Investment immigration industry foundation has been officially set with introduction of the first citizenship by investment program in 1984 by the Government of St Kitts and Nevis. Other countries have soon joined the lead and started implementing their own alternatives ranging from residency permits to alternative citizenship programs available in exchange for a significant financial commitment. Since then the industry has seen a solid growth and is currently estimated in $2,000,000,000 range.
These days countries all over the world are competing to offer the most flexible and competitive programs to attract more high net worth individuals with Caribbean countries still being ahead of all currently available on the market from Europe to a small island of Vanuatu in Asia-Pacific. One of the benefits of the programs for the countries is a possibility to attract numerous businesses – all real estate development, construction, tourism and other service related – in order to boost local economies.
Canada and US are still one of the leading destinations for those seeking investment immigration options. In 2014 US ran out of immigrant investor visas before the finish of the business year. Recent exit of Britain from European Union and numerous political conflicts occurring all over the world help support the industry growth even further.
According to the most recent Investment Migration Insider report, China produces more than 66% of all investor immigrants globally. Absence of basic freedoms and flexibility of the press, ecological contamination (air and water), capital control measures, abnormal amounts of state control and limitations over foreign direct investments are one of the reasons driving Chinese ultra high net worth individuals overseas looking for a better future seen through various investment immigration options provided.
Revenues generated from citizenship by investment programs are driving economy of St Kitts and Nevis – according to data provided by the IMF, around 14% of the island nation’s GDP was made of CBI. And numbers have been even more promising since then.
Yet, progressively, wealthier nations are putting forth ‘citizenship at a cost’. For example similar program in New Zealand will cost NZ$1.5m ($1.06m) and £2m ($2.58m) for the UK and $500,000 for the US which will soon see an increse in cost even further.
Opportunity to obtain and keep numerous citizenships is seen as a gateaway for high net worth individuals and a chance for tax optimization or just freedom of business and lifestyle. While most programs currently don’t require permanent living in their countries more and more people around the world are considering the option of acquiring alternative residency or citizenship without leaving their home country.
«We work with customers from alll over the world and we have met people that hold 3 and even 4 passports and are looking to obtain the fifth one. Reasons for that vary from better tax treatmen and freedom of travel to safety of family wealth and better future for next generations».
– Alexia Budko, president of Grande Property
The paradise islands of the Caribbean have been a dream holiday gateaway for Europeans as well as a popular vacation home destination with its perfect weather all-year round and breathtaking oceanviews. But local economies are no longer seen as tourism driven markets but promising alternative investment being quite new and unique in their kind.
With the most recent price reduction of most programs in the Caribbean, opportunity of obtaining economic citizenship has become even more affordable making the dream of safe and secure future for some nations come true.
«We believe, that Caribbean investment immigration programs are perfect for families not looking into changing their place of living but interested in diversifying international lifestyle options for them and their entire families».
– Alexia Budko, president of Grande Property