GLOBAL ECONOMIC CITIZENSHIP IN THE CARIBBEAN. Copyright Delaney Partners

Transcription

1 GLOBAL ECONOMIC CITIZENSHIP IN THE CARIBBEAN Copyright Delaney Partners

2 What is Economic Citizenship? Economic Citizenship is where a person invests into another country. As a result of the investment, such person is able to acquire the citizenship of the country where the investment is made. Copyright Delaney Partners

3 Popular Reasons for the demand for Economic Citizenship To access business and other opportunities with less travel restrictions post 9/11 attacks. The desire to enjoy full civil rights, buying property and the right to work. Estate and Tax Planning. Survival for political or national refugees from countries impacted by civil war, natural disasters, famines etc. Copyright Delaney Partners

4 Global Economic Citizenship Programs (ECPs) & Economic Residency Programs (ERPs) Some of the popular ECPs or ERPs are outlined in the chart below which was published in an IMF Working Paper: Copyright Delaney Partners

5 Economic Citizenship in The Bahamas? The Bahamas has an ERP instead of an ECP. How does the ERP work? Ideal minimum investment is $1,500, Satisfy due diligence procedures. Is ERP a path to citizenship? Despite provisions in The Bahamas Nationality Act 1973, obtaining Bahamian citizenship otherwise by descent is a long and challenging process. Copyright Delaney Partners

6 Caribbean Countries with ECPs Copyright Delaney Partners

7 St Kitts & Nevis There are two options available for obtaining Economic Citizenship: Option 1: A non-refundable donation to the country s Sugar Industry Diversification Foundation. The donation amounts are: One applicant (no dependents) - $250,000.00; One applicant (up to three dependents) - $350,000.00; and One applicant (up to five dependents) - $450, Option 2: A real estate investment in the amount of $400, Please note that the real estate cannot be re-sold until five years after the date of purchase. Government fees = $50, per applicant. Due Diligence fees = $7, per applicant. No interview or a requirement for the applicant to be physically present in the country during the application process. No residency or visitation requirements to maintain the citizenship. No Afghan or Iranian nationals can benefit from this ECP. Copyright Delaney Partners

8 Antigua & Barbuda There are three options available for obtaining Economic Citizenship: Option 1: A non-refundable donation to the country s National Development Fund in the amount of US$200,000. Option 2: A real estate investment in one of the approved projects in the amount of $400, Please note that the real estate cannot be re-sold until five years after the date of purchase. Option 3: A direct investment into an eligible business as follows: Sole investor US$1,500,000.00; or Joint investors (at least two persons) US$5,000, (total). Each person must individually invest at least US$400, Government fees = $50, per applicant. Due Diligence fees = $7, per applicant. There is an interview or oath requirement. There is a requirement for the applicant to be physically present in the country during the application process. Residency or visitation requirements to maintain the citizenship (five days physical presence in the country during the initial period of five years). Copyright Delaney Partners

9 Dominica There are two options available for obtaining Economic Citizenship: Option 1: A donation to the country s Government Fund in the amount of: One applicant - US$200,000.00; One applicant and spouse US$175,000.00; and One applicant, spouse and two children (under the age of 18) - $200, Option 2: A real estate investment in one of the designated developments in the amount of US$200, There is an interview or oath requirement (interview can be conducted in applicant s home country). There is a requirement for the applicant to be physically present in the country during the application process. No residency or visitation requirements to maintain the citizenship. Copyright Delaney Partners

10 Grenada There are two options available for obtaining Economic Citizenship: Option 1: A non-refundable donation to the country s Island Transformation Fund in the amount of US$200,000. This option has two steps as it involves obtaining a permanent residency status first and then applying for naturalization second. However, according to Grenada s Government website this option is not ready to receive applications. Option 2: A real estate investment in one of the approved projects in the amount of $350, Please note that the real estate cannot be re-sold until four years after the date of purchase. The investment does not include government processing fees, due diligence fees and other associated costs which distinguishes this country s ECP from that of its Caribbean competitors. Copyright Delaney Partners

11 Benefits of ECPs in the Caribbean Copyright Delaney Partners

12 Benefits of ECPs Increased revenue. Employment opportunities. Broadening of skills. Positive impact on real estate and construction. Copyright Delaney Partners

13 Compliance and other concerns with ECPs Copyright Delaney Partners

14 What are the concerns with ECPs? Security, money laundering and other criminal concerns. Economic concerns. Banking secrecy and taxation concerns. Compliance concerns. Copyright Delaney Partners

15 THE END Copyright Delaney Partners