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High net worth individuals in India are looking for safer and easier means to diversify their wealth. With uncertainty around healthcare, particularly due to the pandemic, and the stronger tax rules recently imposed, many affluent Indians are moving abroad to provide a better life for their families and a more stable outlook for their financial investments.<br /><br />According to <a href="http://www.csglobalpartners.com">CS Global Partners</a>, a London-headquartered citizenship advisory firm, there has been a sharp increase in the Indian upper class looking to citizenship by investment programmes. India is home to 6,884 ultra-high-net-worth individuals and 113 billionaires. Since the pandemic hit, a further forty joined the billionaire’s club taking the number to 153 people. However, a report by the Global Wealth Migration Review found that nearly 5,000 millionaires moved abroad in 2020 alone. This is indicative of the mass exodus that is being seen in India, accelerated by Covid-19 and the deadly second wave currently hitting the country. <br /><br />Prashant Ajmera, Indian lawyer and author of <em>Millionaires on the Move,</em> noted how the government is trying to assist wealthy Indians to invest overseas. <br /><br />    <div type="ExtQuote" text="In the last few years, the Government of India has introduced and implemented several policies allowing and encouraging Indians to invest abroad. Indian HNWIs can certainly benefit from these policy changes and many top level HNWIs (individuals with more than one million dollars in assets in financial markets) have already started investing outside India." auname="Prashant Ajmera, Indian lawyer and Author"></div><br />However, since last month Indian citizens are now being taxed on their worldwide income. Under the changed law, Indians living overseas earning Rs 15 lakh and above on fixed deposits, dividends and rent from India, will have to pay tax on what they earn outside of India if that global income is not taxed in any other country. This has resulted in a further push for upper class Indians to diversify their wealth more effectively. <br /><br />Citizenship by investment programmes have long been used as an effective and quick means to obtain citizenship in another country. The Caribbean, in particular, has always been a popular choice for the Indian market with the programmes of <a href="https://www.ciu.gov.kn">St. Kitts and Nevis</a> as well as <a href="https://cbiu.gov.dm/">Dominica</a> providing alternative safe havens. The stability of the US dollar is also key to ensuring a reliable investment.<br /><br />    <div type="ExtQuote" text="Obtaining citizenship in St Kitts and Nevis or Dominica opens doors for visa-free travel, which has always been a big drawcard. But now with the pandemic, it is a lifeline. With concerns about health, leadership and limiting options for diversifying wealth, we are seeing a growing Indian market looking to invest in one of the Caribbean islands to provide themselves and their families with a better life." auname="Paul Singh, Director at CS Global Partners"></div><br />Easier access to the rest of world, particularly to the UK and US, enables greater business opportunities. Whether as a businessperson who wants to stay competitive on a global scale and the means to travel quickly, or as an entrepreneur who wants to work remotely but stay connected while living in an idyllic environment. Citizenship in the Caribbean can open the doors needed in an increasingly restricted world. <br /><br />It is vital to invest in a reputable and trusted programme. Due diligence is at the forefront of this to ensure that only reputable investors are allowed into the country. The <a href="https://csglobalpartners.com/citizenship-investment/dominica/">Dominica CBI programme</a> has been ranked as the world's best citizenship programme for four consecutive years by the Financial Times' Professional Wealth Management magazine. Established nearly three decades ago, the programme is one of the most established and has remained committed to transparency and administering a robust 4-tiered due diligence process.<br /><br />    <div type="image" title="Dominica Jungle Bay" msid="82680647" hostid="261"></div><br />One of the routes to gain citizenship is by investing in real-estate. In Dominica, there are numerous 5-star eco resorts one can invest in including; <a href="https://secretbay.dm/">Secret Bay</a>, <a href="https://junglebaydominica.com/">Jungle Bay</a>, <a href="https://tranquilitybeachdominica.com">Tranquillity Beach Resort</a> and the newly developed <a href="https://www.grandeansdevelopers.com/">Grande Anse</a>. <br /><br />In St Kitts and Nevis, their <a href="https://csglobalpartners.com/citizenship-investment/st-kitts-nevis/">CBI programme</a> was one of the first to launch in 1984 and due to its longevity within the investment migration realm has become the industry’s ‘Platinum Standard’. Their citizenship allows for visa-free travel to UK and Europe and opens up a host of business and educational opportunities.<br /><br />With a strong focus on education, the Caribbean boasts many well-regarded medical schools for tertiary education. Offering high quality medical education and advanced clinical training they have high acceptance rates and often slightly reduced tuition fees. The University of Medicine and Health Sciences in St. Kitts and Nevis is a private medical school where students can complete a Doctor of Medicine degree. Affiliated with over 20 teaching hospitals in the USA, graduates are also afforded the opportunity to do elective rotations at one of hundreds of hospitals across the US.<br /><br />Citizenship can also be passed down to future generations. Investors with larger families can now take advantage of a temporary rebate which grants citizenship to a family of up to four for $150,000 instead of $195,000 – accounting for a $45,000 discount.<br /><br />“The Indian community in the Caribbean is growing and more affluent Indians are looking to invest, for numerous reasons. For business and wealth diversification or to provide a better quality of life for their families. Covid-19 has been a huge driving factor and with the devastating impact of this second wave, it will drive more Indians to consider moving abroad. They don’t want to feel the repercussions that a further wave will do to the country economically and from a health perspective. Understandably they want to protect themselves and their families and citizenship by investment allows for that, and at a speed that is unparalleled to the usual 3-5 years waiting time for citizenship,” says Singh.<br /><br />    <div type="ExtQuote" text="The Indian community in the Caribbean is growing and more affluent Indians are looking to invest, for numerous reasons. For business and wealth diversification or to provide a better quality of life for their families. Covid-19 has been a huge driving factor and with the devastating impact of this second wave, it will drive more Indians to consider moving abroad. They don’t want to feel the repercussions that a further wave will do to the country economically and from a health perspective. Understandably they want to protect themselves and their families and citizenship by investment allows for that, and at a speed that is unparalleled to the usual 3-5 years waiting time for citizenship." auname="Paul Singh, Director at CS Global Partners"></div><br />For more information, please contact CS Global Partners on pr@csglobalpartners.com or via WhatsApp on +447867942505.<br />

Wealthy Indians look to stable Caribbean investment programmes for wealth diversification

How to get a second passport in the Caribbean

<ul class="summary-list"><li>"Golden passports" let foreigners acquire citizenship in exchange for investing in certain countries. </li><li>Citizens of some Caribbean nations have been able to visit the EU without visas since 2015. </li></ul><p>Tens of thousands of passports have been obtained by Russians, Iranians, Chinese and others from Caribbean nations, granting them visa-free travel to European countries, according to a <a target="_blank" href="https://home-affairs.ec.europa.eu/system/files/2023-10/Sixth%20report%20under%20the%20visa%20suspension%20mechanism_en.pdf">report by the European Commission</a>. </p><p>The Commission said five Caribbean nations – Antigua and Barbuda, Grenada, St Kitts and Nevis, St Lucia, and Dominica – have granted citizenship to at least 88,000 individuals for as little as $100,000 each.</p><p>In some cases, the number of passports issued is higher than the existing population. St Kitts and Nevis, which has a population of 48,000, has issued 36,700 passports to foreign individuals, per the investigation.</p><p>Meanwhile, an investigation by news organizations including The Guardian and the <a target="_blank" href="https://www.occrp.org/en/investigations">Organized Crime and Corruption Reporting Project</a> (OCCRP) revealed that Dominica had sold <a target="_blank" href="https://www.businessinsider.com/countries-buy-citizenship-golden-passport-countries-list-2022-8">"golden passports"</a> to individuals including a former Afghan spy and a colonel under former Libyan dictator Muammar Gaddafi. </p><p>The scale of the "golden passport" trade has sparked security concerns from the European Commission, which is <a target="_blank" href="https://home-affairs.ec.europa.eu/system/files/2023-10/Regulation%20proposal%20revision%20of%20the%20visa%20suspension%20mechanism_en.pdf">proposing</a> a crackdown on visa-free travel for people using them. </p><p>The proposal said obtaining citizenship through investment schemes could lead to the "infiltration of organised crime, money laundering, tax evasion, and corruption."</p><p>The legislation would end visa exemptions for countries that operate investor citizenship schemes for buyers who lack a "genuine link" to the nation.</p><p>Some 150,000 people have used the visa-free travel arrangements to claim asylum once in a European country, according to the EU home affairs commissioner, Ylva Johansson.</p><p>"This is of course not how the visa-free travelling should be used," he said, per <a target="_blank" href="https://www.theguardian.com/business/2023/oct/19/caribbean-states-sold-golden-assports-eu-citizenship-travel">The Guardian</a>.</p><p>Buying a passport lets wealthy individuals circumvent immigration regulations.</p><p>A system that allows them to "skirt the rules" is "highly problematic," Gary Kalman, the executive director of Transparency International US, previously told Insider.</p><p>Such passports became more popular after citizens of the Caribbean countries were granted visa-free travel in 2015, The Guardian reported. However, buyers are not required to have any connection to the states, nor even visit the countries.</p><p>Last year, an <a target="_blank" href="https://www.businessinsider.com/rich-russians-offered-caribbean-shortcut-us-visas-grenada-passport-2022-10">Insider investigation</a> revealed a similar loophole that gave rich Russians a backdoor to the US by investing as little as $150,000 in Grenada.</p><p>A visa firm was advising Russians in business opportunities that would grant them a Grenadian passport. Once citizenship was granted they could then access a US E-2 visa.</p>

Russians, Iranians, and Chinese spark security fears after taking $100,000 shortcut for citizenship in a Caribbean paradise

<ul class="summary-list"><li>Secondary passports are in hot demand as coronavirus <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> restrictions wreak havoc on tourism. </li><li>For tourist-dependent economies in the Caribbean, there's an opportunity. </li><li>Les Kahn, head of St. Kits and Nevis' "<keyword id="7108562" type="UNKNOWN" weightage="60" keywordseo="citizenship-by-investment">citizenship by investment</keyword>" program, told Business Insider it's been key for making up lost revenue. </li></ul><p>St. Kits and Nevis, like many of its Caribbean peers, is highly dependent on tourism revenue.</p><p>But with its borders still closed to foreigners, the small country's pioneering "citizenship by investment" program could prove even more important than it has been in the past three decades.</p><p>Usually, revenue from wealthy foreigners shelling out hundreds of thousands of dollars for a second passport from the island accounts for 30% of the GDP gap in the government's budget, according to the CBI program head Les Khan. This year, he says, that could be much higher.</p><p>"Now that tourism is at a standstill," he said in an <keyword id="28970" type="ENTERTAINMENT" weightage="60" keywordseo="interview">interview</keyword>, "we expect that the CBI program will be a main driver for the next six months."</p><p>Around the world, secondary passports and alternative citizenships have been in high demand from geo-political unrest and the coronavirus, <a href="https://www.businessinsider.com/secondary-citizenships-in-high-demand-covid-19-elections-hong-kong-2020-7">experts tell Business Insider</a>. As more programs come online, Khan is feeling vindicated that the program he's led for three years now is being replicated so far and wide.</p><p>"Dominica, Antigua, Grenada, St. Lucia, Malta, Cyprus, Montenegro," he rattles off as examples. "You name it. All of these programs really originated from St. Kits and Nevis."</p><p>Earlier this year, the country dropped its prices, offering a family of four passports for a $150,000 donation, down from $195,000. There are also other more expensive options to make a real-estate purchase that must be held for a set amount of years.</p><p>The discount should help keep demand steady, "but we're not in a race to the bottom," Khan said. "We're not trying to just be selling. It must be something that is solid and must be in line with our platinum brand."</p><p>It's not a brand that's been easy to build: "There is an idea that citizenship by investment is a conduit for money laundering and possibly tax evasion," says Kahn. "I can assure you that's not the case. Our due diligence is one of the strongest in the world."</p><p>But if travel restrictions — like those currently barring people from St. Kits and Nevis, the United States, and plenty of others from countries around the world — continue, the other side of that brand could be lost, too. The next few months will decide if the country still has one of the most powerful passports in terms of visa-free entry in the region.</p><p>"We keep our fingers crossed," Khan said.</p>

A small Caribbean nation helped popularize 'citizenship by investment' — now it's counting on it to make up for lost tourism

<ul class="summary-list"><li>Secondary <keyword id="6367850" type="UNKNOWN" weightage="60" keywordseo="passports">passports</keyword> are in high demand as the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic causes <keyword id="6354692" type="UNKNOWN" weightage="60" keywordseo="Travel">travel</keyword> restrictions around the world.</li><li>In the Caribbean, some nations are offering steep discounts to bring in extra revenue amid a cash crunch. </li><li>Passport buying has shifted from simple vacations to riding out the virus, experts say. </li></ul><p>Caribbean island countries have long offered passports to wealthy foreigners in exchange for a — sometimes steep — monetary investment, but facing a cash crunch and a surge in interest, there are deals to be had.</p><p>Through December 1, the island nation Saint Kitts and Nevis is selling a four-person family package for $150,000 — down from $190,000, in exchange for a minimum real-estate purchase of $200,000 that must be held for at least seven years.</p><p>The Caribbean country's passport ranks roughly in line with Mexico's, according to the world Passport Index. And, perhaps more intriguing for <a href="https://www.businessinsider.com/europe-travel-ban-americans-official-eu-coronavirus-covid-19-2020-6">Americans currently barred from Europe</a>, the passport's good for visa-less travel to the European Union and the UK, among others.</p><p>"In these days of Covid, when tourism is not happening, we have to find ways to create revenue to sustain our economy," Les Khan, CEO of Saint Kitts and Nevis <keyword id="52568" type="COMPANY" weightage="60" keywordseo="Citizenship">Citizenship</keyword> Investment Unit, <a href="https://www.bloomberg.com/news/articles/2020-07-10/caribbean-nations-selling-second-passports-are-slashing-prices?sref=BWbpWjRm">told Bloomberg News.</a></p><p>Other island nations in the region — including Saint Lucia, Antigua &amp; Barbuda, Grenada, and Dominica — all offer similar programs, some at a new discount, as they hope to cash in on the increased interest ,too. According to Henley &amp; Partners, a London-based passport broker and "identity management" firm, there's been a 42% uptick in citizenship applications. What's more, the US currently <a href="https://www.latimes.com/travel/story/2020-07-08/us-passport-backlog-coronavirus-pandemic">has a 1.5 million-passport backlog in its processing queue</a> because of the pandemic. </p><p>Anyone hoping for easier travel to the United States, however, can expect to pay a lot more. Malta, whose passport power ranks just under Italy, Canada, and Norway in terms of travel, will sell you citizenship that includes EU and US travel — though there are more strings attached. The Mediterranean island nation has <a href="https://www.bbc.com/news/world-europe-50633820">long been</a> a hotspot for the world's ultra wealthy.</p><p>Still, the more expensive option may be a better choice as people shift passport strategies from vacationing to riding out a global pandemic that some countries have <a href="https://www.businessinsider.com/us-coronavirus-response-among-worst-in-world-2020-5">been far more successful in mitigating than others. </a></p><p>"'Investment migration' has shifted from being about living the <keyword id="6360041" type="UNKNOWN" weightage="60" keywordseo="life">life</keyword> you want in terms of holidays and business travel to a more holistic vision that includes healthcare and safety," Dr. Christian Kalin,an executive at Henley &amp; Partners, <a href="https://robbreport.com/travel/destinations/super-rich-buying-pandemic-passports-multiple-nationalities-2918500/">told Robb Report.</a></p><p>This year's discounts might not last forever.</p><p>"In the past there has been a tendency toward lowering prices, but the current cuts seem to be temporary and Covid-19 related," Beatrice Gatti, a legal manager at CS Partners, which helps ultra-wealthy clients find second-citizenship, told Bloomberg.</p>

Caribbean countries are selling citizenship for as low as $100,000 — here's how the ultra-wealthy are cashing in to avoid pandemic travel restrictions

<ul class="summary-list"><li>An increasing number of ultrawealthy Americans are investing in foreign businesses to acquire a second passport ahead of a potential second wave of <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> infections in the United States.</li><li>After paying as much as €2.2 million ($2.6 million), Americans can purchase a passport through "Citizenship by Investment" programs, which will allow them to bypass <a href="https://www.businessinsider.com/covid-19-where-can-us-tourists-go-countries-block-them-2020-7">COVID-19 travel restrictions</a>.</li><li>Most of the European Union, Canada, Australia, Japan, and many other countries have barred American travelers.</li><li>The United States has reported <a href="https://www.businessinsider.com/baffled-world-watching-as-us-overrun-by-covid-2020-9">more coronavirus cases</a> than any other country in the world, and numbers are still rising.</li></ul><p>Early in the pandemic, wealthy New Yorkers <a href="https://www.businessinsider.com/where-wealthy-nyc-residents-went-during-coronavirus-outbreak-nyt-report-2020-5">fled Manhattan for the Hamptons</a> and other vacation destinations in search of less populated areas to wait out the outbreak.</p><p>Six months later, as the threat of a second wave of infections looms, some have decided the Hamptons aren't quite far enough and are looking to purchase foreign passports that could allow them to bypass COVID-19 <keyword id="6354692" type="UNKNOWN" weightage="100" keywordseo="Travel">travel</keyword> restrictions and quarantine in one of the dozens of <a href="https://www.businessinsider.com/covid-19-where-can-us-tourists-go-countries-block-them-2020-7">countries currently barring American travelers</a>.</p><p>With an investment in a foreign business starting at $100,000 and the help of passport consultants, never before seen numbers of ultrawealthy Americans are taking advantage of Citizenship by Investment programs to acquire citizenship in smaller countries from St. Lucia to Malta.</p><p>One such passport broker, Nuri Katz of Apex Capital Partners, told Business Insider that he was only approached by one American client a year on average before the pandemic. Now, two or three contact him every week.</p><p>"[Citizenship] used to be an issue of your national pride and your love of country and all that, but now in many ways, citizenship is just one more asset class that they can obtain," Katz, a Canada native who also holds a Kittian passport, told Business Insider. "The high net worth people are understanding that a precedent has been set of borders closing to them, and they understand that they now need to diversify their citizenship just as they diversify their [financial] holdings between different classes of assets from real estate to stocks, bonds, and savings plans and whatever."</p><h2>Ultrawealthy people buying their way into foreign citizenship isn't a new phenomenon</h2><p>Most countries, starting with <a href="https://www.bloomberg.com/news/articles/2015-03-11/passport-king-christian-kalin-helps-nations-sell-citizenship?sref=BLKWHazc">St. Kitts and Nevis in 1984</a> and later the United States, have used such programs to attract direct foreign investment. Katz told Business Insider that he got into the business soon after Canada launched its program, at the request of Montreal's then-mayor, who needed a consultant to help attract emigrants from Hong Kong.</p><div type="image" title="Nuri Katz passport broker" height="852" width="1136" msid="78434838" hostid="261"></div><p>According to Katz, the most in-demand passports are from Dominica, which offers the lowest cost at $100,000, which offers visa-free travel to Europe, and Montenegro, whose EU membership allows its citizens to settle anywhere in Europe.</p><p>"The American passport is now a really bad passport to have because it doesn't allow you to travel anywhere," Katz said. "As an American, you can't go to Paris right now. But as a citizen of St. Kitts, you can. I can't believe what the world has become."</p><p>Many of Katz's clients, he says, are disappointed by the way the United States <a href="https://www.businessinsider.com/baffled-world-watching-as-us-overrun-by-covid-2020-9">handled the initial onslaught of the coronavirus cases</a> in the spring and started looking for safer places to wait out a potential second wave during flu season in the summer, pulling Apex's business from a pandemic-induced lull into its busiest season ever. But due to the complexities of the process, those newer clients still might not be able to get out of the country in time, ahead of a possible second wave.</p><p>Katz said the Citizenship by Investment process can take between three months and a year depending on the country. All of them require extensive documentation and background checks, which Apex Capital Partners helps its clients facilitate.</p><p>The pandemic isn't the only thing motivating Katz's clients, however. He says several of them also cited fear of a specialized tax on the wealthy and social unrest following the killing of George Floyd.</p><p>"In the US [there] is stuff that's been festering under the surface for a long time," Katz said. "And, you know, maybe COVID has brought it out or maybe the current administration has brought it out, but whatever it is, it's there. And when the high net worth individuals are looking at that at all of this, many of them are starting to think, well, wait, I don't want to have to deal with this, and I have a choice I can invest in another citizenship."</p>

Meet the man who hooks up ultrawealthy Americans with the second passports they need to leave the country. An island in the Caribbean is his most in-demand location.

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Nejron Photo/Shutterstock</span></p><p class="caption">Multiple passports are seen as a status symbol among the world's elite.</p></div><p></p></div></div></strong></p><ul><li><strong><a href="http://www.businessinsider.com/how-rich-people-use-wealth-every-generation-2018-7" target="_blank" rel="noopener">Rich people</a> are buying second (or third) <a href="http://www.businessinsider.com/most-powerful-passports-countries-world-travel-2018-5" target="_blank" rel="noopener">passports</a> via <a href="http://www.businessinsider.com/countries-where-you-can-buy-citizenship-or-residency-2017-6" target="_blank" rel="noopener">Citizenship Investment Programs (CIPs)</a>, which allow them to invest in a country in exchange for citizenship.</strong></li><li><strong>Depending on the country, a CIP can cost anywhere from $100,000 to more than $2 million.</strong></li><li><strong>Having multiple passports offers advantages, but is largely seen as a status symbol among <a href="http://www.businessinsider.com/how-rich-people-view-wealth-every-generation-2018-6" target="_blank" rel="noopener">rich people</a> - one expert calls it "the black American Express syndrome."</strong></li></ul><p>While some people take pride in their stamp collection, some high-net-worth individuals bask in the glory of a different type of collection: passports.</p><p>Through <a href="https://www.artoncapital.com/citizenship-by-investment/" target="_blank" rel="noopener">Citizenship by Investment Programs (CIPs)</a>, wealthy individuals are investing in a country in exchange for citizenship. Once they have citizenship, they then have the basic rights of any other citizen of that country - like owning a passport, Nuri Katz, president of international financial firm <a href="https://apexcapital.partners/" target="_blank" rel="noopener">Apex Capital Partners</a>, told Business Insider.</p><p>Common types of investments include real estate, an enterprise project, or significant donations to a country's fund - and they don't come cheap. While the six-figure cost of a CIP can vary, it's usually around $200,000, <a href="http://www.businessinsider.com/countries-where-you-can-buy-citizenship-or-residency-2017-6" target="_blank" rel="noopener">Business Insider previously reported</a>. </p><p>But those who are racking up citizenships and passports aren't the "ultra rich," Katz said. Most have a net worth of $1 million to $10 million, he said. </p><p>To them, a second passport buys much more than a travel document - it also buys them status.</p><h2>Passports offer status, freedom, and for some, a good investment</h2><p>"It's a status symbol - it shows friends you can afford it," Katz said. "I call it the black <a href="http://www.businessinsider.com/american-express-platinum-credit-card-review-2018-2" target="_blank" rel="noopener">American Express</a> syndrome."</p><p>Becoming a global citizen has become a status symbol for the world's elite, Armand Arton, president of <a href="https://www.artoncapital.com/" target="_blank" rel="noopener">Arton Capital</a>, a global financial advisory firm that specializes in investor programs for residence and citizenship, told Business Insider.</p><p>But there are physical advantages to owning more than one passport beyond external perception. According to Arton, investors primarily seek i<span>ncreased global mobility, better security and education, diversified business opportunities and tax planning strategies, and an overall improved quality of life.</span></p><p><span>"People who are investing in citizenships are people who come from countries with limited visa-free travel abilities, such as someone from Pakistan, India, or China," Katz said. "It provides a certain freedom that some citizens of some countries don't have; it's a freedom of movement."</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Matt Cardy/Getty Images</span></p><p class="caption">Having multiple passports allows for greater global mobility.</p></div><p></p></div></div></span></p><p><span>But, that doesn't mean that wealthy Americans don't find their own advantages in these programs. While they represent a smaller share, Arton says, Americans are enticed by beneficial tax conditions the host country might offer, which they can take advantage of if they renounce their American citizenship.</span></p><p><span>"Americans are giving up their citizenship and taking on other citizenships for all sorts of personal reasons, including wanting to live abroad, retire abroad, and not wanting to have to deal with the American government if they are not living there," Katz said. "Also surprisingly, citizens of Grenada, for example, have visa-free travel to China and Americans still do need a visa to travel there."</span></p><h2>The costs and advantages vary from country to country</h2><p>Obtaining a CIP isn't an easy process - it's not just a matter of investing; it also involves going through a vetting system. "You need to go through a due diligence process, including showing sources of your sums and biography - they go deep into your life to make sure you're an upstanding person," Katz said.</p><p>Each country also has different investing requirements and costs. For example, investing in a citizenship in St. Lucia requires a donation of at least $100,000 to the St. Lucia National Economic Fund (depending on the number of dependents), an investment of at least $300,000 in an approved real estate development, or an investment of $3.5 million in an approved enterprise project, <a href="http://www.businessinsider.com/countries-where-you-can-buy-citizenship-or-residency-2017-6#4-canada-citizenship-from-800000-475000-14" target="_blank" rel="noopener">Katz previously told Business Insider</a>.</p><p>Meanwhile, to obtain a citizenship in Canada, investors must state their intention to settle in Quebec and sign an agreement to invest $800,000, <a href="http://www.businessinsider.com/countries-where-you-can-buy-citizenship-or-residency-2017-6#4-canada-citizenship-from-800000-475000-14" target="_blank" rel="noopener">Katz said</a>. They must have a legally-obtained net worth of at least $1.6 million CAD, reside in the country for three years within a four-year timeframe, and have at least three years of experience in planning, finance, human resources, or general management.</p><p>Cost and the return on investment can make some countries more appealing than others.</p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Karol Koszowski/Shutterstock</span></p><p class="caption">A Citizenship by Investment Program in Cyprus costs more than $2 million.</p></div><p></p></div></div></span></p><p><span>"Some countries offer no income or inheritance tax, so for those looking to purchase for financial purposes [that's advantageous]," Katz said. "The CIP program in Dominica is the most financially advantageous of its kind which also attracts potential buyers. In general, the Caribbean programs are less expensive than those in places like Cyprus or Malta."</span></p><p><span>In fact, Cyprus has the most expensive CIP, with citizenship starting at €2 million ($2.34 million), according to <a href="https://www.artoncapital.com/global-citizen-programs/cyprus/" target="_blank" rel="noopener">Arton Captial</a>.</span></p><p><span>Arton explains that more countries are in need for foreign direct investments, and are thus leveraging citizenship as a means to raise funds. More choice often drives price down and lowers entry level to a wider range of investors. </span></p><p><span>"The Caribbean islands of Antigua &amp; Barbuda, St. Kitts &amp; Nevis, and Saint Lucia are very much in demand due their relatively low cost to benefit ratio," Katz said. "Meanwhile, Europe, Cyprus, and Portugal win the trust of most investors due to the significant exposure to real estate investments, whereby they can potentially make interesting return on their investment along with their newly acquired residency or citizenship."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/couple-reveals-their-spending-weaknesses-and-how-to-save-2018-7">This couple reveals their weaknesses when it comes to spending and how they manage to save</a></h3>        <div>                    </div>    </div>

A foreign passport is the latest status symbol, and rich people are spending up to $200,000 to buy it

<ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Scott Olson/Getty Images)</span></p><p class="caption">R</p></div><p></p></div></div><strong>US citizens can hold multiple valid US passports at once.</strong></li><li><strong>A secondary passport can be issued when passport markings could limit entry to some countries or when visa processing prevents immediate <keyword id="6354692" type="ORGANIZATION" weightage="60" keywordseo="Travel">travel</keyword>.</strong></li><li><strong>President Donald Trump's former campaign chairman Paul Manafort was recently discovered to have held three valid US passports.</strong></li></ul><p>Although it isn't widely known, US citizens can hold multiple valid US passports.</p><p>According to the US State Department, citizens may seek a second passport, but that is usually limited to cases in which certain visas or stamps in a passport would prohibit entry to another country, or when a primary passport is held up by visa delays when immediate travel is required.</p><p>People who may require a secondary passport, according to the State Department, include international flight staff, international journalists and executives of multinational companies. The matter was raised after it was revealed that Paul Manafort, President Donald Trump's former campaign chairman, held three valid US passports, <a href="http://www.businessinsider.com/prosecutors-say-manafort-and-gates-received-millions-from-russian-oligarchs-2017-10">according to court documents released this week</a>.</p><p>Manafort applied 10 times for different US passports in just over 10 years, according to the documents. At the time of his indictment, Manafort had three US passports, with different ID numbers. </p><p>Although the State Department doesn't widely promote secondary passports, applying for one is relatively simple. Applicants only need a passport photo, a completed <a href="https://travel.state.gov/content/passports/en/passports/renew.html">passport renewal form</a> and a letter describing the specific reason why a second passport is needed. The fee involved is less than $135.</p><p>The first "primary" passport is valid for 10 years, while a secondary passport is only valid for up to four years.</p><p>You can get a secondary passport if certain stamps in your passport would prevent you from entering another country. For example, passport stamps from Israel may prompt countries like Iran and Syria, which don't have diplomatic relations with Israel, to deny a traveler's entry.</p><p>In that case, providing proof of previous travel stamps to Israel and completing an application to the State Department may be enough to secure a second passport.</p><p>If the visa process by an embassy or consulate is held up by significant delays, the State Department can issue a second passport if citizens need to travel immediately. In this case, the immediate flight itinerary and a detailed letter describing visa delays are required along with the completed application. </p><h2>Some people can "buy" their way into another country</h2><p>If you don't qualify for a second passport and don't hold citizenship in another country, some countries may grant citizenship or passports to wealthy foreigners.</p><p>Countries like Antigua and Barbuda, Grenada, Malta, the Netherlands, and Spain allow citizenship through investment. The cheapest passport available is from Dominica, a small Caribbean island, where immediate citizenship is available for an investment of $100,000.</p><p>The US also has a pathway to citizenship for wealthy investors. Foreigners who invest a minimum of $500,000, and promise to create at least 10 jobs, are eligible for the <span>EB-5 program that often leads to permanent residency and eventual citizenship. </span></p><p><span>The future of the EB-5 is uncertain though as it has only been extended until December 8, when the legal framework supporting it set to expire. A bipartisan bill has also been drafted calling for the program. The program came under scrutiny</span><span> earlier this year after it was revealed that Nicole Meyer, the sister of senior White House aide Jared Kushner, who is the son-in-law of President Donald Trump, <a href="https://www.businessinsider.com.au/jared-kushner-eb-5-visa-china-2017-7?r=US&amp;IR=T">name-dropped Kushner</a> while giving a presentation to Chinese investors.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/north-korean-defector-escapes-6000-miles-trek-on-crutches-2017-9">A North Korean defector trekked 6,000 miles on crutches to flee - now he helps others escape</a></h3>        <div>                    </div>    </div>

You Searched For "invest in dominica caribbean" and got 8 results

Wealthy Indians look to stable Caribbean investment programmes for wealth diversification

BI India Partner

How to get a second passport in the Caribbean

Debanjali Bose

Russians, Iranians, and Chinese spark security fears after taking $100,000 shortcut for citizenship in a Caribbean paradise

Polly Thompson

A small Caribbean nation helped popularize 'citizenship by investment' — now it's counting on it to make up for lost tourism

Graham Rapier

Caribbean countries are selling citizenship for as low as $100,000 — here's how the ultra-wealthy are cashing in to avoid pandemic travel restrictions

Graham Rapier

Meet the man who hooks up ultrawealthy Americans with the second passports they need to leave the country. An island in the Caribbean is his most in-demand location.

Taylor Nicole Rogers

A foreign passport is the latest status symbol, and rich people are spending up to $200,000 to buy it

Hillary Hoffower

Here's how some US citizens can hold multiple passports at once

Rosie Perper,Rosie Perper

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