2018 – Exciting Times Ahead
Since 2010 the number of applications each year for a second passport has tripled with the strongest growth coming from Caribbean countries including Antigua, St Lucia, Dominica and Grenada and in 2018 it looks set to increase still further.
This has been fuelled by the rapidly developing uncertain political climate across the world to the extent that many wealthy global businessmen are now turning to a second passport to secure their business’ and families’ future. A second citizenship will introduce new business ventures worldwide and grant families access to state-of-the-art healthcare and education. Furthermore, dual citizenship is considered a global insurance policy for high-net-worth individuals and can all be achieved without necessarily having to emigrate from their own country.
During the past year rates for 2nd Citizenship rates have varied widely with a concern being expressed that “a race to the bottom” is developing. The former head of the Antigua & Barbuda Citizenship by Investment Unit, Thomas Anthony has been urging more integration among the Caribbean programmes and even suggesting that the CIPs in the region should have a single processing unit and should also be marketed as one. He also believes price cuts are not only unnecessary but also counterproductive.
One way to ameliorate this potential monetary devaluing of the Caribbean CIP’s is to offer would be applicants the opportunity to invest their funds in different types of programme. Whilst the countries in the Caribbean offering CIP are relatively close, geographically, to each other, they are very different.
Dominica, which has one of the most successful CIP programmes, was recently badly affected by Hurricane Maria to the extent that much of its infrastructure is to be rebuilt. Dreadful though the damage was, it is believed, that with investment, Dominica can embrace new, sustainable building techniques and materials which will develop a new infrastructure more resilient to the damaging effects of climate change and weather. Investing in Dominica’s CIP is a positive commitment to help challenge the effects of climate change. For those interested in ecologically sustainable Real Estate there is an opportunity to invest in the luxury eco development Jungle Bay, the first phase of which is on course to open next December.
Another example is Antigua, which is known for its luxury real estate developments and beautiful beaches. Potential investors looking for a more sophisticated yet relaxed environment with direct flights to Europe, inc the UK would find this more to their liking. Grenada too offers superb real estate options and now St Lucia offers the chance to invest in a superb race course will all facilities required for racing’s thoroughbred superstars.
Investment options are becoming more varied so potential investors should consider the various options rather than just which is the cheapest. A life changing decision can be enhanced with a few extra dollars.
2018 will be an interesting, rewarding and exciting year for many.