The Necessity of Second Citizenship
Citizenship by investment may initially sound unpatriotic. However, the global political situation warrants a moment of reflection. How is this all going to play out in the end? Historically, this type of populism and isolationist rhetoric can be very dangerous and it usually ends in disaster. As a result, you have got to plan for the future.
To be sure, the end of the world is not imminent. However moving yourself, your family and your assets offshore is a complex matter. Therefore, you must start to plan ahead and citizenship by investment is well worth considering.
Immediate Benefits of Caribbean Citizenship
It is increasingly uncomfortable for US citizens to interact personally and professionally outside the US. New citizenship with a Caribbean passport offers the most expedient solution for you. Business contracts, bank accounts, long term residency and asset protection are immediate benefits.
In fact, it is practically impossible to open a foreign banking account for US citizens. You have become a banking pariah because of FATCA regulations. Plus, if someone is willing to open a bank account for you, it is more of a red flag than an opportunity. A legitimate bank would not take the chance of being ruined by US compliance liabilities.
Last but not least, you cannot renounce US citizenship without a new passport. Renunciation is not mandatory, however after you get a second passport you will have the option available to you. If necessary, you are prepared with the prerequisite of a second passport.
Is a Caribbean Passport the Best Option?
Acquiring a second passport has historically required marriage, mastery of a foreign language, long term residency or diplomatic privilege. However, in today’s modern world there are many economic citizenship programs available. Essentially, what is required is a meaningful investment into the nation’s economy.
The size of the investment fluctuates enormously depending on what country you desire citizenship from. For example, at the high end Cyprus will cost you 2,000,000 Euros and the cheapest citizenship by investment is Dominica at $100,000 USD.
The void here is ridiculous especially since Cyprus recently expropriated money from local bank account holders to pay national debt. As a result, I suggest taking a serious look at the much safer, economically sensible and equally beneficial Caribbean citizenship by investment programs.
The Caribbean Citizenship by Investment Programs
These four Caribbean Island nations are located in the Lesser Antilles island archipelago in the eastern Caribbean Sea. They have all the features of tropical paradise and they have constitutionally legitimate citizenship by investment programs.
Immediate Benefits of the Caribbean Programs:
- Visa free access to the European Union, United Kingdom, Singapore, Hong Kong, Commonwealth Nations, Caribbean countries plus many more!
- Dual citizenship is allowed
- Caribbean citizens are not required to report offshore assets to the government e.g. FBAR
- No tax on international revenue, capital gains, wealth or inheritance tax.
- Residency is not required to qualify or to maintain citizenship. (Minor exception is Antigua and Barbuda which requires a 5 day residency for every 5 year period)
- Personal interviews are not required although the government retains the right to require one at their discretion.
- You will have a passport from a politically neutral country
Dominica Citizenship by Investment
Established in 1993 the citizenship by investment Dominica program is widely considered to be the best value economic citizenship option available today. This is due to the fact that it is the lowest cost Caribbean investment program and provides many of the same citizenship benefits as the European countries. Lets take a look at some of the Dominica citizenship cost features.
Dominica – Non Refundable Investment amounts:
- Single Applicant – $100,000
- Main Applicant + Spouse – $175,000
- Main Applicant + Maximum 3 dependents – $200,000
- Main Applicant + 4 dependents of more – $200,000 plus an additional $50,000 for each additional dependent
Grenada Citizenship by Investment
The Grenada citizenship by investment program was established in 2013 and it is relatively new. The citizenship by investment committee had families in mind when it set up the program. As a result, the investment amount is the same for single applicants as it is for a family of 4! This makes the Grenada economic citizenship program ideal for the international family man.
Furthermore, the island Grenada is a little bit more cultivated than Dominica. Grenada produces over 20% of the world’s nutmeg and therefore it is called the spice island. It has beautiful mountains in the interior (like Dominica) and also world class beaches including Grand Anse. Here is the basic investment breakdown:
Grenada – Non Refundable Investment Amounts:
- Single Applicant Only – $200,000
- Main Applicant + Spouse – $200,000
- Main Applicant + Spouse + 2 kids – $200,000
Additional bonus: A Grenada passport will allow its citizens visa free access to China! Plus, Grenada citizenship is also accepted for consideration under the USA E-2 investor visa program.
Antigua and Barbuda Citizenship by Investment Program
The Antigua and Barbuda citizenship program was also established in 2013 similar to Grenada. This island nation is the tourist hub of the Caribbean and has long been a favored tourist destination. Antigua has a wide selection of amazing beaches although it lacks a mountainous interior despite its volcanic origins. The other main island of Barbuda is a sparsely inhabited atoll although it is also tropical paradise nonetheless.
Antigua and Barbuda – Non Refundable Investment Amounts
- Single Applicant Only – $250,000**
- Main Applicant + Spouse – $250,000**
- Main Applicant + Spouse + 2 kids $250,000**
Additional Benefit: Antigua and Barbuda citizenship permits visa free travel to Canada.
St Kitts and Nevis Citizenship by Investment
Last but not least is the St Kitts and Nevis citizenship program. This program was established in 1984 and it is the world’s original citizenship by investment program.
The government approved the program in order to diversify the economy away from its dependence on the sugar industry. Therefore, the proceeds from your investment are used to develop tourism, alternative energy and promote higher education to it’s citizens.
Unfortunately, the program came under scrutiny in 2014. This is because they did not reference important details such as place of birth and name changes on the passports they had issued. However, the government has recently revamped the St Kitts and Nevis citizenship program and recalled all passports that did not include this pertinent information. Thus, the old passports have now been replaced and the situation has since been rectified.
*St Kitts and Nevis – Non Refundable Investment Amounts:
- Single Applicant – $250,000
- Main Applicant + Up To 3 Dependents – $300,000
- Main Applicant + Up to 5 Dependents – $350,000
- Main Applicant + Up to 7 Dependents – $450,000
Caribbean Real Estate Investment Options
Acquiring second citizenship is complex and it is very helpful to shop around and find the best program for you and your particular situation. As a result, many factors will come into play that can effect your decision.
Keep in mind that all of the above programs also offer a real estate investment option which allows investors the chance to sell the qualifying real estate after a set period of time and recoup their investments. Contact New Passport Pro for further specifics about any of these programs and what would best suit your interests. Initial consultation is free of charge and satisfaction is guaranteed.