belong EDITION 2 V1
INTRODUCING THE OLDEST AND MOST TRUSTED CITIZENSHIP BY INVESTMENT PROGRAMS IN THE WORLD
Discover the benefits of becoming a citizen of the world 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
EXPLORE THE MOST BEAUTIFUL ISLANDS IN THE WORLD
W
hen the early explorers first reached the Caribbean over five centuries ago, they fixed their gaze on turquoise waters, lush tropical forests, and sandy beaches. The volcanoes on the islands of St. Kitts and Nevis reminded Columbus of the Christian miracle of the Lady of the Snows. Grenada dazed its visitors with the scent of its spices, which filled their senses. Dominica’s lush green forests offered shelter to many weary travellers, whilst its waterfalls captivated their imaginations. Although travelling to the Caribbean today 02 | BELONG JUNE 2015
is easier than it was when seafarers crossed the ocean on wooden ships, these islands remain true gems of the Caribbean Sea. They are an oasis of tranquillity and friendliness, with breath-taking marine views, pristine nature, and unforgettable histories. And part of these histories was written by energetic, forward-looking men and women who saw in them, a corner of paradise. We invite you to be today’s modern explorers, to let these spectacular islands evoke your personal memories, enchant your own senses, and fuel your thoughts and dreams.
Contents 02 Introduction 04 Going Global Dominica 06 Welcome from the Prime Minister of the Commonwealth of Dominica 08 Address from the Minister of Economic Development and Investment 09 Dominica, a Unique Investment Destination 09 The Dominica Citizenship Program 10 Address from the Minister of Tourism 11 Dominica: The Switzerland of the Caribbean St Kitts and Nevis 12 Welcome from the Prime Minister of St. Kitts and Nevis 14 Address from the Minister of Foreign Affairs 15 The St. Kitts and Nevis Citizenship Program 16 The Philanthropic Side of Citizenship 17 Swing for Success Grenada 18 Welcome from the Prime Minister of Grenada 20 Address from the Minister of Implementation 21 The Grenada Citizenship Program 22 Visit Our Island of Spice 24 How to Obtain Citizenship from Dominica: EDF vs Real Estate 26 How to Obtain Citizenship from St Kitts and Nevis: SIDF vs Real Estate 28 How to Obtain Citizenship from Grenada: NTF vs Real Estate 30 Interview with a Global Citizen 31 The World’s Most Popular Citizenship Programs 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: Government of Dominica • Government of St Kitts & Nevis • Government of Grenada • Invest Dominica • St Kitts Tourism Authority • Pure Grenada 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.
BELONG JUNE 2015 | 03
GOING GLOBAL: a note from the editor Why holding dual citizenship is essential in today’s world
M
any of us take for granted the citizenship that we acquired at birth. We do not give it a second thought. For others, their passport is the lock to the jail that keeps them imprisoned. For these people, a second citizenship is a life-changer. Despite this discrepancy in urgency of need, dual citizenship is becoming increasingly popular even for those who are born with the right to an internationally-respected passport. Specifically, we have seen a growing trend among international families and global businesspersons. Nowadays, most developed countries permit dual citizenship, making it easier for individuals to retain both the citizenship they acquired at birth as well as a second citizenship acquired after years of residence or quickly under a citizenship by investment programme. Like most human beings, we have an innate desire to protect our families, ensure our safety, and protect our assets. If history is any indication of the importance of diversifying our affairs, then let us not undermine the significance of an alternative citizenship, especially at a time when the world is facing increased volatility in both developed and developing countries.
04 | BELONG JUNE 2015
A second passport can, quite literally, save your life. It is a hedge against unknown events and a buffer against a turbulent global climate. A second passport is the 21st century’s insurance policy. With a second citizenship you are securing your family’s future against the event of unforseen political and economic turmoil. To be a truly global citizen, one must treat one’s personal status in the same manner as one would treat the diversification of an investment portfolio. The solutions offered over these pages are not merely beautiful beaches, luscious greenery, and luxurious living – they are a means of internationalising and diversifying your life. This magazine will provide you with an overview of some of today’s leading citizenship programmes, but more importantly, it will open a new world of opportunity, freedom, safety, and prosperity. Micha Rose-Emmett Group Managing Director, CS Global Partners.
Top 5 Reasons to Consider Second Nationality 1. F reedom and Security Every individual should be entitled to basic freedoms, without discrimination. These include, among others, freedom from degrading or unequal treatment, freedom of thought and of expression, and freedom of movement and travel. Second citizenship in a country that is committed to protecting the rights of its citizens can ensure true freedom.
2. Global Citizenship and Mobility With a second passport, and in particular one that has access to more than one hundred nations visa-free, leisure and business travel can be made easy, comfortable, and hassle-free. Greater mobility does not merely impact one’s ability to visit sites and explore world-famous localities. For the busy businessperson, this can mean an effective and efficient way of accessing new markets and business platforms.
3. Family Protection, Education and Healthcare A second citizenship can provide an exit plan in case of political instability, social unrest and economic turmoil in one’s country of origin. This can be particularly important for the protection of loved ones. Additionally, families consider health care and education as key factors to a happy existence. Excellent medical care is an important asset to individuals needing medical assistance, or merely planning for old age. Access to education is at the forefront of every parent’s mind. An alternative citizenship can provide access to the world’s top-ranking educational facilities.
4. Privacy In certain countries, government intrusion has become increasingly heavyhanded, and at times it has even been incorporated into law. Second citizenship in a country that is respectful of people’s privacy and personal affairs, can help protect one’s intimate matters.
5. Quality of Life in a Safe Haven There are few places in the world that inspire serenity and encourage wellbeing as the Caribbean islands. To families looking for peace of mind, a second citizenship can offer this healthy, relaxing and tranquil way of life. Above all, second citizenship is a means of finding a home, a place that is welcoming for the whole family. People would go almost anywhere to feel like they belong.
BELONG JUNE 2015 | 05
WELCOME I am delighted to welcome you to the Commonwealth of Dominica. Where you will become a life-long friend.
The Honourable Roosevelt Skerrit Prime Minister of the Commonwealth of Dominica
06 | BELONG JUNE 2015
We appreciate your interest in our country. We are a developing island nation, located midway in the Eastern Caribbean archipelago with miles of fertile soil, verdant forest and lovely vistas that have given us the designation of Nature Island of the Caribbean. We have taken action to move Dominica from an economy dependent on agriculture to one of diversity, balancing product output with service output. Our tourism product is unique and unparalleled throughout the Caribbean, with real opportunities for investment in hotels, villas, resorts and other similar type accommodation. We have taken the bold step and enacted extremely favourable legislation for international businesses and put in place the infrastructure and other support structures staffed by knowledgeable and competent professionals, to guide and assist in the tourism, services, manufacturing and export sectors. Our people are trained, and ready for the challenge. We invite investments that will generate sustained economic growth and prosperity, and create jobs and business opportunities for our people. My Government is committed to continuing to provide the legislative and administrative framework, and maximum fiscal and technical support necessary to encourage your investment and attain those goals. We are creating a framework of modern, diversified, sustainable and resilient economic structures to meet the demands of a highly competitive global trading environment. Dominica is for the adventurous, the romantic, the faint hearted, and the broad-backed. Dominica is for anyone looking for a real investment opportunity or just the ideal tourism destination. I invite you to visit and invest in Dominica, the emerging investment destination in the Caribbean. The Dominica Citizenship by Investment Programme was first established in 1993 (Economic Citizenship Programme) and has built a good reputation with the highest level of due diligence and confidence in the program. In 2013 the Government took a decision to establish a variant of the economic citizenship programme to facilitate investment particularly in real estate development. This allows investors investing in approved development on the island to be considered for the benefit of economic citizenship status. In October 2014 the Government enacted changes resulting in a more streamlined Citizenship by Investment Unit (CBIU). Importantly too, the Government have strengthened the due diligence process, and effective March 2015 the mandatory requirement for an interview has been removed from the process, reserving it only for special circumstances where deemed necessary. We are committed to ensuring that our Programme continues to be trusted and well-respected by maintaining its integrity, while at the same time being responsive to the needs of our stakeholders. The Government of the Commonwealth of Dominica and the people of Dominica encourage you to come to Dominica as a visitor and leave as a life-long friend, and even a citizen. Sincerely yours, The Honourable Roosevelt Skerrit Prime Minister of the Commonwealth of Dominica
BELONG JUNE 2015 | 07
The Honourable Dr. John Colin McIntyre Minister of Planning, Economic Development and Investment
The Commonwealth of
DOMINICA
a Place of Promise, A Desintation of Integrity Dominica is more than just an awe-inspiring gem of the Caribbean. It is ripe for investment and development, with a number of government incentives and structures put in place to attract investors worldwide. Over the last several years, a vast amount of resources has been dedicated to the improvement of the physical infrastructure of the island. This has made Dominica easier to traverse and more accessible to visitors, and has improved communication between our many villages and towns. The conditions have thus been created to make Dominica a place not just for leisure visitors, but for retirees and persons seeking a comfortable second home. The Dominican Government is also focusing on ways to build a vibrant tourism industry, with the aim of making Dominica a choice destination for those who are seeking to discover the real Caribbean, its vibrant culture, and its rich heritage. We are a civilization that is proud of its past, futuristic in its vision, and ready to share with the rest of the world.
08 | BELONG JUNE 2015
Dominica is strategically positioned to make business with its neighbors. It is located in the middle of the archipelago of the Lesser Antilles, and can therefore be accessed easily from anywhere in the Caribbean. Moreover, it is in a time zone that makes it easy to connect with the rest of North America, including the USA and Canada.
and tourist attractions. There has also been a significant push to provide light manufacturing, information and communications technology, and international financial services. To facilitate investments in these areas, the Government offers a generous slate of fiscal incentives tailored to meet each investor’s individual business needs.
In Dominica, we are building a modern, diversified economy. Our aim is to shift Dominica away from its traditional dependence on the production of primary agricultural products, in the direction of a mixed economy made up of agriculture, tourism and other related services. As the world becomes ever more globalized, Dominica has also worked towards exporting its highly motivated and trained professionals to service areas such as health and wellness, ICT, engineering, architecture, and medicine. Locally, the people of Dominica have concentrated their collective efforts in the areas of hotel and mixed-use development villas, condominiums,
Dominica exhibits, more than any other island in the Caribbean, a great potential for expansion and growth. Moreover, it is has the accolade of being among the 10 most ethical destinations in the world. Our people are honest, industrious, and conscientious – with a true appreciation for how their nation is changing and being bettered every day. The Commonwealth of Dominica is for everyone looking for a real investment opportunity in a country that will conform at all times to the highest standards of ethics, and that will never make promises that it cannot deliver.
DOMINICA CITIZENSHIP BY INVESTMENT PROGRAM How to qualify
– A Place of Promise, a Destination of Integrity Dominica continues to put the necessary infrastructure in place to ensure that its ‘Doing Business’ environment is competitive and conducive to investors and citizens alike. As a citizen of the Commonwealth of Dominica, one is able to register his or her company or business within two days – as highlighted by the Doing Business Report. In fact, most of the documents can be accessed online, eliminating the need for having a physical presence in Dominica.
Real Estate Option
To qualify for citizenship under the Real Estate Option, an applicant must purchase authorized Real Estate to a value of at least US$ 200,000, plus the payment of Government fees, Due Diligence fees and taxes*. Real Estate can be re-sold after 3 years. Visit the Government website for more information - www.cbiu.gov.dm *Fees are regulated by the Government and are subject to change
The ‘Invest Dominica Authority’, which is the Government agency responsible for promoting and facilitating investments in Dominica, guides citizens and investors through the process of establishing a business in any sector of their choice, thus making the process straightforward and headache-free. In addition to this handholding Government support, the Government also offers a generous slate of incentives tailored to suit each businessperson’s individual needs.
MMONWEAL TH
O The of G of D the C overn om omm men to t i he nica onw t of d high is com ealth inv ue di est st mitte an ite lig d app s only ence dard lica rep and for nts t utab o citi zen appl le y shi p
OF
ICa
H
MIN DO
Some of the key investment opportunities in Dominica are in tourism, manufacturing, downstream geothermal industries, agro-processing, and international business development. Moreover, the Government is excited to hear about any enterprises or opportunities that are likely to result in sustainable job creation, technology transfer, and foreign direct investment.
CO
F
Dominica has tax treaties with Canada, Great Britain, the United States, and the CARICOM countries to prevent double taxation of income
To qualify for citizenship under the Economic Diversification Fund Option, the Government requires a contribution to the Fund. The investment amount depends on how many family members are included in the application and starts from US$ 100,000 for a single applicant. Applicants are required to pay an additional due diligence fee.
LT EA COMMONW
The process of establishing a business in Dominica is regulated by the Companies Act (Act 21 of 1994), the Companies Regulations (S.R.O 22 of 1997 and S.R.O 57 0f 2002), the International Business Act (Act 10 of 1996), and the Registration of Business Names Act (Chapter 78-46 of the Laws of the Commonwealth of Dominica). Any business undertaking with more than 20 owners/ shareholders must incorporate. A non-national is not required to have nationals as part of the business directorship in order to register his or her business.
earned in Dominica. Generally, persons who retire in Dominica are exempted from taxes on income earned from a source outside of Dominica. However, this rule will only apply if the person was not a Dominican resident prior to retiring.
The process Economic Diversification Fund
Dominica, a Unique Investment Destination
To qualify for citizenship, applicants must be at least 18 years of age, of good character, without criminal records and must be able and willing to make the required contribution. An applicant must either make a contribution into the Economic Diversification Fund OR make an investment in designated Real Estate.
DO MINICa
Visit www.investdominica.com to learn more. BELONG JUNE 2015 | 09
Discovering Dominica The Caribbean’s best-kept Secret
The Honourable Robert Tonge Minister of Tourism & Urban Renewal
Welcome to Dominica, The Nature Island of the Caribbean! An exclusive private hideaway where you imagine time standing still, the way the Caribbean used to be. Rainforests, rivers and nature’s beaches abound! Just what you need to rejuvenate your mind and body.
where we gather around the table. A local beer or one of the many unique and distinctly flavored rum punches from any one of the local connoisseurs is sure to delight. And at night some local herbal teas will ensure rest for the next day’s activities.
Choose from a range of villas, small and medium sized resorts and guesthouses/inns to provide comfort during your stay. Absorb the vistas of unspoilt nature all around you. Take in the smells, and sounds of the rainforest, or the river running close by. Engage in the many thingsto-see-and-do, walking/hiking, scuba diving, snorkeling and cultural enrichment just to name a few. Return home with fond memories of the new and exciting experiences while on the Nature Isle.
Our Capital Roseau amidst the historic architecture provides a sense of place where visitors and locals congregate to mix, dine and relax. The friends you will make on your visit will have you coming back again and again!
Be sure to sample some of our delectable cuisine, flavored with local herbs and spices and grown in our rich volcanic soil, giving that dish a special taste. Lovingly prepared for you with care like in days of old
10 | BELONG JUNE 2015
Enjoy the refined relaxation of the Nature Isle among New Friends! The Honourable Robert Tonge, Minister of Tourism and Urban Renewal Visit the Tourism website at www.dominica.dm
The switzerland of caribbean Waitukubuli National Trail Tread through our rainforests, local communities and countryside, in what is the first long-distance walking trail in the entire Caribbean.
Fort Shirley and the Cabrits
Learn about 18th century cannons and guns and about how officers and soldiers defended their strongholds, in some of the most meticulously cared-for and important Caribbean historical sites.
Morne Trois Pitons National Park
Experience first-hand what it is like to walk through a natural Unesco World Heritage Site. We suggest that you trek through our geyser-rich Valley of Desolation, that you swim into Titou Gorge, where waterfalls cascade into a cool pool, and that you hike to the spectacular Middleham falls.
Papillote Tropical Gardens
Credit: Secret Bay
These beautiful botanical gardens have been carefully designed to bring out the intense colours and scents of Dominica’s tropical flora – and they are sure to arouse your senses.
Health and Wellness Feel healthier and restored as you take part in yoga lessons, Pilates sessions, or dance classes with a sunny beach backdrop.
Thermal Springs
Visit one of our hot spring spas, open day and night, to bathe in pools of different temperatures and shower under small waterfalls – a thoroughly relaxing and indulging affair with nature.
Scott’s Head Pinnacles Named after Colonel George Scott, this peninsula stands between the Atlantic Ocean and the Caribbean Sea, offering unique seascapes.
Whale Watching
Join us in an adventure of a lifetime, as we sail the seas following packs of sperm whales and dolphins.
BELONG JUNE 2015 | 11
welcome 2015 is a time for new beginnings in St. Kitts and Nevis.
The Honourable Dr. Timothy Harris, Prime Minister of the Federation St. Kitts & Nevis
12 | BELONG JUNE 2015
On February 16th, the people voted to change course. They called for a new partnership and collaboration between people, government and civil society, for the good that we can achieve together. Our people truly believe that we are better together. As the new Prime Minister of this wonderful democracy, I would like to welcome you to the beautiful islands of the Federation of St Kitts and Nevis. I believe that as a federation our best days are ahead of us. We have now embarked on a course of new and greater opportunities for growth and prosperity for all. Many around the world are excited about the new possibilities here in St. Kitts and Nevis. They understand the importance of a government that will lead this country to an era of sustainable development. They are excited that this government is focused on ensuring that the people get a fair share of the nation’s prosperity. This new government of national unity is people focused and growth driven. The New government of national unity is poised to take St. Kitts and Nevis to heights never seen before in the Caribbean. The potential in St. Kitts and Nevis is limitless. Our federation is regarded as the jewel of the Caribbean with breathtaking mountains and beautiful seas that work together, creating the backdrop to our “paradise islands”. However, we understand that we do not exist by ourselves in the world and that we are part of the broader world community. With the advancements in technology and transportation, the world is becoming smaller and smaller which means opportunities and possibilities for partnerships between locals and non-locals are real and getting bigger and bigger. Technology enables our young people to be exposed to places around the world. It also allows small businesses to trade with each other sharing goods and services. In order for our federation to reach its full potential, we must work in harmony with the rest of the world. No man is an island, no man stands alone. St. Kitts and Nevis is at the dawn of a new era of research, development, real estate opportunities, tourism, healthcare, financial services, alternative energy, agriculture, technology and human resources management. Our economy thrives, demonstrating stable growth in a variety of industries such as light manufacturing, agriculture, financial services, tourism and information technology. This transition has been massively successful in progressing and cementing the development of the country. Yet we understand and appreciate more can be done. The Citizenship by Investment Program has been integral in this development. Through the Program, we have seen a number of opportunities arise for both locals and international investors. We have seen investors come to the island for a day and decide to stay for a lifetime. We understand the urgency of now. Now is the time to put the necessary long term investments in place to ensure the sustainability of St. Kitts and Nevis.
Ottley’s Plantation Inn - www.ottleys.com
As the longest running Program in the world, it is my intention to ensure the Program retains its trusted reputation. This Government has one objective to see that the Program runs in a meticulous manner, ensuring exclusivity, due process and accountability. So we open the doors to our beautiful country to you; come, take a look around at the splendor, the history and the culture; be amazed at the beauty of what surrounds you. It is something we are blessed to bear witness to everyday and something we invite you to be a part of too. I implore you to identify with your needs, your wants, your dreams and how as a government we will not be a stumbling block to the legitimate expectations of citizens and investors but we will help to unleash your dreams, your vision, your imagination because it is from your dreams, your visions, your imagination that the greatness of our country can be built and constructed. Thus I invite you to learn about this unique country that I hold dear to my heart. Honourable Dr. Timothy Harris Prime Minister of the Federation St Kitts & Nevis
BELONG JUNE 2015 | 13
Safety, Security, Efficiency The New Paradigm for St. Kitts and Nevis
Honourable Mark Brantley Minister of Foreign Affairs Federation of St. Kitts & Nevis
The Citizenship by Investment (“CBI”) programme in the Federation of St. Kitts and Nevis is the oldest programme of its kind in the world and traces its roots back some 3 decades when the Government of a then newly independent Nation decided to use its sovereignty creatively to generate foreign direct investment for the betterment of the economy and the lives of the people of St. Kitts and Nevis. Successive Governments have seen the value of this programme and its positive impact on the St. Kitts and Nevis economy to the point where by 2014 St. Kitts and Nevis was a leader in the Caribbean region in many key economic indices including overall economic growth, foreign direct investment and new hotel construction. The CBI Programme in St. Kitts and Nevis has had the longevity and pedigree over the years to truly make it the premier programme of its kind globally. Indeed whilst more and more countries have now entered the
14 | BELONG JUNE 2015
growing immigration market and each has its own attractions, St. Kitts and Nevis remains the pre-eminent programme in the world. However, the growth and development of this critical programme has not been without its difficulties. As Minister with responsibility for Foreign Affairs in the new Government, effective from February 2015, I am keenly aware of the critical importance to our young Nation of the CBI programme. I am equally aware of the critical importance of effecting our programme in a responsible and transparent manner. Our new Government intends to continue the commitment to the CBI Programme but to do so in close consultation with friendly Governments globally to ensure that all security concerns are not just met but exceeded. We have pledged publicly to reform the programme with greater emphasis on transparency and security. We intend to protect and continually enhance the reputation of the programme and to maintain
its pride of place as the Rolls Royce of the global industry. In fulfillment of that commitment to reform and recognizing that safety and security are now the responsibility of all Nations, our new Government reviewed and accepted the recommendations for the reform and modernization of our CBI Programme undertaken by IPSA International. IPSA, a well-known and well respected regulatory risk mitigation firm delivering advisory and investigative services, will assist the St. Kitts and Nevis Citizenship by Investment Unit to increase the program’s security, transparency and efficiency. With exponential growth in applications, a changing global environment and increased international focus on Anti-Money Laundering and Counter Terrorist Financing, the review by IPSA was commissioned by the St. Kitts Nevis Government to make recommendations for enhancements to protect the integrity and security of the program. Suggested
Credit: Four Seasons
ST KITTS & NEVIS CITIZENSHIP BY INVESTMENT PROGRAM How to qualify To qualify for citizenship, the person must be over 18 years of age, be of good character and meet the application requirements. An applicant must make an investment in an approved Real Estate project OR make a contribution to the Sugar Industry Diversification Foundation (SIDF, a public charity).
The process Real Estate Option
To qualify for citizenship under the Real Estate Option, the Government requires an investment in designated Real Estate with a value of at least US$ 400,000, plus the payment of Government fees, Due Diligence fees and taxes*. Real Estate can be re-sold after 5 years. Sugar Industry Diversification Foundation (SIDF)
The St. Kitts and Nevis passport therefore continues to grant visa free access to 132 countries worldwide making it a most desirable investment opportunity for those discerning foreign nationals seeking greater global mobility, safety and security.
Visit the Government website for more information - www.ciu.gov.kn *Fees are regulated by the Government and are subject to change
St. Kitts an
I take great pleasure in inviting bona fide and legitimate investors to consider St. Kitts and Nevis as a safe and reliable jurisdiction for immigration planning.
d
N The G is c of St. over Kitt om nm m s e sta nda itted and N nt and rd o to t evi s he in f app vites due d high e o i lica l nts nly re ligenc st p e t u o citi zen appl table y fo shi p. r
Honourable Mark Brantley Minister of Foreign Affairs Federation of St. Kitts and Nevis
st
tt sa nd Nevis
Ki
With our renewed focus and positive engagements with friendly foreign countries, the new Government of St. Kitts and Nevis believes that our CBI programme is poised to maintain its status as best in class. Whilst we have regrettably lost visa access to our friend and ally Canada and commit to working assiduously with Canadian authorities at the highest levels to seek to regain our once coveted status of visa free travel to Canadian shores, we are pleased that the international
community continues to show confidence in this new Government as signaled by the recent visa free status granted by Brazil to citizens of St. Kitts and Nevis.
is ev
improvements to governance, risk mitigation and compliance were made, all of which were accepted and augmented by the new Government. These include the roll-out of a case management tool to streamline the application management process within the Citizenship by Investment Unit (CIU); changes to the CIU’s organizational structure to enhance processing capabilities, reduce processing times and mitigate risk; an improved risk assessment process; and a thorough review of previously approved applicants.
To qualify for citizenship under the SIDF Option, the Government requires a contribution to the Foundation. The investment amount depends on how many family members are included in the application and starts from US$ 250,000 for a single applicant. A government due diligence fee applies to applicants over 16 years of age.
BELONG JUNE 2015 | 15
The Philanthropic Side of Citizenship The Sugar Industry Diversification Foundation (SIDF) was established in September 2006 with the goal of shifting the economy of St. Kitts and Nevis from one based on sugar production, to one based on the provision of services. Since its formation, it has launched national projects to encourage sustained economic development, support energy conservation, promote entrepreneurship, and ameliorate the country’s infrastructure. In so doing, it has created new jobs, helped the country innovate and modernise, and improved the lives of locals. Foreign nationals wishing to become citizens of St. Kitts and Nevis have the option of contributing to the SIDF. The minimum required contribution to the SIDF for a single applicant is USD 250,000. This contribution amount increases to USD 300,000 for a family of up to three dependants – including a spouse – and it further increases to USD 350,000 for a family of up to five dependants. An additional government fee of USD 50,000 is applicable whenever a dependant between the ages of 18 and 25, or aged 65 and over, is included in an application. A contribution to the SIDF is the simplest and most efficient way of obtaining citizenship in St. Kitts and Nevis. More importantly however, it allows investors to become instrumental to their new country’s growth and wellbeing. Here are some examples of the programmes sponsored by the SIDF, and funded by St. Kitts and Nevis’ newest citizens. Entrepreneurial Development The SIDF has established programmes for aspiring small entrepreneurs to learn how to run service-based businesses. Under the SEED programme, 16 | BELONG JUNE 2015
for example, entrepreneurs receive up to USD 37,000, and are assigned expert accountants and other professionals to help them through the initial stages of starting their business. Agricultural Progress The SIDF aims to achieve national food security for St. Kitts and Nevis by developing a diversified agriculture sector and by increasing the yield and quality of the nation’s crops, vegetables, and fruits. With its ARM project, for example, the SIDF has promoted the use of greenhouse technology, and novel irrigation systems and water storing devices. School Improvement The SIDF has devoted considerable effort to improving the nation’s education system. The School Improvement Project, for example, was developed in concert with the Ministry of Public Works to renovate the country’s primary and secondary schools. Among other things, laboratories and technical centres were upgraded to foster better learning through practical experience. Energy Conservation and Renewable Energy The SIDF and the Ministry of Energy have partnered together to reduce St. Kitts and Nevis’ carbon footprint. Through a programme of increased subsidies, the SIDF has created important incentives for locals to use less electricity. Additionally, the SIDF has started replacing all household lightbulbs with LED bulbs, and it is spearheading a project to install solar panels on new and existing homes. Visit www.sknsidf.org to learn more about the donation option.
Credit: Four Seasons
Swing for Success
With its business-friendly environment, St. Kitts and Nevis is the perfect location to hold meetings and talks. And there is perhaps no better place to seal a deal and network with other businesspersons than a golf course. Robert Trent Jones II With its precipitous elevation changes, the Robert Trent Jones II golf course in Nevis is one of the most testing courses in the Caribbean. This 18-hole, 6,682-yard, par-70 course comprises several deep ravines, bunkers, and the ruins of an old sugar mill. Players in small groups need not fret feeling lonely – Nevis’s wild African Green Vervet Monkeys will curiously watch them tee off, and cheer for them loudly when they make their putts.
Royal St. Kitts Golf Club The island of St. Kitts is home to the Royal St. Kitts Golf Club. This 125-acre stretch of perfectly manicured grass was recently redesigned by the famed Canadian architect Thomas McBroom. It is a par 71, 18-hole course with challenging water hazards on ten holes, 80 bunkers,
and an easterly wind to catch off guard amateur and expert golfers alike. More importantly however, it has breath-taking views of the Caribbean Sea and Atlantic Ocean, making it one of the world’s most spectacular golf facilities. It is no surprise that players will often chance upon numerous notable figures as they practise their drives.
Irie Fields Irie Fields on St. Kitts’ north-facing Kittitian Hill has the happy accolade of being ‘the world’s most edible golf course’. True to this title, it is surrounded by fruit-yielding orchards and farmlands – with players being encouraged to pick the ripest and most succulent organic produce they fancy. The name ‘irie’ means ‘to be at peace with yourself and where you are’, and with nature blooming all around, and smart water management systems installed to minimize the impact of the golf course
on the environment, players can certainly feel in harmony with their surroundings. Designed by Ryder Cup and Masters Winner Ian Woosnam, this par 71, 18-hole course also captivates players with its views across the waters to the islands of St. Barts and St. Martin.
Christophe Harbour To the people of St. Kitts and Nevis, three phenomenal golf courses are not enough. Their most recent ongoing project, Christophe Harbour, is an 18-hole championship golf course first envisioned by Tom Fazio. Located 500 feet above sea level, it will feature an impressive 360-degree panorama of the seas and the hillsides that make St. Kitts and Nevis the remarkable islands that they are. We recommend caution when teeing off, as golf balls could easily end in the sea!
BELONG JUNE 2015 | 17
welcome There is even more to Grenada than meets the eye
The Right Honourable Dr. Keith Mitchell Prime Minister of Grenada
18 | BELONG JUNE 2015
As the Prime Minister of this beautiful nation of ours, I welcome you to our home, on behalf of the Government and People of Grenada, Carriacou, and Petite Martinique. We recognize the opportunity afforded to our nation by your talent, entrepreneurial spirit, and innovative drive. More importantly, we are excited at the prospect of making you a part of a people united by a profound love of Grenada, and a dedication to building a better and more prosperous future for all. Grenada’s Citizenship by Investment programme was established to incentivise private investment, with a view to enhance the development of our country. My Cabinet has worked assiduously to ensure that the process is straightforward and reliable, and that the benefits brought to you – the investors – are commensurate with those brought to the country. To this end, the Cabinet has partnered with individuals and businesses working in Grenada’s tourism, real estate, agriculture, and manufacturing sectors to identify and develop our country’s best investment opportunities. When foreigners come to Grenada, Carriacou and Petite Martinique, they can be assured that they will leave with enduring memories of stunning sceneries and of the delightful times spent in the company of our people. There is even more to Grenada than meets the eye. This is a country that has risen to become one of the safest nations in the Caribbean; one that is developing energy conservation and renewable energy systems; expanding its tourism and ecotourism industries, while still safeguarding its unique natural resources. We are a people dedicated to passing on a legacy of sustainability and long-term achievement to future generations. We are tremendously proud of our nation. Under the banner of ‘Project Grenada’, 2015 has seen the signing of a Social Compact between the Government, the private sector, trade unions, and other social interest groups to collaborate for the advancement of our nation. This signifies recognition by all stakeholders that true progress can only be achieved through concerted action. 2015 is also the year we celebrate 41 years of independence as a sovereign nation – and what a milestone celebration this is. With continued significant growth in our country’s economy, we truly have something to feel festive about. I hope you will see in Grenada the beauty, the budding potential and opportunities that I see, and that you will seize the chance to be part of our Citizenship by Investment programme. Join us in contributing to this nation by helping us achieve our development vision. Sincerely, The Right Honourable Dr. Keith Mitchell Prime Minister of Grenada
BELONG JUNE 2015 | 19
DREAM DESTINATION For the Entrepreneurial and Famous
The Honourable Alexandra Otway Minister of Implementation
It is always a tremendous pleasure to advocate on behalf of our great tri-island nation of Grenada. Untouched by mass tourism and home to waterfalls, volcanic lakes, tropical forests, and pristine beaches, it is a sight to behold. Grenada is as genuine in its scenery as it is true to its history and proud of its heritage. Our citizens carry high the banner of Grenada in the international arena. Kirani James, our 400-metre running champion, brought gold medals home from the 2012 London Olympics, from the 2011 Daegu World Championships, and from the 2014 Glasgow Commonwealth Games. Similarly, Lewis Hamilton, the 36-time winner of Formula 1 Grands Prix, crosses the finishing line while wearing the Grenadian colours on his racing helmet. It is thus to our wonderful citizens that I hope to draw your attention. We are not just a nation of inviting and hospitable people. We have a 96% literacy rate, we are hardworking, and we are
20 | BELONG JUNE 2015
upholding and respectful of the law. Above all, we stand together as a nation to rejoice in our successes, to improve our communities, to protect our culture, and to lead our nation into the future. With the Grenadian citizenship by investment programme, you have the chance to either make a donation to the National Transformation Fund, or make an investment in our beautiful new real estate complexes. The people of Grenada will not forget what you have done. They will protect your estates, they will shield your families from harm, they will educate your children, and they will welcome you as an integral part of our Grenadian family. Sincerely yours, The Honourable Alexandra Otway Minister of Implementation
GRENADA CITIZENSHIP BY INVESTMENT PROGRAM How to qualify In order to preserve the prestige, honour and value of Grenadian citizenship, each and every applicant, including family members and business partners, must be approved individually by the Government of Grenada through a strict procedure. The main applicant for citizenship must be at least 18 years old, of a good character with no criminal record. An applicant must make an investment in an approved Real Estate Project or make a contribution to the National Transformation Fund.
The process National Transformation Fund Option
The first option for citizenship is a donation into the National Transformation Fund, a fund earmarked to facilitate the development of the economy and the public works for the benefit of the community. The investment requires a minimum USD 200,000 contribution to the NTF for up to four members in a family, with minor additional due diligence and processing fees also applying. Real Estate Option
In order to qualify for citizenship through a real estate purchase an applicant must purchase preapproved real estate in Grenada to the minimum value of USD 250,000. The real estate must be held for a minimum of 3 years. Government fees, dependent on the number of people included in the family application, and minor additional due diligence and processing fees also apply. In July, the real estate option is expected to increase to USD 350,000. Visit the Government website for more information www.cbi.gov.gd *Fees are regulated by the Government and are subject to change
Gr en
ad a
G
re na
of G The G o to t renad vernm a is he e of d high com nt e m u s e itte inv dil t st app ites on ligenc andar d ea d lica ly r nd ep nt citi s to a utabl zen ppl e y fo shi p. r da
BELONG JUNE 2015 | 21
Visit our Island of Spice
22 | BELONG JUNE 2015
O
n Grenada, Carriacou, and Petite Martinique, the holiday begins as soon as you step foot on our islands, and let their sounds and smells envelope you. It is not just the scent of nutmeg and cocoa that will fill your lungs – it is the smell of azure seas carried by a gentle breeze, of the musty ground where waterfalls come crashing down, and of grilled lobster and spiced shrimp as the morning turns into the afternoon. We welcome you to visit Grand Anse Beach, a two-mile long stretch of white sand, with coral reefs just a quick swim away. We challenge you to hike to the Royal Mt. Carmel Waterfalls, which cascade proudly for 70 feet before forming a pool of babbling water. We encourage you to indulge your taste buds with our local exotic cuisine, or at any one of our many fine dining establishments. With its rich history, Grenada does not merely appeal to the senses, but it also wins the hearts of those most eager to learn its past. Visit the Fort of St. Matthew, tactically built to safeguard the capital of St. George. Explore Belmont Estate, a 300 year-old working plantation with a focus on turning the cocoa bean into delicious, mouth-watering chocolate. Finally, savour some of our delightful rums at the
Westerhall Estate, where you can see how Caribbean rum was processed centuries ago. Located in the south-eastern Caribbean Sea, Grenada is also made stunning by its water-based activities. You can snorkel among sea turtles, kayak to our islands’ most secluded coves, or discern the facial features of people forever immortalized in our underwater sculpture park. If you seek a battle with nature, then come sport fishing with us, and enjoy feasting on the marlins and tunas you catch. With its bright-coloured marinas and yachts brimming with celebrities, Grenada also offers it visitors the opportunity for luxurious relaxation. For those with expensive habits, then there are few things as exciting strolling in Port Louis, commonly known as the Portofino of the Caribbean. Finally, we would be amiss not to mention our people. Outgoing and warm, we can’t wait to welcome you to this special place called Grenada. Pure Grenada Visit www.grenadagrenadines.com to find out more.
BELONG JUNE 2015 | 23
CITIZENSHIP BY INVESTMENT IN DOMINiCA 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. The Government of Dominica has recently streamlined the Citizenship by Investment process by establishing a new, expert-trained, Citizenship by Investment Unit.
EDF Fund
Required Contribution Amount*
Due Diligence Fee
Total
$200,000
$100,000
for a family of four
$175,000
$200,000
$7,500
$7,500
$107,500
Main applicant
$4,000
$7,500
Main applicant
$4,000
$7,500
Main applicant
$4,000
Spouse
each dependant aged 16 and over
each dependant aged 16 and over
$186,500
$211,500
$265,500**
* Other fees payable include legal fees and passport fees where applicable. Fees are subject to change. ** An additional government fee of USD 50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.
The EDF option remains the fastest route to obtaining citizenship in Dominica. 24 | BELONG JUNE 2015
$50,000
for each additional dependant
To obtain citizenship in Dominica through the Citizenship by Investment Programme, you can either: 1. Invest in the Economic Diversification Fund or; 2. Invest in real estate
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 USD 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
Due Diligence Fee
$200,000
$200,000
$7,500
Main applicant
$7,500 $4,000 Spouse
$50,000
Government Fee*
$50,000
$200,000
$7,500
Main applicant
$4,000
each dependant aged 16 and over
$50,000
$257,500
$7,500
Main applicant
$4,000
each dependant aged 16 and over
$50,000
Main applicant
Main applicant
Main applicant
$25,000
$25,000
$25,000
Spouse
Spouse
$20,000
Total
$200,000
$286, 500
Spouse
$20,000
each child under 18
each child under 18
$326,500
$380,500**
* Other fees payable include legal fees, passport fees and property purchase fees where applicable. Fees are subject to change. ** An additional government fee of USD 50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.
See the Government website for more information www.cbiu.gov.dm BELONG JUNE 2015 | 25
CITIZENSHIP BY INVESTMENT IN ST. KITTS & NEVIS 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 USD 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*
Due Diligence Fee
Total
$250,000
$300,000
$7,500
Main applicant
$7,500
$257,000
$4,000
$350,000
$7,500
Main applicant
$4,000
each dependant aged 16 and over
each dependant aged 16 and over
$311,500
$361,500**
* Other fees payable include legal fees and passport fees where applicable. Fees are subject to change. ** An additional government fee of USD 50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.
The SIDF option is a faster route to getting citizenship of St. Kitts and Nevis. It is worth mentioning here that this route is less complicated than taking part in the real estate investment option. 26 | BELONG JUNE 2015
There are two investments that qualify for the programme: 1. Contribution to the SIDF or; 2. Investment in real estate
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 USD 400,000. This Government-approved real estate includes 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* Due Diligence Fee
$400,000
$400,000
$7,500
Main applicant
$7,500
Total
$7,500
Main applicant
USD 4,000 each dependant aged 16 or over
Government Fee
$400,000
$50,000
$50,000
$457,500
$4,000
each dependant aged 16 or over
Main applicant
$25,000
$50,000
Main applicant
$25,000
for each dependant
for each dependant
$536,500
$586,500**
* Other fees payable include legal fees, passport fees and property purchase fees where applicable. Fees are subject to change. ** An additional government fee of USD 50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.
See the Government website for more information www.ciu.gov.kn BELONG JUNE 2015 | 27
CITIZENSHIP BY INVESTMENT IN grenada 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 USD 200,000. Below is a schedule of fees applicable under this option.
NTF
NTF Donation
Application & Processing Fee*
Due Diligence Fee
Total
$200,000
$200,000
$200,000 plus $25,000
$200,000
per additional dependant
$3,000
$3,000
$3,000
per person
per person 18 and over
$2,000
for dependant 0-17 years old
$5,000
$5,000
$208,000
$5,000
per person
$216,000
per person 18 and over
$2,000
28 | BELONG JUNE 2015
$2,000
for dependant 0-17 years old
$5,000
per person 18 and over
$2,000
per person 16-17 years old
per person 16-17 years old
$220,000
$247,000**
* Other fees payable include legal fees and passport fees where applicable. Fees are subject to change. ** An additional government fee of USD 50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.
The NTF option provides the applicant with a faster route to citizenship.
$3,000
per person 18 and over
To obtain citizenship in Grenada through the Citizenship by Investment Programme, you can either: 1. Invest in the National Transformation Fund or; 2. Invest in real estate
Investment in Real Estate An applicant must purchase real estate for a minimum value of USD 250,000. The real estate may not be disposed of for 3 years after the grant of citizenship. The real estate option is expected to increase to $350,000 in July 2015.
Real Estate Minimum Required Investment
$250,000
Application & Processing Fee*
$3,000
Due Diligence Fee
$5,000
Government Fee
Total
$250,000
$3,000
per person
$250,000
$250,000
$3,000
per person 18 and over
$2,000
for dependant 0-17 years old
$5,000
per person
$5,000
per person 18 and over
$2,000
$3,000
per person 18 and over
$2,000
for dependant 0-17 years old
$5,000
per person 18 and over
$2,000
per person 16-17 years old
per person 16-17 years old
$50,000
$50,000
$50,000
$75,000
$308,000
$316,000
$320,000
$347,000**
* Other fees payable include legal fees, passport fees and property purchase fees where applicable. Fees are subject to change. ** An additional government fee of USD 50,000 is applicable where a dependant aged between 18-25 or aged 65 and over is included in an application.
See the Government website for more information www.cbi.gov.gd BELONG JUNE 2015 | 29
Interview with a Global Citizen Dev Bath Global Businessman
What made you choose a second citizenship? I was born in India, where I set up my first successful business. However, as the business grew, so did my need to expand into new markets, and explore other ventures. I recognised that if I wanted to grow my business, then I would have to have a more global reach. That’s when I came across the option of citizenship by investment. I knew then as I know now that it would change my life, my business prospects, and my family’s future.
What convinced you about the citizenship options in the Caribbean? At the time, St. Kitts and Nevis was one of very few countries in the world that offered citizenship by investment – and it was the only one whose programme was fast (allowing me to obtain citizenship in just a few months) and without any residence requirements.
Today the scenario has changed, with more and more countries establishing citizenship by investment programmes. If you had to do it all over again, what citizenship programme would you choose? Without a doubt I would still choose a Caribbean citizenship programme. These
30 | BELONG JUNE 2015
programmes are the oldest and most trusted citizenship by investment programmes in the world, and there is certainly something to be said for a programme that has been running stably for years while maintaining its integrity.
What did you have to do in order to qualify for an alternative citizenship? At the time, the only option available to me was to invest in real estate, so I bought a beautiful villa. Now countries offer a Fund option.
If you were applying today, which of these two options would you choose? If I had to apply now, I would certainly choose a Government Fund option. Fund options are uncomplicated and straightforward. As a donor, you can rest assured that your donation will contribute directly to the development and betterment of your future country. You don’t have to worry about maintaining a property on the other side of the world – especially as there is no guarantee that the property you purchased will actually be worth that same amount of money five years down the line (or however long the must-hold period lasts). This is not to say that it isn’t wonderful to have a home, but with the real estate option you are limited to buying pre-approved government projects, instead of being able to pick and choose the property of your dreams.
What would you recommend to new investors who do choose the real estate option? As most investors will know, the most important thing to do with any investment is to minimise the risk factors. I recommend performing due diligence checks on both the development and the developer, and obtaining an independent valuation of the property intended for purchase.
What is the single most important change in your life that you can directly attribute to gaining citizenship from the Caribbean? Because India does not allow dual nationality, my decision to take second citizenship was carefully considered. More than ten years after having made that decision however, I can firmly say that it was one of the best decisions of my life. I have become a global citizen – and an international business player.
What do you do in your spare time in the Caribbean? I can never grow tired of spending my time in the Caribbean. I enjoy spending time on the golf course and heading down to the beach. I feel at home here. Everyone is friendly and fun.
The world’s most popular citizenship by investment programmes CS Global’s ranking for ease and efficency of obtaining citizenship 1
2
3
4
Dominica Citizenship by Investment
Grenada Citizenship by Investment St. Kitts and Nevis Citizenship by Investment Cyprus Citizenship Scheme
5
Malta Individual Investor Programme
6
Portugal Residence Programme
Investment requirement
Physical residence requirement for PR/citizenship
Government Fund Contribution
No residence requirement
90 days or less
No residence requirement
60 business days
No residence requirement
90 days
No residence requirement
4-6 months
12-month residency
1 year
Time to obtain citizenship
Visa-free travel once citizenship is granted
120 countries
$100,000 or Real Estate Option
$200,000 Government Fund Contribution (NTF)
$200,000
120 countries
or Real Estate Option
$350,000 Government Fund Contribution (SIDF)
132 countries
$250,000 or Real Estate Option
$400,000
Investment of
€5 million
157 countries
(€2,5 includes collective scheme)
€650,000 NDF contribution PLUS €350,000 real estate investment PLUS €150,000 government bonds
Real Estate Option
€500,000 or Capital transfer of minimum
€1,000,000 or Creation of at least 10 job positions in Portugal
7 days in first year, 14 days in following two years & 14 days in last two years of residence until permanent residence
166 countries
6 years
172
to citizenship
countries
Key benefits
Trusted jurisdiction, affordable investment, efficient processing of citizenship, stable & safe country
Efficient processing of citizenship, stable country, E2 visa access to USA, China visa waiver
Longest running citizenship by investment programme, trusted option, stable country
EU citizenship without residence requirement, robust business environment EU citizenship, stable & efficient environment for business, safe country
EU citizenship after residence
BELONG JUNE 2015 | 31
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