How Does Citizenship by Investment Benefit a Country? Part III - Emergency Funds and Philanthropic Support
September 18, 2016 - Commentary
We all know the proverb “saving for a rainy day”. For many Caribbean Islands regularly struck by hurricanes, this is advice that has to be taken literally.
Among nations vulnerable to natural disasters, Citizenship by Investment has served as an important source of emergency funding.
Take Dominica for instance, the Citizenship by Investment Program has played a key role in rebuilding the country following the devastating effects of Tropical Storm Erika that battered the island in August 2015. The Program has served as an economic and fiscal lifeline in the aftermath of Storm Erika that caused destruction equivalent to 90% of Dominica’s GDP.
In many of the countries in which they operate, Citizenship by Investment receipts are also used to fund various sustainable energy projects, educational and infrastructure projects (especially those supporting the tourism industry such as roads and airport upgrades), social security schemes and affordable housing schemes.
As many Economic Citizens fall in the HNWI bracket, small island nations offering CIP are also able to capture the interest of global philanthropists, giving these islands preferential access to funds and resources they may have not received through other sources.
Many new Economic Citizens who are doctors or professors not only donate money, but also their time and energy and offer support, training and supplies on their visits to the islands.
While many CIPs are only in their initial decade of operation, their impact on changing the course of the countries that offer them is undeniable.
Interested in knowing more about Citizenship by Investment in the Caribbean? PassPro is a Government Authorized Agent for the Citizenship by Investment Programs of Antigua and Barbuda, St Kitts and Nevis and Dominica and will be happy to provide you with more information. Follow PassPro on LinkedIn, Twitter @PassProNews or Facebook/PassProCitizenship or email [email protected]
PassPro spoke to Thomas Anthony, Deputy Chief Executive Officer of the Citizenship by Investment Unit of Antigua and BarRead More