When it comes to visa applications, the whole process from start to finish can become incredibly gruelling. Trying to retrieve originals and copies of bank statements and travel insurance is just the tip of the iceberg, not to mention the costs involved in obtaining a visa.
But, there is a solution that will make life easier and avoid this hassle, year after year – a second passport. Although obtaining a second passport comes with a price, dual citizenship can make travelling for work or pleasure considerably easier and will have long-term benefits for investors.
According to Jeremy Savory, CEO and founder of Savory & Partners, second citizenship acts as an insurance policy for investors who wish to secure a second passport for them and their families. Should any social, economic or political event take place in their country, they have a second passport to fall back on.
“Our clients come from all over the world, but a lot recently, have come from Egypt, Lebanon and Pakistan, who hold GCC residency and have a net worth of over $1m. If you look at the situation in their country, they are thinking ‘I need to have a Plan B for peace of mind, security and to travel freely’. Despite having clean travel profiles, they do face hassle in getting travel visas,” explains Jeremy.
So, which investment program do investors choose? While there are several investment programs to choose from, investing in non-European citizenship and passport, namely a British Commonwealth passport is an affordable option that has grown in popularity and demand.
Over the last few decades, many Caribbean islands joined the Commonwealth and began to build close political and economic ties with the rest of the world. In doing so, they have introduced their Citizenship by Investment programs.
Though investment programs attract investors with a net worth of $1m or more, they have become increasingly affordable to those with a net worth of $500,000. One such Citizenship by Investment program that investors should consider in 2020 is the St. Kitts & Nevis Citizenship by Investment Program.
Having been established in 1984, the St. Kitts & Nevis Citizenship by Investment Program was the first program of its kind in the world. Since 2019, it is regarded as the most reputable second citizenship and passport to hold within the Caribbean. St. Kitts & Nevis has also taken measures to rapidly improve visa-free travel over the years, having expanded their visa-waiver program to include even more countries than before.
St. Kitts & Nevis citizenship and passport can be obtained through two direct options:
1. Sustainable Growth Fund (SGF)
Established in 2018, St. Kitts and Nevis launched their Sustainable Growth Fund after the expiry of their Hurricane Relief Fund. The fund was created to assist in the restructuring and sustainability of the country’s healthcare, education system, infrastructure, tourism and energy resources, to name a few. The contribution requirements under SGF are:
- Single applicant: $150,000
- Main applicant with up to three dependants: $195,000
- Additional family dependant: $25,000
2. Government-Approved Real Estate Investments
Active since 2018, there are two options investors can consider when purchasing government-approved real estate:
Applicants can invest in real estate valued at a minimum of $400,000. The real estate can only be sold after 5 years.
Applicants can invest in real estate valued at a minimum of $200,000. The real estate can only be sold after 7 years.
Both options include additional government fees and taxes that must be paid.
Benefits of St. Kitts & Nevis Citizenship
- Fast citizenship and passport processing within 4-6 months.
- Accelerated Application Process – approval within 60 days
- Lifetime citizenship that passes down to future generations
- Visa-free and visa-on-arrival access to 150+ countries that include Schengen European countries, the UK, Hong Kong, Russia and more.
- Wife, children and dependant parents given citizenship and a second passport.
- Dual nationality allowed.
- Named one of the world’s top 20 islands to live in.
- No need to reside in St. Kitts and Nevis.
- No taxes on wealth, inheritance, gift, capital gains or foreign income.
- Duty-free trading within the Caribbean.
- Access to top international universities.
The St. Kitts & Nevis Citizenship by Investment program is considered the oldest and one of the highest-ranked programs in the world and is now available for investment. Other British Commonwealth countries offering Citizenship by Investment programs include Antigua & Barbuda, Grenada, Commonwealth of Dominica, St Lucia and Vanuatu, for those looking to secure second citizenship and passport.
Each program is unique and includes its own set of requirements. It is crucial that investors understand these requirements as not everyone will be able to qualify. To achieve a successful application, and with the right expertise and guidance, Savory & Partners can help you select the right program suited to your needs or financial position.
As a government-approved agent, Savory & Partners has assisted hundreds of families across the Middle East in their application process from start to finish. To learn more about your options as well as the benefits of second citizenship, book your free consultation today and secure your future for you and your family, and for your future generations to come.
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