Belong Magazine Issue 4 by Truly Belong

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Belong JUNE 2016

INTRODUCING THE OLDEST AND MOST TRUSTED CITIZENSHIP BY INVESTMENT PROGRAMMES IN THE WORLD

Discover the benefits of becoming a citizen of the world

Dual Citizenship: The Insurance Policy of the 21st Century

The views and comments in this publication/advertisement are those of CS Global Partners and are not backed or in any way endorsed by The Financial Times Limited. BELONG • JUNE 2016 • 1

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THE INSURANCE POLICY OF THE 21ST CENTURY

n today’s ever-changing and fast-paced environment, many of the decisions we make may appear fraught with complexity and unpredictability. However, the choice to invest in a second citizenship is one that can be made with confidence. Second citizenship is the safety net you deserve to guarantee your future security and prosperity, and to safeguard your family’s happiness. With an additional citizenship, you can always find the comfort of a welcoming second home, irrespective of how vulnerable you may be elsewhere. You can also protect your assets by diversifying across borders. Finally, with a second citizenship you can attain greater mobility, the option to choose between

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two sovereign countries, and the certainty that the new liberty you experience today will be retained by your children, and their offspring, for generations to come. Belong will provide you with an overview of how to acquire second citizenship rapidly, lawfully, and efficiently, and it will help you navigate the intricacies of the citizenship application process. Within these pages, you will be able to explore the world’s best citizenship by investment (CBI) programmes, learn more about the remarkable countries offering the chance to become their national, and embrace the concept of becoming a citizen of the world. •

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Contents 04 Note from the Editor: Choose Your Citizenship, Don’t Let It Choose You 04 The 10 Steps for Obtaining an Alternative Nationality 05 The Three Pillars of Second Citizenship

St Kitts and Nevis 06 Welcome from the Prime Minister of St Kitts and Nevis 08 Address from the Minister of Foreign Affairs and Aviation 09 The St Kitts and Nevis Citizenship by Investment Programme 10 Access and Opportunity: the St Kitts and Nevis Experience

Grenada 12 Welcome from the Prime Minister of Grenada 14 Address from the Minister of Implementation 15 The Grenada Citizenship by Investment Programme 16 Grenada: Embrace an Effervescent Life

Dominica 18 Welcome from the Prime Minister of the Commonwealth of Dominica 20 Address from the Minister of Foreign Affairs and CARICOM Affairs 21 The Commonwealth of Dominica Citizenship by Investment Programme 22 Find a New Beginning on the Island of Dominica

24 How to Obtain Citizenship of St Kitts and Nevis: SIDF vs Real Estate 26 How to Obtain Citizenship of Grenada: NTF vs Real Estate 28 How to Obtain Citizenship of Dominica: EDF vs Real Estate 30 The Caribbean: Region of Choice for Today’s HNWI – Q&A

Copyright. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise, without the permission of CS Global Partners or the publisher. Where opinion is expressed it is that of the author(s) and does not necessarily reflect the editorial views of the publisher, Belong Magazine or CS Global Partners. All information in Belong Magazine is checked and verified to the best of the publisher’s ability, however the publisher cannot be held responsible for any mistake or omission enclosed in the publication. Limit of Liability and Disclaimer: While the publisher and author(s) have used their best efforts in producing this publication, they make no representation or warranties with respect to the accuracy or completeness of the contents of this publication. The explanations and strategies contained herein may not be suitable for your situation. You should consult with a professional advisor where appropriate. Neither the publisher nor the author(s) shall be liable for any loss of profit or any other damages, including but not limited to special, incidental, consequential, or other damages.

With grateful thanks to: The Government of Dominica • The Government of Grenada • The Government of St Kitts and Nevis And our partners, friends and associates from the islands of St Kitts & Nevis, the Commonwealth of Dominica and Grenada who helped us source these beautiful images and without whose guidance, expertise, and generosity this publication would not have been possible.

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the 10 steps for obtaining an

alternative nationality

a note from the editor

1. Decide to obtain alternative citizenship - choose a programme

2. Make contact with:

4. The authorised agent will represent you in the jurisdiction you choose and will submit the application for you to the Citizenship by Investment Unit (the Unit)

3. Your agent will work closely with you to complete the application forms and gather supporting documents.

5. The Unit will acknowledge receipt of your application and perform stringent due diligence background checks

6. If the Unit believes the application meets all of the requirements, it sends the application to the Prime Minister for review and approval

8. You make the contribution or investment in real estate

7. You receieve a letter approving the application in principle

9. Congratulations! You are issued with a certificate of naturalization/registration indicating that you have become a citizen. Your agent will apply for your passport on your behalf

10. Receive your new internationallyrecognised passport: now you can explore the world, experience true freedom, and be safer than ever before

• An Authorised Agent in Dominica • An International Marketing Agent in Grenada • Authorised Persons in St Kitts and Nevis

Choose your Citizenship, I like to think I am a citizen of the world – I love the idea of personal freedom, being welcomed anywhere, having access to good healthcare and education, and belonging to a global citizenship movement. Life was not always that straightforward for me. Where I was born limited my personal ambitions and at times threatened my family’s security. When I learned about obtaining citizenship in a Caribbean country, it resonated within me – not only could these safe jurisdictions offer a peaceful lifestyle, but they could also open up new, exciting doors. For years, I have therefore dedicated myself to assisting businesspersons and families to discover their personal freedom through a “Three Pillars of Second Citizenship” model: physical safety; financial security; and accessibility and lifestyle. Interestingly, every one of us has needs that fall into one of these categories, which can be addressed by the Caribbean dual citizenship programmes. There are many ways to obtain dual nationalitay but I urge you to consider the Caribbean. It has deservedly earned global pre-eminence among high networth individuals offering as it does, freedom from political turmoil, combined with financial safety and unique investment opportunities, all encased within stable, blossoming economies. Most importantly, when you invest in a second citizenship in the Caribbean, you also contribute to the wellbeing of those living on the islands. Micha-Rose Emmett GROUP MANAGING DIRECTOR CS GLOBAL PARTNERS

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Note: There are no language, management, or qualification requirements to apply for citizenship. You do not need to travel to the country or attend an interview. There are no residency requirements.

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The three pillars of second citizenship

Physical Safety

Financial Security

accessibility & Lifestyle

History teaches us that physical safety can be fleeting: in a matter of weeks, the Arab Spring swathed the Middle East; Apartheid fragmented South African society with the rise of one discriminatory doctrine; Hitler’s Germany occupied large sections of Europe for years, displacing families and effacing their national identities. Because we have little influence on the socio-political climate of our countries of birth, a second citizenship in a nation that is sheltered from danger is a precious commodity. There is no need to face turbulence, or expose oneself to crime and violence, when one can find peacefulness and happiness elsewhere. Moreover, when the country providing a safe haven is renowned for its social openness, sense of community, and local friendliness, as are the nations that open their borders to economic citizenship, the decision to obtain a second citizenship is an easy one to make.

Dual citizenship can provide a platform for multijurisdictional financial planning. Not only can it ensure that your possessions are protected by a rigorous legal system, but it allows you to hedge your financial risks by allowing you to develop an international portfolio. With citizenship of another, growing country, you can make sure that you are where economic development is, and that you can access expanding markets to make profitable returns. You can also benefit from the nation’s comparative advantages, which may be very different from those of your original country of citizenship. Citizenship can also open the doors to economic treaties and other transnational partnerships. Finally, citizenship of a country with a generous tax regime and a growing economy presents the perfect opportunity for intelligent investment.

We underestimate the stress, hassle, and cost of having to apply for a visa – a process that requires tedious form filling, document searching, and payment of heavy fees. As we step more and more into the 21st century, we expect easy accessibility to be commonplace. But, if you don’t have the right visa-free privileges, you need to leave your passport at an embassy for weeks before a visa can be issued. With an alternative citizenship, you can radically improve your visa-free travel options, giving you the benefit of carefree mobility. You can also become part of a community that prizes entrepreneurship, values education, and cherishes universal healthcare. Lastly, should you obtain citizenship of a country encased in natural, quiet splendour, you could embrace a whole new lifestyle of relaxation and indulgence.

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Dr the Honourable Timothy Harris Prime Minister of St Kitts and Nevis

Welcome to St Kitts and Nevis Rediscover St Kitts and Nevis: a lifestyle and opportunity destination for businesspersons and families

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Greetings and welcome to the Federation of St Kitts and Nevis! We look forward to making you a part of our future. In St Kitts and Nevis, we recognise that the world is changing ever so quickly and opening up fresh opportunities and perspectives for integration, cooperation and partnership as well as for developing creative solutions. For instance, the emerging shifts in global transportation corridors, as seen in the Americas (Panama Canal expansion and potential canal in Nicaragua) means the Caribbean as an alternative and important shipping lane will increase. Likewise, the continued portability of business ideas and the mobility of clean capital seeking safer and more responsive jurisdictions also means that the Caribbean can and will play a much larger role in international trade, global politics and economic development. We believe that the Federation of St Kitts and Nevis is well-placed to play a transformative role in this new shift. St Kitts and Nevis remains a lifestyle and opportunity destination. We are therefore working to develop and enhance our tourism offerings while growing the economy responsibly, as evidenced in the projected 6% growth for 2016. We want to continue to attract the types of investment that meet our holistic approach to sustainable development. St Kitts and Nevis expects that by 2020, the twin-island Federation would have significantly, if not completely, reduced its dependence on fossil fuels through the development of geothermal and solar energy solutions. We are pleased that as a lifestyle and opportunity destination our doors are open to the world. We say “come, relax and enjoy our lush rainforest and beaches or explore potential opportunities for investment in the tourism sector, commercial agriculture, renewable energy, offshore education, electronics manufacturing, and information technology, to name a few.” We want our guests to feel at home and to understand that we are building a new system of governance where the rule of law, respect for the rights of citizens and investors, the strengthening of our judicial systems and a sense of accountability are paramount. This is a new system built on the old St Kitts and Nevis values. We believe in the future of this Federation and we are pleased that international sentiment remains positive, which we feel reflects confidence in the policies of my government. Our partners now know that we understand the imperatives of working in partnership, of building bridges and sharing best practices. In this spirit, we have also begun to deepen and expand our global diplomatic footprint. We are working more collaboratively to build strategic partnerships around the world for the benefit of our globally-minded citizens. Our 32-year-old Citizenship by Investment Programme continues to be respected internationally and we will ensure it redounds to the economic development of St Kitts and Nevis. This is precisely why over the last fourteen months we have reformed the Programme, expanded and strengthened the due diligence and security framework, instituted Cabinet oversight, improved administrative and management controls as well as renegotiated our relationships with our international partners and reinforced our commitment to integrity, exclusivity, security, transparency and accountability. I am convinced that we can be responsible, responsive and efficient all at the same time. My Unity Government understands the needs of business and the importance of creating an enabling environment, something to which we are committed. We are equally aware of and committed to the empowerment of our people and the transformation of our country into a more open, competitive and modern society with people adept at navigating the new and ever-changing international landscape. I invite you to come and rediscover St Kitts and Nevis. Sincerely, Dr the Honourable Timothy Harris Prime Minister of St Kitts and Nevis

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Forging New Pathways St Kitts and Nevis is working to play a bigger role in connecting the world and in creating enduring bridges of friendships based on shared values and expanding opportunities. In this era of global connectedness, never The Honourable before has St Kitts and Nevis Mark Brantley been presented with Minister of Foreign Affairs such opportunities to and Aviation forge diplomatic ties with of St Kitts and Nevis like-minded countries across the globe. These interactions recognize the importance of diversity even within complex historical, social, cultural and political structures. They also create new opportunities for better understanding of our unique environments and to forge lasting, mutually beneficial relationships. One way to measure the strength of international relationships is through diplomatic relations, economic, commercial and trade partnerships and people-to-people interactions. Hence, we are committed to ensuring that citizens of St Kitts and Nevis are free to move around the world, whether to conduct business, engage in philanthropy or imbibe the historical and cultural diversities of our world. Encouraged by the positive outcome of our diplomatic engagements and bolstered by the pledge of our Government to good governance, security, integrity and people empowerment; we feel that in the months and years ahead, citizens of St Kitts and Nevis will be welcomed visa-free across the globe. In recent months, we have signed diplomatic relations with Mongolia and Senegal and continue to negotiate visa-free travel with several countries. South-South cooperation is also extremely important to St Kitts and Nevis, especially as our common challenges, cultures and policies are increasingly more aligned. Equally, our economic and social systems are interdependent whether in trade, tourism, investment or business opportunities. Therefore, it is important to ensure the southern pathways remain open in the spirit of cooperation and goodwill. St Kitts and Nevis is a desirable and credible partner. It embodies not only extraordinarily beautiful tropical islands, but also great opportunities, the collective dynamism of ordinary citizens who warmly embrace and welcome the thousands of tourists who flock to our shores in increasing numbers. Sincerely, The Honourable Mark Brantley Minister of Foreign Affairs and Aviation of St Kitts and Nevis

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The St Kitts and Nevis Citizenship by Investment Programme The blueprint for citizenship by investment across the globe, the St Kitts and Nevis Programme is a trusted option for businesspersons looking for a new citizenship.

espite the reassurance that the Federation of St Kitts and Nevis has the world’s oldest (at 32 years) and most trusted Citizenship by Investment (CBI) Programme, in the past 14 months it has reformed its processes and due diligence procedures to ensure that it maintains this leadership honour and investor confidence. Last year, the Government employed the services of an international, independent risk-mitigation firm to implement 20 recommended significant reforms that not only enhance the Programme’s robust due diligence procedures, but also demonstrate that St Kitts and Nevis is committed to total transparency and a level of accountability beyond what is an already comprehensive and prestigious system. The Government of St Kitts and Nevis is dedicated to diversifying the economy through CBI. At the same time, candidates who desire dual citizenship are assured that their streamlined application for citizenship, entailing an investment in either the Sugar Industry Diversification Foundation (SIDF) or a pre-approved real estate project, will provide them with the security of an alternative home and work base.

The SIDF option involves a US$250,000 contribution to the Foundation for a single CBI applicant. The Foundation uses that contribution to drive economic empowerment through loans and grants to new projects, students, and exciting small and medium-sized enterprises. Should a CBI applicant prefer to invest in real estate, a minimum of US$400,000 must be directed towards preapproved developments – the range of which will more than satisfy large families, single students, retired couples, and entrepreneurs wishing to acquire tourist rental property or a luxurious home. Successful CBI candidates can rest assured that, because the dual citizenship application is completely confidential, their identities remain private. There is also no requirement to attend an interview or take residence in St Kitts and Nevis, as applications can be processed and facilitated abroad. The opportunity to include all direct family members in the CBI Programme ensures the wellbeing of dependants and provides them with increased freedom for life. •

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he Federation of St Kitts and Nevis unites two diverse islands under a single paradise destination. Indeed, the larger St Kitts, and the smaller Nevis, present a yin-yang balance that attracts both the fastpaced adventurer and the nature-lover. The twin islands offset one another beautifully and, because you can easily travel between them by ferry in 45 minutes, you can look to either of them to indulge your desires for action or relaxation, modern trendy bars or colonial history, yachting or fishing, scootering or hiking, and sports or wildlife adventures. Entrepreneurship also flourishes on the islands, with the Royal St Kitts Golf Club’s championship level courses providing the perfect location for closing deals, and Nevis’ business-friendly legislation making incorporation easier than ever.

A Prestigious Profile The 2016 World Countries Awards credited St Kitts and Nevis with the accolades of ‘Best Country in the World,’ ‘Best Food in the World,’ and ‘Nicest People on Earth’ – and further flattery comes from Condé Nast naming Nevis one of the ‘20 Most Romantic Islands in the World.’

“It is from your dreams, your vision, your imagination, that the greatness of our country can be built and constructed.” Dr the Honourable Timothy Harris Prime Minister of St Kitts and Nevis

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Despite a residency of just 56,000 people, St Kitts and Nevis has developed a reputation for educational excellence. This is especially true in the field of the health sciences, as St Kitts’ Ross University School of Veterinary Medicine attracts scholars from all over the world. Furthermore, thanks to substantial Government spending in education and training, the Kittitian and Nevisian workforce is highly skilled, cultured, and adaptable – providing outstanding personnel for businesses, even as they invest in growing sectors such as electronics and manufacturing. In fact, the population has been well prepared to respond to changes in the marketplace.

Mature CBI Excellence The 32-year-old St Kitts and Nevis CBI Programme is held in the highest global regard for its rigorous and robust due diligence framework. Recent amendments to the CBI application process reinforced the Programme’s uncompromising commitment to

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Access and Opportunity: The St Kitts and Nevis Experience transparency. Turnaround processing times for applications have become faster, especially for CBI applicants who prefer to contribute to the Sugar Industry Diversification Foundation (SIDF). The SIDF expresses the philanthropic nature of citizenship by investment, as funds received by the Foundation are used to end the nation’s dependence on the production of sugar and to diversify into other market sectors like tourism, agri/eco cultures, and renewable energy (derived from geothermal power from dormant volcanoes).

The Power of Real Estate Prosperity For those desiring ownership of an island property, the pre-approved real estate market is booming in St Kitts and Nevis – with confidence heightened by development investment by luxury international hotel groups such as the Park Hyatt, Hilton, Marriott, and Four Seasons. These are only a few among many other hotel, villa, condominium, and apartment developments on the

islands. By the end of 2017, the Government hopes to have launched three additional five-star hotel properties as part of its resolve to continue to build out the Federation’s high-end products and profile. The nation’s thriving real estate market is an indicator of its steadily rising tourism, which is a major catalyst for economic growth. To fulfil the demand generated by visitor arrivals, St Kitts and Nevis is expanding its piers and berthing facilities to accommodate more mega-cruise ships. Furthermore, the Federation now has a state-ofthe-art yacht marina and a private jet terminal, both of which have their own customs and immigration services on site for a more seamless and efficient access to the nation’s shores. Tourism and real estate developments are welcomed by local residents, who look to these sectors as propellers of their rising prosperity and sustainable jobs – particularly within the construction and services sectors. St Kitts and Nevis’ flourishing business comes hand-in-hand with a very accommodating tax regime, as citizens

are fee from wealth, gift, inheritance, foreign income, and capital gains tax. Resident citizens can also take advantage of the fact that there is no restriction on the repatriation of profits and imported capital.

Future Citizens of the World CBI citizens have the same rights and duties that apply to any Kittitian or Nevisian, and they are equally protected by the nation’s laws. The only exception to this rule is the right to vote, which is reserved to CBI citizens who reside on the islands. Thus, like any other citizen, CBI citizens can pass their citizenship onto future generations by descent. Furthermore, like those holding a St Kitts and Nevis passport by birth, CBI citizens who apply for a passport can travel visa-free to over 130 countries, including the United Kingdom, the Schengen Area, Hong Kong, and Singapore. Last year, St Kitts and Nevis obtained a visa waiver from Brazil, and a number of other countries are soon expected to follow. •

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Welcome to Grenada A growing economy, bolstered by commitment to entrepreneurship Dr the Right Honourable Keith Mitchell Prime Minister of Grenada

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ADVERTISING FEATURE It is with great pleasure that I invite you to Grenada, our tri-island state, bordered by the cobalt waters of the Caribbean Sea. It is with even greater pleasure that I can report on a Grenadian economy that has shown excellent economic performance and growth over the past three years. During this period, we experienced a drop in unemployment – from 40 to 29 percent; a boom in our tourism industry; and a reduction in the monthly wage bill from 70 percent of current expenditure to only 48 percent. Indeed, Grenada has witnessed the first primary surplus in over a decade, which is a tremendous achievement following the global economic crisis, from which the world has recently emerged. We have also devised Grenada’s National Sustainable Development Plan 2030, which aims at maintaining fiscal discipline while encouraging economic diversification, empowering Grenadians, and developing competitive and sustainable businesses. The Plan also prioritises the environment and ecology – focusing particularly on climate change, as well as on the creation of a ‘caring society’ to support the youth, promote health and wellbeing, supply housing, and create a sense of social care and dedication. Grenada has achieved all of this within the framework of a positive investment climate where entrepreneurship has been fostered. We have encased new business incentives into law and have embarked on a Structural Adjustment Programme (SAP) through which we have laid a foundation for stronger growth and GDP expansion. Foreign Direct Investment (FDI) on our islands has also been boosted by the passing into law of Grenada’s Citizenship by Investment Programme. Launched in 2013, the Programme has reinvigorated investment in Grenada – in particular real estate development, and through direct donations to the National Transformation Fund (NTF). The former has been particularly attractive to investors who are quickly responding to rising tourist demand for accommodation. FDI in tourism and other major growth sectors, such as organic farming and alternative energy, has also allowed us to transform the Grenadian economy into a knowledgebased one. We have seen progression in the advancement of the service sectors, including training in skills relatively new to Grenada, such as offshore financing. A major priority of our Government is the integration of Information and Communication Technology (ICT) into service delivery, to ensure our global competitiveness and increased efficiency in our system. Finally, access to micro-financing for small businesses has allowed local entrepreneurs to concretise their creative ideas and business plans; thus broadening the scope of Grenada’s economy like never before. With a growing economy backed by a strong Governmental commitment to entrepreneurship, Grenada is the ideal location for investment and business opportunities. Sincerely, Dr the Right Honourable Keith Mitchell Prime Minister of Grenada

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The Honourable Alexandra Otway Minister of Implementation of Grenada

Grenada, our awe-inspiring nation, is thriving; exceeding even our own expectations. Our country, which we have branded as ‘Pure’ to reflect our pristine environment, continues to capture minds and spirits, and as a result we are developing new sub-brands like ‘Pure Diving;’ the ‘April 2016 Pure Grenada Music Festival;’ the ‘Pure Grenada Nutmeg Festival;’ and the tourism sector’s call to action: “Go Pure Grenada.” The ‘Pure’ concept is catching on – and we expect this to encompass our chocolate and spice products, as well as many more ‘pure everything’ goods.

Pure Grenada is more than a brand however – it has changed the way we think about our nation, and it is helping us to appreciate those ordinary, everyday things we might take for granted, such as: not experiencing traffic jams, having no skyscrapers, an extremely low crime rate, and our artisanal fishermen who display their dawn catch on our sandy beaches. We also have a vibrant musical and artistic culture, which reflects the inspirational charm and beauty of our islands. Grenada’s investment climate is robust and we continue to attract successful and world-renowned investment. The Government is focused on the development of our economy and constantly strives to improve the quality of life of our citizens – if living in paradise isn’t enough! Education, which contributes 20 percent to Grenada’s GDP thanks to world-renowned St George’s University, is a rapidly growing sector and we are very proud of the top-notch education being provided. Tourism currently contributes 25 percent to our GDP and is the reason why investment in this sector has been increasing. With a wide array of hotel and other accommodation options – ranging from luxury resorts to humble bed and breakfasts – as well as a fabulous and cosmopolitan selection of restaurants, inseparable from some of the friendliest people in the Caribbean, Grenada’s unique tourism product continues to enjoy unreserved growth. There is no doubt that our tri-island state of Grenada, Carriacou, and Petite Martinique has the perfect blend of beauty, knowledge, and sublime experiences. We hold our sovereignty very dear and are happy to share it through our Citizenship by Investment Programme using some of the strongest due diligence to protect it. We look forward to a very bright future as Grenada continues to gain momentum, with new investors discovering our paradise. Sincerely, The Honourable Alexandra Otway Minister of Implementation of Grenada

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The Grenada Citizenship by Investment Programme One of the newest and most exciting citizenship by investment offers in the world, the Grenada Programme presents unique and surprising benefits to applicants.

hen Grenada launched its Citizenship by Investment (CBI) Programme in 2013, it introduced a new spectrum of benefits for applicants for dual citizenship: Grenada is the sole country offering CBI that can at once provide its citizens with visa-free travel to China, a permanent residence card, and E-2 Visa access to the United States. Of the two CBI options for Grenadian citizenship, the contribution to the National Transformation Fund (NTF) is the most affordable – requiring a donation of US$200,000 for up to a family of four. This fund benefits many industries in the country, including alternative energy, while simultaneously empowering residents to become more prosperous and independent. The second CBI option is to invest in pre-approved and designated real estate projects, requiring an investment of at least US$350,000. Applicants who choose this option must also pay a US$50,000 Government fee, which only increases after a fifth family member is added to an application.

Whether choosing the NTF or real estate option, applicants are also responsible for small application, due diligence, and processing fees, which rise moderately according to the number of family members included in the application. This, together with essentially unchanging contribution and investment requirements, make Grenada’s Programme especially attractive for candidates applying with several dependants. Authorised Local Agents and International Marketing Agents assist applicants to make citizenship submissions, and attend to strict, professional, and confidential due diligence processes. Once all discreet but stringent investigations have been completed, agents submit investor applications to the Grenada Citizenship by Investment Committee (CBIC) for approval. Applications usually take no more than 60 business days to process. Grenadian CBI requires no personal interview, nor is there a requirement to reside in the country before or after the granting of citizenship. However, all CBI citizens can choose to live, work, study, or set up a business in Grenada, having obtained the same rights as any birthright Grenadian. •

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Grenada: Embrace an Effervescent Life

olourful, vibrant, cosmopolitan, and trendy are all words that are commonly used when describing the tri-island nation of Grenada, consisting of the island of Grenada itself and of the smaller Carriacou and Petite Martinique. This narrative does not merely reflect Grenada’s rich aquatic environment, its stretching white and dark sandy beaches, or its eye feasts of waterfalls and lakes. It expresses Grenada’s determination to merge sophistication with nature – as exemplified by its Underwater Sculpture Park, where art and marine preservation are combined into one.

Investment in a Flourishing Economy

Grenada is hailed for its exotic spices, giving rise to its epithet, the ‘Isle of Spice.’ It is the world’s second most prolific producer of nutmeg – grown by some of the 110,000 plus Grenadians who have honoured the spice pod on their national flag.

Tourism is a key driver of GDP, and stronger visitor receipts have provided the necessary impetus to attract investment in the services sector and new hotel developments, varying between boutique and luxury retreats. Other property markets have also responded positively to this influx of demand, with villas in Petit Calivigny harbour, or luxurious cottages at Levera Beach attracting buyers from all around the globe. Port Louis’ Marina is also a prime example of the success that real estate investment has met on Grenada.

The nation of Grenada has an almost legendary reputation for hospitality and talent, being the birthplace of many cricketing and reggae music personalities. Formula One World Champion Lewis Hamilton also calls Grenada home.

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Grenada’s economy has witnessed extensive growth since 2013, with a number of tourism, real estate development, and alternative energy programmes providing a foundation for economic boom for years to come. This year, the International Monetary Fund (IMF) commended Grenada on its performance, highlighting that important legislative reforms had been put in place for the establishment of a strong fiscal framework.

It is the first stop for celebrities and seafarers taking part in the sublime yachting that Grenada is famous for. The airline sector has also benefited from increased interest in Grenada. The nation can now boast direct flights to and from the United States, the United Kingdom, and mainland Europe. Direct flights to China are also a top Government priority, and a central topic of discussion for representatives of the two nations With English spoken as the official language, and Patois used widely, Grenadian residents are highly qualified for welcoming worldwide tourism and partaking in any foreign-led business project. A skilled workforce is not all that investors can look forward to when coming to Grenada. The nation has attractive tax reliefs and incentives, such as full exemption from import duties, and export allowance is in place. Indeed, tax benefits can be felt by all Grenadian citizens, who need not pay any foreign income, capital gains, inheritance, or gift tax.

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“We are a people dedicated to passing on a legacy of sustainability and long-term achievement to future generations.” Dr the Right Honourable Keith Mitchell Prime Minister of Grenada

Educate for the Future Grenada is particularly fond of family life, as is evidenced by its strong educational system and the hosting of the first private medical school in the Caribbean. St George’s University is considered one of the most reputable offshore universities for international students, particularly those from the United States, Canada, and Britain – and has produced some 13,000 graduates over its 35-year history.

Live, Work, Play, and Explore The benefits of citizenship of Grenada can be felt on its very soil, where life is full of exuberance and delight, encouraged by a strong economy and positive financial prospects. But the benefits of Grenadian nationality do not end with its sapphire shores. A Grenadian passport provides visafree access to more than 120 countries, including China, which only awards this right to five nations worldwide. Visa-free travel, largely regarded as one of the core indicators of favourable relations between countries, is also available to Grenadians wishing to visit the United Kingdom, the Schengen Area, Brazil, Hong Kong, and Singapore. The diversity of opportunities in Grenada is invaluable for those seeking the security of a second home, a dazzling lifestyle away from troubled environments, and a diversified investment portfolio in a welcoming and internationally recognized exotic location. •

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Welcome to Dominica Upholding integrity and transparency for all stakeholders Dr the Honourable Roosevelt Skerrit Prime Minister of the Commonwealth of Dominica

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ADVERTISING FEATURE I, like all Dominicans, am in constant awe of our island. Surrounded by untouched, verdant and lush nature, we are cognisant of the great privilege that nature has afforded us, and we are blessed with being able to experience this as our priceless heritage. I challenge you to find anywhere else on the planet like Dominica. As the world faces the daunting challenge of climate change, and with the awareness of our natural paradise, I have pledged, and I am committed to do everything in my power to ensure that Dominica remains sustainably green for future generations. With the awareness that in being a small island we are often more exposed to the effects of climate change and global warming, we have begun investing in eco-friendly projects, clean technologies, and renewable energy. We are preparing to usher in an era of environmental consciousness. With security high on our minds, we are also looking to strengthen and deepen our protection from external forces and to build on our internal safety – even though Dominica is already one of safest islands in the Caribbean. Not only does it experience a low crime rate, it is also a risk-free destination for investment. Recent amendments and policy decisions have made doing business in Dominica easier than ever before, and the prudent and responsible management of our economy has allowed us to experience economic growth even in the face of adversity. This truth is reflected in recent assessments of international multilateral partners. Dominica’s Citizenship by Investment Programme makes an important contribution to the development and diversification of the economy, so we strive to ensure that it remains one of the strongest economic citizenship offerings in the world – respected locally and internationally. This is achieved through strong adherence to good governance practices, including transparency in the processing of applications, and in the management of funds. We have made the Programme accountable to all stakeholders at every level: our due diligence procedures are performed by international firms of outstanding international repute; Government CBI spending is made public for all to examine; and the Citizenship by Investment Unit responsible for running the Programme is constantly under review. As a forward-looking nation that appeals to investors by upholding integrity and principles of good governance, Dominica offers tremendous opportunities for all those who wish to come to its shores. Our open arms policy embraces those who will see and love the beauty of our island just as we do, and those who wish to participate in its development. Sincerely, Dr the Honourable Roosevelt Skerrit Prime Minister of the Commonwealth of Dominica

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The Honourable Francine Baron Minister of Foreign Affairs and CARICOM Affairs of the Commonwealth of Dominica

It is my pleasure to welcome you to adventurous Dominica, an island known for its flora and fauna, lush forests, and hot sulphur springs. We are blessed with three national parks, four reserves, 365 crystal-clear rivers (one for each day of the year), and rare endemic species. Such breathtaking ecosystems and landscapes make Dominica a particularly attractive destination for investment in both tourism and real estate.

While Dominica’s rich natural exterior may appeal to the daring, internally the island has, for many decades, reaped the benefits of a stable political climate. It is a tranquil, peaceful nation with an international network of allies and friends. Our foreign affairs policy has focused on forging advantageous trade and business agreements with other nations, with the CARIFORUM-EU Economic Partnership Agreement standing as a prime example of this strategy. Dominica is also a member of the CARICOM and the Commonwealth of Nations and, as such, the country is an ideal location for those wanting to establish a safe, secure, and prosperous business. Locally Dominica is making headway as a trusted provider of banking and medical services, and as a bulk water exporter. Such businesses are enriched by Dominica’s highly literate workforce, cost advantages in wage rates, and a low tax regime. Fiscal incentives, such as 20-year tax holidays, are granted to enterprises to facilitate investment in the productive sectors of our economy. I invite you to explore the unique investment opportunities that only the ‘Nature Island’ of the Caribbean can offer and I further urge you to do so under the lens of Dominica’s Citizenship by Investment Programme. With warm regards, The Honourable Francine Baron Minister of Foreign Affairs and CARICOM Affairs of the Commonwealth of Dominica

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The commonwealth of Dominica Citizenship by Investment Programme With over 20 years of history and a reputation for transparency and integrity, Dominica’s Programme offers investors the certainty of a respected second citizenship.

ver the past 23 years, the Commonwealth of Dominica’s Citizenship by Investment (CBI) Programme has evolved and adapted to become one of the most attractive dual citizenship opportunities in the world. Not only does it cater to varying applicants’ needs, but it also feeds into the public and private economic development of the island. Private investment through CBI fulfils the Dominican Government’s vision of sustainable and resilient growth, while maintaining the essence of Dominica’s ‘nature island’ theme. Dominica offers two investment options for potential CBI citizens, and neither option requires residency. This allows individuals to rapidly obtain a safety blanket for the future in these particularly uncertain times. Successful investments under the Programme also translate into visafree travel to more than 115 global destinations. For single applicants, Dominica’s CBI Programme is the most affordable economic citizenship option in the world – requiring a non-refundable US$100,000 contribution to the island’s Economic Diversification Fund (EDF). This Government-managed fund operates in a fully transparent manner, with funds allocated in the national budget and redirected to critical needs areas. Particular emphasis is placed on the development of infrastructure, small businesses, and ‘smart investments,’ such as geothermal and biomass energy. Projects selected for EDF funding must also provide employment for locals, or otherwise

substantially improve their quality of life. Dominican hospitals, schools, telecommunications facilities, agriculture, and more have all benefited from EDF support. For each applicant’s dependants, be those a spouse, children, or parents, a tiered fee structure is applied. The second CBI option – investing in real estate – requires a minimum US$200,000 investment for a single applicant, and a US$50,000 Government fee. Real estate is preapproved by the Government and is usually a luxury, eco-friendly resort or hotel. Again, tiered fees are offered for each additional dependant. A minimum three-year ownership is required before the property can be resold, and five years must lapse before it can be offered back into the CBI real estate market. Neither of these options involves compulsory residence times, interviews, or language tests on the part of applicants. In fact, CBI applicants need never visit Dominica, although, as citizens, they may live and work on the island without restriction. Dominica has one of the strongest due diligence processes in the world, featuring the highest number of checks that eminent international agencies are mandated to undertake. Given these rigorous investigations, the application process can take up to 12 weeks, after which time all stakeholders are reassured of the applicant’s eligibility for a second citizenship. •

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“Dominica is a zone of social peace and harmony, political stability, and economic opportunity... It is simply our way of life.” Dr the Honourable Roosevelt Skerrit Prime Minister of the Commonwealth of Dominica

ubbed ‘the Nature Island’ of the Caribbean, the Commonwealth of Dominica is the ultimate destination for those seeking to refresh, renew, and reinvigorate. It is a 750-km oasis, spanning a full range of natural environments – from the highest mountains in the Caribbean to effervescent coral reefs. Its tropical climate has birthed natural rain forests, hot and cold sulphur springs, and uncommon volcanic sand beaches. Birdlife and fauna abound, and it is only here that you can see the Sisserou Parrot, which the Dominicans honour and promote through their national flag and seal. Dominica has become a popular destination for tourists and Citizenship by Investment (CBI) Programme candidates, especially for those who enjoy relaxed activities like hiking,

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Find a New Beginning on the Island of Dominica snorkelling, diving, whale watching, yachting, and yoga. It is also an idyllic setting for those seeking spirituality and a deeper connection to their natural surroundings. Beneath the Morne Diablotin and Morne Trois Pitons mountains, the island’s 70,000 residents celebrate their Creole, African, and European origins. This multifaceted heritage allows Dominicans to build lasting relationships with visitors from all corners of the globe, and to relate to their cultures and histories. This welcoming, outgoing spirit is reflected in Dominica’s laws, which allow all foreigners to come to the island for 21 days without a visa, so long as they are bona fide tourists.

Lucrative and Stable Dominica’s soaring popularity as a destination for nature and leisure-lovers has spurred investment in all areas relating to tourism, such as private charter aviation and yacht rental. Perhaps the most profitable of these areas is real estate, which has seen unprecedented expansion. Investors are particularly interested in ecolodges and luxury green developments

catering to those who are both sophisticated and environmentally conscious. The Dominican Government has also been receptive to this rising demand for ecological real estate, having recently authorised Tranquillity Beach Dominica (to be managed by Hilton International’s Curio) and the Cabrits Resort Kempinski Dominica as approved projects under the nation’s Citizenship by Investment Programme. Dominica’s financial services industry has also been experiencing notable growth, despite already being one of the most robust in the Caribbean. Its success is complemented by an established currency that is pegged to the US dollar, and by a favourable tax system, which frees Dominicans from wealth, gift, inheritance, foreign income, and capital gains tax. Entrepreneurs setting up a business in Dominica can also profit from the dutyfree import of equipment and materials – a benefit that is particularly relevant to those investing in Dominica’s lucrative agro-processing and manufacturing sectors. Investment in Dominica is aided by the Invest Dominica Authority, an

institution fully dedicated to making Dominica as attractive to foreign investors as possible. Among its core offers are business concessions, low operational costs (less than any other Caribbean jurisdiction), and a steady, peaceful environment in which to nurture a business.

Confidence in the System Dominica attracts credible and worthy applicants to its CBI Programme because it has one of today’s most rigorous due diligence regimes, hailed the world over for its integrity and transparency. This integrity and transparency is echoed in Dominica’s commitment to anti-money laundering, which has recently been strengthened by designing more effective and risk-based procedures, and to combating the financing of terrorism. Therefore, for those seeking a spiritual sanctuary, where an investment has sustainable benefits both for individual entrepreneurs and local people, and where transparency reigns unchallenged, Dominica presents a paradise that is hard to resist. •

Credit: Secret Bay

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How to apply for St kitts and Nevis CitizenshiP by investment Investment in Real Estate To qualify for citizenship under the real estate option, applicants must invest in Government-approved real estate developments with a value of at least US$400,000. This Government-approved real estate includes hotel developments and residential properties located on either island, such as luxury villas and condominium units. By investing in property, you may obtain the additional benefits of having a second home or holiday home, and possibly receiving a return on your investment. Real estate may be re-sold after five years. Whilst the Government approves a number of property developments to qualify as part of the Programme, it is the sole responsibility of the applicant to ensure that the property is worth the investment amount he or she intends to invest. We recommend that an applicant undertakes an independent valuation of the property he or she intends to purchase.

Real Estate Minimum Required Investment

...

$400,000

$7,500

Due Diligence Fee

main applicant

$7,500

$4,000

per dependant aged 16 and over

$50,000

Government Fee

Total

$50,000

$457,500

main applicant

$25,000

$400,000

$7,500

main applicant

$4,000

per dependant aged 16 and over

$50,000

main applicant

$25,000

$400,000

$7,500

main applicant

$4,000

per dependant aged 16 and over

$50,000

main applicant

$25,000

per dependant

$486,500

$536,500

$561,500

Children in this schedule of fees are all aged under 16. * Other fees payable include legal fees, passport fees, and property purchase fees where applicable. Fees are subject to change. ** An additional government fee of US$50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.

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There are two investments that qualify for the Programme: 1. Contribution to the Sugar Industry Diversification Foundation (SIDF) or; 2. Investment in real estate

Contribution to the SIDF The Sugar Industry Diversification Foundation (SIDF) is a charitable organisation that was established in 2006 and has the primary purpose of assisting the Government to transition from sugar as its main economic growth engine to a more diversified economy. The Foundation has been designated as an approved project, solely for the purpose of Citizenship by Investment. Foreign nationals who contribute the qualifying minimum of US$250,000 and meet some other requirements, may apply for citizenship. Below is a schedule of fees applicable under this option:

SIDF Required Contribution Amount

...

$250,000

$300,000

$7,500

Due Diligence Fee

Total

main applicant

$7,500

$4,000

$257,500

$300,000

$7,500

main applicant

$4,000

$350,000

$7,500

main applicant

$4,000

per dependant aged 16 and over

$311,500

$361,500

The SIDF option is the fastest and most straightforward route to obtaining citizenship of St Kitts and Nevis.

See the Government website for more information: www.ciu.gov.kn

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How to apply For GREnada Citizenship by investment Investment in Real Estate An applicant must purchase real estate for a minimum value of US$350,000. The real estate may not be disposed of for 3 years after the grant of citizenship.

Real Estate Minimum Required Investment

...

$350,000

$3,000

Application & Processing Fee

$3,000

per person 18 and over

$2,000

per dependant 0-17 years old

$5,000

Due Diligence Fee

$5,000

per person 18 and over

$2,000

per dependant 12-17 years old

Government Fee

$50,000

Total

$408,000

$416,000

$420,000

$350,000

$3,000

per person 18 and over

$2,000

per dependant 0-17 years old

$5,000

per person 18 and over

$2,000

per dependant 12-17 years old

$50,000 plus $25,000

per additional dependant after the third dependant

$447,000

Children in this schedule of fees are all below the age of 12. * Other fees payable include legal fees, passport fees, and property purchase fees where applicable. Fees are subject to change. ** An additional government fee of US$50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.

26 â&#x20AC;˘ BELONG â&#x20AC;˘ JUNE 2016

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To obtain citizenship in Grenada through the Citizenship by Investment Programme, you can either: 1. Contribute to the National Transformation Fund (NTF) or; 2. Invest in real estate

Investment in the National Transformation Fund The National Transformation Fund (NTF) was established in 2013 as one of the investment options for obtaining citizenship of Grenada. The NTF raises capital to assist the Government in financing projects to benefit Grenada. Applicants are required to make a non-refundable donation to the NTF of at least US$200,000. Below is a schedule of fees applicable under this option.

NTF Required Contribution Amount

...

$200,000

$3,000

Application & Processing Fee

$3,000

per person 18 and over

$2,000

per dependant 0-17 years old

$5,000

Due Diligence Fee

Total

$5,000

$208,000

$5,000

per person 18 and over

$216,000

per person 18 and over

$2,000

$200,000 plus $25,000

per additional dependant after the third dependant

$3,000

per person 18 and over

$2,000

per dependant 0-17 years old

$5,000

per person 18 and over

$2,000

per dependant 12-17 years old

$220,000

$247,000

The NTF option provides the applicant with the fastest route to citizenship in Grenada.

See the Government website for more information: www.cbi.gov.gd BELONG â&#x20AC;˘ JUNE 2016 â&#x20AC;˘ 27

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How to apply for Dominica Citizenship by investment Investment in Real Estate The Government recently introduced an option to invest in real estate to qualify for citizenship. An applicant must purchase approved real estate for a minimum value of US$200,000. The real estate must be held for 3 years and may be eligible for re-sale under the Citizenship by Investment Programme if owned for at least 5 years.

Real Estate Minimum Required Investment

Processing Fee

...

$200,000

$3,000

per application

$200,000

$3,000

per application

$200,000

$3,000

per application

$7,500

Due Diligence Fee

$7,500 spouse

Government Fee

$50,000

$260,500

$7,500

main applicant

$7,500

spouse

$4,000

per dependant aged 16 and over

$50,000

$4,000

per dependant aged 16 and over

$50,000

main applicant

$25,000

spouse

$20,000

main applicant spouse

Total

$3,000

per application

main applicant

$7,500

$200,000

$293,000

per dependant under 18

$333,000

$353,000

Children in this schedule of fees are all aged under 16. * Other fees payable include legal fees, certificate of naturalisation fees, passport fees, and property purchase fees where applicable. Fees are subject to change. ** An additional government fee of US$50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.

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To obtain citizenship in Dominica through the Citizenship by Investment Programme, you can either: 1. Contribute to the Economic Diversification Fund (EDF) or; 2. Invest in real estate

Investment in the Economic Diversification Fund A one-off contribution to Dominica’s Government fund The Economic Diversification Fund was established as a means of developing and strengthening Dominica through the diversification of its economy. Funds generated by the Citizenship by Investment Programme under this Government fund option are utilized for public and private sector projects where a need is identified. The minimum required contribution under this option varies in accordance with the number of dependants that the main applicant submits along with his or her own application. Please see the chart below for details.

EDF

Required Contribution Amount

Processing Fee

... $200,000

$100,000

$175,000

$3,000

per application

$3,000

per application

main applicant

$7,500

$7,500 spouse

Total

$50,000

for each additional dependant

$7,500 Due Diligence Fee

$200,000

for a family of four

$110,500

$193,000

$3,000

per application

$3,000

per application

$7,500

main applicant

$7,500

spouse

$4,000

per dependant aged 16 and over

$218,000

$268,000

The EDF option remains the fastest route to obtaining citizenship in Dominica.

See the Government website for more information: www.cbiu.gov.dm BELONG • JUNE 2016 • 29

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The CaribbeaN: region of

Q& A

Raquel Davis, Chicago

Why did you apply for an alternative citizenship?

Many of my friends are dual citizens by ancestry, and through them I learned of the benefits of second citizenship: safety, choice, and a chance at greater prosperity.

What made you choose citizenship by investment in the Caribbean?

I had just retired and wanted to become a citizen of somewhere I knew I could live for the rest of my days. With its eternal sunshine, the Caribbean was ideal.

What were your expectations and aims when you applied for second citizenship?

I anticipated finding the protection I needed to make sure I never had to worry about my future, and I could enter retired life free from anxiety.

Which investment option did you choose and why?

I chose the real estate investment option in St Kitts and Nevis because I actually wanted to move there. I purchased property in Nevis, where I currently live.

What is the most impactful lifestyle change you experienced since obtaining your new citizenship?

What other investment opportunities have you taken advantage of in the Caribbean?

30 • BELONG • JUNE 2016

I lived in frenetic Chicago, and now I live a tranquil life on a magnificent Caribbean island.

I purchased property on Nevis and it is now worth significantly more, so I’ve continued to buy real estate and either rented it out or resold it after some time.

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choice for today’s hnwi What opportunies are available in the Caribbean that do not exist elsewhere?

Addi EL-HUSSEN, Beirut

In the past few years my company started doing business internationally. I found I needed a way to travel quickly to attend last-minute meetings and interesting conferences.

Viola Yuting Qian, Shanghai

I was thinking about my child’s wellbeing. I want to give my daughter access to the best education, top healthcare, and clean environments. I also want her to have the freedom to explore the world.

Alexander Bazhanov, St Petersburg

I was concerned about the recent foreign relations tensions in my country, and I did not want to fully depend on one passport. Ease of travel was also important to me.

The citizenship process was clear and I didn’t have to travel or attend an interview. I also didn’t have to prove my English language skills – which aren’t good!

I wanted to find a fast solution. Getting a second citizenship in the Caribbean only takes three months.

The Caribbean has affordable programmes that still give you many benefits.

My goal was visa-free travel, and greater respect among my peers for being a dual citizen.

My short-term aims were visa-free travel and a better lifestyle for my family. In the long run, I expect returns on my daughter’s education.

To receive a legitimate and respected second citizenship from a peaceful country, thanks to which I could travel worldwide and do business internationally hassle-free.

I made a donation to St Kitts and Nevis’ SIDF. This was the first-ever citizenship by investment option to exist, and I wanted the reassurance of a tested, secure alternative.

I decided to apply for Grenada’s NTF route. I did not know the local real estate market, and I wanted an uncomplicated option.

I decided to make a contribution to Dominica’s EDF because it was the most affordable option for me as a single applicant, and because it was faster than any real estate alternative.

I am on a plane the whole time, constantly in and out of Asia and Europe, where I do most of my business.

With Grenadian citizenship it is easy for us to travel – especially to Commonwealth countries. I can even go to China on my Grenadian passport visa-free.

I feel I am part of a much wider world – people no longer think of me as ‘just’ Russian. I am an international person. I am also a lot freer to travel.

I was astonished to learn that the island of Nevis will soon be completely run on geothermal energy – what an incredible opportunity for green investment.

My Grenadian citizenship allows me to apply for the E-2 Visa to invest in the USA. I am looking into this and will also open a subsidiary company in Grenada.

I am looking to invest in a hotel in Dominica, as tourism on the island is growing and I’ve seen some big hotel chains entering the Dominican market.

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Second Nationality?

CS Global Partners is an industry-leading legal advisory firm specialising in citizenship by investment and investor immigration solutions. The firm is comprised of an expert global team committed to assisting international businesspersons and their families in achieving increased mobility, security, and privacy through second citizenship. +44 (0)20 7318 4343 • info@csglobalpartners.com • www.csglobalpartners.com LONDON • •ZURICH HONG KONG • BEIJING • DUBAI • NEW DELHI • LAGOS • WINDHOEK • ST KITTS & NEVIS • SINGAPORE 32 • BELONG JUNE•2016