In the last two or three decades, the need for a second passport has risen among people. Today, if you check the studies on the subject, you will see that more people hold two passports than ever in history.
While this can be explained by much easier traveling, we can add numerous other elements to this claim. People have the actual need to obtain a second passport for a variety of reasons. Of course, different countries have different requirements.
At the same time, individuals will decide which one they will pursue based on their needs and, of course, the possibilities. Also, an individual should conduct thorough research before the decision is made.
Determining what is best for you and, potentially, your business takes a long time. Therefore, you should embrace the patient approach until you find the solution that complements your needs and preferences.
One of the fastest ways to get a second passport is through Caribbean citizenship by investment. Thousands of people have gone through this process for the simple reason that is obtaining one of these guarantees numerous benefits.
Naturally, the most important element revolves around tax benefits. Today, we want to shine a light on this subject by navigating through investment citizenship in this part of the world.
Citizenship by Investment: The Basics
Before we can go deeper into the subject, we want to discuss the concept in greater detail. Citizenship by investment is, as its name indicates, obtaining citizenship through making an investment in a particular country.
Of course, You will find the requirements to differ depending on the country you are looking at. When it comes to the Caribbean region, five island nations offer this possibility to foreigners.
These countries are the following: Grenada, Dominica, Saint Lucia, Saint Kitts and Nevis, and Antigua and Barbuda. Fortunately, you will not need to spend too much time researching the minimal investment since the minimum investment for all these stands at $100k.
The part where these countries differ is the nature of the investment. For instance, some accept purchasing real estate as an investment while others do not.
These programs are supported by the local governments, which means there is zero possibility for them to be interpreted as a misuse of rights. Furthermore, you will see that these programs have a global reputation, making them attractive to millions worldwide.
However, the number of passports issued annually is limited. Therefore, those interested should be patient until the time for them to get it arrives.
Business Investment
The first form of investment we want to touch upon is business investment. Of course, it differs from other forms in certain aspects. We are talking about early investments in approved businesses, graded as AB9.
Business investments are, as you very well know, quite versatile. Meaning, there are various industries you can invest in in all these countries. Since we are talking about the Caribbean nations, tourism is the commonest.
Thankfully, we are not talking about the amount you should invest all at once. Instead, we are talking about massive projects that can grow according to needs. For instance, you will find numerous examples of the initial investment to be significantly lower, but it needs to reach $400k for the investor to receive a passport.
The return on investment, in this case, is quite attractive, especially in the hospitality industry.
Another thing you should know is that foreign partners can participate in this project as well. Naturally, getting a passport is impossible unless they make a standalone investment.
Regardless of the nature, the local team of agents will provide the foreigners interested with all the necessary help. Above all, the requirements of the local government are transparent, and you can find them online without investing too much effort.
Real Estate
Real estate became a popular option for numerous foreigners. It’s no wonder since real estate investing is much more straightforward than any other form. Besides it being simpler, it is a great opportunity for foreigners for their real estate to reach a higher value over time.
Naturally, buying smart is key to achieving this goal. Fortunately, local agents can provide information regarding the real estate market.
This is so important because choosing a location that does not have the potential to be interesting for tourists or future foreigners who might buy the property will lead you to waste a great opportunity.
This guarantees a secondary passport after five years, a minimum ownership period for it to be granted. That doesn’t mean you shouldn’t invest your efforts to reap the best long-term financial benefits.
A good approach would be to discuss these possibilities with an international buyer not interested in obtaining the passport. Of course, finding these requires time. At the same time, not all of them can be described as legitimate.
So you need to be as careful as possible. Also, having someone in the country who can introduce you to the local modus operandi is highly beneficial.
Tax Havens
Lastly, it is important to say that numerous island nations in the Caribbean region. Ten countries offer this possibility to the holders of their passports who open businesses in the country.
Why are these addressed as tax havens for a simple reason since the business owners will not be expected to pay the tax to the local government?
Why is this beneficial for the local governments? Well, the reason is quite simple. They will receive a fresh influx of cash they can delegate to whatever fields of work are needed.
At the same time, they will get businesses that will represent the country in the best possible way. With that in mind, nobody should be surprised why this region has become so popular over the last few decades.
In Conclusion
When you gather all this information in one place, it becomes more than clear why this region sparks an interest in millions of people. Here, you can get all the information to help you achieve that. We are certain you will find it interesting.
