Survey: How Citizenship by Investment Programmes of Caribbean benefit Europe

Europe/Caribbean: The question of Europe’s future after the UK’s exit has been at the centre of politics and debates since it became reality. Lack of democratic decision-making at the European level is certainly a point of concern as once the world’s leading union is now losing the pace against many countries.

The rise of unemployment in the region is a testament of big businesses diverting towards developing nations which offer better work climate. China, India, Singapore, Dubai, among many other destinations are providing a business-friendly environment and are expected to take over the world markets in the coming future. Sophie in 't Veld, Leader of Democrats 66 in European Parliament must take note of the downfall and take actions to revive Europe back to its standards before.

Recently a Brussels based media organisation, Press Editorials released a report on citizenship by investment programme of Caribbean islands. The survey included testimonials of 100 individuals who received dual citizenship through the economic gateway. Press Editorials elaborates: Citizenship by Investment (CBI) programmes provide long-term economic stability to many countries by allowing individuals to earn second citizenship in exchange for a contribution to national development. Following their recognition of the Programme's importance, Caribbean countries such as Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia have taken unprecedented steps, including a thorough due-diligence process to ensure that only genuine applicants are accepted into the programmes.

Recognizing the importance of efficient background checks, governments have implemented comprehensive due-diligence processes and are always working to improve them so that only respectable and eligible investors are granted citizenship.

As the Caribbean region becomes more attractive to High-Net-Worth Individuals (HNWIs), many countries striving to become global economic hubs are extending visa waivers to them. The UAE, India, Russia, China, and other major emerging economies recently negotiated visa waiver agreements with these Caribbean islands.

Various reports have praised the Caribbean countries' Citizenship by Investment programmes, claiming that the countries have the best-in-class economic citizenship programmes. Press Editorials conducted a comprehensive qualitative survey on 100 people who obtained economic citizenship from the Caribbean in order to reveal its true benefits to individuals taking citizenship, host countries, and all other nations that have a visa-free agreement with the CBI offering countries. The survey, which was based on an open-ended questionnaire, which yielded some surprising results.

According to the survey, the majority of investors purchased citizenship in these Caribbean countries in order to gain global mobility, commercial prospects, and a social status symbol. The majority of those who gained dual citizenship were able to spend their vacations in exotic locations without having to worry about visa formalities.

According to Yichén Bingwen, a Chinese real estate developer, Dominica's citizenship has aided him and his family by allowing them to travel more easily. “I am glad that I invested in the Citizenship by Investment Programme and became a citizen of Dominica. Its visa-free access was the facility that attracted me the most so I can grow my global business.”

“The decision I made to invest in the citizenship by investment programme has been great so far; I did it because I wanted to expand my business and buy authentic Italian marbles as there is a massive market in Pakistan. I could not get the quality product through middlemen; I had to make frequent visits, do market research and then move ahead with my work. But due to long visa delays, especially when embassies were closed due to pandemic, things were just getting very difficult for me, so I had to get an alternative,” said Nadeem Qureshi from Pakistan, who obtained citizenship of St Lucia under economic citizenship programme.

Qureshi stated he has travelled to Italy several times after receiving the citizenship of St Lucia with no problems. He claims that importing marble from Italy with his St Lucian passport has made his firm more accessible than ever before. He told Press Editorials that he now intends to open stores in the United Arab Emirates and Bahrain.

Lî Wáng, a Chinese businessman who got citizenship in Antigua and Barbuda, said that having dual citizenship assisted him in a variety of ways. “Visa-free access under the Citizenship by Investment Programme helped me worldwide with impromptu trips. I remember one time I had to attend an urgent meeting in Singapore; all I had to do was get an air ticket and pack my bags. This saved my time a lot, and I have access to different nations. It further helped me to build streamlined communication channels and build a robust network worldwide. I can go to different nations whenever I want to market and advertise my business services”. [caption id="attachment_40548" align="aligncenter" width="211"] Press Editorials Report on Citizenship by Investment[/caption]

“I decided to invest in the second citizenship of Grenada to get a visa to travel to Europe. I am an influential businessman who exports Belgium chocolates and confectionary products in South Africa. As the demand for Belgium chocolates had hiked in Africa, I was required to visit Europe. However, the visa policies of Europe were quite hassling, but the free-visa policy for Grenadian citizens made things easier for me,” said South African businessman David Johnson, who got a Grenada passport.

The report also indicated that over the last five years, European countries have hosted approximately 300,000 refugees from conflict zones and other failing states such as Iraq, Syria, and others. The economic citizenship countries, on the other hand, only accepted 20,000 applications. By a factor of a hundred, the number of refugees outnumbers the number of people who took dual citizenship. The majority of HNWIs travel for business or pleasure, which benefits the country in which they are welcomed. HNWIs not only create long-term jobs in the Caribbean, but they also spend millions of dollars while travelling in Europe or abroad. Meanwhile, no one can guarantee a refugee's legal status if they are given sanctuary. In addition, some of the refugees have been linked to terrorist organisations or other criminal organisations.

In the case of CBI applications, on the other hand, they are thoroughly scrutinised by independent firms based in the United States, the United Kingdom, and Europe before receiving a green light from the government. The multi-layered due-diligence process is critical because it assists governments in filtering Program applicants and ensuring that only good candidates are approved.

The governments of Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia have hired several international diligence firms such as Thomson Reuters, Fact UK, Kroll, Exiger, S-RM, and others to ensure a transparent and rigorous due-diligence process.

To fulfil their responsibilities for national and international security, the governments of the countries have enforced transparency and comprehensiveness in the due-diligence process.

After evaluating the visa-free travel to investors of Caribbean nations, the countries have seen a massive increase in their economies, with about 85 percent of businessmen travelling to these countries to expand their businesses and invest. Furthermore, Europe benefited the most from the Caribbean nations' Citizenship by Investment Program.

The technique that provides access to travel to a foreign country without a tourist visa is known as global mobility. As a result, having access to over 150 countries has been the most compelling argument for investors to obtain Caribbean economic citizenship.

To improve their economies, developed and developing countries in Europe, Asia, the Middle East, and elsewhere have partnered with Caribbean islands, allowing investors with passports from these countries visa-free entry.

In addition, the United Arab Emirates has struck a visa-waiver agreement with the Commonwealth of Dominica and St Kitts and Nevis, allowing dual citizens of the two nations to visit the UAE freely.

In addition, 15 countries, including India, Russia, Brazil, Egypt, Qatar, and others, have signed a visa-waiver agreement with Caribbean countries, allowing them to travel visa-free.

Meanwhile, in order to boost corporate investment in the countries, the UAE has regularly recognised the Caribbean CBI Program and complimented its stringent background checks, which ensure that only eligible and reputable investors are granted citizenship.

"I believe that the new Europe will be the Middle East as the Kingdom of Saudi Arabis will be different in the next few years," Prince Mohammad Bin Salman Al Saud of the United Arab Emirates said in one of his interviews, praising the CBI Program for its thorough due diligence. Many countries will follow us if we succeed in the next five years, and the ensuing global revival in the next 30 years will be in the Middle East, God willing, and I believe we will achieve this aim 100 percent."

Meanwhile, a number of European delegates have praised the Caribbean countries' CBI initiative. Scott Furssedonn-Wood, the British Ambassador to the Caribbean, has also visited Dominica and St Kitts and Nevis. He praised the CBI programme as well as the projects that are supported by it.

"I am having a thorough enterprise of exporting soap overseas, in which the Citizenship of Dominica has assisted me to travel Africa," a Russian businessman with an international soap business, Yaroslav Petrov, said of his experience with Dominica's Citizenship. I learn about the mass market, the middle market, and the high-end market."

"I am fond of collecting antique artwork and travelling many European nations to sell and acquire the art pieces," a multi-millionaire businessman from China said while explaining the benefits of Antigua and Barbuda citizenship for his business. As a result, having global mobility or visa-free access to European nations was critical for me. To obtain this, I chose to obtain Antigua and Barbuda citizenship a few years ago."

Even during the tough days of the COVID-19 outbreak, several businessmen travelled to different nations with Caribbean passports, which allowed their enterprises to thrive at a time when economies were severely reduced.

The Citizenship by Investment Program has been undertaken by Caribbean countries in order to strengthen their financial condition and increase foreign direct investment. The countries have compensated for the effects of the epidemic and natural calamities thanks to a significant investment through the CBI programme.

The investment has boosted their economy, which the Caribbean countries have put to use in a variety of areas including healthcare, education, and infrastructure.

As a result, Dominica's Citizenship by Investment Program (CBI) oversees the country's many development initiatives, including the construction of almost 5000 climate-resilient residences using CBI funding. Citizenship by Investment funds would also be used to build the country's largest and most expensive project, "The International Airport."

Programmes of the CBI

Since its inception in 2013, Antigua and Barbuda's CBI programme has been regarded as the world's most efficient and transparent economic citizenship option. The country has improved its ranking in the ninth pillar of the CBI Index by redesigning and implementing a stringent vetting process.

Dominica began the CBI programme in 1993 and has since been recognised as one of the best, longest-running, and safest in the world. The Commonwealth of Dominica was praised in the Smith and Williamson report for improving the due-diligence process so that qualified persons could obtain passports.

Grenada chose the Citizenship by Investment Program (CBI) in 2013 and earned a good ranking in the CBI Index. After a thorough verification process, Grenada has been praised for granting a passport to a qualified investor.

Since 1984, St Kitts and Nevis has been the longest-running and oldest country to conduct the most-trusted and successful CBI programme.

The government of St Lucia introduced the Citizenship By Investment Program on January 1, 2016, making it the Caribbean's newest and possibly best CBI programme.

Antigua and Barbuda (Antigua and Barbuda)

Applicants will be required to invest US$150,000 for a family of six or more in the University of West Indies Fund options.

One family member will be eligible for a one-year, tuition-only scholarship at the University of the West Indies if they want to participate in the option.

Grenada

Grenada's economy is being transformed through the National Transformation Fund. Applicants must make a minimum investment of USD 200,000 in the fund.

Dominica

The Dominica Economic Diversification Fund supports public and private projects in areas such as education, healthcare, sport, and tourism. The EDF requires a single applicant to contribute USD 100,000.

St. Kitts and Nevis

The Sustainable Growth Fund is the newest investment channel under the CBI Programme of St Kitts & Nevis. It was first launched in March 2018 by Prime Minister Dr Timothy Harris.

The Sustainable Growth Fund symbolises St Kitts and Nevis' continued efforts to reach its full potential as a small-island republic with a growing economy. The applicant receives dual citizenship with a USD195,000 investment for a household of four.

As a result, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia give dual citizenship to reputable investors after a thorough due diligence process.

Press Editorials Report