BELONG INTRODUCING THE OLDEST AND MOST TRUSTED CITIZENSHIP BY INVESTMENT PROGRAMS IN THE WORLD
THE MOST BEAUTIFUL ISLANDS IN THE WORLD Well we would say that wouldnâ€™t we? But then every day we are grateful that we live in such an enchanted place. And we find that everyone who comes to our islands is always sad to leave and eager to return.
What makes these islands special? Where to begin? The pristine beauty is stunning, with clear blue skies to gaze at, warm water to swim in and sandy beaches to laze on. Dive, hike, sail, walk or do nothing. We welcome you to be part of this safe and welcoming paradise. We love and cherish our islands; we have taken steps to make sure they remain beautiful for generations to come, our children, our grandchildren and our great grandchildren. And perhaps yours too. We welcome you to visit, to explore, to enjoy and hopefully become a citizen and so fully share with us the joy of island living.
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Contents 2. Introduction 4. Dominica Prime Minister’s Welcome 7. Dominica is Different 8. Why Invest in Dominica? 10. Luxury Trail 11. Why become a citizen? 12. Citizenship by investment in Dominica 14. Citizenship by investment in St Kitts & Nevis 16. St Kitts & Nevis Prime Minister’s Welcome 18. About St Kitts & Nevis 20. The SIDF in St Kitts and Nevis 22. About Grenada 24. About Cyprus 26. CS Global Partners – Intelligent Citizenship Solutions 27. The World’s Most Popular Citizenship by Investment Programs Copyright Belong Magazine. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise, without the permission of Belong Magazine. Where opinion is expressed it is that of the author(s) and does not necessarily reflect the editorial views of the publisher or Belong. All information in Belong is checked and verified to the best of the publisher’s ability, however the publisher cannot be held responsible for any mistake or omission enclosed in the publication. Limit of Liability and Disclaimer: While the publisher and author(s) have used their best efforts in producing this publication, they make no representation or warranties with respect to the accuracy or completeness of the contents of this publication. The explanations and strategies contained herein may not be suitable for your situation. You should consult with a professional advisor where appropriate. Neither the publisher nor the author(s) shall be liable for any loss of profit or any other damages, including but not limited to special, incidental, consequential, or other damages.
With grateful thanks to: Government of Dominica • Government of St Kitts & Nevis Invest Dominica • St Kitts Tourism Authority And our partners, friends and associates from the islands of St Kitts & Nevis and the Commonwealth of Dominica who helped us source these beautiful images and without whose guidance, expertise and generosity this publication would not have been possible.
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The Honourable Roosevelt Skerrit Prime Minister of the Commonwealth of Dominica
WELCOME “The Government of the Commonwealth of Dominica and the people of Dominica encourage you to come to Dominica as a visitor and leave as a life-long friend, and even a citizen.”
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I am delighted to welcome you to the Commonwealth of Dominica. We appreciate your interest in our country. We are a developing island nation, located midway in the Eastern Caribbean archipelago with miles of fertile soil, verdant forest and lovely vistas that have given us the designation of Nature Island of the Caribbean. We have taken action to move Dominica from an economy dependent on agriculture to one of diversity, balancing product output with service output. Our tourism product is unique and unparalleled throughout the Caribbean, with real opportunities for investment in hotels, villas, resorts and other similar type accommodation. We have taken the bold step and enacted extremely favourable legislation for international businesses and put in place the infrastructure and other support structures staffed by knowledgeable and competent professionals, to guide and assist in the tourism, services, manufacturing and export sectors. Our people are trained, and ready for the challenge. We invite investments that will generate sustained economic growth and prosperity, and create jobs and business opportunities for our people. My Government is committed to continuing to provide the legislative and administrative framework, and maximum fiscal and technical support necessary to encourage your investment and attain those goals. We are creating a framework of modern, diversified, sustainable and resilient economic structures to meet the demands of a highly competitive global trading environment. Dominica is for the adventurous, the romantic, the faint hearted, and the broad-backed. Dominica is for anyone looking for a real investment opportunity or just the ideal tourism destination. I invite you to visit and invest in Dominica, the emerging investment destination in the Caribbean. The Dominica Citizenship by Investment Program was first established in 1993 (Economic Citizenship Program) and has built a good reputation with the highest level of due diligence and confidence in the program. In 2013 the Government took a decision to establish a variant of the economic citizenship program to facilitate investment particularly in real estate development. This allows investors investing in approved developments on the island to be considered for the benefit of economic citizenship status. The Government of the Commonwealth of Dominica and the people of Dominica encourage you to come to Dominica as a visitor and leave as a life-long friend, and even a citizen. Sincerely yours, The Honourable Roosevelt Skerrit Prime Minister of the Commonwealth of Dominica
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DOMINICA IS DIFFERENT The Commonwealth of Dominica (pronounced “do-minee-ka”), known as the “Nature Island of the Caribbean” is a hidden paradise offering a combination of unrivalled natural beauty and welcoming investment platform for international business. Dominica is different; it is a waking beauty – an independent and vibrant spirit – which offers worldclass resorts to match its stunning natural assets. Dominica is often confused with the Dominican Republic, but the Commonwealth of Dominica is a former British colony, situated midway along the Eastern Caribbean archipelago, just a few miles from Martinique to the south and Guadeloupe to the north. This special island was named by Christopher Columbus, who spotted the island on a Sunday.
FACT: Pirates of the Caribbean (Parts 2 & 3) was filmed in various locations on the Island of Dominica
The climate is tropical and the terrain rugged. Much of our island is covered in rainforest and 1,200 plant species cover two thirds of our home. The emerald green moss-filled mountain sides cascade down to the mild Caribbean ocean and are speckled with coconut trees, banana plantations and bright tropical flowers. Dominica is home to the world’s second largest thermally active lake, and boasts hot and cold sulphur springs with healing properties. From beach to jungle, it is a secret refuge for sun-seekers and soul-searchers alike. Still being formed by volcanic activity, which creates a palpable energy, we are home to one of the Caribbean’s highest peaks, the Morne Diablotins, situated in the Morne Trois Pitons National Park which was one of the first UNESCO World Heritage sites in the Eastern Caribbean.
There are many waterfalls and lakes and 365 rivers. We are also a popular location for hiking, scuba diving and whale watching. Whether walking barefoot on an untouched shore, or descending a steep jungle trail surrounded by every shade of green, or lazing in one of the many natural healing pools, our island is a place to rejuvenate your soul and strip you of all your concerns. But Dominica is so much more. Besides being nominated as one of the happiest places to live in the world with the happiest people, we are one of the only islands in the Caribbean with a strong economic growth rate. We are a blend of English, French, African, and Carib peoples who live and breathe our surroundings. We love our colourful costumes, music and pageantry. Whether you’re searching for some of the best diving in the Caribbean, or seeking an unforgettable adventure through 300 miles of trails, landscapes, volcanoes, deep gorges, rivers and waterfalls (and the world’s secondlargest hot spring), or just wishing to lie back and soak up the sun, our “Nature Island” has everything. Dominica is well known for its Citizenship by Investment Program – one of the oldest programs in the world, which offers prudent investors the ability to access the world through this trusted route to second citizenship. (www.cbiu.gov.dm)
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WHY INVEST IN DOMINICA?
Courtesy of Derek Galon
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Dominica’s rich, volcanic soil is perfect for growing a wide variety of fruits, produce and plants and the government is encouraging investments in agro-processing with fiscal incentives and technical support services.
Dominica’s Government is dedicated to working with the private sector and foreign investors to promote development and growth in the country. The country has the business climate Dominica’s varied landscape and spectacular for strong green field operations in several investment sectors and so is an attractive frontier scenery presents excellent opportunities for real estate development. Opportunities exist for global investors. for joint venture investments with private There is an ease to doing business in the landowners throughout the island and the country as the official language is English and government is receptive to proposals for mutually the local community is well educated with a beneficial projects to drive forward its hotel 95% literacy rate. In the World Bank’s “Doing accommodation development initiative. Business Report 2013” Dominica was ranked Five reasons to Invest in Dominica: 22 in processing of construction permits; 32 in protecting investors, 46 in registering a business 1. A Gateway to Europe from among 183 countries. With a number 2. Safe and Good Quality of Life of flexible and well-tailored concessions for 3. A Progressive and Stable both large and small investment projects, macroeconomic environment many international companies and individual 4. U nrestricted foreign ownership of businesses investors are looking to Dominica to develop in an investor friendly environment agricultural opportunities, alternative energy 5. Free movement of capital, dividends and projects, manufacturing concerns, hotel resort profits and no capital gains, estate or death developments, extending to investments in the taxes film industry. www.investdominica.com www.cbiu.gov.dm
DOMINICA CITIZENSHIP BY INVESTMENT PROGRAM HOW TO QUALIFY? To qualify for citizenship, applicants must be at least 18 years of age, of good character, without criminal records and must be able and willing to make the required contribution. An applicant must either make a contribution into the Economic Diversification Fund OR make an investment in designated Real Estate.
THE PROCESS Economic Diversification Fund To qualify for citizenship under the Fund Option, the Government requires a contribution to the Fund. The investment amount depends on how many family members are included in the application and starts from USD 100,000 for a single applicant. The Economic Diversification Fund contribution includes all Government fees. Real Estate Option To qualify for citizenship under the Real Estate Option, an applicant must purchase authorized Real Estate to a value of at least US$ 200,000, plus pay Government fees, Due Diligence fees and taxes*. Real Estate can be re-sold after 5 years. *Fees are regulated by the Government and are subject to change
MONW EA COM L
Th e o of D f the C Gove om om rnme to t inic mon nt h a w of d e high is co ealth inv ue d est s mmit ta ili te it app es onl gence ndard d lica y re a for nts t puta nd ble citi o a p zen shi ply p T
FACT: Preferential access to major international markets and agreements with Europe (EPA) and CARICOM.
D O MINIC A
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The Government of Dominica is commited to develop the tourism industry. We are one of the leading eco-tourism destinations in the Caribbean and the world with an abundance of untouched nature, secret beaches, and welcoming locals transferring you immediately to another world. Along every trail across the island of Dominica you can discover nature tinged with a touch of adventure and an astonishing purity and variety of landscapes. From deep gorges, valleys and dense mountain rainforest to volcanoes, rushing streams and rivers; from natural springs and bubbling mud baths to cascading waterfalls and a vast array of flora and fauna. One such trail is the Waitikubuli National Trail, which is becoming a premiere attraction to trail lovers. It is the Caribbean’s first long distance trail and passes through the Carib (Kalinago) Territory home to indigenous peoples and a UNESCO World Heritage Site, and the Morne Trois Pitons National Park with the world’s second largest Boiling Lake. The trail highlights island history, culture and community life, biological diversity, natural beauty, watersheds and forest conservation and continues to serve as a ‘living classroom’ for educational purposes and a form of wellness for both residents and visitors. And you don’t have to abandon your creature comforts or damage the environment when you enjoy the trail which is designed to amaze you. BELONG • MARCH 2015 10
We are in a prime position to capitalize on producing unique tourism products based on culture and heritage, environmental preservation and appreciation, as well as health, education and sports tourism. The Cabrits Resort Kempinski, Dominica is the first Government-approved real estate project under the Dominica Citizenship by Investment Program. The Cabrits Resort Kempinski will be a 101 room hotel built on a beautiful beach on Douglas Bay in Cabrits in the North East of the island, close to the town of Portsmouth. The Cabrits Resort Kempinski has been designed to strike a natural balance between the land and the sea, while ensuring a modern contemporary guest experience. It is difficult to leave Dominica without falling in love with the island.
WHY BECOME A CITIZEN?
“Second citizenship is becoming increasingly common amongst businessmen and their families. The advantages are clear.” Of course most people tend to have just one citizenship but times have changed. Second citizenship makes sense and is considered an insurance policy nowadays. Second citizenship is becoming increasingly common amongst businessmen and their families. The advantages are clear - flexibility, mobility and the freedom to live and work in an increasingly global environment.
complement your existing tax planning and wealth protection strategies.
If your current country of citizenship is politically unstable, or there is civil unrest, your right to a passport could well be restricted. In a case like this, a second citizenshipnow could be critical in protecting you and your family in the future.
Some people’s nationality can severely restrict their ability to travel freely, this in turn impacts their ability to do business globally. A second citizenship and passport can help overcome these restrictions.
Reduced Administration Does your current nationality mean you have to apply for visas more frequently? It’s tiresome and affects your efficiency. Taking a second citizenship, and having a second passport, could help remove this burden easily and efficiently.
Wealth Protection If your current nationality taxes your worldwide income, then a second citizenship may
Personal Security Does your current nationality make you a target for terrorists or criminals? If so a second citizenship and passport could well be beneficial.
Of course investment opportunities and requirements will vary from one jurisdiction to another, so before you decide, it’s important to take various factors into account. You want to be sure that the process is legal, uncomplicated and swift. Always consider whether there are any conditions or restrictions associated with the citizenship. You want to invest in a citizenship that is well recognised, offers the citizenship to your immediate family and extends to future generations.
Privacy Does your current nation’s control of and intrusion into your personal affairs concern you? A second citizenship could assist in lifting those concerns.
How to become a citizen One recognised way of gaining an alternative citizenship is via investment in a country that offers you a legal and legitimate citizenship by investment option.
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CITIZENSHIP BY INVESTMENT IN DOMINCA Investment in the Government Fund A one-off contribution to the Government Fund The Government Fund was established through the Economic Citizenship program as one component of a national capital mobilization portfolio towards an ultimate goal of national development for Dominica. Funds generated by the Citizenship by Investment Program under the Government fund option are utilized for public and private sector projects where a need is identified. The required contribution for this option is directly relative to the number of dependants the main applicant would like to submit along with their own application, see below for the example.
Required Contribution Amount*
Due Diligence Fee
for the family of four
for each additional dependant
USD 4,000 Spouse
* An additional fee of USD 50,000 for any dependant over 18 excluding the spouse.
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each dependant aged 16 and over
each dependant aged 16 and over
To obtain citizenship in Dominica through the citizenship by investment program, you can either: 1. Invest in the Government Fund or; 2. Invest in real estate
Investment in Real Estate The Government recently introduced an option to invest in real estate to qualify for citizenship. An applicant must purchase approved real estate to the minimum value of USD 200,000. The real estate must be held for 3 years and may be eligible for re-sale under the Citizenship by Investment Programme if owned for at least 5 years.
Real Estate Option
Minimum Required Investment
Due Diligence Fee
USD 4,000 Spouse
USD 50,000 USD 50,000
USD 25,000 Spouse
each dependant aged 16 and over
each dependant aged 16 and over
Main applicant Spouse
each child under 18
Main applicant Spouse
each child under 18
* An additional fee of USD 50,000 for any dependant over 18 excluding the spouse. Other payable fees include legal fees and passport fees. Fees are subject to change.
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CITIZENSHIP BY INVESTMENT IN ST KITTS & NEVIS Contribution to the SIDF The Sugar Industry Diversification Foundation (SIDF) is a charitable organisation which was established in 2006 and has the primary purpose of assisting the government to transition from sugar as their main economic growth engine to a more diversified economy. The Foundation has been designated as an approved project, solely for the purpose of Citizenship by Investment. Foreign nationals who contribute the qualifying amount starting at USD 250,000 and meet the other requirements, may apply for citizenship. The SIDF option is a faster route to getting citizenship of St Kitts and Nevis. It is worth mentioning here, that this route is less complicated, than taking part in the real estate investment option. Below is a schedule of fees applicable under this option:
Required Contribution Amount*
Due Diligence Fee
each dependant aged 16 and over
each dependant aged 16 and over
* An additional government fee of USD 50,000, where a dependant aged between 18-25 or aged 65 and over is included in an application, is applicable.
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There are two types of investment which qualify for the program: 1. Contribution to the SIDF or; 2. Invest in real estate
Investment in Real Estate To qualify for citizenship under the real-estate option, the government requires an investment in designated real estate with a value of at least USD 400,000. Designated real estate includes approved residential properties on either island, such as luxury villas and condominium units. By investing in property, you may obtain the additional benefits of having a second home or holiday home and possibly receive a return on your investment. Real estate may be re-sold after five years. Whilst the Government approves a number of property developments to qualify as part for the program, it is the sole responsibility of the applicant to ensure that the property is worth the investment amount they intend to invest.
Real Estate Option
Minimum Required Investment*
Due Diligence Fee
each dependant aged 16 and over
each dependant aged 16 and over
for each dependant
for each dependant
* An additional government fee of USD 50,000, where a dependant aged between 18-25 or aged 65 and over is included in an application, is applicable. Other fees payable include legal fees, passport fees and property purchase fees where applicable. Fees are subject to change. These materials are published only for information purposes and they do not represent investment, finance or bank products and services
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The Honourable Dr. Timothy Harris, Prime Minister of St. Kitts & Nevis
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WELCOME 2015 is a time for new beginnings in St. Kitts and Nevis. On February 16th, the people voted to CHANGE course. They called for a new partnership and collaboration between people, government and civil society, for the good that we can achieve together. Our people truly believe that we are better together. As the new Prime Minister of this wonderful democracy, I would like to welcome you to the beautiful islands of the Federation of St Kitts and Nevis. I believe that as a federation our best days are ahead of us. We have now embarked on a course of new and greater opportunities for growth and prosperity for all. Many around the world are excited about the new possibilities here in St. Kitts and Nevis. They understand the importance of a government that will lead this country to an era of sustainable development. They are excited that this government is focused on ensuring that the people get a fair share of the nation’s prosperity. This new government of national unity is people focused and growth driven. The New government of national unity is poised to take St. Kitts and Nevis to heights never seen before in the Caribbean. The potential in St. Kitts and Nevis is limitless. Our federation is regarded as the jewel of the Caribbean with breathtaking mountains and beautiful seas that work together, creating the backdrop to our “paradise islands”. However, we understand that we do not exist by ourselves in the world and that we are part of the broader world community. With the advancements in technology and transportation, the world is becoming smaller and smaller which means opportunities and possibilities for partnerships between locals and non-locals are real and getting bigger and bigger. Technology enables our young people to be exposed to places around the world. It also allows small businesses to trade with each other sharing goods and services. In order for our federation to reach its full potential, we must work in harmony with the rest of the world. No man is an island, no man stands alone.
St. Kitts and Nevis is at the dawn of a new era of research, development, real estate opportunities, tourism, healthcare, financial services, alternative energy, agriculture, technology and human resources management. Our economy thrives, demonstrating stable growth in a variety of industries such as light manufacturing, agriculture, financial services, tourism and information technology. This transition has been massively successful in progressing and cementing the development of the country. Yet we understand and appreciate more can be done. The Citizenship by Investment Program has been integral in this development. Through the Program, we have seen a number of opportunities arise for both locals and international investors. We have seen investors come to the island for a day and decide to stay for a lifetime. We understand the urgency of now. Now is the time to put the necessary long term investments in place to ensure the sustainability of St. Kitts and Nevis. As the longest running Program in the world, it is my intention to ensure the Program retains its trusted reputation. This Government has one objective to see that the Program runs in a meticulous manner, ensuring exclusivity, due process and accountability. So we open the doors to our beautiful country to you; come, take a look around at the splendor, the history and the culture; be amazed at the beauty of what surrounds you. It is something we are blessed to bear witness to everyday and something we invite you to be a part of too. I implore you to identify with your needs, your wants, your dreams and how as a government we will not be a stumbling block to the legitimate expectations of citizens and investors but we will help to unleash your dreams, your vision, your imagination because it is from your dreams, your visions, your imagination that the greatness of our country can be built and constructed. Thus I invite you to learn about this unique country that I hold dear to my heart. Sincerely yours, Honourable Dr. Timothy Harris, Prime Minister
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ST KITTS & NEVIS CITIZENSHIP BY INVESTMENT PROGRAM HOW TO QUALIFY To qualify for citizenship, the person must be over 18 years of age, be of good character and meet the application requirements. An applicant must make an investment in an approved Real Estate project OR make a contribution to the Sugar Industry Diversification Foundation (SIDF, a public charity).
THE PROCESS Real Estate Option To qualify for citizenship under the Real Estate Option, the Government requires an investment in designated Real Estate with a value of at least US$ 400,000, plus the payment of Government fees and the Due Diligence fees. Real Estate can be re-sold after 5 years. Sugar Industry Diversification Foundation (SIDF) To qualify for citizenship under the SIDF Option, the Government requires a contribution to the Foundation. The investment amount depends on how many family members are included in the application and starts from US$ 250,000 for a single applicant. The SIDF contribution includes all Government fees. *Fees are regulated by the Government and are subject to change
N Th eG St K over is c itts nme o & N nt o f h mm e of d ighest itted t vis inv ue d stan o the da ili it app es onl gence rd lica y re a for nts t puta nd ble citi o a zen ppl shi y p T
N E VIS
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FACT: The islands of St Kitts & Nevis are located in the Eastern Caribbean roughly 1,200 miles from Miami, 1,600 miles from New York, 4,000 miles from London and about 45 minutes by plane from Puerto Rico and the US Virgin Islands.
ST KITTS & NEVIS ISLANDS OF INTOXICATING EXPERIENCES
St Kitts & Nevis is located in the northern Leeward Islands of the Caribbean, offering a myriad of activities and opportunities. St Kitts & Nevis offers natural beauty, rich culture and long history. Whatever your tastes - for hiking, for watersports, for fishing, for sailing, for golfing, for diving, for eating or for simply relaxing on a beach, St Kitts & Nevis has it all under a clear Caribbean sky. Explore Explore St Kitts’ thriving rainforest. The outdoor life isn’t all about the water. Visit the coastal rainforest, which is actually growing not receding as it so often is elsewhere, and visit the Valley of the Giants. Climb to Mt. Liamuiga’s volcanic crater or cycle the hills of the Southeast Peninsula. All land above the 1,000 ft. contour is National Forest Reserve where you can take one of the many winding trails and walk under a canopy of green leaves brightly coloured flowers and all the while surrounded by nature. Nevis is a smaller island of only thirty-six square miles. Incredibly unspoilt, unpopulated and laid back, it boasts empty beaches by the mile. Pinney’s Beach on the outskirts of the capital Charlestown for example, is just one of the perfect places where you can truly get away from it all.
can you play with a view of the Caribbean Sea and the Atlantic Ocean? Or head on over to Nevis to play the memorable Robert Trent Jones II 18-hole course.
Dive and fish Whether you are a novice or veteran, the islands offer exceptional fishing and diving for the enthusiast. There are myriad of wrecks, pristine reefs, walls and caves in which to dive and these also form natural homes for game fish to deliver great sporting memories.
Live Join us as a citizen. As an Economic Citizen you will hold a passport issued by St Kitts & Nevis, which entitles you to life-long citizenship and a right to reside on the island. And you won’t be taxed on foreign income, capital gains, gift, wealth, and inheritance tax. You can relax in your own home and enjoy the delights of St Kitts & Nevis whenever you like.
Play If a walk with a golf club is your hobby, then the famous 18-hole championship Royal St Kitts golf course set on 125 acres will delight you. Where else
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CITIZENSHIP BY INVESTMENT PROGRAM BE A PART OF SOMETHING SPECIAL AND FEEL YOU TRULY BELONG The St Kitts & Nevis ‘Citizenship by Investment Program’, the oldest program of its kind in the world, has set a precedent that other countries have followed.
SIDF BOOSTING NATIONAL DEVELOPMENT IN ST KITTS & NEVIS The distinction of having the world’s longest existing citizenship by investment program is proudly borne by the Federation of St Kitts & Nevis. Established in 1984 to grant citizenship through real estate investment to qualified applicants, the economic citizenship program later offered another option – a minimum contribution of USD 250, 000 to the St Kitts & Nevis Sugar Industry Diversification Foundation (SIDF). By investing in SIDF your path to belonging is trouble free and you are helping your new fellow citizens. SIDF’s primary purpose is to research and fund the development of alternative industries and make it possible for the island to move away from its previous reliance on sugar production toward a more diversified economy. The activities of the Foundation are all geared towards its key objective of providing a sustainable holistic platform for future growth and development. With the prime purpose of assisting in the transformation from an agrarian society to a diversified, service economy, SIDF was created in 2006, the year following the closure of a three hundred year old sugar industry. The impact of the investment of its receipts from the economic citizenship program in national development can be seen and experienced across all sectors. Human capacity building has been a national focus and great investments have been made in education, work skills and entrepreneurial training. Through funds provided by SIDF, students access post secondary education locally, while others obtain loans to pursue
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degreed programs abroad. School leavers benefit from vocational and technical training to prepare them to function efficiently in a service-driven economy, and new entrepreneurs have created businesses having received training and interestfree loans. Cognisant that construction is a key driver of the economy, SIDF, in collaboration with indigenous financial institutions, designed programs to provide easy access to residential mortgages. The loans, granted at a low fixed interest rate, have served to stimulate the economy and improve the quality of living conditions. With support from SIDF, the Government is on its way to achieving a diversified agriculture sector. Grants and low interest loans have been made available for traditional and hydroponics farms. Since 2008, SIDF has funded the Agricultural Resource Management (ARM) project which fosters agricultural development and sustainability through preservation of infrastructure and training of farmers in new farming methods. SIDF plays a critical role in enabling the Government to carry out its Public Sector Investment Program (PSIP). By funding electricity, alternative energy, infrastructural development and poverty eradication projects, SIDF is a vehicle through which Government translates its plans and strategies into tangible outcomes. With approximately USD190,000,000 invested in enhancing social and economic development, SIDF has proven to be a worthy option under the Citizenship by Investment Program.
FACT: The government welcomes investment into the country and offers substantial tax breaks to new investors. The financial services industry of St. Kitts & Nevis has developed legislation for the registration of companies, foundations, trusts, international insurance and trust service providers.
DEV BATH Global Businessman
I became a citizen of St Kitts & Nevis over ten years ago. Even though I did not take this decision lightly, because under Indian law I had to relinquish my Indian citizenship, I knew the benefits supported the needs of my family and my business. After my initial trip there where I had planned to stay only a couple of days, I ended up staying over a month. I fell in love with the country.
What attracted me? Well spend a few weeks here and you will understand. St Kitts and Nevis has so much to offer. I was just blown away by the scenery, the weather and the warmth and friendliness of the people. And the country continues to develop. It is even more exciting today than when I first arrived as there is so much happening now with the exciting hotel developments, the new marina, the trendy restaurants – there is something for the whole family to enjoy. After a few days here, you feel rejuvenated. And it’s so easy to access with direct flights from London, New York, Canada and the rest of the Caribbean. Personally, I love golf and there is nothing better than enjoying a round of golf in the early morning overlooking the Atlantic ocean. But the beaches, the diving, the fishing are all wonderful too and there is so much unspoilt nature to enjoy. My family love spending time on the islands – playing at the beach, hiking in the rain forest or simply relaxing at the hotel resorts. I am a global entrepreneur, and even though my business base is still in India, I find the business platform in St Kitts and Nevis very favourable with an infrastructure and mobile data connection that is reliable. There are so many opportunities here that I end up engaging in projects in the country. St Kitts and Nevis works for my family and me. It’s more than just our other home, it’s the place that we spend our best times together. To be honest, from the start, I felt I belonged.
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GRENADA DISCOVER THE SPICE ISLES
The beautiful island of Grenada needs little introduction. Also known as the spice island, this charming and exciting country invites you to explore it and if you like what you see, it has plentiful opportunities invest in this paradise. A trip to Grenada would not be complete without visiting all three islands that make the country, the capital island, Grenada, and its two sisters, Petite Martinique and Carriacou. All are tucked below the hurricane belt in the Caribbean ocean and each enjoys stretching white beaches, contrasted with plunging mountain peaks and lush tropical rainforests. Spices grow ardently giving the air a naturally perfumed scent. With a very high literacy rate, the population is highly educated. Internationally, St. George’s University, located in Grenada’s Capital City, comprises of over 6,000 students, offering specialist courses in Medicine and Veterinary Science. With a full medical teaching hospital in the plans for development, Grenada is undoubtedly a much more advanced island than some of its neighbours. Grenada became independent in 1974, and is a member of the Commonwealth. With a democratic parliamentary governmental system and the Queen as the Head of
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State, the country is politically, socially and economically stable, with a high standard of living. Diving in the pristine waters is world class with a range of over 15 species of whales inhabiting the waters from November through May. For those who would rather stay on dry land, one quarter of the land is preserved as wildlife sanctuaries and national parkland beckoning to you to explore and enjoy its natural richness. From the peaks of the mountainous pathways where cascading rivers and waterfalls stretch through forests of fruit- and flower-laden trees to the long stretches of perfect beach with spectacular outlooks over the turquoise sea, Grenada is overwhelmingly beautiful, and has plenty of attractions to keep a visitor busy. With close trading ties to the USA, the ‘Spice Island’ of the Caribbean enjoys a fastdeveloping tourism market, yet Grenada is largely undiscovered, unspoilt with its original charm Grenada is a welcoming environment for investment and development. With its comfortable year round climate, (average temperatures are in the high twenties celcius), welcoming business environment and the friendly English speaking population there could be no place more pleasant to holiday, do business or even relocate.
GRENADA CITIZENSHIP BY INVESTMENT PROGRAM HOW TO QUALIFY
Grenada Citizenship by Investment Programme Why would you become a citizen of Grenada? Investing in citizenship is a wise idea for all investor profiles, as it offers the opportunity to safeguard your future and that of your family. More than simply an opportunity to obtain returns on your financial investments, the citizenship is for life and for future generations.
The benefits General Benefits of Grenada Citizenship • Minimal processing fees • Fastest turnaround from application to citizenship in approximately 60 days • Under the CBI program successful applicants are safeguarded from any income tax, capital gains and inheritance tax. • Grenadian Citizens also enjoy preferred access, in some cases grants to top schools and universities. • No interview, education or management experience required; • Very affordable option • Well known, stable and established investment environment.
As a member of the United Nations and the Commonwealth of Nations, Grenada offers its citizens with social and political security, within a culturally vibrant and extremely friendly community. With many wildlife attractions, aquatic sea life, national parks and rainforests to explore it is an exciting vivacious place to be. Embedded in the culture is a wealth of history to learn about and develop your wider understanding of what being a Grenadian is about.
Business advantages of Grenadian citizenship There is no wealth, gift, inheritance, foreign income or capital gains tax. There is no restriction on the repatriation of profits and imported capital. Generous incentive packages including corporate tax incentives, full exemption from import duties, tax relief benefits and export allowance. The currency is pegged to the US Dollar and there is Duty Free Trading in the Caribbean.
National Transformation Fund Option The first option for citizenship is a donation into the National Transformation Fund, a fund earmarked to facilitate the development of the economy and the public works for the benefit of the community. The investment requires a minimum USD 150,000 contribution to the NTF, with minor additional due diligence and processing fees also applying. Real Estate Option In order to qualify for citizenship through a real estate purchase an applicant must purchase preapproved real estate in Grenada to the minimum value of USD 350,000. The real estate must be held for a minimum of 3 years. Government fees, dependent on the number of people included in the family application, and minor additional due diligence and processing fees also apply.
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Grenadian citizens can travel without visa restrictions to many international and Commonwealth countries. There is also an agreement (subject to ratification) with the European Union, which will enable Grenadian’s free travel through the E.U. In total there will be approximately 110 countries that Grenadian’s can visit without a visa.
Dual citizenship is allowed and citizenship is extended to your spouse, dependent children
Once citizenship of Grenada has been granted, you will have the all of the same rights as any Grenadian citizen. You will have the right to live and work in Grenada at any time. As Grenada is a member of CARICOM, you can also live in any other member nation. With a Grenadian passport, you can travel visa-free to over 100 countries, including the UK, Singapore, Hong Kong and Ireland.
and dependent parents. Additionally, there is no requirement to reside in Grenada before or after citizenship is granted. The application process is confidential, with no disclosure of or exchange of information, except where necessary checks are to be carried out by an authorised due diligence agency.
In order to preserve the prestige, honour and value of Grenadian citizenship, a strict legal protocol has been established. Application is by invitation only. Each and every applicant, including family members and business partners, must be approved individually by the Government of Grenada through a strict procedure. The main applicant for citizenship must be at least 18 years old, of a good character with no criminal record.
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CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM
HOW TO QUALIFY The investor must be over 18 years old, with no criminal record, able to make the investment and must own a residence in Cyprus of a market value of at least €500,000 excluding VAT
THE PROCESS To qualify under the Collective Investment Scheme, the investor is required to invest €2.5 million into a collective investment scheme with a total value of at least €12.5 million. The investment must be held for a minimum of three years. Invest in a fixed deposit, opening a business, purchasing government bonds of a combination of investment forms. The investor needs to maintain a residence in Cyprus to the value of 500,000 Euros for a period of 3 years.
FUN FACT: Dating to approximately 6800 BC the well-preserved Neolithic village of Khirokitia is a UNESCO World Heritage Site that attracts prehistory enthusiasts to the island annually.
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Cyprus with its rich and diverse history is more than just a gorgeous summer holiday destination; it has a rich history and culture, luxurious lifestyle and a welcome as warm as the long summer days. Tucked into the Eastern Mediterranean Sea, the Republic of Cyprus sits at the intersection of the Middle East, Europe and Africa, this makes it a brilliant place from which to do business. Yet, it remains securely European as a member of the European Union and the Eurozone. The climate is subtropical, enjoying very mild winters and hot summers. Although snow is possible in the mountains in the central part of the island, it is more common for rain to fall during the short winter than snow. Even so, the island typically enjoys eight months of summer each year, which makes it the ideal destination for rugged explorers of histories past and sunseekers alike. The rich cultural and lifestyle options, mean that all visitors to the Cypriot shores will be able to find something to attract their delight. From nibbling on halloumi and hummus meze platters and baklava delicacies; to taking a spa day and game of golf at a luxury resort. From diving the azure Mediterranean waters, to exploring the opulence of the Byzantine Kykkos Monastery. From hiking and cycling on Mount Olympus to dancing the night away in Ayia Napa. And don’t worry about getting lost on your way home, the welcoming local population speak English widely, and will be more than happy to point you in the right direction. Cyprus is a major tourist destination in the Mediterranean. With an advanced, high-income economy, a well educated population and a very high Human Development Index, and business is recovering well after the recession with the intentional support of the Cypriot government. The island has witnessed a massive growth in tourism over the recent few years and the property rental market in Cyprus has grown steadily.
Citizenship by Investment in Cyprus Through specific investment forms, investors in Cyprus are able to gain full legal citizenship in Cyprus under a programme offering naturalisation by investment. This programme gives the successful investor and family full EU passports which permits them to live, work and study in Cyprus and Europe. With visa-free access to 160 countries worldwide, the Cypriot passport is a very attractive option. The programme allows an investor to leverage Cyprus’ strategic location as convenient location for situating family and business. The Government carefully designed the scheme to allow flexibility of investment structure for the investor. One of the most interesting investment opportunities for the purposes of citizenship is one which allows investors to qualify for citizenship through an investment in a ‘collective investment scheme’ with a starting investment requirement of 2,5million Euros from each investor. Most such collective schemes are real estate developments producing luxury villas and apartments. This option is highly desirable to high net worth individuals looking to invest in high quality real estate, and by offering Cypriot citizenship in return, the opportunity becomes doubly attractive. Furthermore, investors see the potential benefits of holding investments in a scheme which attracts investors with a similar buying capacity. The clear benefits to the Cypriot economy and the strong Governmental commitment to the adoption of the scheme has meant that its adoption has been uncontentious and the Citizenship by Investment Scheme has been able to offer investors flexibility and an easy application process within 4-6 months.
CYPRUS’ LEADING PROPERTY DEVELOPER > 38 years experience > Award-winning developments > Comprehensive property portfolio including Cyprus’ most exclusive golf resort, Minthis Hills > Comprehensive property management and resale services > Outstanding quality and personalised service
CYPRUS CITIZENSHIP EU CITIZENSHIP WITH A €2.5M REAL ESTATE INVESTMENT WITHIN 3 MONTHS!
EXIT STRATEGY 3 years TAX CONSEQUENCES None TIME TO CITIZENSHIP 3 Months ELIGIBILITY All Nationalities DUAL CITIZENSHIP Permitted RESIDENCY REQUIREMENT None DEPENDENTS Up to age 28 EU RIGHTS Full
THE MOST SIMPLE AND EFFICIENT MEANS OF OBTAINING EU CITIZENSHIP PAFILIA PROPERTY DEVELOPERS
Email: firstname.lastname@example.org Tel: (357) 99219076 Pafilia House, 33 Nicodemou Mylona street, Marina Court P.O. Box 60159, 8101 Pafos, Cyprus www.pafilia.com, www.minthishills.com
YOUR GLOBAL PARTNER
CS GLOBAL PARTNERS – A LEADING INTERNATIONAL LEGAL ADVISORY GROUP
Five minutes with MichaRose Emmett, Group Managing Director of CS Global Partners At CS Global Partners, we specialize in helping families and international businessmen achieve a second citizenship and / or residence. We are passionate about the solutions we offer and the countries that we work with. We see the value that these solutions bring to both the countries that implement these programmes as well as the individuals who take up the citizenship. I have been advising clients on citizenship and residence via an investment option for many years now. At CS Global Partners, we are more than just legal advisors, we have a unique and personal approach, accompanying our clients right through the citizenship process from the very start right to the very end. By the end of the process, we have become more than a trusted advisor, we know your children well and understand the aspirations you have for them. As many of us have been through the immigration process ourselves, we understand the process intimately. The thing is that we never forget that this is a very big decision that our clients are making. Of course our clients are wealthy and influential people who are well used to making important business decisions on their own, but those are decisions made with the mind. Taking up citizenship though is also very much a decision of the heart. It’s one that involves emotion and one that often involves families too, so it is a very different dynamic. We know we are often helping a family, as well as an individual, and that’s a nice feeling to have. At the same time I personally get great satisfaction from helping countries develop through attracting economic investment through citizenship programmes. BELONG • MARCH 2015 26
It is wonderful to see countries like St Kitts & Nevis and Dominica flourish due to these investment models. We provide a menu of solutions commensurate with clients’ needs globally but this is very definitely one of the top solutions and one that we find meets so many of our clients’ needs. The fact is that one can take up citizenship without having visited the islands first, but we don’t recommend that as it should, as I say, be an affair of the heart too and not just business. But I find few people fail to love the islands once they visit them. Of course we also perform due diligence on prospective citizens as part of our work, because after all the country is beloved by its citizens and they want new citizens to respect and honour their laws and values. Not everyone will choose to settle permanently, they will simply visit a lot, which is very easy given the air travel convenience and the number of hotels and second homes now available. Globalisation is a reality and I and everyone at CS Global are proud to help clients on their way to the sensible and exciting investment in their future that second citizenship provides.
London Office www.csglobalpartners.com +44 207 318 4343 email@example.com
THE WORLDâ€™S MOST POPULAR CITIZENSHIP BY INVESTMENT PROGRAMS Investment Requirement
Visa free travel once citizneship is granted
Physical residence requirement for PR /Citizenship
Total Ranking Rating for ease of (out of a obtaining possible citizenship 40)
Time to obtain citizenship
Trusted jurisdiciton, affordable investment level, efficient processing of citizenship, stable & safe country
Efficient processing to citizenship, stable country, E2 Visa access to USA, China visa waiver,
Dominica Citizenship by Investment
Government Fund Contribution 100,000 USD OR Real Estate Option: 200,000 USD
No residence requirement
Grenada Citizenship by Investment
Government Fund Contribution (NTF) 150,000 USD OR Real Estate Option: 350,000 USD
No residence requirement
St Kitts and Nevis Citizenship by Investment
Government Fund SIDF 250,000 USD OR Real Estate Option: 400,000 USD
No residence requirement
Longest running citizenship by investment program, trusted option, stable country,
Portugal Residence Program
Real Estate Option: 500,000 EUROs/ Capital transfer of minimum 1,000,000 EUROS/ Creation of at lesat 10 job positions in Portugal
7 days in first year, 14 days in following 2 years & 14 days in last 2 years of residence until permanent residence
6 years to citizenship
EU Citizenship after residence
Malta Individual Investor Program
650,000 Euros NDF Contribution PLUS Property Purchase of 350,000 Euros AND Purchase of Government Bonds of Euros 150,000
12 months residency
EU Citizenship, stable & efficient environment for business, safe country
Cyprus Citizenship Scheme
Investment of 2,500,000 EUROs
No residence requirement
EU Citizenship without residence requirement, robust business environment
Minimum 185 days per year for first 5 years. Maximum of 3 months absence from UK within 12 months from qualifying for citizenship
6 years to citizenship
EU Citizenship, international hub, trusted jurisdiction, excellent education options
UK Investor Visa
GBP2,000,000 (Purchase UK shares or government issued bonds which must be held for 5 years)
The Programs listed in this table were ranked based on the EASE of obtaining citizenship dependant on four key factors: 1) The Investment amount required to become a citizen of the jurisdiction (10 points). 2) The number of visa free countries that are accessible once a citizen of the jurisdiction (10 points) 3) The period of time required to physically spend in the jurisdiction to qualify for citizenship (10 points). 4) The time it takes from submission of application to the government to the grant of citizenship. (10 points)
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Your Choice, Our Expertise
Citizenship by investment specialists, offering expert legal advice, wealth planning solutions and global mobility through Investor Programs for Residence and Citizenship.
www.csglobalpartners.com Head Office: 10 Dover Street, Mayfair, London, W1S 4LQ, United Kingdom. Tel: +44 (0)207 318 4343 • E: Info@csglobalpartners.com • www.csglobalpartners.com
London • Zurich • Hong Kong • Beijing • Dubai • New Delhi • Lagos • Windhoek • St. Kitts & Nevis