimes businessmen have to spend over one million euro to participate in the program, the situation in the region is more beneficial: the minimum investment is one hundred thousand dollars.
What makes Pakistan residents look for a better living? Let’s find out!
Nowadays, the country faces difficult economic challenges. On the one hand, it is necessary to develop the economic growth plan which will gradually help solve the current problems. On the other hand, the decisions should be taken pretty rapidly to prevent further economic stagnation. In 2018, the problems with foreign exchange reserves started, caused by reducing the export volumes. Moreover, the country has a huge government debt to GDP. In Pakistan, this indicator reached 60.1% in 2011. However, the situation got worse with the course of time: the debt level increased by 12.4% in 2019. In this perspective, there is nothing weird or surprising in the fact the country suffers from inflation and corruption influences. Assessing the current state of the Pakistan economy, it is also necessary to take into account a number of internal and external factors that determine the sector’s development. There are substantial spendings on the fight against terrorism domestically and abroad. According to the former Pakistani Minister of Finance Ishaq Dar, the country’s total losses from terrorist attacks (both direct and indirect, including losses caused by the reluctance of national and foreign businessmen to invest in the land’s economy) amounted to 9.2 billion dollars in 2015 and 5.6 billion dollars in 2016. Another severe problem in Pakistan concerns the acute shortage of electricity. The amount available is not enough to promote the normal functioning of all national economic sectors and for the comfortable life of the entire population. Unfortunately, unconventional energy sources are used to a small extent.
All things considered, there are a lot of obstacles on the way to accelerate Pakistan’s economic development. There are chances the situation will improve in the future. However, some wealthy people decide to take such a precautionary measure as a second Caribbean passport. This step is a guarantee the domestic issues will not damage the business flow. Besides, it is an excellent opportunity to become a globally-minded individual.
The cornerstone of the program is due diligence. It is a guarantee for both the host country and the participant that their cooperation will be safe and reliable. Apart from providing necessary personal information (identity documents, personal history disclosures, financial records, etc.), a participant has to present a clean criminal record. At the same time, there are no requirements for the education or working experience achieved. Language certificates are not required as well.
The program maintains the confidential opportunity to receive second citizenhood. Since dual citizenship is not allowed in many countries, it is a great thing that the Caribbean authorities don’t spread the information about their participants. In this perspective, personal data is protected to the full extent.
The family of the main applicant can also take part in the program. Depending on the selected country, the age may slightly differ, but the overall offer is the same. You don’t have to pay minimum investment for each of the applicants — just add the required sum to the program’s budget, and you are in the deal. The Caribbean passport can be also received by the main participant’s spouse, parents over fifty-five years old, and unmarried and dependent children up to thirty years old.
One of the most obvious advantages is the ability to visit over one hundred twenty countries with a hassle-free visa regime. The list of destinations includes the EU members, Hong Kong, Singapore, and other states.
Dominica is the only country in the region where there is a stay requirement. However, it is necessary to spend just a week on its territory each year during a five-year term. Anyway, it will be a great vacation destination for a future investor and his family.
In general, it takes from three to six months to apply for the program.
The Caribbean passport is also a guarantee of the loyal fiscal regime for business running in the target country. That could be tax remissions or the absence of tax liability on accumulation of profits, inheritance duty, etc.
All in all, the Caribbean region is deeply appreciated as an alternative airfield for Pakistan investors. Second citizenship there allows solving several economic and political challenges which will hardly be overcome in the nearest time in the native land. That’s why minimum one hundred dollars investment is a valuable back up for wealthy Pakistan citizens that they will not lose everything one day. If you want to know more on how to apply for the program and its peculiarities, do not hesitate to contact our experts.