khaleej times Thursday, November 1, 2018
InternatIonal
resIdency &
cItIzenshIp BY INVESTMENT
khaleej times | aDVeRtisiNG sUPPlemeNt
St Kitts and Nevis’ Citizenship - Ideal for Middle Eastern Families Attending the 2018 IREIS conference in Abu Dhabi, St Kitts and Nevis’ representation explains what makes their citizenship by investment so attractive for Middle Eastern investors. St Kitts and Nevis launched its Citizenship by Investment programme in 1984, a year after gaining full independence from the United Kingdom. Since then, it has refined its processes, providing a second citizenship that is widely perceived as the Platinum Standard by investors around the world. The twin-island nation has been leading the economic citizenship world for more than 30 years, yet at no time has its citizenship process been more appealing than today. As trendsetters in the CBI industry, St Kitts and Nevis’ programme has recently become a popular avenue for more Middle Eastern high net-worth individuals and their families to solidify their wealth and live a life of greater international mobility, more lucrative business conditions, better healthcare and education prospects. “There has been an increase in demand for Caribbean citizenship, particularly in places like the Middle East and China where the market continues to evolve,” confirms Les Khan, Head of the Citizenship by Investment Unit of St Kitts and Nevis. There are currently two routes to acquiring the citizenship of St Kitts and Nevis: a government fund contribution or an investment in pre-approved real estate property. Many agents will recall the temporary Hurricane Relief Fund (HRF) investment avenue, as conceptualised by Prime Minister Timothy Harris, which ran
for a limited time following a difficult weather season in the fall of 2017. The option proved extremely popular and, according to Mr Khan, “successfully welcomed over 1200 applications in its sixmonth run, making [St Kitts and Nevis’ CBI offering] one of the most prosperous programmes in the world.” In another show of industry leadership, Prime Minister Timothy Harris introduced a successor to the HRF – the Sustainable Growth Fund (SGF). It aims to deliver longterm reforms, such as enhancing the quality of education on the twin-islands, boost the already booming tourism sector, support indigenous entrepreneurship, and many other socio-economic initiatives. The supported areas of development are also available to St Kitts and Nevis’ economic citizens to benefit from. For an investment of US$150,000 per main applicant or US$195,000 for a family
of four, the SGF option is especially beneficial for larger families from the MENA region looking to second citizenship in the safest, most convenient way possible. The SGF option caters to Middle Eastern families by offering the possibility for dependents to be part of the same application for a further US$10,000 contribution to the SGF for each additional member. The sole exception to this rule is the investment required from the spouse of the main applicant, who must contribute US$25,000. This means that St Kitts and Nevis’ programme is the most convenient option available to global families from the Middle East and, increasingly, from Africa. Another appealing feature of the St Kitts and Nevis CBI programme is the unique Accelerated Application Process (AAP), which guarantees successful candidates citizenship and the accompanying passport within 60 days. Furthermore, the most recent CBI Index report, published by the Financial Times’ Professional Wealth Management magazine, revealed that St Kitts and Nevis is making travel more accessible to all of its citizens. The country’s CBI programme was acclaimed for improving both its freedom of movement and affordability – a result of the nation’s rising diplomatic ties and price responsiveness to the growing investor immigration market. The freedom of movement element in the study evaluates the number of visa-free or visa-on-arrival destinations available to St Kitts and Nevis citizens, who can now travel to over 155 jurisdictions worldwide – a valuable feature for those seeking a second citizenship. Shortly after being praised for the high mobility benefit it offers its citizenship, St Kitts and Nevis went on to establish several international relations with countries across three continents – Africa, Europe and the
Les Khan, Head of the Citizenship by Investment Unit of St Kitts and Nevis Middle East – during the 2018 United Nations General Assembly in September. This has a positive long-term impact on the Caribbean nation’s economic citizens, according to citizenship expert Andres Gutierrez, Global Business Development Manager for international legal advisory CS Global Partners. “All evidence suggests that St Kitts and Nevis’ citizenship will become more valuable with time. The nation’s continued additions to visa-free travel destination is but one example of the way the product is increasing in value.” An extra layer of insurance for their investment is added by St Kitts and Nevis’ robust due diligence framework – another area the country was praised for by experts at the FT’s PWM. Due diligence in St Kitts and Nevis is performed by both the government and independent specialist risk analysis firms at every stage of the multitiered process, with the documentation being reviewed by international law enforcement agencies and checked against a number of sanction lists. Mr Khan says that strong attention to due diligence provides
nations entering into visa-free travel treaties with St Kitts and Nevis with the comfort that those crossing their borders are of high moral fibre and character: “Our due diligence process is at the centre of everything we do. By ensuring that only the best apply, we instill confidence in our citizens, both living on the island and abroad, as well as in the countries they may choose to travel to.” In exchange for their contribution, investors are rewarded with significantly increased international mobility, new business opportunities, discrete and fast processing and, ultimately, peace of mind for their family’s future. Furthermore, St Kitts and Nevis is an ideal destination for wealth management, asset diversification, and entrepreneurship and offers the unique chance to join one of the fastest-growing and most robust economies in the Caribbean. Investors who opt for the citizenship of St Kitts and Nevis are choosing a strong government with an equally robust legal system, sound investment opportunities in a thriving economy and a peaceful home in paradise.
THE ST KITTS AND NEVIS CITIZENSHIP BY INVESTMENT PROGRAMME
The St Kitts and Nevis Programme R A N K E D N U M B E R ONE for ease of processing,
I N V E S T. G R O W. PROSPER.
due diligence, and residency requirements in a special report by the Financial Times’ PWM magazine. The SUSTAINABLE GROWTH FUND (SGF) is the faster and more affordable route to St Kitts and Nevis’citizenship.
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Thursday, November 1, 2018 khaleej times
InternatIonal resIdency & cItIzenshIp by Investment khaleej times | aDVeRtisiNG sUPPlemeNt
‘Citizenship by investment’ programmes Countries that are seeking investments from potential migrants look at the UAE as a major hub for attracting capital as well as new citizens
The US administration is focused on generating new jobs for Americans and is also keen on attracting jobcreating (not job-seeking) immigrants.
♦ Nithin Belle
S
ome of the most exciting changes are occurring in the international business migration segment, with countries – ranging from the United States to small nations on both sides of the Atlantic – offering ‘citizenship by investment’ programmes. Interestingly, many of these countries that are seeking investments from potential migrants look at the UAE as a major hub for attracting the capital and also the new citizens. And there has been a significant increase in the response of residents to acquiring new citizenships, and possibly having two passports. According to AAA Associates, a leading, Dubai-based business migration consultancy firm, the demand for Caribbean citizenship among UAE residents has increased by 51 per cent. This is mainly for citizenship in St. Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda and St. Lucia. “HNI residents from Syria, Yemen, Lebanon, Iran, Iraq, Saudi Arabia, Bahrain, Qatar, Kuwait, Oman, India and Pakistan are keener to avail themselves of the opportunity to obtain strong second passports for travel convenience, which is crucial for their business expansions, timely visa-free travel to Europe and other important countries of the world, and also for hassle free international excursion trips with their families,” says a firm spokesperson. Imran Farooq, CEO, AAA Associates – which is part of Samana Group – met heads of states and top executives of Citizenship by Investment Units (CIUs) on a recent trip to the Caribbean. At a meeting with Dr Roosevelt Skerrit, the Dominican Prime Minister, he discussed industry best practices, regulations and growing investment opportunities in the Caribbean, especially in the Commonwealth of Dominica, which has the most popular Citizenship by Investment programmes in the region. “The purpose of the visit to the Caribbean region and meeting the Heads of States along with the Heads of Citizenship by Investment Units was to set up strong
connectivity among all stakeholders for smooth and fast process,” said Farooq, who is also CEO of the newly-established AAA Associates Dominica. Dominica offers an attractive Citizenship by Investment package, which includes a $100,000 government donation programme and a $200,000 investment in real estate, enabling investors to get Dominican citizenship. The Dominican passport enables visa-free travel to more than 120 countries. According to Farooq, Dominica citizenship by investment programme is legally entrenched in law. “Obtaining second citizenship by investment in the country is a confidential and trustworthy process that does not require a person to renounce their existing citizenship.” For potential migrants to the US, there has been some good news of late, with the US Congress extending the EB-5 (Employmentbased fifth-preference category) immigration investor visa programme, in a bid to generate new jobs in the country. “The US Congress passed a reauthorisation of the EB-5 program until December this year that will help the residents of the UAE and the Gulf to avail Green Cards without the delays facing investors from other countries,” says Stephen Strnisha, a board officer of Invest in the USA (IIUSA), the EB-5 industry trade association, and CEO, Cleveland International Fund (CIF). “The EB-5 program has become more popular in countries where the number of immigrants
has historically been low – such as the Gulf countries.” The EB-5 program was launched in 1990 to boost US employment through immigration. Foreigners could obtain a Green Card after investing $500,000 in projects that generated a minimum of 10 jobs. The investor would get the green card on maturity and also the total investment after a few years. “This is a positive development for all interested individuals in the Middle East, where there is no retrogression and experienced regional centres like CIF providing strong offerings with some of the best economic terms available for investor
consideration,” says Strnisha, who addressed potential investors in Dubai. The US administration is focused on generating new jobs for Americans and is also keen on attracting job-creating (not job-seeking) immigrants. According to Strnisha, the move has wide support from both Republicans and Democrats in the US Congress. The US offers up to 10,000 Green Cards every year under the EB-5 Investor Immigration Program. Of course, with 10,000 potential investors, it could result in the creation of 100,000 new jobs and investment of over $5 billion. The CIF has over the last eight years raised
over $240 million for 10 different development projects, which have generated over 14,000 new jobs in the US. “This track record has made CIF a critical player in advancing economic development in Northeast Ohio, so much so that our regional Chamber of Commerce sought an ownership interest in our enterprise,” adds Strnisha. “Our success has also led us to expand our focus to two other States and six other metropolitan areas resulting in CIF now serving a significant portion of the US Midwest between Chicago and New York, comprising a population of over 13 million people.” The other side of the Atlantic also has a lot of exciting offers for those seeking opportunities. “Montenegro is aiming to develop a sustainable economic model by offering investment opportunities across various trade and investment sectors,” says Marco Gantenbein, a member of Henley & Partners’ Global Executive Committee and Managing Partner of Henley & Partners Dubai. The leading global investment migration firm is launching a Montenegro citizenshipby-investment programme in collaboration with the government of Montenegro. This follows the recent decision by another European nation, Moldova, to award Henley & Partners the mandate to design, implement, and promote its new Moldova Citizenship-by-Investment (MCBI) programme. “We believe this latest citizenship-byinvestment programme is a step in the right direction,” says Gantenbein. “We foresee significant interest from expats in the UAE seeking citizenship by investment opportunities in jurisdictions such as Montenegro.” Last October, the UAE and Montenegro extended their mutual visa exemption deal to ordinary passport holders. Montenegro citizens have visa-free access to more than 120 countries including the UAE. With many nations relaxing their migration norms for affluent folk, there is likely to be a spurt in the number of people holding dual passports and working from different geographies. — supplements@khaleejtimes.com
BROADENING THE OUTREACH The motivation to pursue a better overall quality of life is obviously a prime consideration for second residency RIF TRUST & LATITUDE CONSULTANCY is a professional immigration consultant. In an interview with Khaleej Times, founder Mimoun Assraoui, David Regueiro and Eric Major focused on what immigration stands for people at large. CITIZENSHIP BY INVESTMENT & SECOND PASSPORT SPECIALISTS
$ RIF TRUST LLC Global sales office ▪ +971 (04) 243 2032 ▪ contact@riftrust.com U-BORA Tower ▪ Office 902 ▪ Business Bay ▪ PO BOX 35195 ▪ Dubai ▪ United Arab Emirates LATITUDE CONSULTANCY LIMITED Global sales office ▪ +44 1534 868 201 ▪ info@latitudeworld.com U28 Esplanade ▪ 6th floor ▪ St Helier ▪ Jersey ▪ Channel Islands ▪ JE2 3QA
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Tell us about the priority that people attach to immigration these days? We live in an ever more globalised world, with increasing mobility, connectivity and wealth, and the spread of that wealth to more hands. As this phenomenon has expanded, residence and citizenship have become mainstream topics among the increasing number of international private clients who seek opportunity and greener pastures abroad. In our extensive experience, we see five key drivers: ♦ Mobility: In today’s day and age, a person of talent needs borderless travel, as business is far more international then it was even just 10 years ago. Making an active decision with regards to attaining visa-free travel gives them, via a second passport, more personal freedom and security for themselves and their families. ♦ Security: The world is a precarious place at times, so wealthy families will seek an insurance policy in case the world around them suddenly changes. ♦ Wealth and tax planning: Some clients need to consider establishing a nexus in another jurisdiction for tax planning purposes. Whilst moving purely for tax purposes is, in our experience, rarely the sole driver, it remains an important consideration for many HNWIs. ♦ Quality of life: The motivation to pursue a
Mimoun Assraoui
David Regueiro
better overall quality of life is obviously a prime consideration for many individuals and their families. ♦ Education and/or Business Opportunity: As anyone who attends a good university in the Western world will attest, the student body of such universities are looking much like the United Nations. Indeed, in countries like Canada, the US, the UK and Australia, there is a strong correlation between education and the immigrant investor market. What is the trend these days as far as Residency/Citizenship Programmes are concerned? We expect both the residency and citizenship markets to continue to grow both in terms of private client demand as well as the number of participating countries. Indeed, on the supply side, many governments have recently entered the race for global talent and their capital. The Government of Anguilla, for example, recently signed a Public Concession Agreement with a Consortium that includes RIF’s parent company, Latitude Consultancy. The Consortium is tasked with the design, implementation and international promotion of Anguilla’s new inward investment agency, which will include the creation of two new residence programmes. Another example is Montenegro that happens to be on the short list to join the European Union by 2025. It will launch a new citizenship-by-investment programme (CIP) in early 2019.
Eric Major
Moldova is another country that plans to launch a new CIP before the end of this year. Even Turkey, which already had a CIP in place, has announced that it will be making important changes to their selection criteria and investment requirements. What edge does your company enjoy in providing citizenship by investment consultancy for people in quest of a second passport? Our clients are getting younger and are more mobile. This new generation of wealthy elite has ambitions that reach far beyond the limitations of national borders. They live in a digital, highly-connected world, with a global outlook. We offer leading insight and expertise to investors who are prepared to make economic contribution to gain residency or citizenship privileges in a selected country. What kinds of packages do you offer, and what countries are most sought-after? We offer different qualifying investment and donation packages. St Kitts and Nevis is one of the top options in the Caribbean. Our clients are being approved in two to three months and receive a passport with visa-free travel to over 150 countries. For those with the financial means, Cyprus offers a programme, which is tied to the purchase of real estate priced from €2 million. A Cyprus passport affords the right of establishment in other EU countries and visa-free travel to 170 countries.
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khaleej times Thursday, November 1, 2018
InternatIonal resIdency & cItIzenshIp by Investment khaleej times | aDVeRtisiNG sUPPlemeNt
All hail Dominica - the unrivalled second citizenship Small yet unbeatable. It would appear Dominica is in a league of its own when it comes to its citizenship by investment programmes, with the country receiving widespread international recognition for its efforts and ethical stance, while investors swarm to apply for its citizenship. The small Caribbean island is adamant on upholding the highest industry standards and shares its experience with attendees of the 2018 International Real Estate and Investment Show in Abu Dhabi. As one of the oldest Citizenship by Investment (CBI) programmes, established in 1993, the Commonwealth of Dominica now occupies the leading position in a growing economic citizenship sector, fuelled by more investors seeking new, international opportunities. The small Caribbean nation’s programme was recently declared, yet again, the world’s best in a special report by the Financial Times subsidiary Professional Wealth Management. Titled the 2018 CBI Index, it is the only comprehensive and independent ranking system that critically analyses and compares the 13 countries currently operating government-legislated CBI programmes around the world. Experts at FT’s PWM awarded Dominica perfect scores in five of the seven “pillars” measured, considered the most important factors from an investor’s perspective, according to independent researcher James McKay. Dominica excelled in areas like security and vetting procedures, minimum investment outlay, citizenship timeline, efficiency and undemanding travel or residence requirements. “We stand out for delivering an affordable, yet secure and fast service,” believes
Ambassador Emmanuel Nanthan – Head of Dominica’s Citizenship by Investment Unit. Nanthan goes on to explain that Dominica is an easy choice to make for smart investors: “The fact that we maintained our position as the world’s best CBI programme for the second year, despite regional and global challenges, demonstrates that investors trust us to deliver a flawless service.” One major advantage that applicants from the Middle East appreciate is, indeed, the speed at which Dominica is capable to process applications, with citizenship typically approved in less than three months. Even when the demand is very high, there is a government regulation in place whereby, within three months of submission, the Citizenship by Investment Unit will notify the authorised person on behalf of the main applicant as to whether their application has been approved in principle or not, provided all the documentation and procedures had been fully complied with. The investment thresholds for Dominica’s CBI start from US$100,000 for a single applicant, which is the most affordable option on the market. It is available in the form of a contribution to the Economic Diversification Fund (EDF) and offers the opportunity for investors to obtain second citizenship more conveniently and support the country’s economic development in the process. The second pathway to Dominican citizenship is an investment in designated real estate with a value of at least US$200,000. With top hotel brands like Marriott, Hilton, Kempinski, and other luxury resorts developing world-class accommodation for the growing eco-tourism trade, Dominica continues to attract
Strong Investment Opportunities
investors able to combine entrepreneurship with practicality. In exchange, successful applicants benefit from greater international mobility, new business opportunities, security and stability for their families. Since Dominican citizenship is for life and can be passed down to future generations, investors can be sure that their family legacy is future-proof. The country also has a favorable taxation environment with no inheritance, wealth, gift, foreign income or capital gains tax, while personal tax only applies if one resides and earns income in the country. Undeniably, in a new era of interconnection, the demand for increased global mobility is skyrocketing. For the average international businessperson, travel is a vital component in the work environment. In order for economic and native citizens to benefit from these programmes, countries who offer this option must have an unwavering international presence. Dominica’s strong diplomatic relations has facilitated visa-free and visaon-arrival travel to over 120 countries and territories including business hubs like London, Hong Kong, Singapore and the Schengen Zone. Less administrative hassle allows individuals to conduct business in a timely manner and appreciate the freedom that comes with travel. Transparency of CBI funds usage also sets Dominica apart, with the government offering regular updates on the ways in which investors’ financial contributions are used to improve the lives on the island, such as commissioning 5,000 new homes, creating over 1000 jobs, or funding the National Health Insurance pilot that helps children in critical medical conditions get the necessary treatment. Holders of the Dominican economic citizenship can therefore be proud that their investment goes beyond their own benefit and eventually plays an important part of making their adoptive country a model for resilience, inclusivity and sustainability. The Commonwealth island has won a myriad of awards, including Best Caribbean Citizenship Programme at the Russian Global Citizen Awards, but its global accolades and merits stretch beyond the
Trusted, Efcient and Streamlined Application Process
Ambassador Emmanuel Nanthan, Head of Dominica’s Citizenship by Investment Unit logistical realm of the CBI Programme. Dominica’s ethos of a Global Community – the country’s CBI programme mantra – is what makes the island stand out from the rest. Known for its warm and welcoming nature, Dominica’s international presence and community can be felt worldwide, most notably for its efforts in becoming the “world’s first climate-resilient nation”, as pledged by Prime Minister Roosevelt Skerrit. The proposal received the backing of former US president Bill Clinton, the UK Government, and international organisations such as the World Bank. Earlier this year, the Commonwealth island launched the Climate Resilience Execution Agency of Dominica (CREAD) after 2017’s Hurricane Maria. The initiative was preceded by the announcement that CBI funds will subsidise the development of a geothermal plant, while National Geographic, CNN and many others applauded Dominica’s comprehensive ban on single-use plastic. Aligned with its global mindset, applicants who invest in the nation contribute to the country’s prosperity and help small islands – and the rest of the world – better understand how to protect themselves from the grip of climate change. Despite understandable challenges posed by
Hurricane Maria last year, applicants remained certain of the integrity and durability of their second citizenship and the process it involves. The programme’s strong due diligence framework, streamlined processing and exemplar reputation played a major role in keeping the CBI Unit running flawlessly regardless of external factors. Dominica’s Prime Minister, the Honourable Dr Roosevelt Skerrit, recently stated that his country “showed unfathomable resilience, and a consistent and diligent approach to service, resuming application processing for our citizenship programme within less than a week of the event.” In order for a CBI programme to remain successful, it must continuously demonstrate a forward-thinking philosophy. Now more than ever, countries that offer citizenship by investment are taking heed of the growing demands of the market. As more jurisdictions begin to introduce their own versions of citizenship programmes, Dominica continues to show its ability in adapting with the times and remaining resilient. The island’s growing popularity with investors continues to solidify its place as the best citizenship programme in the world. And we can easily see the appeal for globally-minded families in the Middle East and beyond.
Visa-Free Access to over 120 Countries
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