CSL monthly Industry Updates
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How will Caribbean CBI Programs be affected by the UK leaving the European Union?
One of the major drivers for obtaining a European passport trough Citizenship-by-Investment programs named by UHNW clients has been a passage to prestigious education in the United Kingdom. We have published a detailed study of the key factors for acquiring the second citizenship in our May Newsletter. It is possible to become a UK citizen trough it’s own Immigrant Investor Program, however it requires a minimum investment of £2 million, language test and at least five years of heavy physical presence (no less than 9 months of the year to be spent in the UK). Hence, most investors have chosen costly programs of Malta and Cyprus, that promised EU citizenship in a much shorter timeframe. Having obtained EU passport, clients’ children received the right to apply to UK schools just as freely as any other EU citizen. This was made possible due to one of the most important and controversial achievements of the EU – the principle of free movement among the EU countries. A citizen of one EU country has an unfettered right to live and work anywhere in the European Union. Both British nationals and foreigners have taken advantage of this opportunity. There currently are about 1.2 million Brits living in other EU countries, while about 3 million non-British EU nationals live in Britain. Thanks to EU rules, they were able to move across the English Channel with a minimum of paperwork to settle, work or study. Britain’s exit from the EU could change that profoundly.
It’s possible, of course, that Britain could negotiate a new treaty with the EU that continues to allow free movement between the UK and the EU. But resentment of EU immigrants — especially from poorer, economically struggling countries like Poland, Lithuania and Romania — was a key force driving support for Brexit. Therefore, British government will be under immense pressure to refuse to continue the current arrangement.
Secondly, being the first precedent of leaving the Union, Britain may set a precedent for many other EU members, like France and Netherlands. In order to prevent this from happening, EU parliament is likely to force UK into leaving as soon as possible and on the least favorable terms. At a minimum, that would mean that people moving to or from Britain would need to worry about passports and residency rules. And it could mean that some EU immigrants may lose their right to continue living and studying in the UK and be deported. “The withdrawal process is unprecedented,” a British government spokesperson said a few weeks ago. “There is a great deal of uncertainty about how it would work.”
David Cameron’s successor, Theresa May has already declared that “Brexit means Brexit” and she intents to see the process through. Once an application has been made, it has to be completed within two years. That period can be extended but only if all 28 EU countries agree.
Let’s take a closer look into some of the most frequently asked questions on Brexit:
What will Brexit mean for people already living in the UK? During the campaign, there were no suggestions from the Leave campaign that there would be mass deportations of the 3 million EU nationals already living and working in the UK. But while they are likely to be able to stay where they are, precise terms and conditions will emerge as part of the negotiations. There is a high chance that work-permits and long-term student visas will be introduced. The same is true of the estimated 1.2 million UK nationals living elsewhere in the EU.
Will EU citizens need visas to enter UK? EU passport holders will continue to travel visa-free for as long as the UK is in the EU — for at least as long as exit negotiations take. What happens after that will depend on the results of those negotiations, but one possible outcome is that enhanced visa, security and customs regulations will be implemented due to border control being one of the key referendum points.
Will UK passport-holders need a visa to travel to the EU? Again, while the UK remains part of the EU, it’s citizens will still be able to travel freely in the EU. Afterwards, should UK discontinue the EU agreement on free movement, the government will need to negotiate such arrangements with each one of European countries individually.
How will Brexit affect the strength of UK passport? Dimitry Kochenov, a scholar of European citizenship law at the University of Groningen, in the Netherlands, whose research contributed to the creation of the 2016 Quality of Nationality Index, a hundred-and-ninety-one-page report about the WW ranking of each nation’s passport, predicts that the value of British nationality will decline. “After Brexit, we’re speaking about the ‘Argentinianization’ of British citizenship”, says Kochenov. The Q.N.I. ranks Argentine nationality thirty-seventh in the world, the final slot in the group deemed “very high quality.” The U.K., for now, sits in eleventh place.
Will UK citizens need to renew their passport? Because the UK will remain a member of the EU for as long as it takes to negotiate the exit deal, such passports will be valid over that period – so there is no need to reissue your passport immediately if you are travelling this summer, for example. However, after the UK leaves, there will presumably be new British passports issued that will no longer say “European Union” on them.
How will Brexit affect the Caribbean CBI Programs? As HNWI continue their search for a way to send their children to UK schools and universities, many clients will decide if it is rational to obtain a EU passport trough costly and lengthy European immigrant investor programs and instead turn to seek an alternative passport that will provide the same rights at a much lower cost. The easiest route for some will be to acquire EU citizenship through descent – a process that is straightforward if you have the good fortune to have a European parent. If your genes are geopolitically unhelpful, the next possible option open to anyone is one of the five “citizenship by investment” programs from the British Commonwealth countries: St Kitts & Nevis, Grenada, Antigua & Barbuda, Dominica, Saint Lucia. Their relatively low cost, flexibility of investment options and speedy application process makes Caribbean CBI “the ‘jurisdiction of choice’ for many high net worth individuals and their families. A second passport can be obtained in as little as 2 months, for a minimum investment of US$100,000 without having to visit the country during the process.
What are the next steps for becoming a dual citizen? Contact us today for a private, complimentary, no-obligation consultation. Our citizenship experts will answer your questions and guide you on the most suitable second citizenship option available.
Dominica's CIP Investment Minimum Will Not Be Increased
Over the last month there have been speculations on the planned Dominica’s Citizenship by Investment program fees increase on the 1st of August, 2016, bringing the cost of the program closer in line with the more well known and established Caribbean CBI programs.
However, during the financial budget announcement for 2016/2017 on 26th July 2016, Dr the Honourable Roosevelt Skerrit noted that the proposed CBI fee increases would be deferred, dispelling recent speculation that contribution fees for applicants choosing the donation into Government Fund route would be raised by August 2016. The fee for single applicants will thus remain US$100,000 and US$200,000 for an applicant, spouse and 2 children under 18. Should the applicant chose Real Estate investment option, the minimum investment remains unchanged as well at US$200,000. Real Estate can be sold after five years to any subsequent buyer for citizenship. To view the detailed list of fees and requirements visit Dominica Citizenship Benefits and Requirements.
Therefore, the Citizenship-by-Investment Program of Dominica remains the most affordable economic citizenship program in the world. It’s history dates back to 1993, making it one of the oldest economic citizenship programs worldwide.
Recent reforms to Dominica’s programme have paved the way for it to become one of today’s most popular and transparent programs. As announced by the Prime Minister at a town hall meeting on May 23, Citizenship-By-Investment Program has exceeded the $80-million revenue projection made in the 2015-2016 budget. And according to Dominica’s Ambassador to the United Nations (UN), Dr. Vince Henderson, economic citizenship program had raised about $124-million in six months.
The Honourable Roosevelt Skerrit endorsed the CIP for its stringent due diligence procedures, which it applies against all investors to ensure that only the “best and most credible applicants” are approved for citizenship. In the previous financial year, said the Prime Minister, funds from the Citizenship by Investment Program were directed towards geothermal projects and post-Tropical Storm Erika rehabilitation works. Click here to see the entire budget speech.
The Commonwealth of Dominica is known as the ‘Nature Island of the Caribbean’. It is boasting a remarkably unspoiled natural beauty, along with a wide variety of flora, fauna and extensive natural park system, a heaven for hikers and photographers. The island is home to pristine tropical rainforests, 365 rivers, countless streams, waterfalls and lakes. Today, the Government of Dominica is investing heavily in tourism to drive economic development, focusing on the island’s unsurpassed natural beauty, and the popularity of diving, hiking and eco tours. To learn more about the destination visit Discover Dominica.
Passport of the Commonwealth offers many benefits, including visa-free travel to about 100 countries. The demand surged in the mid of 2015, when Schengen Visa Waiver Agreement was signed with the European Union (EU), making Dominican citizenship program the world’s most economical option for visa-free travel to Europe.
Contact CSL citizenship advisors today at firstname.lastname@example.org to learn more about the most affordable second-citizenship program in the world!
CSL expanding its local presence in China
CSL is welcoming Echo Gao – our newest team member based in Guangzhou, China. Echo will be responsible for developing and supporting our Chinese partners and clients.
Ms Echo Gao can be reached at:
Echo Gao, CSL Marketing Manager – Asia
Please feel free to contact Echo to schedule a meeting or get a complimentary consultation on securing the quickest and most affordable citizenship by investment option, to discuss key advantages of each of the five Caribbean Citizenship-by-Investment programs, get information on exclusive viable Real Estate investments and partnership opportunities.
Is your business catering to HNWI?
We are looking for independent sales agents worldwide to promote official Caribbean Citizenship-By-Investment programs. As a local service provider with a proven investment model we can offer your clients a number of safe, secure investment options in return for 2nd Citizenship in St Kitts & Nevis, Antigua & Barbuda, Dominica, St Lucia and Grenada as well as excellent rates of commission to help you grow your business. Learn more if this is the right opportunity for you and your organization: www.corporatesolutionsltd.com/certified-partner.
CSL Attends Investment Migration Forum 2016 in Geneva
The CSL team wishes to thank those who recently met with us in Geneva at the Investment Migration Forum 2016 on 6-8 June, 2016.
The Forum, organized by the Investment Migration Council (IMC), covered a variety subjects related to the concept of dual citizenship, immigration and worldwide government authorized citizenship-by-investment programs. Caribbean programs were represented by the government and local industry stakeholders and raised a lot of interest in the academic, professional and government officials’ community.
CSL leadership team was actively involved in the debate and discussions of the latest immigration trends, challenges and policy. We had a chance to share our vision with government officials, academics, representatives of international organizations, as well as the world’s leading investment and immigration professionals. We believe, that such conferences are a great platform of generating and exchanging ideas on making the World a better place.
We are now booking follow-up meetings with agents who would like to discuss cooperating with our company. If interested, please contact CSL by clicking here. We will respond within 24 hours to schedule a meeting with you.
As we are traveling to various parts of the world on a regular basis, visit our Meet-Us section frequently to stay updated on upcoming regional and global events or follow us on Social Media for daily Citizenship-by-Investment updates.
On the photo, from left to right:
Chisanga Chekwe, Head of Citizenship by Investment Unit, Antigua and Barbuda; Thomas Anthony, Project Development Officer at Citizenship by Investment Unit, Antigua and Barbuda; the Hon. Gaston A. Browne, Prime Minister, Antigua and Barbuda; Justin V. Dickie, Chief Executive Officer, CSL; Walter Andri, Chief Operating Officer, CSL
Dominica Wins Award for Best Caribbean Citizenship Program
On the 30th of June 2016 the Commonwealth of Dominica received international recognition, as its Citizenship by Investment Program won the Russian Global Citizen Awards 2016 ‘Best Caribbean Citizenship Program’ category. This year’s Awards Ceremony took place at the Russian Global Citizen Awards Gala Dinner at the Hotel Villa Padierna Urbanización Los Flamingos Golf, in Marbella. The Gala followed the Russian High Net-Worth Individual Forum Spain, which was attended by entrepreneurs and wealth management specialists looking for opportunities for themselves and their clients to better administer their wealth and improve their lifestyle.
The Russian Global Citizen Awards prize individuals, business entities, and governments that have played an impressive role in establishing freedom of movement, investment, and residence. Dominica’s Award was presented by a panel of professionals and high net-worth individuals, who reviewed citizenship programs extensively on the grounds of cost, processing efficiency, trust, and popularity.
For over 23 years of Dominica’s CIP has been offering successful applicants the chance to become a part of a democratic island-nation, dominated by lush nature and welcoming people trough a non-refundable one-time donation into the Government Fund. In 2015, a new law entered into force allowing foreigners obtaining the citizenship of Dominica through a real estate investment. It also provides them with the opportunity to invest in one of the Caribbean’s best eco-tourism destinations, drawing visitors from all across the world.
Dominica’s Citizenship by Investment Program is open to applicants from all nationalities, who are assessed by the nation’s Citizenship by Investment Unit and by independent international due diligence firms to ensure that they are of good character and both willing and able to make the necessary investment. Dominica does not require applicants to take part in an interview, show business experience, pass a language test, or reside in the Commonwealth at any point prior to or after obtaining citizenship – making the application process straightforward for any investor looking to become a citizen of this Caribbean island.
For more information on the program benefits and requirements visit Dominica Citizenship-by-Investment or send us an email at email@example.com and we would be happy to set up a consultation appointment to discuss your individual requirements and investment options.
For further information on recent developments and to receive monthly updates subscribe to CSL Citizenship-by-Investment Newsletter. You may also contact us directly for a complimentary consultation.