Second Citizenship Now More Affordable for Larger Arab Families Looking to Secure Their Future
February 2, 2017 - News St Kitts and NevisCompetitive family investment packages and more inclusive age limits for dependents makes second citizenship a much sought-after choice for added family freedom and global mobility
Recently announced family investment packages and more inclusive eligibility requirements announced by the Citizenship by Investment Programs of several Caribbean countries are a much-welcomed development for large Arab families who wish to include all their dependents under one application, says PassPro Immigration Services, a Government Authorised representative for processing Citizenship by Investment.
Effective January 2017, St Kitts and Nevis announced that for the contribution to the Sugar Industry Diversification Foundation, the previous tiered structure and premium on older dependents has been scrapped. Instead it has introduced a much-simplified structure where the minimum contribution for a single person is USD250,000, for an applicant with up to 3 eligible dependents regardless of age is USD300,000 and the contribution for each additional dependent is only USD25,000.
“Earlier, many investors from Middle Eastern and North African countries would only apply for second citizenship for the father or main breadwinner of the family,” says Giselle Bru, Chief Operating Officer of PassPro. “Having access to a strong passport offering visa-free access to key business hubs such as the UK, Schengen Zone, Singapore and Hong Kong was seen as a means to advance one’s ability to do business – enabling short notice travel and the ability to fly anywhere in the world to attend meetings, entertain business clients or deal with urgent issues without waiting for weeks for visa clearance.”
“But these businessmen are well aware of the other benefits these programs provide to their families – the ability for spur-of-the-moment leisure trips, or the ability for mothers to visit their children who are in university. This is actually one of the main reasons stated by our clients who opt for the Antigua and Barbuda Citizenship by Investment Program which is the only one to offer visa-free access to Canada,” Bru added.
As part of the announced changes, St Kitts and Nevis has also raised its age limit of a qualifying fully dependent child from 25 to 30 years and lowered the age limit of a qualifying parent from 65 to 55 years.
Antigua and Barbuda also recently made an announcement allowing Iranians to be eligible to invest in its Citizenship by Investment programs, conditional on whether they have resided outside Iran for at least three years prior to the application, can demonstrate that the funds to be invested in Antigua and Barbuda were substantially earned outside of Iran and have permanent resident status or other long term visa in key jurisdictions with which Antigua and Barbuda has visa free entry arrangements.
“The Citizenship by Investment Units in the Caribbean countries have undergone a significant overhaul in their processing systems last year which means that they can more efficiently conduct the due diligence checks and move files through the approval chain in a faster, more streamlined fashion. The investment inflows from to these small island nations are helping to fund many crucial infrastructure developments, real estate projects that bring jobs to the local populace and are helping repay foreign debt. Enabling more families to invest in these programs will ensure that they continue to benefit both, the countries that offer them and the individuals that invest in them,” added Bru.
Citizenship by Investment programs in the Caribbean continue to be among the most sought-after among Middle Eastern and Asian individuals on account of their strong passports, quick processing timeline of only 3-6 months and relatively affordable investment entry threshold. In addition to the visa-free access they provide to more than 120 countries, citizens can live, work and invest across the Caribbean Community (CARICOM), have access to an alternative place of residence in times of war or political turmoil as well as enjoy expanded tax planning options.Want to know more about second citizenship for your family? Email [email protected] or call +97145541449 and we will be happy to guide you through the process. For further updates, follow PassPro Immigration Services on LinkedIn, Twitter @PassProNews, Instagram @PassProCitizenship or Facebook/PassProCitizenship
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