July 13, 2021
A recent study by CS Global Partners, a legal advisory specialising in providing citizenship and residency solutions, has found that interest in Citizenship by Investment (CBI) has grown significantly over the last year. According to statistics, 2020 recorded a 42 percent incline in interest in CBI from Americans compared to the previous year. One of the major factors was the COVID-19 pandemic, which prompted many Americans to reconsider their options, particularly about protecting their wealth and planning for the future.
One of the most significant consequences of the pandemic was the United States’ decline in passport power, leaving high net-worth individuals without the ability to travel as freely as pre-pandemic. However, those who held second citizenship and passport could enjoy loosened restrictions, continuing to conduct business globally without any major impact. In addition, the landscape of US politics and the rise of civil unrest contributed to a surge in Americans seeking shelter abroad. For many, this meant securing citizenship through familial descent. However, for those that did not have that option, CBI became a viable and popular route.
Micha Emmett, CEO of CS Global Partners, highlighted the attractive nature of CBI: “In times of uncertainty, holding second citizenship can make all the difference. Whether it’s escaping political instability or broadening business reach, alternative citizenship ensures that essentially your eggs are not all in one basket. For wealthy Americans, particularly those that are time-pressed, citizenship by investment offers an efficient path that bestows a number of benefits from global mobility to safety and security.”
The Caribbean is a popular region for CBI due to its decades of experience within the industry and its proximity to the US. The concept was pioneered in St Kitts and Nevis, making it the longest-standing programme in operation and thus earning its recognition as a ‘Platinum Standard’ brand. The 2020 CBI Index ranked St Kitts and Nevis highly for several factors, but most notably, the dual island nation was listed as the world’s fastest route to a second citizenship. Those who pass the necessary due diligence checks and can demonstrate a clean source of funds can gain citizenship within 60 days under the Accelerated Application Process with some applications completed within 45 days.
Being a citizen of St Kitts and Nevis unlocks a wealth of benefits, including travel freedom to nearly 160 destinations, the right to live, work and study in a stable democracy pegged to the US dollar and the ability to pass citizenship for generations, thus protecting one’s future legacy. Those applying to St Kitts and Nevis can now take advantage of a limited time offer in which families of up to four can invest $150,000 rather than the previous $195,000 – the same price as a single applicant.