The Demand for Citizenship and passports from Caribbean nations is at all time high. What is driving these huge demand into these nations?
A Second passport has great value and also an important Plan B option. Infact two passports are better than one. The more the passports you have the better to expand your travel freedom.
The most important benefit of a second passport is travel from country ‘A’ to country ‘C’ through country ‘B’. With the number of countries imposing travel restrictions on US citizens due to Covid delta variant, US passport is losing its shine with the declining passport passport. There are recent talks about EU restricting US citizens making it impossible to travel using US passport alone.
One way to get around the restrictions is travel through a second country (eg. Caribbean). If you are a citizen of Caribbean country, you have unrestricted rights to live, work, transit, plus spend a day or two in beautiful caribbean beaches on a holiday. Caribbean nations have direct flights to Europe, UK with visa free or arrival access. For example, US citizen can travel through caribbean to negate travel restrictions using a caribbean passport with a vaccination and negative PCR test being a dual US-Caribbean citizen.
The Caribbean is at the centerpiece of investment citizenship market. Some 35 years ago, a small island nation of St Kitts and Nevis invented citizenship for investments. Today five caribbean nations led by St Kitts and nevis make billions in citizenship sales.
The Good news is you dont have to spend millions. You could essentially buy a 2nd citizenship in Caribbean for hundred grand (eg. St Lucia, Antigua). The caribbean nations have some powerful passports that could get you anywhere. Do not underestimate.
Caribbean citizenships are acquired by expats living in the middle east (eg. UAE) in record numbers who live in diaspora. Many caribbean nations have diplomatic representations in UAE providing all necessary assistance to citizens.
Uncertainties create global demand for second citizenships. There are number of push factors involved.
Covid lockdowns have made life more worse. It has made comman man realise the important of importance of citizenship and residence planning abroad as a backup plan.
Political instability as a result of conflicts, violence threatening safety (eg. South Africa, Hong Kong) are the major push factors to emigrate. Harmful tax regimes and capital control curbs drive departure of wealthy millionaires. To many chinese families, world class education abroad for children is the most important. With Russia, South Africa easing restrictions on dual citizenships, second citizenships have become all the way more attractive.
In India Covid has accelerated departure of indian millionaires. According to BBC, India’s wealthy have topped a list of people seeking to relocate abroad through visa programmes that offer citizenship or right of residence in other countries in return for investments.
What drives investment migration?
Let us take a look at what events are happening across the globe driving investment migration among HNWI. These countries also the biggest markets creating demand for second citizenship and passports.
Nigeria – Civil unrest, Lekki shooting
Syria – Ongoing Civil War and fighting lasting for 10 years leading to displacement.
South Africa – Riots and civil unrest sparked by arrest of former president. Unemployment and economic inequality are other problems.
Egypt – Anti-government unrest, Covid shocks, Economic slowdown
Lebanon – Bierut explosion, currency devaluation, capital controls, limited access to bank deposits, difficult socio-political and economic conditions lingering uncertainties over future.
India – Surge in Covid cases and frequent lockdowns, harmful tax regime, capital controls, wealth inequality
Afghanistan – Advancement of Taliban and seizing control of Kabul after US troops withdrawal
United States – Failure of US to curb the spread of Coronavirus, Biden’s proposed bill to tax wealthy with high capital gain taxes, decline in US passport power. Many americans increasingly look at diversification.
Europe – Protests on Vaccine inequality, high taxes
United Kingdom – Brexit, protests on lockdowns, very high property prices and immigration.
Hong Kong – Public protests on national security law
Turkey – Lira devaluation, unrest
Brazil – Covid crisis and far right protests
Belarus – Political instability, protests and international sanctions
France – Very high taxes for HNWI, vaccine passport demonstration and lockdowns
Iran – International sanctions, low oil prices