Tired of applying for visas every time you need to go to Europe or America? It is not just about money; it is your time and efforts. We have a solution – a second passport. Dual nationality can make it significantly easier for you to travel for business or pleasure.
Let’s have a look which passport could serve the purpose. United States? Yes, but it will take a lot of time and money to get it. EU passport? Yes, there are countries that offer European citizenship in return for your investment in a local economy. However, it is not as easy as it seems. The biggest drawback of EU citizenship by investment programs is that they are super expensive, and moreover, you will not be able to recover a significant chunk of your money.
Fortunately for those investors who are not ready to say goodbye to millions of euro for a second citizenship, there are more affordable options.
Benefits of Caribbean passport
There are a few Caribbean island states that offer citizenship by investment to foreign investors. After decolonisation, these countries have joined the Commonwealth and started building political, economic and cultural ties with the rest of the world.
Second passport in the Caribbean can be a great alternative to European citizenship by investment programs, because for much less money you will get same or even more benefits.
We will show you what Caribbean citizenship can offer to foreign investors with three most popular jurisdictions.
St. Kitts & Nevis
It was the first country that in 1984 launched the first citizenship by investment program in the world. Here are top 8 benefits of the St. Kitts & Nevis passport:
- You can obtain second passport for yourself and your family in just 2 months.
- One of the cheapest citizenship programs in the world – investments start at $150,000 if you make a non-refundable donation to a national fund or $200,000 if you decide to invest in real estate.
- The government guarantees full confidentiality.
- St. Kitts & Nevis offers favourable taxation for individuals; there is no income tax, inheritance tax, capital gains tax or gift tax.
- Tax laws are also beneficial for international companies registered on the islands.
- Booming economy, mainly thanks to fast growing tourism sector.
- You can obtain second citizenship without leaving your home country, because the whole process must be done through a licensed agent.
- With St Kitts & Nevis passport you can travel visa-free to over 142 countries including EU and UK.
Grenada
Grenada citizenship offers foreign investors a similar set of advantages. You can apply for a second passport for the whole family, keep it confidential and do everything from the comfort your your home. Tax benefits in Grenada are also attractive; there are no taxes on foreign income, wealth, capital gains, gifts and inheritance.
What other advantages does a Grenada passport offer?
- Travel visa-free to 127 countries including the United Kingdom, EU and South America. For entrepreneurs it is important that they can also travel to China without a visa.
- Grenada nationals that want to start a business in the USA can apply for E2 entrepreneur visa.
- Investment can be recovered fast. If you buy real estate or a share in it, you must own it for 3 years after which you can sell it. Some other Caribbean jurisdictions require it to be held for at least 5 and more years.
Dominica
Another fantastic option of investing in a second passport. What are the advantages of Dominica citizenship by investment program?
- Passport for you and your family in 4 months.
- Minimum investment. If you choose to make a non-refundable contribution into the Economic Diversification Fund, you must pay $100,000 for a single applicant.
- If you invest in real estate on the island, you can return your money in 3 years.
- Beneficial taxation. There are no taxes on wealth, foreign income, capital gains and inheritance.
- Ideal environment to register and operate an international company.
- Obtaining second citizenship remotely, though this tropical paradise is worth visiting at least once.
- Travel to over 130 countries without visas including Schengen states and UK.
How to return your investment?
As you might have figured out already, there are two main investment options under any Caribbean citizenship by investment program.
One, a one-off non-refundable donation to a government fund; two, investment in a property.
The second one works for those who do not want to part with their money for good. At the same time this investment requires more money; however, it should not put you off as there are more pluses of investing in real estate:
- Once you get second passport, you must own an apartment, house or a share in a hotel for a certain number of years after which you can sell them and return your money.
- The investment can generate rental income.
- Investment in a property in a politically and economically stable country can become your “Plan B” in case something goes wrong at home.
How to invest in Caribbean real estate?
Caribbean island states are generally so small that it is hard to even locate them on a map. However, each country has its own laws that regulate citizenship by investment programs and real estate transactions.
For your convenience, experts of London-based company Imperial & Legal have kindly prepared a table with top three real estate investment options.
Which country is better for investment in real estate?
The answer to this question depends on which factor is more important for you. If your funds are limited and you want them back as soon as possible, buy a share in a hotel or resort in Grenada or Dominica.
If you do so, you have another advantage; there will be no headache related to maintenance of a share in a hotel, because it will be taken care of by a management company. Once the hotel is finished and commissioned, you will start getting a steady rental income, and discounts if you decide to stay there yourself.
If you want to own a Caribbean property that belongs only to you, then you should be looking to spend from $350,000 on a good apartment.
What should matter is location and maintenance costs including taxes, charges, utilities and insurance.
Do you want to invest in a second passport? In order to make the right choice of a jurisdiction and investment option, talk to professionals. Licensed immigration lawyers from Imperial & Legal offer 5 Caribbean citizenship by investment programs. They will help you choose a program that would suit your needs and budget and would buy you second citizenship.
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