COVID-19 The Positive Effects on Citizenship & Residency By Investment
COVID-19 has had some major effects on the world economy, most of which are negative. However, the virus outbreak impacted the Citizenship by Investment and Residency by Investment industry positively. According to Bluemina, a leading firm in the Citizenship and Residency by Investment industry, the Corona Virus crisis facilitated the process of obtaining a second citizenship or a permanent residency card since most programs are now accepting online applications and are requiring fewer official documents to lodge applications.
Most countries that offer Citizenship and Residency by Investment Programs launched online portals and websites allowing investors to electronically submit their required document through government-approved and authorized companies, such as Bluemina. This has immensely eased the process of application for businessmen and investors. Also, and in order to start the due diligence process, most countries are now requesting only five simple and readily-available documents including a Passport copy, birth certificate, national identity card, marriage or divorce certificate, and a proof of residency address such as electricity or water bills.
Several Commonwealth Caribbean Countries have updated their programs and investment requirement in order to meet the competitiveness of the market. For example, Saint Kitts and Nevis, the first and most established citizenship by investment program globally, have reduced the investment requirement in its Sustainable Growth Fund. Antigua and Barbuda, on the other hand, introduced a new investment path; The University of West Indies Fund. Under this investment option, one family member will be entitled to a one-year scholarship at the University of West Indies which is one of the most highly-ranked universities in the region.
As for Grenada, the state is offering the holder of its passport a 90% deduction on the tuition fees of St. George University; a private university known for its advanced degree in the field medicine and nursing. St. George University is also associated with many high-level educational institutions, including those in the United Kingdom, United States, Canada, and Australia.
Lastly, Saint Lucia. The Government of Saint Lucia reduced the government-contribution amount from $160,000 to $140,000 for a single applicant, and from $190,000 to $150,000 for a family of 4. This amount is exclusive of due diligence fees, lawyers” retainer and some other minimal fees.
In this regard, Mr. Sharif, a resident in Qatar, expressed his appreciation for the services provided by Bluemina in general, and during the crisis of COVID-19 in specific, saying: ‘I’m pleasantly surprised by the professionalism of Bluemina and their efficiency in handling my application during those uncertain times. All my questions and concerns were addressed in a very knowledgeable manner, and I was reassured of the possibility of transferring the investment funds and the required documents remotely. Having received the government approval, I’m now expecting to receive my second passport and that of my family to our doorsteps in the coming couple of months.’
The founder and CEO and founder of Bluemina, Mr. Wasim Daoud, confirmed the continuity of work in all Bluemina’s seven offices across the MENA region; obtaining government approvals and delivering second passports to clients. In addition, Bluemina guarantees swift and smooth transfer of investment funds and documents to the designated government parties in a timely manner even during this global crisis.
Bluemina is one of the fastest-growing firms in the region, offering more than 15 different citizenship and residency by investment programs in both Caribbean and European Countries. Bluemina’s expert consultants have extensive experience in the field, making them capable of recommending the right program for an investor to meet their goals, needs and budget.
Bluemina guarantees the success of all its second passport, citizenship through investment and permanent residence applications, as the firm seeks to facilitate all procedures for its clients around the world.
Published: 31 May 2020