If you’re reading this article then you must have heard about the option of obtaining a second passport, and all the benefits countries of the Caribbean are offering for this. Obtaining a second passport can offer a variety of benefits such as increasing travel mobility, providing greater access to global opportunities, potential tax benefits, and serving as an additional layer of security during political or personal upheaval. So, it’s no wonder people from all over the world are taking advantage of this opportunity. But, what about St. Kitts?
Some of the benefits of becoming a St. Kitts citizen include visa-free travel to over 150 countries, no residency requirement, eligibility for a second passport, access to world-class education and healthcare, and the ability to do business in a tax-friendly environment. Enough for you to consider choosing this tiny country as a shortcut to enjoying all these benefits stated at https://imperiallegal.com/media/articles/benefits-st-kitts-nevis-citizenship.
Naturally, Your Second Thought Must Be About How To Do This
There are a couple of options on the table, and most of them are similar to those in the rest of the surrounding countries. The best one is the citizenship by investment program. To obtain citizenship this way, one must invest in a government-approved real estate project or contribute to the country’s Sugar Industry Diversification Fund. The minimum investment amount differs between these two, which is why you should explore further and decide which of these suits your current condition. Applicants must also undergo a thorough background check and meet other eligibility criteria as defined by the program. Once you apply, and all the checks are performed, you can expect to finish the process between 3 to 6 months. Not the shortest period of time, but it’s worth it.
Is There Anything You Can Do To Make the Process Faster?
Well, yes. There are several things you can do, and here are some tips and strategies.
- Double-check that you have all the necessary documentation and that it is accurate.
- Choose a reputable and experienced immigration lawyer to advise and guide you through the process.
- Consider investing in real estate on the island, as this can often streamline the application process.
- Stay organized throughout the process and be prompt in responding to any requests or inquiries.
- Consider utilizing the expedited application process if you are willing to pay the additional fees.
In fact, all of the above can be accelerated if you choose to engage with a reputable and experienced attorney who can guide you through the process and help you prepare all the necessary documentation and investment requirements. They can also advise you on the most effective investment route to take, ensuring that your application is completed quickly and efficiently.
Have You Ever Wondered Why These Programs Are Popular in Caribbean Islands?
As the world economy was completely shaken by the pandemic we faced not so long ago, tourism has decreased globally, especially in these hotspots.
When it all began analysts warned that the epidemic will “shock” the Caribbean countries due to the structure of the economy and the high dependence on the income of the tourism industry. For example, in the Bahamas, Barbados, and Jamaica, the contribution of tourism to GDP was at the time, 34-48 percent.
According to estimates by the World Bank and the World Council for Tourism and Travel, the most negative scenario, taking into account the second wave, assumed that the influx of tourists will decrease by 75 percent by the end of 2021.
This meant that the GDP of, for example, the Bahamas will decrease by a quarter. According to preliminary estimates, the collapse of the tourism industry would cost Caribbean countries $44 billion. So, the governments choose to seek opportunities for additional funding and decided to create programs like the one we’re writing about.
Having lost a key source of income, island nations are trying to fill their pockets by offering citizenship in exchange for investment, so-called “golden passports”. In most Caribbean countries, appropriate programs for wealthy foreigners are in place. And now this service is significantly cheaper.
For example, by the end of the year, St. Lucia has doubled the required investment limit: to $250,000 per person or $300,000 for a family of four. St. Kitts and Nevis dropped the price by a quarter. As part of a “special offer”, citizenship for a family of four will cost $150,000.
Saint Kitts and Nevis is a Caribbean country in the Lesser Antilles. Although it covers only 261 square kilometers in the Caribbean Sea, it is one of the most popular destinations among the wealthy citizens of the world. The eternal summer lasts there, so visitors can swim at any time of the year.
The reason for this lies in the fact that it was the first in the world to offer the possibility of legally purchasing passports. More precisely, back in 1984, it introduced the Immigration Investment Program, which enables wealthy individuals to obtain a second citizenship (and a second passport), and in return requires them to invest in the domestic economy. It’s a privilege like no other, and people are taking advantage of it, for all the reasons stated n the first part of the article.
Some people apply for citizenship through investment programs in order to obtain citizenship in a new country and gain access to its benefits, such as better job opportunities, education, healthcare, and a higher standard of living. Other reasons include wanting to diversify their investment portfolio or protect their assets, as well as potential tax advantages. Additionally, obtaining citizenship in a second country can provide greater travel freedom and security. Whatever your reason may be, make sure you follow the tips and strategies we wrote about, to make sure the process goes smoothly.