The very first Caribbean paradise to offer a Citizenship by Investment Program was St. Kitts and Nevis back in 1984. While other countries were slower to recognize the economic gains that citizenship programs could produce for their regions, programs are now offered by a multitude of countries in the Caribbean and beyond. Today, citizenship by investment growth means that new programs are emerging steadily as the hunger for investment opportunities that result in visa-free travel grows. Not to mention, updates to programs are being made at such a rapid pace that it is important for investors to connect with experienced consultants to be sure they are making the best choice.
Since 2011, there have been 15 new residency and citizenship by investment programs launched by countries around the world. The Caribbean countries of Antigua and Barbuda, St. Lucia and Grenada have all launched citizenship by investment programs. Cyprus and Malta have launched both residency and citizenship programs. Ireland and Portugal are just a couple of the countries now offering residency by investment.
As the supply of citizenship by investment programs on offer has increased, so has the demand. Grenada, for instance, saw its best year since starting the program, reaching $130 million in revenue. Portugal announced that they have issued their 6,000th approval. It has also been recently estimated that Cyprus has generated as much €6.6 billion since the program started in 2013.
The potential economic gains for the host country are enormous. This has caused many of the countries to offer reduced fees in order to remain competitive. For example, Dominica – which was one of the first Caribbean countries after St. Kitts and Nevis to offer Citizenship by Investment – lowered the government fees associated with an investment in real estate substantially in September 2017. While a main applicant formerly had to pay $50,000 USD in government fees on top of their real estate investment in order to apply for a second citizenship, that fee was lowered to $25,000 USD. Similarly, the country reduced their fees associated with including family members in the application. The fee for a main applicant applying with his spouse through an investment in real estate was lowered from $70,000 USD to $35,000 USD and this includes the ability to add two additional dependents in the application for no extra cost. These changes have developed in light of the fact that Citizenship by Investment is becoming more competitive as the demand for it increases.
St. Kitts has also recently launched two new initiatives as part of their citizenship program. One option is the new Sustainable Growth Fund which reduces the required investment for a single applicant to $150,000. The second initiative allows investors to get citizenship by purchasing real estate on the island with a minimum value of $200,000. The new real estate option is 50% lower than the previous option, which required an investment of $400,000.
Changes like those mentioned highlight the necessity of connecting with trusted consultants, like Elevay, when considering Citizenship by Investment. Without connecting with reputable CBI consultants, one faces the risk of missing an opportunity to obtain a second citizenship while saving thousands of dollars. The Citizenship by Investment growth and rapid changes to the industry are not showing any signs of slowing down. Elevay’s consultants are highly skilled when it comes to delving into the specifics of each investor’s situation in order to both simplify the myriad of choices when it comes to CBI programs, while ensuring the optimal choice for each individual is selected. When it comes to solutions, Elevay is an ideal choice for investors who want access to the latest and most up-to-date CBI information available.