Citizenship by Investment is ‘a life-changer’: Twelve-month Barbados welcome stamp ‘now being refined’
In the Caribbean, Citizenship by Investment (CIP) changes life, help government’s build back better infrastructure, provide for investment in human resources and economic development. Obtaining a second passport or foreign residency rights open doors, effortless travel to global mobility that amounts to a life-changer for socio-economic balance, for business and family [work/life] seeking alternative solutions. Now comes the 12-month Barbados Welcome Stamp, in the COVID-19 era.
The value of the citizenship offers global mobility, evident in the coronavirus era, that requires flexibility, for work and family, the twelve-month Barbados Welcome Stamp for visitors, now being refined for promotion, would allow ‘persons to come and work from here overseas, digitally so, so that persons don’t need to remain in the countries in which they are’.
“You don’t need to work in Europe, or the US or Latin America if you can come here and work for a couple months at a time; go back and come back. The government is committed to working with you on the promotion of new concepts like the 12-month Barbados Welcome Stamp, being able to open our borders to persons travelling and making it as hospitable as ever for all of us, and making it available for Barbadians from every walk of life to believe that for special occasions, or just for so, that they can come out and be a part of this wonderful exercise,” said prime minister, Mia Amor Mottley.
Dominica has the world’s best Citizenship by Investment (CBI) programme, established in 1993, and according to the past three consecutive issues of the CBI Index , released annually by Professional Wealth Management (PWM) – a publication from the Financial Times. Dominica excels at transparency, integrity, and transformative impact on the native population.
Dominica is one of the top 20 destinations of the future – the Nature Isle of the Caribbean with a thriving ecotourism industry. Qualifying investments of at least US$200,000 is available. Alternatively, applicants can make a one-off contribution of at least US$100,000 to the Economic Diversification Fund .
On June 24, the government of the Commonwealth of Dominica expanded the definition of ‘dependant’ under its Citizenship by Investment (CBI) Programme . The changes allow main applicants to add previously unqualifying adult children, parents, grandparents, and siblings. All dependants aged 16 or over must still pass due diligence checks to qualify.
St Kitts and Nevis has diversified its economy through the Citizenship by Investment (CBI) programme, established in 1984.
Foreign minister Mark Brantley, interviewed for a new documentary by PWM, says that CBI plays a very important role for the residents of the islands and the country’s economy.
“That fund provides direct income to the government,” Brantley told PWM. “And when that happens, of course, the government then have resources to do a host of social projects and a host of development and infrastructural projects for the country. And we look around St Kitts and Nevis and you see the DNA of that all over. We have just launched, for example, a Poverty Alleviation Programme where poor households are given a supplemental check each month. So, it has a real, legitimate impact on the ordinary lives of our citizens, and I think that is what makes it so important to us.”
He explained how bigger countries like the US, Canada and EU member states have replicated the islands’ original investor immigration model. “We started it here, but it hasn’t stayed here,” Brantley says. “In Europe, for example, you have places like Malta and Cyprus and Portugal – they’re all offering some variant. The great-Canada offered some variant which attracted, of course, a lot of Hong Kong Chinese to places like Vancouver. In the United States, you have the EB-5 visa programme that was put in place. All of these are variants of the same theme, but that theme started right here in St Kitts and Nevis.”
The Citizenship by Investment Unit (CIU) of the Federation of St Kitts and Nevis, on July 3, reduced the minimum contribution families must make to become economic citizens. Families of four can now contribute US$150,000, instead of US$195,000, to the Sustainable Growth Fund under the country’s CBI programme. The offer is temporary, valid from July 3, 2020, until December 31, 2020.
The Antigua and Barbuda Citizenship by Investment Regulations 2014 , established the Regulations regarding citizenship by investment in Antigua and Barbuda are contained in Section 6 of the Citizenship by Investment Act, 2014. Holders of the Antigua and Barbuda passport enjoy visa-free travel to approximately 150 countries, including the UK and the countries of the Schengen area.
Antigua and Barbuda is an independent Commonwealth state in the Eastern Caribbean. With some 365 beaches of clean turquoise waters, the lush tropical islands of Antigua and Barbuda are an inviting paradise and considered to be one of the most beautiful places in the world. As a result, tourism is the key driver of Gross Domestic Product (GDP) and generates around 60 percent of the island’s income, with key target markets being the US, Canada, and Europe.
Antigua and Barbuda citizenship by investment unit new fee structure for its University of the West Indies (UWI) Fund option, took effect May 11, 2020. A family of six will contribute US$150,000 inclusive of processing fees. Each additional family member US$15,000 is payable. Customary due diligence fees are payable and 20 percent commission payable on each file.
Grenada’s citizenship by investment came into being in August 2013, when the Grenadian parliament passed Act No. 15 of 2013, otherwise referred to as the ‘Grenada Citizenship by Investment Act, 2013.’
Recently, Grenada opened a Consulate in Dubai , United Arab Emirates, to further develop economic, cultural, and scientific ties between the two countries. Grenada’s Consulate in Dubai aims to bolster the country’s citizenship by investment program, working actively to promote it to potential investors and its many benefits for family members and the peace of mind that comes with convenient global mobility.
For developers, Grenada’s new Consulate in Dubai will foster ties between the Middle East and Grenada while providing invaluable, quick, and convenient services to Grenada passport-holders not just in Dubai, but in the wider region. The process is fast, efficient, straightforward, and gives visa-free travel to over 130 destinations worldwide including the UK, the EU Schengen States, China, Russia, Brazil, Hong Kong, Singapore. Citizens can take advantage of the US E2 visa, which allows them to live and work in the United States.
Present and future generations can now relax knowing the Caribbean continues to be secure, and that the CBI countries have integrity, due diligence, and along with external partners are wide-ranging, knowing that their investment and status in life remains intact while contributing to the development of the Caribbean.
Published: 14 July 2020