Passport Legacy, a Swiss boutique firm with over 25 years of combined experience in the investment migration industry, has announced its top three passports to invest in for Q4 2022. Based on the latest trends and developments this past year, Saint Kitts & Nevis, Dominica, and Grenada lead the way.
Saint Kitts & Nevis’ Citizenship-by-Investment (CBI) program has seen high demand among foreign investors since its establishment in 1984. Saint Kitts & Nevis borders the Caribbean Sea and the Atlantic Ocean, and its favorable location makes it one of the most well-respected programs in the sector. The dual-island nation’s passport ranks 24th worldwide and provides Visa-Free (VF) access to 160 countries. It also has multiple benefits, including retaining dual citizenship and capitalizing on numerous tax incentives. Applicants can donate a minimum investment of USD 150,000 to the Sustainable Growth Fund (SGF), through government-approved real estate projects starting at USD 200,000, or a qualifying contribution to the Alternative Investment Option.
Launched in 2013, Grenada’s CBI program is relatively new but highly appealing with investors not being required to set foot in the country during or after the process. It currently ranks 30th, globally, grants VF access to 143 countries, and can be acquired through government-approved real estate projects with a minimum investment of USD 220,000, or via a non-refundable donation to the National Transformation Fund (NTF). The required investment amount for NTF starts at USD 150,000 but increases based on the number of dependents when applying, and acquired property must be held for at least five years before it can be sold. As the only Caribbean CBI program to offer a gateway to securing US E-2 business visas, the passport facilitates reduced taxation if a company is registered abroad, 10-year-long US tourist visas, as well as allowing citizenship to be passed onto all future generations and newborns to be added for free, among providing other benefits.
Lastly, Dominica’s CBI program has been a popular choice since its inception in 1993. The country is one of the safest in the world and its passport has secured a global rank of 34th with it offering VF access to 143 countries. Yielding similar benefits to that of Saint Kitts & Nevis’ and Grenada’s passports, the Dominica passport also enables tax exemptions, allows a single applicant to have multiple dependents, and facilitates dual-citizenship; under the country’s ‘Citizenship Act’, the government can grant citizenship and a second passport to individuals that meet a specified set of rules and policy guidelines. Interested applicants can donate at least USD 100,000 to the Economic Diversification Fund (EDF), or invest USD 200,000 through government-approved real estate properties.
The UAE owns the first-ranked passport in the world in 2022 but it is one of the most difficult to obtain. It provides Visa-Free (VF) access to no less than 175 countries around the globe, which is one of the most enormous numbers in the world, and recent adjustments to the UAE law now enable dual citizenship. Although the UAE passport is out of reach for many, over 65,000 people have successfully secured a Golden Visa through the country’s renowned Residency-by-Investment (RBI) program and the launch of the Green Visa next month will see more investors benefit.
Jeffrey Henseler, Founder and Managing Partner of Passport Legacy, UAE HQ, said: “Approximately 5,000 people secure dual citizenship through a CBI program each year. With global uncertainty remaining steady, and the CBI market expected to reach $100 billion by 2025, this figure is poised to increase. Mobility is the greatest motivating factor for those seeking out CBI but several other benefits from each program add to its growing global appeal. The highly competitive landscape is a welcome sign for international investors and those seeking refuge in safer countries. We have seen a strong increase in interest in CBI programs with over 300 applicants in 2021 alone, and accordingly, look forward to helping facilitate a more secure future for all. Our goal is to provide the best possible options for our customers. We believe that every program has an array of different benefits and ensure diversity in our services so that we can cater to everyone, depending on what they are looking for.”
The CBI market is currently valued at $21.4 billion and increasing yearly. With fast application processing times and minimal required investment in comparison to other programs offered around the world being primary factors, Saint Kitts & Nevis, Grenada, and Dominica ranked among the top four CBI programs in 2022; Dominica retained its first-place ranking for the sixth consecutive year, while Saint Kitts & Nevis placed second, and Grenada ranked fourth. Though COVID-19 is ramping down, in today’s modern world, the ability to facilitate business opportunities, secure a higher standard of living, and improve freedom of mobility is steadily seeing the popularity of second passports rise.