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Unveiling the Benefits of Investing in Alternative Residency and Citizenship Programmes
Leena Motwani
The very core of humanity’s evolutionary survival has been our need to search around the globe for a better life, seeking new resources and opportunities, looking for safety and security, and enabling decades of civilizations to thrive on the global stage. But as the world changes, so do our predictions for the future – and as it stands, there has never been a better time to think of securing a contingency plan.
The COVID-19 pandemic has been a powerful wake-up call, triggering the world to come face-to-face with the significant influence that globalization has played and will continue to play in our daily lives. From generating incredible societal diversity, raising millions out of poverty, stimulating economies and prompting innovation – our open and connected world was moving much faster than societies and institutions could adapt to.
While the challenges of today do present a unique opportunity, there is already a solution to rebuild stronger, more resilient and sustainable global structures that benefit generations to come: the global citizenship movement.
A ticket to survival
Prior to the pandemic, the World Openness Score (WOS), as measured by Passport Index, a leading online platform for real-time global mobility, was at an all-time high of 21,360, growing at a steady rate of 6 per cent per year. At the height of the pandemic, this value decreased by over 58 per cent to reach an all-time low WOS of 8,759. With the world at a sudden halt amid tightened visa regulations and border closures, even the difference between the strongest and weakest passports evaporated as passport power equalized.
Evidently, in today’s changing world, holding a single powerful passport is not nearly enough to ensure an alternative route to safety and security, as it is to have multiple passports.
What was once seen as a ticket to freedom, holding an alternative residency or citizenship, has become the ticket for survival
Annually, residency and citizenship by investment programmes attract over US$ 24 billion in foreign direct investments. And every year, new countries are drawn to the benefits offered by the growing industry – from boosting tourism, infrastructure, employment, and expanding overall economy. Even from a philanthropic point of view, these programmes have become a tool of independence for countries relying on NGOs for funding, while driving and improving their global socio-economic landscape.
In tandem with increasing political turmoil, economic instability and climate change, the most recent global volatility driven by the pandemic has catapulted the steadily growing appeal of investment programmes into an impressive overdrive. The question now is not why, but rather when.
Global citizenship across Europe
Our identities and lifestyles are no longer dictated by where we are born, but rather where we choose to expand our potential and contribute our assets. And this fact alone has challenged the status quo of citizenship.
Investing in an alternative citizenship allows investors and their families to enjoy an increased quality of life with access to world-class healthcare and education, seamless visa-free travel with an additional passport, access to banking and financial services, and unique business opportunities in untapped parts of the world.
Portugal’s Golden Visa
While many countries offer a straight path to citizenship, other programmes go a step further to ensuring the right fit – and that begins with offering residency. This is popularly the case with Portugal’s Golden Visa.
To recount, the most obvious difference between citizenship and residency is that once you become a citizen of a country, you can apply for a passport, whereas residency status is usually conditional.
For example, as a statutory rule, in order to maintain Portugal’s Golden Visa residency, there is no need to relocate but investors must spend at least seven days in Portugal in the first year, and fourteen days in the subsequent years, which do not need to be consecutive.
A residency within an EU country such as Portugal grants access to travel freely across the Schengen, with the right to live, work and study in the hosting country. Residents can also benefit from European healthcare and education, both widely recognized as some of the best in the world. After five years holding a temporary residency status, investors and their families can apply for a Portuguese citizenship.
Montenegro
According to the World Bank, Montenegro is one of the fastest-growing economies in the Balkans and is quickly becoming a key destination for some of the most important industries around the world due to its strategic position. As a young state, it truly offers a unique potential for investors seeking mobility, safety, security, opportunity and increased quality of life.
With a starting investment of €350,000, Montenegro’s programme has proven to be one of the most competitive in Europe. Unlike many other programmes that are available to an unlimited number of investors, Montenegro boasts exclusivity to 2,000 applicants with its limited-time offer.
What makes the programme even more attractive is its application speed, which allows permanent residence status within three weeks, without undermining thorough due diligent processes. Citizenship is then granted within a period of six months as permanent residents.
A NATO member, Montenegro is on the agenda for future enlargement of the European Union by 2025. It already uses the euro as its currency and is in the process of integrating EU legislation into national law.
Home to one of the world’s most spectacular yachting harbors, Porto Montenegro, which was acquired by Investment Corporation of Dubai for over US$200M, the south has become one of the finest luxury destinations in the region, with luxury brands such as Regent and Aman Resorts.
With Montenegro’s prominent natural beauty and sophistication, tourism in the north has also begun to play a vital role for the nation. From their famous Lake Skadar to the beauty of mountainous ski region of Kolasin, major investors such as Sheraton and Westin have already tapped into the vast potential that northern Montenegro has to offer.
Global citizenship in the Caribbeans
The concept of Citizenship-by-Investment (CIP) originated in the Caribbean and has since been adopted across the globe. In fact, Caribbean islands have been at the forefront of championing the value of this newfound era of global citizenship across a number of attractive programmes, which have contributed to building the industry’s successful framework today.
Antigua and Barbuda
Amongst the most popular programme in the Caribbean, Antigua and Barbuda is known for offering investments in the region’s most anticipated real estate projects. Along with fast processing of three months, investors can travel freely to 113 countries with the Antigua and Barbuda passport: one of the highest in the Caribbean.
Antigua and Barbuda represents an ideal model of an empowered economy through the influx of funds from foreign investors. Through investments and donation contributions, global citizens have not only secured a future for themselves and their families but have also helped reinforce the local population through job creation, hurricane relief aid, funding of schools and supporting community initiatives.
Most recently, the twin-islands announced one of the most competitive investment options for families with the University of West Indies Fund at US$150,000, for a family of six, inclusive of government and processing fees.
Praised for its timely and thorough response to the pandemic, Antigua and Barbuda became a safe and healthy environment for citizens and residents with a well-equipped Infectious Diseases Clinic run by trained health professionals and experienced medical personnel.
Dominica
Despite the stormy seasons, Dominica has also seen immense growth in the tourism sector thanks to the development of world-class resorts and hotels funded through their CIP, including Kempinski, Jungle Bay Resort and Spa, Marriott’s Anichi, and Hilton’s Tranquility Beach, to name a few.
Pristine sandy beaches, lush-green mountains, acres of unspoiled tropical rainforests, and some of the best diving and hiking in the Caribbean, this island is named a natural treasure for good reason. As the popularity and demand of Dominica’s CIP increases, the opportunities and benefits to both investors, and the population, also continue to grow.
From a mission to build the world’s first climate resilient nation, to creating thousands of jobs for their citizens, Dominica’s CIP is making a significant impact on building the nation’s economy, increasing infrastructure durability, but most importantly, changing the lives of the people in their community.
Grenada
Popularly known as the Spice Island for its myriad locally grown spices, and featuring award-winning developments such as Mount Cinnamon, Grenada offers more than just sublime scenery, picturesque waterfronts, and a calendar of unforgettable festivities.
Grenada is the only country within our CIP portfolio that offers visa-free travel to Russia, China, the Schengen zone, as well as 100 other countries. In addition, its E2 visa treaty with the USA is an opportunity for investors to live, and operate a business in the USA. As a result, this option is proving to be very popular among foreign investors, since it is similar to the EB-5, but without the burden of a green card.
Grenada’s Citizenship by Investment Program has seen rapid growth in popularity over the last years, with record-breaking investor applications and real estate investment revenue up 106 per cent. The numbers have fortified Grenada’s status as one of the preferred destinations for many high-net-worth investors. With numerous projects underway, Grenada is set to continue its rise in attracting worldwide visitors to its shores, with an increased airlift to match the demand.
Saint Lucia
As one of the youngest investor programmes in the region, Saint Lucia has inherited decades of experience from its Caribbean neighbours. By handpicking the best practices, the Citizenship by Investment Board is committed to making the programme the most efficient for investors while providing unmatched benefits for the country and its people.
The Saint Lucia Citizenship by Investment Unit (CIU) most recently launched the Caribbean’s first virtual e-payment platform that enables investors to apply for the island nation’s Citizenship by Investment programme entirely online, offering greater efficiency and reducing the processing time between application and the granting of citizenship.
The tropical oasis is continuously in pursuit of creating additional value for its international investors over and above the sustainable return that is guaranteed by Saint Lucia CIU’s commitment to the highest standards of good governance.
Saint Kitts and Nevis
One of the best examples of the power of social impact investments is in fact seen in the smallest country on the hemisphere: Saint Kitts and Nevis. The island’s Citizenship by Investment programme, which was legislated in 1984, has become the model of investment programmes all over the world as the oldest CIP of its kind.
And despite temporary travel restrictions, the St. Kitts and Nevis passport remains the most powerful within the Caribbean nations offering CIPs, granting investors the freedom of mobility to 114 countries.
With its breathtaking natural beauty, warm skies and white sandy beaches, St. Kitts and Nevis is one of the most stunning spots in the Caribbean, and its adept response to the pandemic also became a testament to the government’s commitment to strengthen their regional and global stature and uphold their growing momentum.
Securing Peace of Mind
After this turbulent year, it’s clear that no one is immune to changing times. And now more than ever, securing a plan B is crucial. Not only to safeguard your life, but your future as well. And when it comes to investing in your future, timing is everything.
A second residency or citizenship is an important variable when choosing the right programme. It is important to consider the following three timelines: the time it takes to prepare and submit your application, the average government processing time, and the time required to qualify for citizenship. These vary drastically between programmes and service providers.
On an average three months is the quickest option to citizenship through the Caribbean programmes, including Antigua and Barbuda, Grenada, St. Kitts and Nevis, St. Lucia, and Dominica, followed by four months for a citizenship in Europe with Montenegro’s Citizenship programme, and finally five years to qualify for a citizenship in Portugal, after getting your residency within nine months.
Every programme offers vital benefits with the power to transform your life, no matter what your vision of the future looks like. While some CIPs have no physical residency requirements, and still offer many advantages, other programmes are ideal gateways into a whole new world. The choice is yours. But the time is now.
