CBI Magazine Autum/Winter 2023

CITIZENSHIP BY INVESTMENT ISSUE 25 AUTUMN/WINTER 2023

Including your guide to the

GLOBAL

INVESTMENT

IMMIGRATION

SUMMIT

Autumn/Winter 2023

1

ISTANBUL

SECURE YOUR FAMILY'S FUTURE

IN THE UNITED STATES

Founded in 2010, U.S. Immigration Fund (USIF) provides

opportunities for foreign investors and their families to

obtain permanent U.S. residency through the EB-5 Visa

Program by investing in U.S. real estate projects that

stimulate the U.S. economy and create jobs. USIF has

collectively assisted over 5,000 EB-5 investors and their

families achieve their American dream.

2

Citizenship By Investment

Contents

Autumn/Winter

2023

4 Welcome Note: Sam Hussain, Publisher

5 BLS Global Event Sponsors: Thanks

to our Sponsors GIIS India & Turkey

8 Foreign Passport is the Latest Status

Symbol for Rich People

10 Reflections on my Recent Visit

to Tashkent

14 Fastest Citizenship by Investment -

CBI SECOND PASSPORT:

TOP COUNTRIES

16 Digital Nomad Visas:

A Comparative Overview

24 Caribbean Spotlight - Is the Caribbean

Really Good?

28 Antigua & Barbuda Country Spotlight

36 Canada Country Spotlight

40 Commonwealth of Dominica

Country Spotlight

43 Citizenship by Investment (CBI)

STEP-BY-STEP PROCEDURE

48 Greece Country Spotlight

54 Grenada Country Spotlight

62 Malta Country Spotlight

66 Reasons Behind Making Malta a

Great Choice for Investors

68 Portugal Country Spotlight

78 St Kitts & Nevis Country Spotlight

84 St Lucia Country Spotlight

89 A Second Passport is Becoming

Vital for Wealthy Russians

90 Spain Country Spotlight

96 UK Country Spotlight - The New

UK Innovator Founder Visa

100 United States Country Profile:

New EB-5 Visa Categories

110 Uzbekistan Citizenship by

Investment - CBI

112 Doing Business in Uzbekistan

120 Motivation Behind Obtaining a

Second Citizenship

122 The World’s Best Citizenship by

Investment Programs - CBI

Published by:

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www.citizenshipinvestment.org

Publisher:

Sam Hussain

sam@blsmedia.co.uk

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Anuradha Kubar

anu@citizenshipinvestment.org

Marketing Manager:

Raina Mehta

general@blsmedia.co.uk

Editorial Contributor:

Yasmin Husein

yasmin@blsmedia.co.uk

BLS Media are contract publishers

of high quality media for

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Whilst every care has been taken

in compiling this publication

and the statements contained

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responsibility for any inaccuracies.

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Copyright © BLS Media Ltd, 2023

Autumn/Winter 2023 3

GLOBAL

INVESTMENT

IMMIGRATION

SUMMIT

2023

ISTANBUL

INTERNATIONAL

REAL ESTATE

SUMMIT

2023

ISTANBUL

Publisher's foreword

For many of us, after summer holiday brings a freshness - an

emergence of sorts. As much as we enjoy the summer and

realise, we only have 3 months left till end of the year. We start

reviewing the year and obtain a major adrenaline rush towards

the end of the year.

Investment migration has gone through enormous change since it started in the 1980s.

In 1984, Saint Kitts and Nevis, the smallest sovereign state in the Caribbean, passed a

law offering citizenship to individuals who 'made a substantial investment in the state'

and were of good character and not a threat to the country. In 1986, Canada launched

its pioneering Immigrant Investor Program. Prior to this, several countries had offered

immigration routes to businessmen looking to invest and grow their businesses.

In this issue, discover the latest changes to the Caribbean citizenship programs,

Canada, Digital Nomad Visa, Choosing the best CBI Program, the demand for

Expediting processing, Step by Step Guide for CBI Program, and Interviews with our

key industry players.

In fact, earlier this year, our team here at BLS Global went on the road trip to Tashkent,

Dhaka, and Bishkek, were we got a first-hand look at the appetite for overseas

investment for Citizenship and Residency. We have many stories we hope we inspire,

motivating you to be part of the BLS growing journey.

Sam Hussain

Director, BLS Global

4


Thanks to our Sponsors and Partners

HEADLINE SPONSORS

PLATINUM SPONSORS

COUNTRY SPONSORS

CURRENT SPONSORS

IN ASSOCIATION WITH

MATERIAL PARTNER

KNOWLEDGE PARTNER

ORGANIZED BY

MEDIA PARTNER


6



Foreign Passport is the Latest

Status Symbol for Rich People

Multiple passports are seen as a

status symbol among the world's

elite. Rich people are buying second (or

third) passports via Citizenship Investment

Programs (CIPs), which allow them to invest

in a country in exchange for citizenship.

Depending on the country, a CIP can cost

anywhere from US$100,000 to more than

US$2 million. Having multiple passports offers

advantages, but is largely seen as a status symbol

among rich people.

While some people take pride in their stamp collection, some

high-net-worth individuals bask in the glory of a different type

of collection, such as passports.

Through Citizenship by Investment Programs (CIPs),

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, primarily owning a

second or third passport.

Common types of investments include real estate, an enterprise

project, or significant donations to a country's fund, and these

are not cheap. While the six-figure cost of a CIP can vary,

it's usually around US$200,000. But those citizenships &

8


passports which racking up are hiking up to the interest of those

individuals with a net worth from US$1 million to US$10

million. To them, a second passport buys much more than a

travel document - it also buys them status.

Status, Freedom & Good Investment

Becoming a global citizen has become a status symbol for the

world's elite. But there are also physical advantages to owning

more than one passport beyond external perception. Most rich

investors are primarily seeking increased global mobility, better

security and education, diversified business opportunities and

tax planning strategies, and an overall improved quality of life.

Cost and the return on investment can make some countries

more appealing than others. Each country also has different

investing requirements and costs. For example, investing in

a citizenship in ST. LUCIA requires a donation of at least

US$100,000 to the St. Lucia National Economic Fund

(depending on the number of dependents), an investment of at

least US$300,000 in an approved real estate development, or an

investment of US$3.5 million in an approved enterprise project.

Meanwhile, to obtain a citizenship in CANADA, is a bit more

complicated compared with other CBI programs worldwide.

Investors must state their intention to settle in Quebec and sign

an agreement to invest US$800,000. They must have a legallyobtained

net worth of at least US$1.6 million CAD, reside in

the country for 3 years within a 4 year timeframe, and have at

least 3 of experience in planning, finance, human resources, or

general management.

Some countries offer no income or inheritance tax, so for those

looking to purchase for financial purposes. For Example, 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

the US, CANADA, and the EUROPEAN GOLDEN VISA.

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.

The Caribbean islands of ANTIGUA & BARBUDA, ST.

KITTS & NEVIS, and SAINT LUCIA are very much

in demand due their relatively low cost to benefit ratio.

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.


CITY PROFILE

Reflections on my recent visit to Tashkent

“Is this really Tashkent?”

Before I mention the economic and investment

attraction of the amazing Tashkent / Uzbekistan

I would like to shed light upon this city which has

captured my interest from many angles.

Tashkent is very attractive city, featuring tree-lined streets,

numerous fountains, and pleasant parks.

Since 1991, the city has changed economically, culturally and

architecturally. New developments and modern buildings are

capturing the eye, especially in the "Downtown Tashkent" district

which includes the 22-storey NBU Bank building, international

hotels, the International Business Center, and the Plaza Building.

Tashkent or "Toshkent", historically known as Chach, is the

most cosmopolitan city in Uzbekistan, and largest city in the

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CITY PROFILE

country. Tashkent comes from the Turkic tash and kent, literally

translated as "Stone City" or "City of Stones".

It is the most populous city in Central Asia, with a population of

2,909,500 (2022). It is located in northeastern Uzbekistan, near

the border with Kazakhstan. As the capital of the new modern

and independent Uzbekistan, Tashkent retains a multiethnic

population, with ethnic Uzbeks as the majority (78%), Russians

(5%), Tatars (4.5%), Koreans (2.2%), Tajiks (2.1%), Uighur

(1.2%) and 7% other ethnic backgrounds.

The Tashkent business district is a special district, established

to embrace the development of small, medium and large

businesses in Uzbekistan. In 2018, building of the Tashkent New

Tashkent is very attractive city,

featuring tree-lined streets, numerous

fountains, and pleasant parks.

Downtown (the business district) started, including skyscrapers

of local and foreign companies, world hotels such as Hilton

Tashkent Hotel, apartments, big malls, shops and other

entertainments. The construction of the International Business

Center was completed at the end of 2021.

In 2007, Tashkent was named a "cultural capital of the Islamic

world" by Moscow News, as the city has numerous historic

mosques and significant Islamic sites, including the Islamic


CITY PROFILE

University. Tashkent holds the Samarkand Kufic Quran, one of

the earliest written copies of the Quran, which has been located

in the city since 1924.

Tourist Attractions

Tashkent is known for its historical and cultural reputation.

Its traditional architectural heritage is rich in museums

and monuments.

It is the most visited city in the country, and has greatly

benefited from increasing tourism as a result of reforms aimed at

abolishing visas for visitors from the European Union and other

developing countries or making visas easier to acquire.

Sadly however, Tashkent, due to a very devastating earthquake in

the middle of the previous century, has lost most of its old town,

so the city is characterised as very modern.

Places That Must be Seen

• TASHKENT METRO: The absolutely amazing place to be

seen in Tashkent is its metro. Tashkent metro was the first

one to open in Central Asia and it’s actually very beautiful.

Since it was build during the USSR times, Tashkent received

the team that built some of the stations in Moscow and St.

Petersburg. Pretty much every single metro station in Tashkent

is impressive and has a different design. However, there are a

few stations that are more impressive than others.

• STATE MUSEUM OF HISTORY OF UZBEKISTAN: The

largest museum in the city.

• MEMORIAL PARK: Tashkent also has the amazing

World War II memorial park and a Defender of the

Motherland monument.

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CITY PROFILE

Tashkent is known for its historical

and cultural reputation. Its traditional

architectural heritage is rich in museums

and monuments.

• ALISHER NAVOI THEATER: The capital's most

established theatre is the that has regular ballet and

opera performances.

• ILKHOM THEATER: Founded by Mark Weil in 1976, it

was the first independent theater in the Soviet Union, and it

still operates.

• SHOPPING MALLS: There are several shopping malls

in Tashkent, including Riviera mall, Samarqand Darvoza,

Compass mall and Continent shopping malls.

• TASHKENT INTERNATIONAL AIRPORT: The largest

in the country, connects the city to Asia, Europe and North

American continents.

• TASHKENT-SAMARKAND HIGH-SPEED RAIL LINE.

Climate

Tashkent features a Mediterranean climate in summer while

experiencing cold and often snowy winters, not so typically

associated with most Mediterranean climates. Snow falls during

the winter with summer in Tashkent lasting from the month of

May to September.

Where to Stay in Tashkent?

Choosing a hotel to stay at in Tashkent seems a bit confusing

as the city is a very large, and distances between districts are

huge, streets are wide and overall, there is no defined best area

to stay in the city. However, most hotels are located near the

Amir Temur Square, which is the main square of the city and

"Broadway" - the liveliest street in the capital.

Some of the stylish and remarkable hotels in Tashkent are

Wyndham Tashkent, Marriott Courtyard Tashkent and Hyatt

Regency Tashkent, while there are plenty of affordable hotels,

such as Art Hostel, Zafaron Hotel and Great Trip Hostel.

However, there are plenty of hotels that are located in other areas

of Tashkent, and moving around the city is best done by taxis

which are very cheap (on average, US$1-1.5 each per ride).

Where to Eat in Tashkent ?

Uzbek cuisine has amazing dishes. Here are my

recommendations for the best places for Uzbek and

international restaurants in Tashkent:

• AFSONA: For the best Uzbek food in Tashkent

• KHIVA RESTAURANT IN HYATT HOTEL: For great

Uzbek food in a fancy environment

• SYROVARNYA, CARAVAN, MEATME GRILL & BAR:

For international food and some local dishes.


Fastest Citizenship by Investment - CBI

SECOND PASSPORT: TOP COUNTRIES

“An alternative passport can save you time & energy”

The speed of obtaining the second passport/citizenship is one of many things to consider

when choosing citizenship by investment. Some countries are ready to give applicants a

passport in as little as a month, while others will take from 7-10 years.

We composed a list of countries with the fastest

citizenship and what else they offer.

1: Vanuatu

Time to issue: From 1-2 months.

Benefits:

• Passports issuance in record time.

• Known for being a tax haven. There are no taxes on

income, capital gains, or inheritance, and companies

don’t pay corporation tax for 20 years.

Vanuatu citizenship by investment is available via

many options.

2: Dominica


Benefits:

• Offers a favourable tax regime.

• Visa-free entry to European countries.

• Opportunity to obtain 10 years valid visa to the US.

For Dominican citizenship by investment, if applicants

choose the donation to the government option, they can be

sure that the money is spent on noble causes.

Such as:

• Building hospitals.

• Hurricane-resistant houses.

• Developing alternative energy.

• Participating in the UN’s sustainable development goals.

• Developing touristic infrastructure by buying shares and

villas in a six-star resort.

14


3: St Kitts & Nevis


Benefits:

• Visa-free entry to the Schengen Area.

• No taxes on income, no tax on capital gains or

on inheritance.

• St Kitts & Nevis is a paradise for yachting, fishing

and diving.

• A growing economy & great business opportunities.

• Free childrens' education & developed health care system.

• Citizenship by investment is available via many options.

5: Grenada


Benefits:

• Grenada citizens are eligible for US E-2 business visas.

• Visa-free entry to the Schengen Area and the UK.

• Visa-free entry to Singapore, Hong Kong and China.

• Investor’s children may enrol in prestigious universities in

the UK, the USA, or the EU - sometimes even without

student visas.


on inheritance.


4: St Lucia


Benefits:

• Visa-free entry to the Schengen Area and the UK.

• Visa-free entry to over 145 countries around the world.


on inheritance.

• St Lucia citizenship by investment is available via

many options.

6: Antigua & Barbuda


Benefits:

• Antigua & Barbuda citizens can travel

visa-free to 160 countries, including the

EU and the UK.

• Antigua & Barbuda citizens are eligible for 10-year B-1

and B-2 visitor visas in the USA.

• Most favourable tax regimes for individuals and

companies alike.

• No taxes on income, nor on capital gains or inheritance.

• International business companies are free from taxes on

income from foreign sources for 50 years.


7: Turkey


Benefits:

• Turkey boasts excellent healthcare &

high-quality education.

• Low cost of living.

• Favourable tax exemptions on companies and businesses

registered in “free zones” with no corporate tax.

• Foreigners are exempt from paying VAT when purchasing

real estate in new buildings from the developer.

• Turkish citizens are eligible for long-term Schengen visas

and US E-2 business visas.

• Citizenship by investment is available via real estate

purchase or business establishment options.

8: Malta

Time to issue: From 1-3 years.

Benefits:

• Malta is the only EU state that offers citizenship for

exceptional services by direct investment. From 1-3 years

might look like a long time, but Malta offers a strong

European passport with all the benefits associated.

• Malta can grant the passport in as little as 1 year.

Investors first receive a residence permit. They may then

apply for citizenship by naturalisation after 1 year. After

that, investors must make the investment of €750,000+.

If investors wish to invest a smaller amount of €690,000+,

they may obtain the residence permit and wait 3 years

before applying for citizenship.


Digital Nomad Visas:

European Destinations

“Travel far enough, you meet yourself.”

(David Mitchell)

16


A

digital nomad visa allows an individual to

work in a foreign country doing a job where

the employer is based anywhere in the

world. Usually, someone could only work abroad if

they obtain a work visa, which typically requires the

employer to be locally based. On the other hand,

tourist visas usually do not allow the individual to

work whilst they are in the country, and they may

only be issued for a short period of time.

A digital nomad visa negates the issues that come with these

types of visas - it allows the individual to stay in the country

for an extended period of time and also work remotely for a

foreign employer.

Background

Since the pandemic, more and more countries are introducing

digital nomad visas in an effort to increase tourism and open the

country back up to more people. This has been combined with

many people finding a love for remote working, enjoying the

flexibility it can provide. A digital nomad visa can expand that

freedom of remote working, allowing people to work abroad so

they can travel and discover new countries, all while they keep

working and receiving an income.

So, a digital nomad visa is a temporary permit that allows visitors

to stay in a country while they work remotely. Multiple countries

offer these sorts of visas, and most of them have a duration of 12

months, with the possibility to extend your stay.

These visas are usually granted to anyone that can prove they

have sufficient funds to support themselves (and their families,

if needed) while working for a company outside the one issuing

the visa.

General Requirements for Digital Nomad Visa

Countries may have varying eligibility criteria, different

countries will also have different lengths of stays, and minimum

required income.

In spite of the varying requirements, in general applicants must:

• be over 18 years old

• have a valid passport

• be able to provide proof of a steady income

• be doing a job they can do remotely from the country of choice

• some digital nomad visa programmes may also request to see

the applicant's qualifications or CV

• some may need proof of international health insurance

• some will require a fee to be paid, usually between US$200 to

US$3,000, whilst others are free

• some might require details of the work a person will be

undertaking whilst he/she is in the country

• some may require a criminal records check.

Types of Work Under a Digital Nomad Visa

There are many different roles that can be done under a digital

nomad visa, although, as the name suggests, the roles will mainly

be computer-based. This can include jobs like a content creator,

working in social media, developing websites, or any other sort

of digital freelancer. Some digital nomads will be self-employed

whilst others may have an employer that has allowed them to

work remotely abroad.

Income Tax Under a Digital Nomad Visa

Income tax a digital nomad has to pay in their host country will

differ by location and the visa program. Some countries will

require full tax to be paid, whilst others will have special rates for

digital nomads. Some places, such as Grenada and Dubai, don’t

require any income tax to be paid at all.

Benefits of a Digital Nomad Visa

• One of the main advantages of being a digital nomad is that it

gives people an OPPORTUNITY TO TRAVEL AND LIVE

IN A DIFFERENT COUNTRY whilst maintaining their

income and not having to put their career on hold. In addition

to this, countries that offer digital nomad visas often already

have a good infrastructure in place, with fast internet, making

it easy for digital nomads to work remotely.

• A digital nomad visa allows many remote workers to travel

the world while they WORK FROM THE COMFORT OF

THEIR COMPUTERS. They also help a country improve

their economy by having foreigners stay for extended periods.

• Over the last few years, more companies and professionals

have become interested in taking advantage of all the benefits

that remote working brings to the table, resulting in more

REMOTE JOB OPPORTUNITIES and governments

worldwide looking to attract remote workers.


• Now, as many professionals realise that new technologies

and telecommunications can break the dichotomy between

professional development and travel, governments are looking to

make WORKING WHILE TRAVELING as easy as possible

by introducing or expanding their digital nomad visa programs.

• Some digital nomads prefer to move around more, so a

12-month digital nomad visa might not be worth it. However,

if the person wishes to STAY LONGER AND TRULY

ENJOY EVERYTHING a country has to offer while working

remotely, these visas are the way to go.

• Not only will the person be able to stay for much longer than

with a tourist visa, he/she can also ENJOY TAX BENEFITS,

explore the many attractions a country can offer, and

experience life as a local.

It’s the perfect opportunity to expand one's horizons!

Digital Nomad Visas in the European Continent

(available as of February 2023):

PORTUGAL

Portugal is known for its warm climate and relaxed lifestyle, with

plenty of outside activities and sophisticated culture to enjoy.

In the past few years, Portugal has made huge investments in

building a high-speed internet infrastructure and has encouraged

international businesses to set up shop in the country.

Portugal launched its digital nomad visa at the end of 2022,

known as the ‘Portugal Temporary-Stay Visa’. Non-EU remote

workers who wish to apply for this visa will have to earn at least

four times the Portuguese minimum wage.

Successful applicants will be able to live and work in Portugal for

up to one year, with the option to then apply for residency and

stay on a longer basis if they wish.

Portugal Temporary-Stay Visa

Visa Cost: It might cost around US$190 for initial

visa application

Income Requirements: at least US$2,950 per month

Visa Length: 1 year, extended for up to 4 years

Citizens that Qualify: anyone can apply (non EU, EEA

or Switzerland).

CROATIA

Croatia introduced its digital nomad visa in early 2021, allowing

individuals who work for a foreign employer to live in and work

18


from the country. Non-EU citizen applicants will not be able to

work for a Croatian employer - they will only be able to work for

a business based overseas. Applicants must have at least €27,000

in their bank.

Visa Cost: US$73 for the visa and US$66 for the

temporary residency

Income Requirements: at least US$2,658 per month

Visa Length: from 6 months - 1 year

Citizens that Qualify: anyone that is not a citizen of an EU or

EEA country.

FRANCE

France is a wonderful destination for digital nomads. While a

France digital nomad visa is not available yet, the country has an

option called “The Long Stay Visa”, which allows remote workers

to live in and work from France. This France Remote Work

Visa is meant for any remote worker who wants to undertake an

industrial, manufacturing, handcraft, or agriculture operation or

engage in a new development sector in France.

Visa Cost: US$106 approximately

Income Requirements: at least €615 per month

Visa Length:1 year

Citizens that Qualify: Non-EU or EEA citizens

Incentives: 14 days application timeline, approved applicants

can move around other EU countries.

CZECH REPUBLIC

The Czech Republic is one of the most popular beautiful digital

nomads’ destinations (Zivno).

Zivno is a freelancer visa. This visa can be a little complicated.

The Zivno trade license visa allows applicants to conduct

business in the Czech Republic by taking advantage of the Trade

Licensing Act combined with a long-term business visa.

Visa Cost: around €200 plus €46 for the trade license

Income Requirements: at least US$5,200 in your bank account

Visa Length: 1 year with the possibility of extension

Citizens that Qualify: non-EU citizens.

GREECE

Greece launched its digital nomad visa in 2021. The Greek

digital nomad visa is considered the easiest to obtain, Greece is a

well-known destination, and it has a lot to offer to all visitors.

It allows non-EU remote workers to live in and work from the

country for up to one year, with the option to apply for a longer

residency after this period or to extend the digital nomad visa up

to three years in total. Successful applicants are also able to bring

along immediate family members, for an additional fee.

Applicants for the Greek digital nomad visa are not permitted to

work for Greek companies - they must only work for businesses

based overseas.

Visa Cost: around US$79

Income Requirements: US$3,690 per month

Visa Length: 1 year with the possibility to extend

Citizens that Qualify: Non-EU citizens

Incentives: easy to get permission to live in and work from Greece,

free travel in the Schengen area, eligibility for a 50% tax reduction.

ICELAND

Iceland is a beautiful country with unique landscapes. The

capital city, Reykjavík, is the leading destination for many digital

nomads, and it is known as the world’s safest city. Iceland was

one of the first Schengen countries to introduce a remote work

visa designed specifically for digital nomads. To be eligible,

applicants must be self-employed or work for a company that is

based outside of Iceland.

Visa Cost: US$96

Income Requirements: US$7,763 per month, or about

US$10,000 per month if accompanied with their family

Visa Length: 6 months

Incentives: applicants are not subject to taxes, English is a

commonly used language in Iceland.

IRELAND

There is no Ireland digital nomad visa available. However, the

best option is a Short-Stay Visa, which allows applicants to stay

in the country for 3 months, and can be extended to 6 months.

Visa Cost: US$64 for a one-entry visa, and US$107 for a

multiple-entry visa

Income Requirements: no minimum income requirement,

but at least to be equal to the average salary in Ireland which is

US$4,050 per month

Visa Length: 3-6 months.

NORWAY

Norway’s digital nomad visa, also known as an independent

contractor visa, allows successful applicants to live in and

work from Norway for up to two years. Applicants must


be able to prove they are self-employed with an established

business outside of Norway.

Norway also offers the Svalbard Digital Nomad Visa, which

encourage applicants to live and work on Svalbard (an island

close to the North Pole). As the Government is interested

in boosting the economy of Svalbard and maintaining a

community there, the Svalbard Digital Nomad Visa is lifelong.

Visa Cost: US$632

Income Requirements: at least US$37,680 per year

Visa Length: 2 years with the possibility to extend.

MALTA

The Malta digital nomad visa, also known as the Nomad

Residence Permit, was introduced in 2021. It allows non-EU

remote workers who are employed by a foreign business to live

in and work from Malta for up to one year. There is an option to

extend the visa after this period.

Visa Cost: US$316


Visa Length: 1 year with the possibility to renew.

ITALY

Italy’s digital nomad visa will be launched in early 2023. It will

be aimed at "highly skilled" individuals, including those who

have a university degree or similar qualification, or someone who

has been working in their field for a certain period of time.

Whilst the specific details are still being finalised, it’s expected

that the digital nomad visa for Italy will be for non-EU remote

workers who are employed by a business based overseas.

Self-employed Income Requirement: €8,000 per year

Visa Length: up to 1 year.

SPAIN

Spain’s digital nomad visa is expected to launch sometime in

2023. It is only for non-EU remote workers who are employed

by a company based overseas.

The Spanish digital nomad visa will allow successful applicants

to live in and work from Spain for up to 5 years, although this is

still to be confirmed.

Visa Cost: US$265

Income Requirements: at least $2,215 per month

Visa Length: 1 year, with the chance to be extended to 4 years.

GERMANY

Germany has its own digital nomad option known as the

Freelancer Visa. The freelancer visa is only available to selfemployed

that work in specific liberal professions (artists,

writers, teachers, architects, etc.).

Visa Cost: US$105

Income Requirements: Enough to be self-sustainable

Visa Length: up to 3 years.

ESTONIA

Estonia made history when it became the world’s first country

with an official digital nomad visa program. In 2020, they created

their digital nomad and freelancer visa. It allows applicants to

stay in the country and work remotely. Applicants may apply for

a short-stay visa (C-Visa) or a long-stay visa (D-Visa).

However, this visa won’t provide right of citizenship or

permanent residence in Estonia or the EU.

Short-Stay Visa (C-Visa)

Visa Cost: US$85

Income Requirements: US$37,000 per year

Visa Length: 3 months.

Long-Stay Visa (D-Visa)

Visa Cost: US$105

Income Requirements: US$37,000 per year

Visa Length: 1 year.

ROMANIA

For many years, Romania has been a favourite destination of

digital nomads due to its fast internet, stunning landscapes, and

accessibility. It is one of the newest countries offering a digital

nomad visa. It was officially announced in December 2021.

The program is provided exclusively to digital nomads, or as

Romanian authorities describe as "a foreigner who is employed

with an employment contract by a company registered outside

Romania or who owns a company registered outside Romania

and may work as an employee or within the company, remotely".

Visa Cost: unknown


Visa Length: 1 - 2 years.

NETHERLANDS

The Netherlands does not have a specific visa for digital nomads.

Instead, they offer the opportunity for digital nomads to register

20


as independent workers in the country and live with a Long-Stay

Visa, or so called Self-employed Residence Permit.

Visa Cost: around US$407 + additional fees

Income Requirements: around US$1,340 per month

Visa Length: 3 months or more.

GEORGIA

Georgia is one of the countries most open to digital workers.

They have several options for remote workers, including

dedicated programs for anyone who works online. The program

aims to allow citizens from 95 countries to apply for the Digital

Nomad Visa for Georgia, allowing them to live and work

remotely in the country.

Visa Cost: free



HUNGARY

The Hungarian digital nomad visa is known as the White Card,

launched in November 2021, and it might be one of the easiest

European digital nomad visas to obtain. This visa works as an

individual residence permit. It does not allow couples or families

to apply. Their primary target is singles under 40 year old.

Visa Cost: US$116


Visa Length: one year with the possibility of extension.

MONTENEGRO

The Montenegro authorities have announced that they plan to

launch a Digital Nomad Visa soon. Many remote workers who

visit the Balkans and Eastern European cities are attracted to

Montenegro because of its beauty and affordability.


Income Requirements: unknown (TBA)

Visa Length: 2 years with the possibility to extend.

LATVIA

Latvia has a digital nomad visa, allowing applicants to live there

for one year while working remotely. The visa is only available to

foreign nationals working for an employer or business registered

in an OECD (Organisation for Economic Co-operation and

Development) country.




Visa Length: 1 - 2 years.

ALBANIA

Albania digital nomad visa is known as the Type D Long Stay

Visa. This visa is meant for self-employed people.

Digital Nomad Visas Worldwide:

In addition to Europe, there are over 50 countries

offering digital nomad visas or special permits for

remote workers worldwide.

Visa Cost: free

Income Requirements: minimum US$9,800 per year


CYPRUS

In October 2021, the government of Cyprus introduced the

Digital Nomad Visa Scheme. It allows nationals from non-EU

and non-EEA countries to reside temporarily in Cyprus.

Visa Cost: US$78

Income Requirements: US$37,000 per year after taxes

Visa Length: 1 to 2 years, and can be extended to 3 years.

SERBIA

The digital nomad visa for Serbia is yet to be available, but it

is expected to become official very soon. However, to work

remotely in Serbia as an entrepreneur, applicants must register

their business and get a work permit.

However, Serbia has introduced short or long-stay visas or even a

temporary residence permit.

Visa Cost: unknown (TBA)


Visa Length: 1 year

Citizens that Qualify: anyone, no nationality restrictions.

NORTH MACEDONIA

Since February 2021, North Macedonia has been talking about a

digital nomad visa. However, a North Macedonia digital nomad

visa has not been implemented yet. It is expected to launch one

this year.

Costs and Requirement are not available yet.

22


Choosing the Best CIP for You

When it comes to obtaining a new citizenship, the best passport to

acquire would be one that provides the most benefits as a global citizen

- including the right to dual citizenship or multiple citizenships.

Generally speaking, almost all investment for

citizenship schemes provide lucrative advantages

for investors. However, one CIP might offer a

more lucrative investment route over another CIP

with a stronger passport.

Malta

Technically, Malta is the only European country that offers an

expedited route to European citizenship through the Malta

citizenship by investment program, while other countries in

Europe provide paths to citizenship by naturalisation after

residency. These countries include Portugal, Spain and Greece.

Portugal

Portugal offers the best route to acquiring a passport

in Europe. Portugal’s Golden Visa program grants

investors renewable residency rights that can lead to

citizenship after five years.

The great thing about this program is that investors can qualify

through the Portugal’s Golden Visa €280,000 real estate

option and include their entire immediate family in their

applications without having to abide by stringent

stay requirements.

Caribbean Countries

The most convenient path to a second or third passport would

be through one of the investment programs offered by the

Caribbean countries, such as the Dominica citizenship by

investment program, Vanuatu citizenship, or the St. Lucia

citizenship scheme. Investors can obtain a passport for as little

as US$100,000 through one of these schemes in just a few short

months, with numerous investment options.


Is the Caribbean Really Good?

“Nowhere else is it possible to experience, in such a small area, so many

different cultures and social conditions, such diverse vegetation, and

such varied landscape as in the Caribbean.”

(Leonard Adkins)

It’s a common myth to think that only wealthy

individuals and successful investors can apply

for CBI and a second passport. Anyone can

apply, provided that the program criteria are met,

including holding a clean criminal record, and

meeting the minimum investment requirement.

Whether you’re a business owner, novel investor, digital

entrepreneur, or just a regular person with a global mindset,

consider applying for an EU CBI scheme or a Caribbean

economic citizenship scheme to acquire new citizenship for you

and your family.

Many people including Europeans and Americans are

flocking to the Caribbean. However, the reason for this

movement is not for the usual winter sun and the beauty of

the Caribbean countries only. More and more wealthy and

well-off individuals are moving for longer periods than usual.

Citizenship advisers, government agencies and real estate

developers say they have seen a rapid increase in business over

the past few months. Even luxury hotels say they are booking

in guests for long-term stays.

The increase of Americans and Europeans and some from

other coutries arriving to stay in the Caribbean has been most

stark, says Mohammed Asaria, whose Range Developments is

working on a new Six Senses resort. He says that these rich US

and other citizens are coming to "hide it out". Most of these rich

individuals are working remotely. But also investors are flocking

to the beauty of the Caribbean with recent data showing that US

citizens' enquiries for residential villas at Secret Bay in Dominica

have jumped by 66%, and a similar trend is witnessed in some

other Caribbean CIP destinations.

While some US and UK people are keen to escape to the

Caribbean for work-from-home freedoms, more rich and

well-off individuals and their families are increasingly investing

in obtaining citizenship and second passports of one of the

attractive Caribbean countries. "Digital nomad" is not a new

thing in some of the Caribbean destinations, for example in

Barbados where in July 2022 the authorities launched a new 12

month "Welcome Stamp" designed to attract remote workers

to the country. Since its launch there have been around 1,100

applications, 42% of which are from the US. British and

Canadians are among the largest nationalities to apply.

Many are opting to obtain the

citizenship of one of these gorgeous islands

where they and their families can stay,

work and study.

Some statistics about tourism in the Caribbean destinations

shows that new temporary residents are checking into Airbnbs

while real estate agents rush to find rental properties. Hotels

are even offering long stays. Both the Hilton and Marriott in

Barbados have announced month-long packages.

However, the wealthier people from around the world want

something more than just a hotel room. Many are opting to

24


Real estate is not the only path to

Caribbean citizenship.

obtain the citizenship of one of these gorgeous islands where

they and their families can stay, work and study. Grenada,

Dominica, St. Kitts and Nevis, and some other Caribbean

nations offers CIP and second passports with great benefits for

very attractive affordable investment amounts.

"Citizenship By Investment - CIP" was traditionally attracting

Chinese and some other Asian nationals who want second

passports with more travel freedom. But the new trend is

the increase of enquiries for CIP and second passports from

Middle Eastern nationals along side with US citizens, UK and

Canadian nationals. Chief executive of the St. Kitts and Nevis

Citizenship by Investment Unit, Les Khan says "We have

seen an uptick in applicants who want an alternative second

passport". Normally the two-island nation hands out passports

to investors without having to physically be in the country.

This year is different says Les Khan: "Increasingly, wealthy

people actually want to come to the islands, and some

decide to stay".

This is putting a strain on the supply of government approved

real estate projects that qualify for citizenship. A minimum of

US$200,000 must be spent on real estate to access citizenship,

but currently only approved developments count and most

of these are linked to hotels. "We’re looking at alternatives

outside of our hotels" says Khan. "Individuals are looking for

opportunities outside of those hotels and get access to our

citizenship through private homes. It’s something that we’re

exploring". This is largely due to a change of lifestyle, he says:

"Individuals who are coming to the island and applying for

St. Kitts passport are doing so because they want to come and

change their lifestyles and live on the island”.

Grenada is also having to come up with more projects. Range

Development's Six Senses resort will include a branded

residential component in Grenada.

Even luxury hotels say they are

booking in guests for long-term stays.

Real estate is not the only path to Caribbean citizenship.

St. Kitts and Nevis, Dominica and Grenada allow a

contribution to a sovereign fund as an cheaper route.

Citizenship advisers tout Caribbean passports for their visafree

travel freedoms. Inserting that contribution to the state

sovereign fund is not only cheaper, but is also "a useful insurance

policy" should things at home go awry.

The free tax regime on CIP investors in the Caribbean countries

is making these destinations a safe haven to the wealthy and

even middle class people from around the world. Tax planning

opportunities with exemptions and reductions on capital gains

tax, income tax, and inheritance tax, among others constitutes a

second great consideration by many people who are applying for

Caribbean CIP and second passport.


“Antigua & Barbuda is an inviting paradise and considered to be

one of the most beautiful places in the world.”

My recent trip to Antigua

included a meeting with the

team at

, where I'm standing

on their recently purchased

land for future developments.

26


RECENT TRIP TO

ANTIGUA &

BARBUDA

By Mark James

During my recent trip to Antigua, I had

the pleasure of meeting with the team

at ClientReferrals, a leading provider

of investment migration, real estate,

and wealth management solutions for

immigration professionals and their

high-net-worth clients.

The company has a significant presence

in Antigua, and is clearly the leader

in knowledge and experience when it

comes to its Citizenship by Investment

Program(CIP).

I had the opportunity to check out their

local presence and visit their partners for

a few days, including Elite Island Resorts

and their properties. Elite is continuously

acquiring new properties and is the

tourism industry leader in Antigua. One

of these properties is Verandah Estates, a

gated residential community in which a

CIP applicant can obtain freehold title

on the land and villa while qualifying for

citizenship. It was really impressive to see

what Elite has built over the last 40 years

in Antigua and how well ClientReferrals

is setup to serve its CIP clientèle.

The team behind ClientReferrals has

been serving immigration practitioners

for 25 years and it shows; they know

what is expected of them and they deliver

every bit on that expectation.

Based on my personal experience with

the company, I would highly recommend

them to any immigration professional

who has clients for the Antigua and

Barbuda CIP.


COUNTRY SPOTLIGHT

Antigua & Barbuda

“Antigua & Barbuda is beautiful. Too beautiful

that sometimes the beauty of it seems unreal.”

28


Antigua & Barbuda is an island nation

situated in the West Indies between

the Caribbean Sea and the Atlantic

Ocean, in the middle of the Leeward Islands

chain. The country consists of two major islands

and a small number of mostly uninhabited

islands. Antigua is the largest island land, with

a total land area of 281km² and a coastline of

87km. Barbuda lies just 40km north of Antigua

and is easily reached by the Barbuda Express

catamaran service (journey time of 90 minutes

in nearly all weather conditions) or a 20 minutes

helicopter fight.

Antigua & Barbuda’s ideal geographic positioning make

them the tropical twin-island jewel a regional travel hub, with

excellent air links to North America and Europe. Both islands

are mostly low-lying islands with natural harbours, lagoons

and sandy beaches along their coastlines and rimmed by reefs

and shoals.

Home to over 100,000 citizens and blessed with 365 powderwhite

sand beaches, the country is considered as one of the most

beautiful places in the world. Tourism is a key component of

Gross Domestic Product (GDP) and generates around 60% of

the island’s income.

Holders of the Antigua & Barbuda passport enjoy visa free

travel to approximately 150 countries, including the UK and the

countries of the EU Schengen Area.

Antigua & Barbuda CBI Programme

Antigua & Barbuda government offer a Citizenship By

Investment program (CIP).

The Citizenship by Investment Unit (CIU) was established

by the Honourable Prime Minister of Antigua & Barbuda

and is the Government authority responsible for processing

all applications for Agent’s Licenses, and all applications for

Citizenship by Investment.

The Citizenship by Investment Programme CIP requires a

person to make a significant economic contribution to the

country. In exchange, and subject to stringent application

procedures, including thorough background checks, the

applicants and their families are granted citizenship.

Antigua & Barbuda Investment Options:

OPTION 1: National Development Fund

OPTION 2: Real Estate Investment (NDF)

OPTION 3: Business Investment

OPTION 4: The University of the West Indies

Fund (UWI) Investment

OPTION 1: National Development Fund (NDF)

The National Development Fund (NDF) is a non-profit fund.

The purpose of the NDF is funding government sponsored

projects, including public-private partnerships and approved

charitable investments.

CONTRIBUTION:

• Main Applicant: US$100,000 non-refundable contribution

per main application. This includes spouse, dependent

children up to 4 persons, and dependent parents over

55 years of age within the application (no additional

contribution required).

• US$125,0000 non-refundable contribution per main

application. This includes spouse, dependent children of 5

and over, and dependent parents over 55 years of age within

the application (no additional contribution required).

PROCESSING FEES:

• US$30,000 for a family of up to 4 persons.

• US$30,000 for family of 4 persons plus an incremental

amount of US$15,000 from the fifth dependent onwards.

DUE DILIGENCE & PASSPORT FEES:

• US$7,500 for the main applicant

• US$7,500 for the spouse

• US$2,000 per dependent from 12-17 year old (no fee for

dependents aged 0-11 years)

• US$4,000 per dependent aged 18 years and over

• US$4,000 dependent parent aged 58 years and over

• Other fees payable include passport fees. These fees are

subject to change.


COUNTRY SPOTLIGHT

OPTION 2: Real Estate Investment

OPTION 3: Business Investment

Applicants wishing to qualify for citizenship under the real

estate option may choose from one of 3 pathways.

CONTRIBUTION:

1) Applicant may purchase property valued at minimum

US$400,000 and hold title to same through single ownership.

2) Two applicants may choose to make a joint purchase of

property valued at minimum US$400,000 by each making an

investment of no less than US$200,000. Title to the property

will be held jointly.

3) An applicant may also purchase property valued at

minimum US$200,000 through single/individual ownership.

PROCESSING FEES:

• US$30,000 for a single applicant or a family of 4 or less

• US$30,000 for a single applicant or a family of 4, and

US$15,000 for each additional dependent




• US$2,000 per dependent from 12-17 years old (no fee for

dependent aged 0-11 years)

• US$4,000 per dependent aged from 18 years and over


Other fees payable include passport fees. These fees are

subject to change.

OPTION 4: The University of the West Indies Fund

(UWI) Investment

CONTRIBUTION:

• US$150,000 per applicant including processing fees

PROCESSING FEES:

• US$15,000 per each additional dependent

DUE DILIGENCE:

• US$7,500 for main applicant

• US$7,500 for spouse

• US$2,000 per dependent 12-17 years old (no fees for

dependents age 0-11 years)

• US$4,000 per dependent 18 years old and over



subject to change.

The Citizenship by Investment Unit (CIU) makes

recommendation to cabinet for approval of businesses for the

purposes of investment in business under the Citizenship by

Investment Programme.

Two business investment types:

TYPE 1: CONTRIBUTION

Single Investor - main applicant, on his own behalf,

makes an investment in an approved business of at least

US$1,500,000 directly into an eligible business as a sole

investor or a joint investment.

PROCESSING FEES:


• US$30,000 for a family of up to 4 persons

• US$30,000 for a family of up to 4 persons with incremental

payments of US$15,000 for each additional dependent






• US$4,000 per dependent aged 18 years or over

• US$4,000 dependent parent aged 58 years or over


subject to change.

TYPE 2: CONTRIBUTION

A minimum of 2 persons/investors to make a joint investment

in an approved business of total at least US$5,000,000. Each

person is required to contribute at least US$400,000 to the

joint investment.

PROCESSING FEES:

• US$30,000 for per applicant

• US$30 for a family of up to 4 persons

• US$30,000 for a family of up to 4 persons with incremental

payments of US$15,000 for each additional dependent






• US$4,000 per dependent aged 18 year old or over

• US$4,000 dependent parent aged 58 year or over


subject to change.

30


COUNTRY SPOTLIGHT

Antigua and Barbuda Nomad Digital

Residence Program

In 2020, the Antigua and Barbuda government launched the

Antigua Nomad Digital Residence Program. It is intended for

any foreigner planning to move to the country for up to 2 years

while working remotely for a company and/or clients registered

outside Antigua and Barbuda.

VISA COST: US$1,500 for individuals, US$2,000 for couples,

and US$3,000 for a family of 3 or more

INCOME REQUIREMENTS: US$50,000 per year

VISA LENGTH: 2 years

CITIZENS THAT QUALIFY: there are no

nationality restrictions

Main Benefits of Antigua and Barbuda

Citizenship for Investment Program:

• Antigua and Barbuda passport and citizenship qualifies the

holder visa free travel to over 160 countries that includes Hong

Kong, Singapore, UK and the EU Schengen Area.

• Dependents members that are included under the main

applicant are as following:

- A spouse of the main applicant (the primary applicant must be

over 18 years of age).

- Child of the main applicant or of his/her spouse who is 18

years or older, but who is physically or mentally handicapped

and who is fully supported by the main applicant.

- Child of the main applicant or his/her spouse who is 0-30 years

old and is financially dependent on the principal applicant.

- Parent or grandparent of the main applicant, or his/her spouse,

who is 55 years or older and who is financially dependent on

the principal main applicant.

- A sibling of the main applicant, or of his/her spouse,

if unmarried.

- A future spouse of the main applicant (a fee of US$50,000 is

payable upon application).

- A future spouse of dependent children where the dependent

child is financially dependent on the main applicant.

- Future child of a dependent child (a fee of US$10,000 is to be

payable for children under 6 years, and US$20,000 for children

aged 6-17 years).

• Dual citizenship allowed under the laws of Antigua and Barbuda.


COUNTRY SPOTLIGHT

• No obligation to live and work in Antigua and Barbuda. You

are only obliged to be in the county for 5 days in total since

obtaining your Antigua and Barbuda passport.

• Short processing time.

• Your passport will be valid for a period of 5 years and will

be considered for renewal subject to the recipient having

spent a total of 5 days in Antigua and Barbuda, since

obtaining citizenship.

• Citizenship may be passed to future generations.

Note: For the purposes of the Antigua and Barbuda Citizenship

by Investment Program, ‘child’ means a biological or legally

adopted child of the main applicant, or of the spouse of the

main applicant.

Your Citizenship & Passport Procedure:

Upon submission of your application you will be asked to

pay the full due diligence fees and 10% of the government

processing fee. Upon receipt of a letter of approval, you will

be asked to pay the balance of the government processing

fees, passport fees and your contribution. The fees are paid

directly to the Citizenship by Investment Unit (CIU), and your

contribution must be made to the Government Special Fund

within a period of 30 days.

Once received, a certificate of registration of citizenship will be

issued for both the primary applicant and their family members

which will be submitted to the passport office with their

passport application and any accompanying documentation.

We (your agent/representative) will forward your passports and

citizenship certificate document to you.

On the first occasion that you visit Antigua and Barbuda you

can take the oath or affirmation of allegiance or you can visit an

Embassy, High Commission or Consular Office of Antigua and

Barbuda to fulfil the requirement to take the oath or affirmation

of allegiance.

The passport will be valid for a period of 5 years and will be

considered for renewal subject to the recipient having spent at

least 5 days in Antigua and Barbuda, since obtaining citizenship.

Ineligible Applicants Include the Following:

• Where an applicant has provided false information on his or

her application.

• Where a medical practitioner states that any of the family

members is suffering from a contagious disease and/or serious

health problems.

• Not having received a free pardon, has at any time

previously been convicted in any country of an offence for

which the maximum custodial penalty is in excess of six

months imprisonment.

• Is the subject of a criminal investigation.

• Is a potential national security risk to Antigua and Barbuda or

to any other country.

• Is involved in any activity likely to cause disrepute to Antigua

and Barbuda.

• Has been denied a visa to a country with which Antigua and

Barbuda has visa-free travel and who has not subsequently

obtained a visa to the country that issued the denial.

• Deprivation of citizenship may occur if the citizen does not

spend at least 5 days in Antigua and Barbuda during the period

of five calendar years after having obtained citizenship, and

they will not be entitled to repayment of any investment,

contribution or purchase price made by them in their original

application for citizenship.

• Deprivation of citizenship will occur where such registration as

a citizen was obtained by false representation or fraud or wilful

concealment of material facts or the person has been convicted

in Antigua and Barbuda of an act of treason or sedition.

32


COUNTRY SPOTLIGHT


Q&A with TM Antoine

Cindy-Emmanuel-McLean

Firstly, please introduce yourself and provide a

brief overview of the program.

It is a pleasure to introduce myself as Cindy Emmanuel-McLean,

Consulting Partner of TM ANTOINE Partners Advisory Inc in

St. Lucia, and leading expert on CIP St. Lucia. I had the distinct

honour of being the first ever CEO of the Citizenship by

Investment Unit, way back in 2015, when the Unit was an idea

and a set of legislation with the hope of bringing St. Lucia into

the new and exciting realm of citizenship by investment.

The CIP Program of today is far removed from what it was

visualized and formulated to be back then, but I think it is way

better than it was before in most respects. It has been great to see

the transition and I look forward to sharing my thoughts with you.

Q1: St. Lucia recently simplified its

documentation requirements when making

an application, what is now required to

apply for St. Lucia citizenship?

St. Lucia does have plans to simply its documentation

requirements soon. That is something we as agents are looking

forward to, because we think that making it simpler for our clients

to complete the application is great. However, in response to your

query, I think that what will be required to apply for

St. Lucia citizenship will remain the same. The aim of the forms

and supporting documents has always been, and I daresay will

always be to get the most comprehensive profile of a prospective

citizen as one can on paper. You will note that, the forms delve into

KYC questions so that a risk profile of the applicant can be built.

That profile, together with the deep background check puts the

Unit in a position to determine whether or not a prospective

client is a good fit for Citizenship.

Interestingly, the Unit has just added another layer of an

'in-person' interview with applicants. As of September 4, 2023,

all new applicants will need to have an interview with the Unit

to qualify for citizenship. That aids in building a complete

profile of the applicant.

Q2: What do you think are the most noteworthy

investment options? What are your

suggestions for HNWIs in choosing among

the options and applying for the program?

Interesting question. As an agent, I do not think that there is

just one most noteworthy investment option. I think all are

noteworthy. My job is really finding the best match for each client.

As many clients as I have had, and I have had thousands, is

ten times the number of variables to consider when choosing

an investment option. My advice to HNWIs is to first pick a

representative who will be open and frank with you about the

possibilities and the various options. It is also imperative that each

person considering citizenship by investment be very clear about

their motive and what they want to get out of the experience.

These two things together will help ensure that each person gets

the investment option that works best for them.

Q3: Why Caribbean? How is this a safe and wise

choice to invest in the St. Lucia CBI Program?

You ask a Caribbean girl, why the Caribbean? Why not the

Caribbean? But seriously, investing in CIP St. Lucia is perhaps

one of the easiest decisions that one can make. You are talking

about investing in of the most beautiful places on earth. We have

a stable economy and government; we are easy to get to from

anywhere is the globe. I like to say that St. Lucia is no more that

34


two stops away from anyone. I think that where you invest in is

really a matter of choice - my choice will always be St. Lucia.

Q4: St. Lucia is receiving a high volume of

applications, what would be the main reason?

Several factors have been contributing to the changes. Having

spent almost eight years in the industry, I can confidently say

that the most consistent thing we have is change. Changes in one

program can mean an ebb or a flow for all the others. Decisions

make internationally by the powerful nations can mean that our

numbers drop dramatically or rise exponentially.

Governments change and with it, policies, and approaches

to CIP change. Wars are started and sanctions are imposed,

making geo-politics skew one way or another. Each change has

the undesired and sometimes very desired effect of changing the

response to your program. Now St. Lucia seems to be the most

popular CIP kid on the block.

Q5: The industry has taken a major turn

heavily dependent on partners. How does

TM Antoine provide training to make

sure the correct importation is given to

prospective clients?

TMA has always built its CIP business around partnerships.

We are well aware of what we are best at - guiding our partners

and applicants to making the best case for their bid to become

citizens of St. Lucia.

We leave the rest to the experts - our partners. Training for

us is a mandatory requirement for working with us. There is

a TMA Method which we have curated over many years of

working with partners and clients. We spend the early days of a

new partnership sharing the TMA Method and ensuring that

everyone is on the same page.

Thereafter, training is ongoing. Every query, every new situation

is an opportunity for training. As our partners get better at

working with us, we get better at meeting their needs.

Q6: What is the future direction of the

program that is noteworthy? What are the

opportunities and concerns for investors?

As far as I know, St. Lucia has some exciting new initiatives

coming soon. We are looking forward to what is in store but

given the 'open for business' stance that the government has

taken, we can expect it to be good.

We are well aware of what we are best

at - guiding our partners and applicants to

making the best case for their bid to become

citizens of St. Lucia.

With regards to concerns, one downside of the increased volume

to the Unit is the increase in waiting time for decisions. While I

completely understand the desire on behalf of the clients to get a

decision in a short time, in fact I am aware that this is the appeal

of the program in a lot of cases, I also understand, to a large

extent, the Unit’s challenge to putting quality over speed.

So, my warning to the investors is to not take anyone who

guarantees a decision with a certain amount of time at face value.

Rather, understand that each case is different and there may be a

bit of wait.

Q7: The St. Lucia Program has been in operation

for a long time, but it has seen some changes.

Can you please explain what these are?

The first significant change was the lowering of investment

amounts to meet market demands. Now, for every option in

St. Lucia, the investment amount is lower than it was originally.

The other significant changes have been around qualifying

dependents. The age of dependent children has been raised

to 30 years and siblings up to 18 years old can now be added

to applications.

We have also changed the bond option to the news National

Action Bond - an attractive option to prospective investors.

Q8: What steps can applicants take to ensure

their applications are approved?

There is no way to ensure that your application is approved.

The decision lies solely with the Citizenship by Investment

Board. TMA can help you put yourself in the best possible

position though.

Drop us a line at cip@tmantoinelaw.com and we will be sure to

help you.


COUNTRY SPOTLIGHT

Canada

“The Land of Opportunities - free public healthcare, beautiful

landscapes, robust education system, unmatched job opportunities,

lowest crime rates, multiculturalism, thriving economy,

spectacular sceneries, climate & vacation destinations.”

36


COUNTRY SPOTLIGHT

Canada occupies a major northern portion

of North America, sharing land borders

with the adjacent USA to the south and

with the USA state of Alaska to the northwest.

The country stretches from the Atlantic Ocean

in the east to the Pacific Ocean in the west and

to the north lies the Arctic Ocean. By total area

(including its waters), Canada is the second

largest country in the world - after Russia - and

the largest on the continent.

Canada is frequently voted one of the best countries in the world

to live in. It is well known for its high standard of living, clean

environment, low crime rate, and outstanding infrastructure. The

population density, 4 inhabitants per km 2 , is among the lowest in

the world. Canada has by far more lakes than any other country

and has a large amount of the world's freshwater.

Canada is among the world's wealthiest countries, with a high

per-capita income and a leading trade market. Canada is one of

the world's top 10 trading nations. Canada is a mixed market,

ranking higher than the USA and most western European

nations on the Heritage Foundation's Index of Economic

Freedom.

Since the early 1990s, the Canadian economy has been growing

rapidly, with low unemployment rates and large government

surpluses on the federal level. Today, Canada closely resembles

the USA in its market-oriented economic system, pattern of

production, and high living standards.

In the past century, the growth of the manufacturing, mining,

and service sectors has transformed the nation from a largely rural

economy into one that is primarily industrial and urban. As with

other developed nations, the Canadian economy is dominated

by the service industry, which employs about three quarters

of Canadians. However, Canada is unusual among developed

countries in the importance of the primary sector, with the

logging and oil industries being two of Canada's most important.

Canada is one of the few developed nations that are net

exporters of energy. Atlantic Canada has vast offshore deposits

of natural gas, and large oil and gas resources are centered in

Alberta. The vast Athabasca tar sands give Canada the world's

second largest oil reserves behind Saudi Arabia.

Canada is one of the world's most important suppliers of

agricultural products, with the Canadian Prairies serving as one

of the most important suppliers of canola, wheat, and other

grains. Canada is the world's largest producer of uranium and

zinc and a world leader in many other natural resources such as

aluminium, gold, lead, and nickel - many towns in the northern

part of the country, where agriculture is difficult, depend on

a nearby mine or source of timber. Canada also has a sizeable

manufacturing sector centered in southern Ontario and Quebec,

with automobiles and aeronautics representing particularly

important industries.

Since 2001, Canada has successfully avoided economic recession

and has maintained the best overall economic performance in

the G8. Since the mid-1990s, Canada's federal government has

posted annual budgetary surpluses and has steadily paid down

the national debt. In the past 10 years, Canada has become one

of the most dynamic economies in the world.

Its relaxed lifestyle, stable political, justice, economic, and social

environment coupled with its excellent educational and health

system, multilingual population, and the well-known tolerance

of other cultures make Canada one of the most sought-after

destinations in which to work, invest, live, and raise children.


COUNTRY SPOTLIGHT

Residence by Investment Overview

1. CANADA START-UP VISA PROGRAM

This allows foreign entrepreneurs the opportunity to create an

innovative business in Canada and apply for permanent residence.

The Canada Start-Up Visa Program is aimed at providing

permanent residence to entrepreneurs and active investors in

companies and expanding businesses that seek to establish a

presence in benefits of residence by investment in Canada where;

• High standard of living

• Affordable, high-quality education and healthcare

• Family included in the application

• Multicultural, tolerant, and vibrant cities

• Excellent place to do business, with access to the entire North

American market

• Minimal application requirements, with no age restriction, no

net worth, and no higher education needed

Requirements

To obtain permanent residence in Canada, foreign entrepreneurs

must propose an innovative, scaling start-up business, approved

by a designated organisation.

Options

1) BUSINESS INCUBATION:

No minimum investment required.

2) ANGEL INVESTMENT: CAD75,000 from an angel

investment group, depending on a certain stage of the business.

3) VENTURE CAPITAL FUND: CAD200,000 from a venture

capital fund, depending on a certain stage of the business.

Additional fees apply for optional consulting, government fees,

business structure, document processing, and immigration filing.

Investors' Qualifications

• English or French language proficiency at the

CLB/IELTS 5 level

• Good health

• No criminal record

Procedures of Canadian Residence by Investment

Clients are required to prepare and submit a business proposal,

which needs to be approved by a designated government

business organisation. Once approved by a business incubator,

an angel investment group, or a venture capital fund

(depending on the investment option chosen), the client

receives a letter of support, allowing them and their family to

apply for permanent residence. In order to maintain permanent

resident status, physical presence for 2 out of 5 years (or 730

days) in Canada is required.

The process takes 1-2 years.

Canadian Citizenship by Start-Up Visa Program

After 3 years (or 1,095 days) of permanent residence in

Canada within a 5-year period, successful applicants can apply

for citizenship.

The Canadian passport is one of the top 10 ranks in the

world, with visa-free or visa-on arrival access to over 180

destinations worldwide.

38


COUNTRY SPOTLIGHT

2. CANADIAN INVESTOR VISA

In Canada, there are 12 DIFFERENT PROGRAMS, all with

different requirements. Each province has an investor program

that varies in requirements.

TYPE: THE CANADIAN INVESTOR VISAS are an option

for people who are interested in bringing business to Canada,

wanting to start a business, start a franchise, import a franchise,

or open a business branch in Canada.

There are 2 types of investor visas: Investing in the government

or investing in a business.

Investment Amounts:

In order to invest in the government, applicants must provide

CAD150,000-800,000 to the Canadian government.

After some time the government will provide you

permanent residency.

In order to qualify for an investor visa to open a business,

applicants must provide proof of CAD350,000-800,000 funds

in the bank.

Applicants will also have to provide proof of net worth. This

amount can range (depending on which province applicants are

applying to), varying from CAD350,000-1,600,000.

Proof of sources of income and funds (obtained legally) is

very necessary.

Your net worth and income must be obtained legally.

Investors' Qualifications

Applicants must have either:

(1) BUSINESS OWNERSHIP EXPERIENCE: The applicant

must have been actively engaged in owning a business that

provided goods or services to customers.

(2) SENIOR MANAGEMENT EXPERIENCE: The

applicant must have experience making executive decisions in

the responsibility of managing a company in at least two of

the following aspects of business: Sales, Marketing, Finance,

Purchasing, Distributing, Accounting, Human Resources/

Personnel, Research and Development, Information

Technology Management, Production/Operations/Project

Management, Quality Control.

However, there is no education requirements for the Investor

Visa Program.

(3) There are very flexible language requirements (depending on

the province you are applying for).

There are no age requirements for the Investor Visa Program.

Family Reunification

When the application is approved for a Canadian Investor Visa,

investors may bring their spouse and children up to the age of

21 years old. If applicants are applying under the Manitoba

province, they can bring their immediate siblings as well.

Processing Time

Investors may be offered a work permit in 10 days or less but to

be granted an investor visa it may take 1 to 2 years.

However, there are many different requirements for each

investor program in Canada.


COUNTRY SPOTLIGHT

Dominica

“Secret bay resort and spa becomes

top ranked resort in the Caribbean.”

40


Dominica was given its name by

Christopher Columbus in November

1493, the name derived from the Latin

for ‘Sunday’ on which day he is said to have

sighted the island.

Dominica was a British colony since the 18th century until its

dissolution on 31 May 1962, and in 1967 Dominica formally

became an associated state of the UK. In 1978, Dominica gained

its national independence and become a republic and joined the

Commonwealth of Nations on the same day. Dominica has since

flourished as a democracy which is patterned after the British

parliamentary system.

As an eco-tourism paradise, Dominica enjoys a tropical climate

and the terrain is spectacular. Its breathtaking landscape

reveals rainforests, waterfalls and over 360 rivers. The island is

affectionately known as "The Nature Island of the Caribbean" as

citizens of Dominica share their home with many rare species of

exotic flora and fauna. Dominica is considered as the botanical

gardens, and it is the home of the Sisserou Parrot, which is the

country’s national bird and is featured on the national flag.

Dominica’s nickname is "The Nature Island of the Caribbean"

due to its incredible natural beauty. Almost the whole country

is forested, and it boasts an extensive national park system,

including the Morne Trois Pitons rainforest, which is a

designated UNESCO World Heritage site.

A trip to Dominica will give you a chance to experience

wondrous waterfalls and mud ponds, and fauna such as parrots,

iguanas and rare butterflies. It’s also an extremely mountainous

nation, making it a popular hiking destination. Other natural

hot spots include Dominica’s Boiling Lake, the world’s secondlargest

hot lake, and the Champagne Reef which is home to

octopuses, seahorses and other fascinating sea life.

English is Dominica’s official language and widely used.

However, Dominica has been a member of the International

Organisation of the Francophonie since 1979, as the majority of

locals speak Dominican Creole which is based on French.

Dominica Citizenship by Investment - CBI

The Dominican government launched its Citizenship by

Investment programme in 1993.

Once investors obtain their Dominican citizenship, they and

their families are welcome to move, work and even set up a

business in one of the stunning Caribbean paradises.

There are two investment options in Dominica:

OPTION 1: Contribution to the Government’s

Economic Diversification Fund (EDF)

OPTION 2: Investment in Pre-Approved

Real Estate

OPTION 1: Contribution to the Government’s

Economic Diversification Fund (EDF)

The EDF was established as one component of a national

capital mobilisation portfolio towards an ultimate goal

of national development for Dominica. The Economic

Diversification Fund (EDF) supports public and private

projects within Dominica, covering industries such as

education, healthcare, sport and tourism.

To qualify for Dominican citizenship through the Citizenship

by Investment program, applicants must make a nonrefundable

contribution to the EDF.

MINIMUM EDF CONTRIBUTION REQUIREMENTS:

• Single applicant: US$100,000

• Main applicant and spouse: US$150,000

• Main applicant and up to three dependants: US$175,000

• Any additional dependant under the age of 18: US$25,000

• Any additional dependant aged 18 years or over: US$50,000

FEES ASSOCIATED WITH EDF OPTION:

• Processing fee: US$1,000 per person

• Due Diligence fee: US$7,500 for main applicant

• Due Diligence fee: US$4,000 for the spouse

• Due Diligence fee: US$4,000 per dependent aged 16

or over

(Enhanced due diligence checks and fees may sometimes be

required, depending on the applicant’s current citizenship

status, and other personal circumstances.)

OTHER FEES:

• Certificate of naturalisation fee: US$250 per person

• Expedited passport issuance fee: US$1,200 per person

(Note: No additional ‘GOVERNMENT FEES’ are required by

applicants for Dominican citizenship with EDF contribution.)


COUNTRY SPOTLIGHT

OPTION 2: Investment in Pre-Approved Real Estate

Under the Citizenship by Real Estate Investment program,

applicants must purchase only property authorised by the

government of Dominica. Real estate re-approved by the

Dominica authority must be held for at least 3 years, which

increases to 5 years if the purchaser is also an applicant for

citizenship by investment. Investors may only re-sell that real

estate under the Citizenship by Investment Program after 5 years.

Most real estate options available are shares in high-end

tourist accommodation, touristic hotels, beach/bay resorts,

resorts and spa.

Minimum investment: US$200,000 for all applications

GOVERNMENT FEES ASSOCIATED WITH REAL

ESTATE INVESTMENT:

When application for Dominica citizenship by real estate

investment is approved, the following government fees

also apply:

• Main applicant: US$25,000

• Main applicant and up to three dependants: US$35,000

• Main applicant and up to five dependants: US$50,000

• Any additional qualified dependant: US$25,000

ADDITIONAL FEES:

• Processing fees: US$1,000 per application

• Due diligence fees: US$7,500 for the spouse

• Due diligence fees: US$4,000 for any dependents aged 16

or over

• Certificate of naturalisation fee: US$250 per person

• Expedited passport issuance fee: US$1,200 per person

(Note: In some cases, additional due diligence fees may be

required depending on current citizenship status, and other

personal circumstances.)

Dominica Digital Nomad Visa

In April 2021, Dominica implemented its own remote work visa

program called Work in Nature (WIN) long-stay visa.The visa

provides the opportunity to work remotely for up to 18 months

on the island and includes various additional incentives, such as

duty-free goods and discounts from multiple service providers.

VISA COST: US$800 for a single person, or US$1200 for

a family

ADDITIONAL FEE: US$100 deposit

INCOME REQUIREMENTS: at least US$50,000 per year

VISA LENGTH: up to 18 months

CITIZENS THAT QUALIFY: anyone can apply

Benefits Associated with Dominica CBI

Established in 1993, Dominica’s citizenship, is one of the most

affordable citizenship programs.

1) Processing time: around 3 months, without interview

requirement or physical visit/travel to the country.

2) Family inclusion.

The following family members may be included in an application

for citizenship by investment:

• Spouse

• Children of the main applicant or of the spouse aged under

18 years

• Dependents aged 10-30 years in full time attendance at an

institution of higher learning, and fully supported by the

main applicant

• Dependents aged 18 or over who are physically or mentally

challenged, and fully supported by the applicant

• Unmarried daughter of the main applicant aged 30 or under,

and living with and fully supported by the main applicant

• Parents or grandparents of the main applicant or of the spouse

if aged 55 or above, and living with and fully supported by the

main applicant

• Spouses of eligible parents or grandparents of the main

applicant or of the spouse

3) Visa-free travel to over 130 countries including Singapore,

Hong Kong, the UK and the EU Schengen Area countries.

4) Visa-on-arrival to around 140 destinations.

5) Dual citizenship allowed under the laws of Dominica.

6) No obligation to live and work in Dominica.

7) Citizenship may be passed to future generations.

8) Free movement of capital, dividends and profits made outside

of the island.

9) No tax on wealth, gifts, inheritance, foreign income or capital

gains tax.

10) No personal income tax for residents.

11) No English language requirement.

42


Citizenship by Investment (CBI)

STEP-BY-STEP PROCEDURE

The detailed process for an investor's country of choice

is listed at the country’s specific Citizen by Investment

Program (CIP). The procedure may differs from one

country to another. Generally however, the process is

conducted in the following steps:

Step (1)

PRELIMINARY DUE DILIGENCE: Preliminary Due Diligence to

ensure that the applicant/s are eligible to apply for citizenship by investment.

This step takes one day and reduces the risk of rejection to as low as 1%.

Step (2)

CHOICE OF AN INVESTMENT OPTION: Considering the

investor's scope of budget and his/her goals in mind, the applicant/s to

choose the most suitable investment option for them.

Step (3)

PREPARATION OF DOCUMENTS AND APPLICATION.

Step (4)

DUE DILIGENCE BY THE COUNTRY: The government’s officials

conduct due diligence on the investor and their families. This check

may include criminal records, the legality of income, job history, and

political involvement.

Step (5)

FULFILMENT OF INVESTMENT CONDITIONS: When the

second Due Diligence is clear with no issues hindering the proceedings, the

main applicant should make the investment he/she had chosen. In some

countries, this step takes place before official Due Diligence is conducted.

Step (6)

GETTING A PASSPORT: Then, the new passport is issued in the

country and delivered to the applicant in 1-4 months.

Documents investor/s need for citizenship by investment

Not all countries offering CIP are similar. Each country may have their

own list of the necessary paperwork for citizenship by investment.

Gathering all the documents and correctly filling out all the required forms

is a job for a certified immigration agent.

Mandatory documents

1 International passport (from the country of origin)

2 Citizenship application form

3 Clean criminal record certificate

4 Birth certificate

5 Certificate of civil status

6 Bank account/s statements

7 Investment confirmation

8 Document translations

Additional Documents (depending on the specific CIP)

1 A brief description of the applicant/s life story in the form of a CV

2 Certificates of medical check-ups

3 Medical insurance

4 Proof of ties to the country

5 Assessment of property if you invest in buying real estate

6 Documents for the company if you invest in starting a business

7 Permission for the children if the second parent is not included in

the application

8 Affidavits if your criminal record history is less than perfect


Citizenship

by Investment

Countries List

2023

Many countries worldwide offer citizenship

by investment programs, including but not

limited to Spain, Portugal, Malta, Greece,

Vanuatu, Grenada, St. Kitts and Nevis, and

Dominica, among others.

Generally, you can apply for direct citizenship

by investment programs, which grant citizenship

within a few months in exchange for a foreign

direct investment, usually in approved real estate

projects. Alternatively, you can apply for a Golden

Visa program - or a residency by investment

scheme - upon which a second passport is

provided after a set number of years.

Depending on the CBI program, benefits may include

the following:

• Visa-free access to over 140 nations worldwide.

• Tax planning opportunities with exemptions and reductions

on capital gains tax, income tax, inheritance tax, etc.

• Access to world-class healthcare.

• Family reunification.

Here we provide a complete picture of the countries offering

Citizen By Investment - CBI schemes, including European

Union member states, and Caribbean nations, among other

countries. Note that we do not work with all of these CIP

destinations. We are willing to provide you with some of these

citizenship by investment programs that we are authorised to

deal with.

44


Anguilla

Investment amount from US$150,000

• Permanent residency which can lead to British

citizenship after 5 years

• Full family application

Antigua & Barbuda


• Caribbean passport and citizenship

• Best family option

Cayman Islands

Investment amount from US$1.2 million

• Permanent residency

• British overseas territory

Dominica


• Caribbean dual citizenship

• Passport in 5 months

Germany

Investment amount from €360,000

• European residency

• Citizenship after 8 years

Greece


• Greece Golden Visa

• European residency that can lead to citizenship

after 7 years

• EU Schengen Area travel

Grenada


• Caribbean dual citizenship


Italy


• Italy Golden Visa

• Enjoy a special tax regime

• Italian citizenship after 10 years

Luxembourg


• Luxembourg Investor Visa

• One of the richest countries in the world to

hold residency

• European passport after 5 years

Malta

Minimum contribution of €175,000

mixed capital requirements

• The right to freedom of movement to Malta

• Passport in 4 to 6 months, from submission of the

application to approval

Portugal


• Portugal Golden Visa


• Passport after 5 years

Spain


• Spain Golden Visa


• Passport after 10 years

St Kitts & Nevis


donation

• Caribbean citizenship

• Passport in 2 months (fast-track option)

St Lucia


• Caribbean citizenship


Turkey


• European passport & E-2 US business visa

• Zero residency requirements

USA

Investment amount from US$50 - 800,000

• EB5 approved investment

• USA residency & green card

• EB5 Visa Permanent Resident

• E2 Visa USA

Vanuatu


• Passport in 1 month

• Offers visa-free travel to 96 countries


COUNTRY SPOTLIGHT

Greece

“It takes a lifetime to discover Greece, but it

only takes an instant to fall in love with her.”

46


COUNTRY SPOTLIGHT

Greece, the country in the Mediterranean

and occupying the southern part of

the Balkan Peninsula in southeastern

Europe. Greece is composed of two main

peninsulas and some thousand islands in the

Aegean (east) and the Ionian seas (west of the

mainland). The country is bordered by Albania,

Bulgaria, Turkey and North Macedonia. Greece

shares maritime borders with Cyprus, Egypt, Italy

and Libya.

Greece is famous for its ancient philosophers, like Plato,

Pythagoras, Socrates and Aristotle, to name just a few. It

is known as the birthplace of democracy in the West; they

invented the Olympic Games and theatre. Ancient Greeks

invented monumental temples with Greek columns.

Greece is home to 18 UNESCO World Heritage sites, 16

cultural and two mixed.

The Acropolis of Athens and its monuments are considered the

universal symbols of the classical spirit and classical civilisation.

The temple complex on a hill in the middle of Athens is the

largest architectural and artistic group of monuments that Greek

antiquity has left to the world. In ancient times, strong fortification

walls surrounded the summit of the Acropolis hill.

Year-Round Tourist Destination

Greece has always been near the top of the tree when it comes

to popular travel destinations. Greece has an abundance of

resources that tourists with ecological and cultural interests will

find very attractive.

Most attractive: Athens, the capital with the Acropolis complex,

the Ionian Islands, the Cyclades, the Dodecanese islands and

the Sporades.

Famed as a sun-drenched location for beachside holidays in the

summertime, Greece is fast becoming known as a year-round

destination, not only offering northern Europeans (and others)

a much-needed dose of sun in the depths of winter, but the

country is also famous for Greek food and wine, also serving up

a wide range of attractive destinations in its hitherto unspoiled

mountainous regions.

Also, Greece is the most affordable skiing destination in Europe,

with average daily costs a staggering €200 cheaper than the more

upmarket resorts in the Swiss Alps.


COUNTRY SPOTLIGHT

Crete Island

Crete, the most famous island in Greece is currently among the

world’s top 10 destinations for adventure, nature and wellness

tourism. Ranked alongside the likes of Bali in Indonesia, and

Portugal’s Algarve, Crete continues to be the 'jewel in the crown'

when it comes to Greek tourism, offering visitors an unparalleled

variety of holiday experiences, from bucolic mountainside

villages to popular coastal resorts.

Greece’s government has made a

concerted effort to improve the country’s

business environment in recent years.

Tourism & Investment

Greece has been a tourist hotspot for decades, but in recent

years it has also become an increasingly attractive destination for

foreign investors. With its strategic location, strong economy,

and investment-friendly policies, Greece has emerged as an

investor’s paradise.

Indeed, Greece boasts hundreds of thermal springs, making it

an attractive option for those wishing to invest in the rapidly

expanding global health and wellness tourism market. While

Greece does not currently have the necessary infrastructure to

accommodate millions of tourists willing to pay handsomely for

such services - a whopping trillion dollars globally over the next

five years - municipalities across the country are scrambling to

develop spa complexes and specialist resorts in their respective

48


COUNTRY SPOTLIGHT

regions; the advantage being that they can operate on a

12-monthly basis.

Greece’s tourism industry is particularly noteworthy, with over

30 million visitors per year. The country’s stunning beaches,

ancient ruins and vibrant culture are just some of the attractions

that draw tourists from around the world. But the tourism

industry is also a major driver of economic growth, providing

jobs and driving demand for a range of goods and services.

Investor Friendly Environment

In addition to its strong economy, Greece also offers a range of

investment-friendly policies. The country has a flat corporate

tax rate of 24%, which is one of the lowest in Europe. Greece

also offers a range of tax incentives and exemptions for foreign

investors, making it an attractive destination for businesses

looking to expand into new markets.

Greece’s government has made a concerted effort to improve the

country’s business environment in recent years. This includes

reducing bureaucracy, simplifying regulations and creating

a more investor-friendly legal framework. These efforts have

paid off, with Greece ranking 61st in the World Bank’s 'Ease of

Doing Business Index' in 2021, up from 79th in 2020.

Rising Real Estate Market

Rising prices in the real estate market can be a strong indicator

of development in a country, and this is true for Greece. As

With its strategic location, strong

economy, and investment-friendly

policies, Greece has emerged as an

investor’s paradise.

the economy recovers and the country stabilises, demand

for real estate has been steadily increasing. This has led to an

increase in property values, with prices rising in major cities

like Athens and Thessaloniki, as well as in popular tourist

destinations such as the Greek islands. This trend is a positive

sign for the Greek economy, as it indicates that investors have

confidence in the market and are willing to put money into real

estate. Furthermore, as property values continue to rise, it may

encourage further development and growth in the country’s

real estate sector.

Investor's Paradise

All of these factors combine to make Greece an investor’s

paradise. With its strategic location, strong economy,

investment-friendly policies and growing tourism industry,

Greece offers a range of opportunities for investors looking

to expand into new markets. Whether you’re interested in the

Golden Visa program or other investment opportunities in

Greece, the country’s future looks bright for those willing to

take the plunge.


Greece Golden Visa

One of the most affordable residence by

investment programs that provides access

to Europe

The Greek Golden Visa offers one of the most

favourable terms to foreign investors among

similar European programs. Most importantly,

it requires a smaller amount of investment than

other European programs.

In order to obtain a residence permit under favourable

conditions, investors can invest in the Greek economy, buy

real estate or take out a long-term lease. It is easier and more

profitable to buy real estate, as the investment amount is only

€250,000, while the minimum threshold for investments in the

economy is €400,000.

Under the Golden Visa program in Greece, foreign nationals

may obtain a Greek residence permit by investing in national

real estate. The residence permit offers its holders many benefits,

which we will list in detail in the article.

The Greece residence for investment program is most popular

among Chinese, Russian and Turkish citizens. Thus, according

to the Greek government, since 2014, 8,692 investors have

received an investment residence permit, amounting to 26,123

people, if we include their family members.

50


Country

Number of

investors who

obtained a

residence permit

for investing

Advantages of the Greek Golden Visa

Number of investors

and members of

their families, who

obtained a residence

permit for investing

China 6,190 18,905

Turkey 541 1,477

Russia 474 1,278

Lebanon 226 715

Egypt 199 489

The Greek program is better value for money due to the amount

of investment and inexpensive real estate.

Greece Golden Visa program is the cheapest golden visa in

Europe. Similar programmes are offered by various European

countries, like Spain, Portugal, Latvia or Malta, but these

destinations imposed more stringent conditions.

The Greece Golden Visa / residence permit is more profitable

for the following reasons:

1 A SMALL AMOUNT OF INVESTMENT

To obtain a Greece Golden Visa, investors must buy a property

for minimum €250,000, which is the smallest amount among the

European countries offering golden visa programs. For example,

the minimum amount required in Spain golden visa is €500,000,

and in Malta it is €330,000. In Greece, however, you can purchase

several houses, flats or commercial properties for this sum.

2 AFFORDABLE PROPERTY

Greece boasts relatively low prices as compared with other

European property. While property in Athens is priced at

around €1,700/m², prices in Madrid start at €3,000/m² and in

Malta Valletta at €5,000/m² (according to Numbeo).

3 REMOTE PURCHASE OF PROPERTY

In Greece Golden Visa program, it is possible to buy a property

and apply for a residence permit online, without having to visit


the country. The country only requires a visit for fingerprinting,

which the investor can perform within one year from the date

of purchase. It takes an average of 3-6 months to obtain a

residence permit.

4 INVESTMENTS GENERATE INCOME

Greece is a tourist country, so an investor can generate income

from investments by renting out properties. On average, real

estate in Athens provides about 4.5% rental yield per annum,

and in Corfu, the yield is 4-5%. In order to officially receive

income from the property and to pay the maintenance bills, the

investor will need to open a Greek bank account.

5 RESIDENCE PERMITS FOR THE WHOLE FAMILY

Greece allows obtaining a residence permit not only for the

investor but also for their immediate family members:

• A spouse or partner with whom a partnership agreement has

been concluded in Greece.

• Children under the age of 21 from a common marriage, as well

as children under the age of 21 from another marriage, if they

are in the custody of the applicant.

• Parents of both spouses.

6 RESIDENCE PERMIT WITH THE POSSIBILITY OF

OBTAINING CITIZENSHIP

The investor maintains the residence permit throughout their

life, provided that they do not sell the property. After 7 years,

one can apply for Greek citizenship. In comparison, in Spain and

Italy, citizenship can be obtained only after 10 years.

7 NO NEED TO STAY IN GREECE PERMANENTLY

In order to keep the residence permit, the investor does not have

to come to Greece for years, in contrast to Spain or Portugal,

where the investor is required to stay in the country every year

for at least a week.

8 NO RESTRICTIONS ON THE TYPE OF PROPERTY

Investors can purchase a property in Greece in a tourist centre as

well as on the outer islands. It also does not matter whether the

property is new, under construction or in need of reconstruction.

The benefit of the programme is evident in comparison with

Portugal where investments in new housing are available from

€500,000, and in renovated housing from €280,000. In addition,

the most popular cities in the country, Porto and Lisbon, are

excluded from the program in 2022 in Portugal.

9 NO EXTRA TAXES TO PAY

Greece has a double taxation treaty with several countries, such

as the UK, the US and Russia. Thanks to the treaty, foreigners

pay taxes on Greek property only in Greece. Another important

condition is that a Greek residence permit does not make an

investor a tax resident if they live in the country for less than 183

days per year.

52


It takes an average of 3-6 months to

obtain a residence permit.

Types of Investments

There are several ways to invest in the Greek economy for the

purpose of acquiring the Greece Golden Visa / residence permit,

besides purchasing private property.

In case an investor chooses not to buy property, investors will

have to make sure that:

1 Investors may invest in government bonds, real estate shares

or co-proprietorship of any enterprise registered in the

country. In this case, the investment amount must be at least

€400,000 - €800,000.

2 In case you decide to invest in corporate bonds, the minimum

amount will be €800,000.

3 Investors may also simply deposit €400,000 into their account

in a Greek bank, and it will do the job just as well.

4 In case an investor purchases a private property to get a

Golden Visa but does not intend to stay in the country, they

can let out the property to a hotel or tourist agency, and

state the lease expenses as investments in the national tourist

industry. In this case, the rental agreement will have to be

signed for at least 10 years.

What €250,000 Can Buy in Greece

As previously noted in this article, the average price per square

metre in 2023 in Greece is €1,500. However, many factors may

influence the price of the Greece properties such as: the location,

the condition of the house, the furniture, and proximity to the

sea, etc.

Data from different sources shows that €250,000 in Greece can

buy a single villa, townhouse or luxury apartment in the centre, as

well as three small apartments in Athens, under renovation.

Under the Greek program, investors can invest in several

residential or commercial buildings at once.

It is worth mentioning that €250,000 is the minimum value

of real estate Greece Golden Visa option. In addition to this

amount, investors must also bear in mind taxes, uch as the cost

of a notary, a lawyer, VAT and real estate purchase tax.

Reference: https://www.numbeo.com/cost-of-living/country_result.

jsp?country=Greece


COUNTRY SPOTLIGHT

Grenada

“If you are lucky enough to live by the SEA,

you are lucky enough to live in GRENADA.”

54


COUNTRY SPOTLIGHT

Grenada, known as the ‘Isle of Spice,’ is

one of the most magnificent islands in

the West Indies. Unspoilt and exotic, it

astounds visitors with its wildly jagged mountain

peaks, hidden coves, spice plantations and lush

verdant rainforests. Its beaches are idyllic, with

white or golden sand, palm trees, and the delicate

aroma of the island’s native spices.

In addition to its scenery, Grenada offers culture, fun, and

friendliness typical of the authentic Caribbean life - making

Grenada the perfect place in which to live, work and play.

The tropical islands offer the perfect getaway destination for

both adventure lovers and those seeking rest and relaxation or a

romantic break with a partner.

The islands are of volcanic origin with extremely rich soil. Its

natural beauty remains largely untouched by industrialisation.

With its lush, fertile landscapes and award-winning white sandy

beaches and invitingly clear waters, it attracts more than 500,000

international tourists annually.

Grenada is the perfect setting for both adventure and relaxation:

its wildlife attractions, marine life and national parks make it an

exciting place to explore, while its super-yacht marina and pastel

towns make it ideal for strolling and unwinding.

Grenada, an offshore financial centre, is a member of the

Commonwealth and also has a commerce, trade and navigation

treaty with the United States.

Grenada’s currency, the East Caribbean dollar (XCD), is pegged

to the United States dollar (USD).

Grenada CBI Options:

Applicants may chose between two types of investments to

obtain permanent residency and/or citizenship in Grenada.

OPTION 1: NATIONAL TRANSFORMATION FUND

Make a payment into the National Transformation Fund (NTF).

The National NTF is responsible for funding Governmentsponsored

projects in Grenada.

OPTION 2: APPROVED PROJECTS IN REAL ESTATE

Make a payment towards a real estate project approved by the

government of Grenada.

‘Approved project’ is defined under Section 3 of the

Grenada Citizenship by Investment Act, 2013 as "a project

that is approved by the Minister following the review and

recommendation of the Citizenship by Investment Committee".

Currently, these projects encompass real estate developments

such as hotels, villas and resorts. Because of the growth

of the tourism industry, there is rising demand for tourist

housing facilities. Real estate developments are thus fantastic

opportunities for investors looking for high returns.

Option 1: National Transformation Fund (NTF)

The National Transformation Fund (NTF) was established

in 2013 as a means of transforming Grenada’s economy

into one that is ever more prosperous and independent. The

NTF finances various projects in Grenada for the benefit

of its many industries, including tourism, agriculture and

alternative energy. Having made a donation to the NTF,

investors are left with a true sense of having contributed to

their new nation’s wellbeing.

The following highlights the costs and fees associated with

this route.

CONTRIBUTIONS:

SINGLE APPLICANT: US$150,000

• Application Fee: US$1,500

• Due Diligence Fee: US$5,000

• Processing Fee: US$1,500

MAIN APPLICANT & SPOUSE: US$200,000

• Application Fee: US$1,500 per person

• Due Diligence Fee: US$5,000 per person

• Processing Fee: US$1,500 per person

FAMILY OF 4 MEMBERS: US$200,000

• Application Fee: US$1,500 per person (No charge on

dependent child from 0-16 years old)

• Due Diligence Fee: US$5,000 per dependent 17 and over

(No charge on dependent child from 0-16 years old)

• Processing Fees: US$1,500 per person aged 18 and over

(US$500 for dependent under 18 years old)

FAMILY OF OVER 4 MEMBERS: US$200,000

• Additional dependant after the third dependant:

US$25,000 per person


• Due Diligence Fee: US$1,500 per person (aged 18 years

or over)

(US$500 for persons under 18 year old)


COUNTRY SPOTLIGHT

Option 2: Approved Projects (Real Estate) in Grenada

Applicants opting for the approved by the government projects

must keep the real estate for at least 5 years following the grant

of citizenship.

The following highlights the costs and fees associated with

this route.

CONTRIBUTION:

SINGLE APPLICANT: US$350,000

• Government Fee: US$50,000

• Application Fee: US$1,500

• Due Diligence Fee: US$5,000

• Processing Fee: US$1,500

MAIN APPLICANT & SPOUSE: US$350,000



• Due Diligence Fee: US$5,000 per person

• Processing Fee: US$1,500 per person

FAMILY OF 4 MEMBERS: US$350,000


• Application Fee: US$1,500 per person. Dependent child 0-16

years old, free. Dependent child aged 17 or over US$5,000

• Due Diligence Fee: US$1,500 per person. Dependent child

aged 0-16 years old, free. Dependent child aged 17-25 years:

US$5,000.

• Processing Fee: US$1,500 per person aged 18 years or over,

US$500 for persons under 18 years old.

* FAMILY OF OVER 4 MEMBERS: US$350,000

• Government Fee: US$50,000 and US$25,000 per additional

dependant after the third dependant

• Processing Fee: US$1,500 per person aged 18 or over, US$500

for persons aged under 18

TYPE 2 REAL ESTATE INVESTMENT (SECTION 11):

Applicants may opt for another category of approved project (real

estate Section 11) route.

CONTRIBUTION:

SINGLE APPLICANT: at least US$220,000 for each share in

the unit. Investors must keep the real estate for at least 5 years

following the grant of citizenship.

• Government Contribution: US$50,000.

MAIN APPLICANT & SPOUSE: US$220,000 for each share in

the unit.

FAMILY OF 4 MEMBERS: US$220,000 for each share in

the unit.

• Government Contribution: US$50,000.

FAMILY OF OVER 4 MEMBERS: US$220,000 for each share in

the unit.

• Government Contribution: US$50,000 plus US$25,000 for each

additional dependent.

Grenada Digital Nomad Visa

In May 2021, the Grenadian Parliament introduced the "Remote

Employment Act", and it was officially launched in October

2021. This was created to lure long-term visitors and allow them

to perform their work remotely.

VISA COST: US$1,500 per person, US$2000 for a family with

3 dependents, plus US$200 for each additional dependent.

INCOME REQUIREMENTS: at least US$37,000 per year

VISA LENGTH: 1-2 years

CITIZENS THAT QUALIFY: no nationality restrictions

Key Benefits & Business Advantages:

1: International mobility - Grenadian citizens can travel

without visa restrictions to more than 115 international

and Commonwealth countries, including:

• The United Kingdom (UK)

• All members of the European Union (EU)

• Singapore and Hong Kong

• Visa free to People’s Republic of China

2: Live in the US (E-2 Visa) within 6-9 months

Grenada is the only Caribbean country that shares a treaty

with the USA. Grenada is the only Caribbean country with a

citizenship by investment program whose citizens, including

economic citizens are eligible to apply for a US E-2 visa under

a treaty entered into between the USA and the Government

of Grenada.

There have been many successful cases where Grenadian

economic citizens have received a US E-2 visa. A US E-2 visa

allows an investor to live and do business in the United States of

America in exchange for a "substantial" investment. Minimum

56


COUNTRY SPOTLIGHT

recommended threshold is US$150,000 in the USA.

This investment must be in an enterprise that the investor is able

to "develop and direct" and is at least 50% owned by the investor.

3: Short processing time, only 3-4 months.

4: Minimum contribution amount, starting from

US$150,000.

5: No interview, education level, or management

experience required.

6: No requirement to reside in Grenada before or after

citizenship is granted.

7: Grenada allows individuals to hold dual citizenship, and

citizenship may be extended to family members, such as

a spouse, dependent children or dependent parents. The

main applicant can bring children below 30 years old.

The applicant’s unmarried siblings are covered under the

program. Apart from that, Grenada is the only Caribbean

citizenship program that allows candidates to add parents

of any age as dependants.

8: Right to live and work in Grenada at all times.

9: Well-known, stable and established investment environment.

10: Generous incentive packages exist including corporate tax

incentives, full exemption from import duties, tax relief

benefits and export allowance.

11: No tax on foreign income, wealth, gift, inheritance, or

capital gains tax.

12: No restriction on the repatriation of profits and

imported capital.

13: Duty-free trading in the Caribbean.

14: Young adults may obtain preferred access, and in some cases

grants, to top schools and universities.

15: Confidential application process is confidential, with

no disclosure or exchange of information with other

governments or bodies, except when due diligence checks

are carried out as part of the application process. These

checks are performed by an authorised due diligence agency.

16: Good education and health systems. In particular, St.

George’s University, one of the top medical schools.

17: The official language of Grenada is English.


58


HIDEAWAY

TRUE BLUE

- GRENADA

Life & Investment

Hideaway - Grenada CIB Program provides

great value for money - particularly for

big families yearning to live a more global

lifestyle and hedge against potential social,

economic and financial risks.

At Hideaway True Blue (100% completed and

operational), luxury is defined by the marriage

of minimalist sophistication and enviable

unparalleled access.

The six-storied, contemporary building boasts an enviable

location in the heart of True Blue - the most sought after

residential real estate area in Grenada, known for its appreciating

real estate values and the highest rental income rates on island.

From its doorstep, Hideaway True Blue is just a five minutes

drive to the Maurice Bishop International Airport and several

of Grenada’s renowned beaches. It is also walking distance from

popular bars and restaurants and is located directly opposite

the entrance to St. George’s University. Its location makes it a

preferred choice for university students, for whom getting to

class is as easy as crossing the street.

To date, the property has operated at full occupancy, with most

of its tenants being university students. Its business model,

therefore, is not tied to the performance of the travel and tourism

industry, but to the continued performance of the university.

Eligibility

Grenada’s Citizenship by Investment Program accepts

applications from individuals who are aged 18 or older, are


in good health, have no criminal record, and are capable of

financing the investment through legitimate means. Applicants

are allowed to include their spouse, biological or adopted

children below the age of 30, parents/grandparents of any age,

and unmarried, childless siblings, who are aged 18 or older, of

both themselves and their spouse, all on one application.

Applying for Grenada citizenship is a simple process that can

take as little as 4 months to complete following the submission

of an application. During that time, the applicant or the

dependants are never required to visit the island or reside

therein. In fact, applicants are not required to conduct an

interview, know English, or be of any particular religion.

Applicants will be required to select a marketing agent, who

will manage the application process on their behalf. The agent

will ensure that all documents are satisfactorily completed and

compiled, and that an appropriate local agent, responsible for

finalising the application and liaising directly with the Citizenship

by Investment Unit, is selected to facilitate the client’s wishes.

Upon receiving citizenship an applicant will immediately accrue

all the rights and privileges of being a Grenadian.

Privileges & Security

• FREE GLOBAL MOBILITY:

With visa-free access to countries like China, Hong Kong,

Russia, the EU Schengen Area and the UK, citizens are eligible

to access the US E-2 Visa, allowing them to live and work legally

in the US without being exposed to global taxes. Individuals

interested in becoming Grenadian citizens can do so by investing

in a government approved real estate project like Hideaway True

Blue and paying associated government charges and fees.

Additionally, Grenada’s new citizens are also eligible to live and

work freely in other member states of the OECS, including

Antigua, Dominica, St. Kitts & Nevis, St. Lucia and St. Vincent

& the Grenadines.

• SECURED INVESTMENT:

Grenada’s Citizenship by Investment Program places a strong

emphasis on safeguarding the future value of the citizenship

investment of applicants. The Program practices strict due

diligence to ensure that it only approves the best applicants.

60


• THE MOST FAMILY FRIENDLY INVESTMENT &

IMMIGRATION PROGRAMME IN THE WORLD:

Applicants are allowed to apply with their spouse, biological or

adopted children under the age of 30, parents/grandparents of

any age and biological or adopted siblings, who are unmarried,

without children and are aged 18 or older - of both themselves

and their spouse.

• TAX FRIENDLY CLIMATE:

Grenada imposes no capital gains, inheritance tax, wealth tax, or

estate tax. Additionally, citizens of Grenada are never required to

pay taxes on any income generated outside of Grenada.

• LIFETIME CITIZENSHIP:

The citizenship obtained by investors remains with them for life,

even if they opt to sell the investment property they purchased

and recover some of their citizenship investment. Additionally,

any children born to the investors after the grant of citizenship,

immediately become eligible to receive citizenship of Grenada.

• RECOVERABLE INVESTMENT:

Investors who obtain Grenada Citizenship by way of purchasing

property approved by the government, are allowed to sell their

investment unit after a period of five years and recover part of

their citizenship investment. Investors can either sell their unit

to another citizenship investor or on the open market.

• QUICK & CONVENIENT PROCESS:

Becoming a Grenadian citizen takes 4-5 months to complete.

During this time, applicants are not required to visit or reside in

Grenada, learn English or demonstrate a minimum net worth

beyond what is required to satisfy the citizenship investment.

• ST. GEORGE’S UNIVERSITY, THE UNIQUE

EDUCATION OPPORTUNITY IN THE CARIBBEAN:

A subsidised tertiary education, St. George’s University provides

a Partnership Award to Grenadines who have been on island

for at least a year. The award provides 90% off tuition for all

undergraduate degree programs.

Grenada is home to St. George’s University - an international

institution known for its outstanding School of Medicine. The

university draws students and faculty from over 140 countries

and has over 21,000 graduates including physicians, veterinarians,

scientists, and public health and business professionals across

the world. It is ranked as the number one provider of doctors

into first-year US and Canada residences for the last 11 years

combined. At St. George’s University, students can choose

degrees offered by any one of the university’s four schools -

the School of Medicine; the School of Veterinary Medicine;

the School of Arts and Sciences; and the School of Graduate

Studies. Students who opt to do medicine usually go on to do

their rotations and practice medicine in the US. Additionally,

medical students also have the unique opportunity of choosing to

begin their degree either at the Grenada campus or in the UK at

Northumbria University. As much as 50% of a student’s medical

degree can be completed in the UK.


COUNTRY SPOTLIGHT

Malta

“Malta is the only country in the world

where the local delicacy is the bread.”

(Alan Coren: British writer, journalist, humorist & satirist)

62


The capital city of the Republic of Malta

is Valletta. Malta consists of a group of

islands located in the Mediterranean,

with only the three main islands of Malta, Gozo,

and Comino being inhabited. Malta attracts

many tourists due to its sunny weather and rich

history, including architecture and historic

landmarks. The islands have a long history of

habitation dating back to 5900 BC and several

of its megalithic temples are recognised as

UNESCO World Heritage sites.

Malta is strategically situated in Europe as a hub for historical

trade between Europe, the Middle East and North Africa. Its

warm Mediterranean climate and abundant sunshine make

the Maltese islands a desirable tourist destination.

Malta is also a popular place to learn English, which is the

official language along with Maltese, and has a highly rated

education system based on the British model and funded by

the government.

The islands are renowned for their safe environment,

low crime rate, and high-quality public and private

healthcare system.

The primary industries in Malta include tourism, financial

services, manufacturing and foreign trade. The government

has a business-friendly approach, providing competitive

incentives to attract various industries to establish operations

on the island. Malta has also entered into double tax treaties

with over 70 countries, including emerging economies, to

encourage international trade and the growth of financial

services. These efforts are expected to continue in the future.

If you an investor seeking to relocate, invest or do business

in Europe while attaining second citizenship, check out the

Malta Citizenship by Investment Program.

Malta Citizen by Investment Program

(Note: The old Malta investor program - The Malta

Citizenship by Investment Program, has now been

annulled permanently).

At present, Malta offers a popular investment program in

Europe, primarily as it has benefitted the investors in the

long run. The Maltese Government introduced it to facilitate

foreign investment and business expertise into the country.

MALTA CITIZENSHIP BY NATURALISATION FOR

EXCEPTIONAL SERVICES: This new program offers a

secure EU relocation route with a fast and straightforward

residency acquisition.

This program (Malta citizenship by naturalisation for

exceptional services), grants you and your family citizenship by

a Certificate of Naturalisation for contributing to the country’s

economic development. Besides, there is a minimum amount of

investment that you must make to be eligible for the program.

Also, you have to prove your 12 or 36 months of residency in

the country.

According to the new regulations, this citizenship program

will be limited to providing citizenship to a maximum of 400

successful applicants per year. Also, it will be capped after 1,500

applicants have been granted citizenship.

New Malta Citizenship by Investment Program

2020 - Investment Requirements

• The qualifying investments for the Maltese Citizenship

program is any amount between €700,000 - €1,460,000.

Below is a detailed structure of the investment requirements.

Investment 1: Contribution (Non-refundable)

When applicants apply for Maltese citizenship by investment,

he/she must contribute €600,000 if they have proved their

residency for 36 months in the country or €750,000 on 12

months residency.

This contribution goes to the National Development and

Social Fund organised by the Government and run by a board

of trustees. These funds finance projects like public health,

education, job formulation and social improvement etc.

• An additional amount of €50,000 is required for each

additional dependent.

• Applicants are required to make a donation of at least

€10,000 to a registered non-governmental organisation or

society. It must be a charitable organisation.


COUNTRY SPOTLIGHT

Investment 2: Real Estate

Purchasing a real estate property whose minimum value is

€700,000 or leasing a property for a minimum yearly rent of

€16,000 is compulsory. Moreover, investors must retain the

purchased or rented property for at least 5 years from the date

of the certificate of citizenship

• According to the new regulations, it is mandatory for

applicants and their dependents to hold a Maltese residency

for at least 1 year. The minimum investment bar is €750,000.

• There is a new option. If the applicant gives evidence of

three years of residency in Malta, they can obtain Maltese

citizenship by investing just €600,000, consequently making

a saving of €150,000.

Eligibility for Malta CBI

Community Malta Agency controls Malta Citizenship by

Investment. According to this federal government agency, the

principal applicant must satisfy the following eligibility criteria.

• Applicants must be 18 years old or over.

• An investment amount of at least €600,000 if the applicant has

completed 36 months of residency in Malta or €750,000 after

residing in the country for 12 months.

• Applicants must buy a residential property worth at least

€700,000 in Malta, and that must be held for a minimum of 5

years. An alternative to this is to lease a residence with a rental

value of €16,000 annually. (Note: the investor is not allowed to

sublet or sell this property during these 5 years).

• And, donate an amount of €10,000 to any organisation approved

by the Community Malta Agency. Investors can also donate

to a registered sport, cultural, scientific, philanthropic, animal

welfare, or cultural non-governmental organisation or society.

• Applicants must have a valid residence card to apply for

citizenship. On purchasing real estate property, ian nvestor will

be issued a Malta identity document called an e-ID card.

• Investors and his/her family members must be in good health.

• Investors will be subject to due diligence.

Due Diligence

The Community Malta Agency then performs due diligence to

ensure validation. This process in the new Malta Citizenship

by Investment Program has been strengthened to ensure that

capital has been inherited legally. Each application undergoes a

64


COUNTRY SPOTLIGHT

stringent due diligence process, including thorough background

checks. Besides, applicants have to provide valid documents like

criminal police records, proof of the source of funds and

principal wealth.

Malta has the highest standard ofdue diligence and has rejected

around 23% of the total applications received. Four-tier due

diligence is conducted on each application, and even the smallest

suspicion from the agency’s end can decline the application.

However, the procedures require the payment of the following

Due Diligence fees;

• Main applicant: €15,000

• Dependents: €10,000

• Sponsors/benefactors: €15,000

Apart from that, administrative fees with all eligibility

applications are also charged.

Administrative fee per applicant: €1,000 (This fee is exclusive of

other taxes).

Benefits of Malta CBI

• Work or study in EU countries. Investors and their families can

visit 26 Schengen Area visa countries without border checks.

• Visa-free travel to 186 countries, including access to the USA

and Canada without a visa. In addition, you can travel to the

Middle East, Africa, Asia and most countries in North, Central,

and South America.

• Quality life for the family. Malta is indeed a wonderful

country - a touristic paradise, with clean air, property rights and

freedom of speech. New citizens will be treated equally just like

the locals. The new citizens will enjoy the modern infrastructure,

including internet services and secure banking. The new citizens

will have lifelong family security. Children will get access to the

Maltese public schools and universities just like other Maltese

residents. State schools, too, are free for the students, including

transportation and books. The University of Malta is publicly

funded and is free for Maltese citizens.

• Malta is one of the rapidly-growing economies of the EU, and

investors have an opportunity to establish their business after

they get citizenship.

• Access to the Maltese Healthcare System. Malta has an excellent

healthcare system globally, ranked among the top five by WHO.

Besides, it is funded by health insurance and taxation. Medical

services covered under health insurance are hospitalisation,

prescriptions, pregnancy, childbirth and specialist treatments.

• Family inclusion. Family members - the spouse and children

younger than 18 - can be included as dependents in a citizenship

application by the primary applicant. Furthermore, dependent

children up to the age of 25 and parents and grandparents over

the age of 55 may also be included.

• Taxes. The Maltese tax system, like in other European countries,

taxes individuals based on their domicile and residency rather

than their citizenship. Individuals must reside in Malta for at

least 183 days per year to be subject to tax on their income and

capital gains in Malta. Non-residents are only subject to tax on

income and capital gains arising in Malta.

Capital Gains Tax (CGT) is levied at 12% on the sale of a main

residence within three years, but if retained for five years, no tax

is levied on the sale. There are no inheritance or death taxes, net

worth, or wealth taxes in Malta.


Reasons Behind Making Malta

CIP a Great Choice for Investors

“Happiness factor is the key to living and working in Malta.”

Malta is the only EU state that offers citizenship

for investment CIP (or exceptional services) by

direct investment. Although, the waiting time for

Malta CIP may be from 1-3 years. However, many

investors can be granted the Maltese original

passport in one year depending on the amount of

their investment.

Malta CIP investors first receive the residence permit. After one

year, they can apply for citizenship by naturalisation, after making

an investment of €750,000+. If the investor wishes to invest a

smaller amount of €690,000+, they can obtain the residence

permit and wait three years before applying for citizenship.

Three years waiting time until the citizenship is granted might

seem a long time compared to other countries’ CIP rating,

but Malta CIP is certainly the fastest path to citizenship in a

European country, with all the benefits of the EU passport.

Benefits

Maltese citizens can travel to 186 countries without visas. This

puts Malta citizenship in the top 10 most powerful in the

global passport index.

Visa-free destinations benefit Malta's high passport ranking.

Malta is an EU member state and participates in the Schengen

Agreement. Therefore, the Maltese citizens have the freedom

movement (work and study) within the EU region without

limits. The total number of European visa-free countries for

Maltese citizens reach is currently 46.

The UK is visa-free too for Maltese citizens. However, the stay

period is limited to 90 days in half a year after Brexit.

Malta has a visa-waiver agreement with the USA and Canada.

To be able to visit Americas countries, Maltese citizens may

get an electronic travel visa/authorisation online. In addition,

more than 21 Latin American states, including Brazil,

66


Argentina and Peru can be visited on a Maltese passport

without visas. Moreover, a Maltese passport gives visa-free

access to the 24 Caribbean countries.

Maltese citizens may also visit Singapore and Hong Kong

for a period of 90 days in half a year without visas. This also

applies to many other Asian destinations including Indonesia,

Malaysia, South Korea and 18 other Asian destinations.

Maltese citizens may travel to the Middle East visa-free,

including to destinations like Israel, Qatar and the UAE.

Maltese citizens may enter 33 African destinations

visa-free too.

Maltese citizens may visit Australia and New Zealand upon

getting an electronic travel/visa authorisation. Visas are not

needed for visiting some of the Oceania destinations such as

Fiji, Micronesia and Palau Islands.

How else can Maltese citizenship help improve

your quality of life?

Besides visa free travel, investors gain new opportunities with

Maltese passports or citizenship, allowing them to:

• Establish business in Malta or any EU state

• Create and develop an international business making Malta a

base for it

• Get access to most reliable banks in the European Union

• Study in Malta or in any of the European countries

• Buy property in the elite Maltese resorts

• The Malta citizenship benefits extend to the investor’s family

members, including a spouse, children under 29, and parents

and grandparents over 55 can also get Maltese passports within

the investor’s main application.


COUNTRY SPOTLIGHT

Portugal

“I’ve got two places I like to be.

Portugal is one.”

(Cliff Richard)

68


COUNTRY SPOTLIGHT

Portugal is a country located on the Iberian

Peninsula, in Southwestern Europe,

and whose territory also includes

the Macaronesian archipelagos of

the Azores, Madeira, and the Savage Islands.

Portugal is one of the oldest countries in Europe, its territory

having been continuously settled, invaded and fought over

since prehistoric times. In 868, the country officially gained its

independence as the Kingdom of Portugal.

In the 15th and 16th centuries, Portugal established one of the

longest-lived maritime and commercial empires, becoming one

of the main economic and political powers of the time.

Portugal ranks on the top of the list of the attractive touristic

destinations in the world, that everyone has to visit at least once

in their life time.

The most FAMOUS parts of Portugal:

1. The Algarve - one of the best regions to visit in Portugal if

you're looking for sunshine-filled beaches.

2. Lisbon and the Tagus Valley.

3. Alentejo.

4. Porto and Northern Portugal.

5. Central Portugal.

The most FABULOUS Parts of Portugal:

MELIDES

Melides as one of the places not to be missed. On this coast with

wide beaches and protected dunes, you can still build without

seeing the house next door. Residents and rich foreign investors

from all over the world are attracted to buy their villas at this

part of Portugal.

AVEIRO

Venice is not the only city in Europe with canals. Aveiro is a

Portuguese city where you can admire small, colourful boats

drifting along the canal waters or even ride on them yourself.

In addition to its canals, Aveiro is known for its design and

architecture, which merges typical Portuguese tile buildings with

the long lines and curves of decorative art nouveau façades.


COUNTRY SPOTLIGHT

SAGRES

The southern coast of Portugal is known for its warm climate

and long sandy beaches. It has become one of the most popular

summer vacation destinations in Europe. In ancient times, Sagres

was one of the last regions explored, leading it to be considered

by some as the end of the world.

AZORES

A piece of paradise in Portugal. With sapphire blue and emerald

green lagoons, a breathtaking geography and fertile lands.

Besides volcanic craters, the set of Lusitanian islands also has

hydrangeas, colorful azaleas, 15th century churches and majestic

mansions. With its impressive natural beauty, the Azores is

located in the northeast Atlantic Ocean, about 2 hours from

Europe and 5 hours from North America.

ALGARVE

The southern coast of Portugal is known for its warm climate

and long sandy beaches. Thus, Algarve has become one of the

most popular summer vacation destinations in Europe.

MADEIRA

Madeira Island is one of Portugal's most breathtaking

destinations. Madeira Island is among the best destinations

in Portugal and the world for travellers with a passion for

spectacular landscapes. It is the ideal place for those looking for

novelty in the middle of Europe or wishing to go a little beyond

Lisbon. Of volcanic origin, Madeira Island has dramatic rock

formations, large valleys and mountains, beautiful blue waters

and an intense green that covers the whole place.

MONSANTO

Monsanto is a small, contemplative village in the district of

Castelo Branco, Portugal. This village promotes itself by the

surrounding plains offering a perfect scenery to stroll through

its steep cobbled streets, surrounded by stone houses that are in

tune with the rocky landscape that surrounds them.

TROIA PENINSULA

White beaches, resorts, dolphin-watching and eating plenty

of seafood are all on offer at Troia, a beautiful oasis that can

be reached (at one end) within an hour when heading south

from Lisbon.

It is in a landscape, shaped over time and currently subject to

strict environmental protection directives that, in an area of

1100 hectares, are implanted apartments, villas and single-family

houses. The benefits of a modern resort, perfectly inserted in an

exceptional landscape, make Troia a unique place, both for its

concept and for its elegance and quality.

ÉVORA

Évora is one of the most beautiful cities in Portugal, having been

considered a World Heritage Site by UNESCO in 1986. The city of

40,000 inhabitants was already an important center in the Roman

period, with the Temple of Diana taking us back to antiquity.

70


COUNTRY SPOTLIGHT

Portugal D7 Visa

What is the Portugal D7 Visa?

The Portugal D7 Visa, sometimes referred to as the Retirement

Visa or Passive Income Visa, was established by the Portuguese

Government in 2007. The D7 visa is intended for those with

passive income, such as pension, rent, interest, dividends or

intellectual property income, which is sufficient to support you

and cover your family's living costs in Portugal.

This visa enables individuals who are not citizens of the EU/

EEA/Switzerland to apply for temporary residency in Portugal.

The D7 Visa serves as a pathway to obtaining a permanent

residency permit and, in the long run, the possibility of

attaining citizenship.

Criteria & Eligiblity for Portugal D7 Visa

• Applicant must be a non-EU citizen.

• Applicant must have sufficient funds to sustain themself during

their stay in Portugal.

• Applicant must possess a clean criminal record.

• Applicant can provide a residential address in Portugal.

• Applicant is able to spend a minimum of 16 months in

Portugal within the initial two year period.

So for someone who intends to move to Portugal, the D7 visa is

a good alternative to the Portuguese Golden Visa.

In addition to all its benefits, the "Passive Income Residence

Permit" does not prevent its holder from engaging in professional

activity in Portugal, and provided that the applicant has sufficient

passive income, it is generally the best option for those who

intend to live in Portugal with sufficient income from abroad.

Therefore, in order to comply with this visa requirement,

applicants must show proof that they have an income from

outside Portugal of at least €12,000 per year. As such, the

minimum amounts mentioned are only indicative and are on the

lower limits. The higher the net worth and income confirmed by

you, the better it will be for the evaluation of your application.

It is worth noting that the consular officials who will assess your

application have some discretion and are the ones who will

validate the information provided to them in this regard.

Considering that the cost for the legal effort will be

comprehensive and complete so that the cost will cover all

procedures from start to finish, the legal services included fees

can be described as follows:

• Advice on the formalities and processes involved in applying

for a special purpose residence visa and/or residence permit.

• If necessary, coordinate with the Portuguese Consulate

regarding the special purpose residence visa.

• Prepare the Portuguese invitation letter (for obtaining a

Schengen visa), if possible.


COUNTRY SPOTLIGHT

• Assistance in opening a Portuguese bank account.

• Liaison with the Portuguese Immigration Service (SEF).

• Fill out all SEF forms.

• Draft all required documents.

• Appointment to collect biometric data.

• Appointment/s to submit all required documents.

• Arranging appointment to receive the residence permit.

• Arranging any other required communication with SEF.

• Legal assistance in collecting all required documents (taking

responsibility for obtaining Portuguese documents).

• Due and complete legal diligence in all aspects of necessary

applications, confirming and certifying that all documents

submitted to SEF are correct and complete (including

foreign documents).

• Institutional liaison with the bank, in particular for payment

of SEF fees and issuance of a bank statement.

• If necessary, institutional liaison with any Portuguese authority

on issues relating to the D7 visa application.

The above listed range of services and many others will be

arranged for an affordable legal fee by the assigned attorney.

Portugal’s Digital Nomad Visa

The Portuguese government has recently introduced a great

alternative visa - the Digital Nomad Visa. This visa lets digital

nomads live or work in Portugal for a set period. The visa

application process began on 30 October 2022.

The desire to live in Portugal has long been known, with the

country frequently featured in digital nomad wish lists over the

last few years. Foreign nationals have been visiting the country

for years, with many retirees, families, and young professionals

relocating to this Mediterranean gem. From the spectacular

landscapes in the Algarve to the vibrant, cosmopolitan city of

Lisbon, Portugal accommodates all types of people - retirees,

investors, and entrepreneurs. The welcoming locals, balmy

climate, and relaxed lifestyle have each helped position the

country as an exceptional location for digital nomads in

Portugal to enjoy.

The Digital Nomad Visa aims to control the short-term

residence or stay of remote employees in Portugal. Remote

workers can use the Digital Nomad Visa to apply for either a

residency permit that can be extended for up to five years or a

temporary stay visa with a maximum validity of one year.

Applicants are eligible for Portugal’s Digital Nomad Visa if they

make 4 times Portugal’s minimum wage or more. This comes to a

minimum US$3,350 (€3,040) per month. Applicants will need

to have a remote job to apply for the Digital Nomad Visa.

72


COUNTRY SPOTLIGHT

provides an entire visa type focused on attracting remote workers

and entrepreneurs to the country.

Categories of Alternative Digital Nomad Visas

in Portugal

There are 3 types of visas available to digital nomads interested

in living and working in Portugal but who want to apply for an

alternative visa scheme.

• The Short-Term Work Visa is the perfect choice for digital

nomads intending to work from Portugal on a temporary basis.

• The D7 Passive Income Visa is ideal for those planning to stay

for up to 2 years.

• The D2 Business Visa and the Portugal Golden Visa

program are designed for individuals intending to make an

investment in the Portuguese economy and desire a pathway

to permanent residency.

The D2 Business Visa

Over the last few years, the Portuguese government has invested

in a robust, high-speed internet infrastructure and has promoted

direct foreign investment in companies and startups through

its Golden Visa program, which was introduced in 2012. As a

digital nomad living in Portugal, you will find the country very

up-to-speed in catering to your needs.

The D2 visa is aimed at non-EU entrepreneurs and encourages

local investment. Applicants must demonstrate an operating

company in Portugal or resources to establish one. They

must provide proof of their resources or a bank loan from a

Portuguese bank. Along with a comprehensive business plan,

they must also show they have enough money to support

themselves and their dependents. After 5 years, they can apply

for permanent residency and later citizenship.

Portugal’s Digital Nomad Visa is split into two categories.

Remote workers can either apply for a temporary stay visa (short

stay visa) for up to 1 year or a residency permit that can then be

renewed for up to 5 years. The two categories are very appealing,

whether you are looking for a short-term temporary stay visa or

are looking to obtain a residency visa and perhaps live longer in

the country.

If the applicant obtains a residency visa, then after 5 years

they can apply for permanent residency and even Portuguese

citizenship, provided that they can fulfil all the requirements.

With citizenship, they will have the right to live, work, and study

in any European Union (EU) member country.

This visa type is a nice alternative to the D7 Visa (also referred

to as the Portugal Passive Income Visa), which is ultimately a

visa for passive income earners. Portugal’s Digital Nomad Visa


Portugal Golden

Residence Permit Program

The Portugal Golden Residence Permit Program

(commonly known as the Portugal Golden Visa

Program) is a 5-year residence by investment

program for non-EU nationals. The residence

permit gives the right to live, work, and study in

Portugal and allows free circulation in Europe’s

Schengen Area. Furthermore, the program only

requires an average of 7 days per year stay in

Portugal over this period, which can also count

towards citizenship eligibility after 5 years.

Requirements:

There are 3 options that applicants can choose between:

1. CAPITAL TRANSFER

2. PROPERTY ACQUISITION

3. BUSINESS

1. CAPITAL TRANSFER - applicants may

choose between:

• €1.5 million minimum capital transfer into a Portuguese bank

account or approved investments.

• €500,000 for the acquisition of investment fund or venture

capital fund units committed to the capitalisation of

companies incorporated under the Portuguese law, with

a maturity of at least 5 years and with at least 60% of the

investment portfolio in companies with a registered office in

the national territory.

• €500,000 for research activities of public or private entities

that are part of the national scientific and technological system.

• €400,000 in a low population density area.

• €250,000 in support of artistic production or in the recovery

or maintenance of national cultural heritage.


2. PROPERTY ACQUISITION - applicants

may choose one of the following options:

• €500,000 minimum real estate purchase (residential property

is limited to designated interior areas).


• €350,000 minimum real estate purchase for the refurbishment

of residential properties older than 30 years or in an area

of urban regeneration, including the cost of renovations

74


(residential property is limited to designated interior areas).


3. BUSINESS - applicants may choose one of the

following options:

• Business that creates minimum of 10 new jobs.

• Business that creates 8 new jobs in a low population density area.

• Low physical presence requirement (7 days during the first year

of residence and 14 days for the two subsequent years, which

can count towards citizenship eligibility after 5 years).

• Excellent international and Portuguese schools and universities

• High quality of life, local cuisine and wines, rich culture, mild

climate, and a high level of security.

• International quality healthcare clinics and hospitals.

• €500,000 for the incorporation or increase of the share

capital of a company that is registered in Portugal, creating or

maintaining a minimum of 5 permanent jobs for a period of

3 years.

(A low population density area is defined as less than 100

inhabitants per km² or with a GDP per capita below 75% of the

national average).

Benefits of a Portuguese Golden Visa

• Visa-free travel in Europe’s Schengen Area and the right to live,

work, and study in Portugal.

• Eligibility to apply for citizenship after 5 years as a legal

resident while keeping other citizenship(s).


A Gateway to Europe (Portugal)

with a Tax Advantage

The Madeira International Business Centre (MIBC) is a Portuguese government

initiative that offers several benefits to companies registered with this body.

One of the key benefits of registering a company in the MIBC is

access to the European market coupled with the lower taxation

rate. Companies registered in the MIBC are subject to a rate of

5% corporate tax.

In addition to low taxation, the MIBC, an

EU approved state aid regime, offers many

benefits, including:

• State-of-the-art infrastructure: modern infrastructure and a

favourable business environment exist in the Portuguese island

of Madeira.

• Low operational costs: the cost of doing business in Madeira is

relatively low, which can help to reduce company overhead costs.

• Madeira is accepted by the OECD as an on-shore, EUcompatible

free trade zone (compliant with the OECD, BEPS

and EU Directives).

Substance, clearly defined in the law, is required

to benefit from the MIBC regime - namely:

• Within the first 6 months of the activity, the MIBC company

must hire at least one worker, and undertake a minimum

investment of €75,000 in fixed assets (tangible or intangible)

within the first 2 years of activity. OR

• It can hire 6 employees during the first 6 months of activity,

where it will be exempt from doing the minimum investment

of €75,000.

REACH OUT TO DIXCART PORTUGAL FOR MORE INFORMATION (ADVICE.PORTUGAL@DIXCART.COM).

EU

EU participation

exemption,

Parent/Subsidiary and

Interest/Royalty Directive

are applicable.

PRIVATE CLIENT | CORPORATE ADVISERS

A Gateway to Europe with a Tax Advantage

Corporate or Individual

Activities EU

Corporate Shareholder

or Individual

EU participation

10% Participation for 5%

1 year

International 0% Services

Shareholder

exemption,

(Participation exemption)

UNLESS:

10% blacklisted

Participation tax jurisdiction

for 1 year

International 0% wholesale Parent/Subsidiary trading and

(35%)


(Participation exemption) Ownership and maintenance of

are applicable.

UNLESS: blacklisted tax jurisdiction (35%)

intellectual property

Ship/yacht 0% registration

Note: Financial 0% services Activities are Madeira excluded Company

0% Withholding Tax

5% International Services

To non-blacklisted tax jurisdictions:

from the regime International wholesale

(EU,

trading

0% Withholding Tax

Portuguese Company)

•Dividends

Ownership and maintenance of

•Interest

To non-blacklisted tax jurisdictions:

intellectual property

•Royalties

Dividends

Ship/yacht registration

•Services

Interest

Substance Note: Criteria Financial services are excluded

Royalties

5% TAX RATE

from the regime

Services

Approved x1 employee by the EU

(within 6 months); and

Approved Commission

75,000.00 by the EU in fixed tangible or

ugal:

Compliant with:

Commission

•OECD

intangible assets (within Substance 2 years). Criteria

.com

Reach out to Dixcart Portugal:

•BEPS

Compliant with:

x1 employee (within 6 months); and

advice.portugal@dixcart.com

•EU OECD

75,000.00 in fixed tangible Reach out to Dixcart Portugal:

Tax Directives

Reach out to Dixcart Portugal:

BEPS

intangible assets (within 2 years).



EU Tax Directives

76 Citizenship By Investment

©Dixcart Portugal Lda | Madeira International Business Centre

5%

5%

EU

EU

EU participation

exemption,

Parent/Subsidiary

EU participation

and

Interest/Royalty

exemption,

Directive

Parent/Subsidiary are applicable.

and


are applicable.

Activities

Activities

•International Services

•International wholesale trading

•Ownership International and

Services

maintenance of

intellectual International property

wholesale trading

•Ship/yacht Ownership registration

and maintenance of

•Note:

intellectual Financial property

services are excluded

from

Ship/yacht the regime

registration

Note: Financial services are excluded

from the regime

Substance Criteria

Substance Criteria

•x1 employee (within 6 months); and

• 75,000.00 in fixed tangible or

intangible x1 employee assets

(within (within

6 months); 2 years).

and

75,000.00 in fixed tangible or

intangible assets (within 2 years).


COUNTRY SPOTLIGHT

St. Kitts & Nevis

“A quick swim in the Caribbean where two oceans meet.”

78


COUNTRY SPOTLIGHT

St Kitts and Nevis is one of the Caribbean’s

most idyllic Locations. St Kitts and Nevis,

also known as the Federation of Saint

Christopher and Nevis, is an island state in the

West Indies and a member of the Commonwealth.

Part of the Leeward Islands chain of the Lesser

Antilles, it is the smallest sovereign state in the

Western Hemisphere, in area and population. The

capital city, Basseterre, is on the larger island of

Saint Kitts. English is the official language but

Saint Kitts Creole is also widely spoken.

Becoming a Citizen of St. Kitts and Nevis

In 1984, the Federation of St. Kitts and Nevis established the

world’s first Citizenship by Investment Program. As the oldest

and most established of its kind globally, the scheme offers

citizenship to reputable individuals and their families through a

robust and efficient due diligence process.

The St. Kitts and Nevis Citizenship by Investment Program

is an attractive option if one is looking to acquire a second

citizenship through investment without prior residence

requirements. St. Kitts and Nevis citizens enjoy a passport

with an excellent reputation and very good visa-free travel,

including to all of the EU’s Schengen Area, Hong Kong,

Switzerland, and many other countries including Russia, Asia,

Africa and Latin America. St. Kitts and Nevis citizenship also

provides leisure opportunities and opens up new cultural and

tourism experiences.

The St. Kitts and Nevis Citizenship by Investment program is

committed to delivering value and opportunities to investors

and citizens alike in a responsible way, contributing to the

social and economic success of the Federation. Building on

its heritage and expertise as the longest running citizenship

by investment program in the world, St. Kitts and Nevis

developed efficient processing systems. The St. Kitts and

Nevis Citizenship by Investment Unit can now efficiently and

robustly finalise most applications within a 60-day period.

Investors can acquire citizenship if they pass the government’s

background checks and make an investment into an approved

real estate development. The Government has introduced

extensive legislation to attract financial services businesses to

the island.

New Changes 2023 to St Kitts & Nevis

Citizenship by Investment - CIP

(Note: St. Kitts & Nevis CIP doubles minimum investments

from July 27th 2023).

The St. Kitts and Nevis citizenship by investment unit (CIU)

has announced sweeping changes become effective from Jul 27,

2023. Minimum investment for donation and real estate now

doubled to US$250,000 and US$400,000 respectively. The

Sustainable growth fund (SGF) replaced with Sustainable Island

State Contribution fund (SISC). Mandatory interviews required

at consulate or embassy or visiting St.Kitts in person.

St. Kitts & Nevis CIP Options:

Option 1: Sustainable Island State Contribution (SISC)

Option 2: Real Estate


COUNTRY SPOTLIGHT

Option 1:

Sustainable Island State Contribution (SISC)

The minimum SISC contributions required by law are

as follows:

• Minimum donation (single applicant): Doubles to

US$250,000 (from US$125,000)

• Applicant + Spouse to US$300,000 (from US$150)

• Main applicant & 2 or 3 dependants: US$350,000

• Each additional dependant under 18 year old: US$50,000

• Each additional dependant aged 18 year old or

over: US$75,000

Due diligence fees (apply to all CBI applications):


• Each dependant aged 16 year old or over: US$7,500

This option, highlights the announcement by St. Kitts &

Nevis’ CIU, “is limited to Approved Public Benefactors who,

by their projects, maximise local employment; embark upon

programs including transfer of technology and local capacity

building; transfer all real estate to the State on substantial

completion; and assume all financial risks”.

Within 120 days of acknowledgment from the Citizenship by

Investment Unit (CIU) of submission of a CBI application,

the CIU will advise whether an application is eligible or not.

Option 2: Real Estate Investment

Designated recoverable Real Estate Investment with a value of

• US$400,000 (approved resort hotel shares only) held for 7

years before resale

• US$800,000 (full title deed on condos or private homes)

held for 7 years before resale, plus payment of various

registration and other fees.

Properties must be held for at least 7 years, but the CBI

investor may not sell it onward to another CBI applicant

unless it has been subject to 'substantial further investment' in

the meantime.

Investors must still maintain the investment for at least 7

years, after which the property may be re-sold once to another

CBI investor.

Government fee


• Spouse of the main applicant: US$15,000

• Any other qualified dependent of the main

applicant regardless of age: US$10,000

Due diligence fee


• US$7,500 for each dependent of the main application who

is over the age of 16 years.

Option 3: Public Good Investment

Minimum contribution to Approved Public Benefit Projects:

Rises from US$175,000 to US$250,000 + relevant due

diligence, processing and Government fees.

Public Good Investment Option (PGIO) will replace the

Alternative Investment Option (AIO) and will focus on

effecting real transformation for the country by investing

into areas that will benefit the citizens of St Kitts and Nevis

- these projects must maximise local employment, transfer

technological skills and increase capacity building. Investors

of the PGIO must assume all financial risks associated with the

projects and, if the investment results in the development of

real estate on State land, investors must agree to transfer all real

estate to the State on substantial completion. Investors looking

to contribute to the PGIO will be required to apply to the

Board of Governors to be designated as a Public Good Investor.

New Detailed Requirements:

Saint Kitts & Nevis’s CIU has detailing entirely new terms

for its program, which conform almost precisely to the EU’s

demands, and which are effective immediately. The European

Commission has issued to CBI countries the following

headlines:

• Doubled minimum investment thresholds

• Enhanced due diligence on all applicants

• Mandatory interviews of all applicants

• In-person collecting of all documents

• No third-party involved

• No use of visa-free Schengen for marketing purposes.

St. Kitts & Nevis Passport

St Kitts passport is an excellent second passport for visa free

travel to over 100+ countries in Europe, Caribbean. It usually

takes 6 months to receive the passport after the investment

is made.

St Kitts passport is the powerful CBI passport in the Caribbean

with visa free access to 155 countries and territories, including

Russia, UK, Ireland, EU Schengen states. The St Christopher

(Kitts) and Nevis passport issued is valid for 10 years, which

can be renewed thereafter at any consulates in the world.

Processing time is about 3-4 months.

Passport fee: US$350 per person

Eligible Family Dependents

The main applicant may include the following family members

as dependants in their application:

• The spouse of the main applicant.

• Children aged under 18 year.

• Children aged between 18 and 25 year who are in full-time

attendance at a recognised secondary or tertiary

level institution of learning and fully supported by the

main applicant.

80


• Children aged 18 year or over who are physically or mentally

challenged.

• Parents of the main applicant or the spouse of the main

applicant aged 65 year or over, living with and fully

supported by the main applicant.

• Family members such as spouse, child and siblings can be

added later at any time post obtaining citizenship of main

applicant. This is subjected to additional fees.

Benefits of St. Kitts & Nevis CBI:

• Obtaining a passport with an excellent reputation &

visa-free travel to more than 157 destination & territories,

including Russia, UK, Ireland, EU Schengen states.

• St. Kitts committed expand visa waiver program with more

countries and has recently signed visa waiver to Mexico,

Georgia, Albania. Since 2105, the government has signed

visa waiver with 19 countries.

• Full citizenship for life, which can be passed on to future

generations by descent.

• Enjoy the right to take up residence in St. Kitts and Nevis at

any time and for any length of time.

• No taxes on foreign income, capital gains, gift, wealth, or

inheritance tax so this may complement your current wealth

protection and tax planning strategies.

• Allowed to hold dual citizenship, and the acquisition of

citizenship is not reported to other countries.

• St. Kitts has tightened application checks and implemented

biometric and fingerprinting requirement from applicants.

• St. Kitts CBI scheme do not require taking oath from

applicants, unlike other countries.

• The Government implemented escrow legislation to protect

citizenship investors. The real estate option is cheaper to big

families instead of donation option.

• St. Kitts issues biometric e-passport valid for 10 years under

the CBI program. The passport can be collected through

authorised agent or at embassy.

• The passports can be renewed thereafter at any consulates

where you live. Please note it takes about 3-4 months

processing time.

Benefits of St. Kitts and Nevis CBI

Obtaining a passport with an excellent reputation & visa-free

travel to more than 157 destination & territories, including

Russia, UK, Ireland, EU Schengen states.

• St. Kitts committed expand visa waiver program with more

countries and has recently signed visa waiver to Mexico,

Georgia, Albania. Since 2105, the government has signed visa

waiver with 19 countries.

• Full citizenship for life, which can be passed on to future

generations by descent.

• Enjoy the right to take up residence in St. Kitts and Nevis at

any time and for any length of time.

• No taxes on foreign income, capital gains, gift, wealth, or

inheritance tax so this may complement your current wealth

protection and tax planning strategies.

• Allowed to hold dual citizenship, and the acquisition of

citizenship is not reported to other countries.

• St. Kitts has tightened application checks and implemented

biometric and fingerprinting requirement from applicants.

• St. Kitts CBI scheme do not require taking oath from

applicants, unlike other countries.

• The Government implemented escrow legislation to protect

citizenship investors. The real estate option is cheaper to big

families instead of donation option.

• St. Kitts issues biometric e-passport valid for 10 years under

the CBI program. The passport can be collected through

authorised agent or at embassy.

• The passports can be renewed thereafter at any consulates

where you live. Please note it takes about 3-4 months

processing time.


Q&A with

BlakeFerguson

With Keinya Blake Gordon

Q1: BlakeFerguson has been established since

2009. Please explain what advantages and

benefits a high-net-worth individual seeking

citizenship and investment in St. Kitts

and Nevis will have when engaging with a

boutique rather than a larger practice?

BlakeFerguson is a boutique legal and professional services

practice by design. When we commenced operations in 2009,

our main goal was to service high-net-worth individuals in a

client-centered environment.

A client-centered environment for us meant the creation of oneon-one

engagements to understand our clients’ jurisdictional

matters intimately in order to provide service in sync with our

instructions. Our team had to be small, knowledgeable and

available at all necessary times to our clients. Essentially, we

understand our clientele better than anyone else because of the

time we spend with them. We are authentic.

Larger firms offer a broad spectrum of services to hundreds

of clients daily. Their resources are stretched, and attentions

divided. A high-net-worth client can get lost in a multi-service

space model. At BlakeFerguson, our clients receive specialized,

quality service, specifically tailored to their needs. Our

personalized service is the hallmark of our brand and clients

appreciate the BlakeFerguson exclusivity.

Q2: With the current volatile economic climate,

what are the market conditions for real

estate investors in St. Kitts post Covid-19?

St. Kitts and Nevis has diversified its real estate offerings to

investors after the pandemic. Currently, the target market is

lifestyle real estate investors. Lifestyle buyers can look forward

to the beauty, leisure and entrepreneurial opportunities in

the idyllic twin island state. The increased property offering is

with the intent to have investors to have a long-term interest

by being infused within the socio-economic fabric of the

jurisdiction. Such infusion will both boost and strengthen the

economy. The following options are available to investors under

the 'CBI' program:

• Developers real estate offering where an investor can purchase

a condominium unit, luxury private villa in a planned

community or individual Lots;

• Private homes sales of preexisting luxury homes that meet CBI

requirements in any part of St. Kitts and Nevis rather than the

previous restrictions to economic citizenship zones; and

• Real estate development of commercial development on state

lands as a Public Benefit Option.

Q3: In what jurisdictions are BlakeFerguson

licensed to carry out business other than

St. Kitts and Nevis?

BlakeFerguson is licensed to practice is Trinidad and Tobago,

Jamaica and Anguilla.

Q4: Sustainability within the Caribbean

CBI program is under scrutiny. What is

St. Kitts and Nevis doing in order to

stabilize the program?

The issue of sustainability has always plagued jurisdictions

that rely on citizenship by investment as a key component

to its gross domestic product. In short, how many economic

citizens can a small nation accept before the population

exceeds its capacity. This was further compounded by the

European Union’s threat to revoke visa free access to Schengen

82


Area countries for fear of miscreants accessing its territories

through the CBI programs.

The Government of St. Kitts and Nevis is quite proactive in its

efforts to stabilize its Economic Citizenship program. In July

2023, it implemented the new St. Kitts and Nevis Citizenship by

Substantial Investment Regulations (CSI) thereby repealing all

existing economic citizenship law.

The CSI Regulations revamped the entire investor immigration

program by terminating old and introducing new investment

vehicle options; enhancing the due diligence protocols;

increasing the value of the investment contribution and

confirmed quality assurance of all real estate offerings.

Investment vehicle diversification is a key sustainable element

as contributions are now directed towards increased food

production, green energy transition, economic diversification,

attracting and supporting sustainable industries, evolving the

creative economy, recovering from the impacts of the Covid-19

pandemic and expanding social protections and safety nets to

protect the most vulnerable in society. It is believed that with

proper resource management, supporting structures in the public

and private sectors implementation, St. Kitts and Nevis’ economy

can thrive well beyond the initial economic investment.

St. Kitts and Nevis’ inclusion of mandatory interviews of a

citizenship applicant virtually, in person in state, or at another

location designated by the Government, is a critical change to

the structure of the CBI program. This introduction bolsters

the rigorousness of the jurisdiction’s due diligence process. The

increase in the contribution and due diligence fees can also have

a secondary effect of restricting the accessibility of the program

to quality applicants that the jurisdiction desires to be a citizen

and passport holder.

Equally, there is an assurance to all nations where St. Kitts and Nevis

has visa free access, that the CBI changes have adequately balanced

the jurisdictions operation as a sovereign nation, while respecting

the longstanding relationships with its international partners.

Q5: Price point is one of the key drivers for

investors. What advice would you give

investors for the St. Kitts and Nevis

program and how do you compare across

the Caribbean?

St. Kitts and Nevis has both rejuvenated, and solidified

its attractiveness as the prime jurisdiction in the investor

Our personalized service is the

hallmark of our brand and clients appreciate

the BlakeFerguson exclusivity.

immigration market by the revisions of its program. As the

oldest and most trusted citizenship program in the world, the

changes ushered in a new era that confirms that the Federation is

moving with the current global climate.

Quality is the defining word when comparing the St. Kitts and

Nevis citizenship program to other offerings in the Caribbean.

St. Kitts and Nevis has always been set apart from the other

jurisdictions because of the weight and value of being a citizen of

the Federation. A second citizenship is a major decision that will

change the landscape of an investor’s life. It is more advantageous

to be a citizen of a nation with quality offerings rather than

having a cheap second passport.

The advantages of becoming a St. Kitts and Nevis citizen are:

• Being a citizen of a nation that allows dual citizenship;

• No tax on income;

• No withholding tax applied to companies conducting a business

activity and transactions solely with non-resident entities;

• No worth, gift, inheritance tax or estate duties; and

• Privacy as an applicant.

The increased value of the investment is designed to attract highnet-worth

individuals who are seeking the security of a second

citizenship and passport in a democratic society where dual

citizenship is allowed; superior tax planning options; a passport

that has visa free travel to various countries, with the option to

relocate to a tropical climate to build a life now or at retirement.

It is also important to note that, St. Kitts and Nevis is seeking

to attract high value applicants that will be an added benefit to

the developing populace and take it to another level. Economic

citizens who believe in the vision of a better and prosperous

St. Kitts and Nevis for all.


COUNTRY SPOTLIGHT

St. Lucia

“The world’s leading

honeymoon destination.”

84


COUNTRY SPOTLIGHT

St. Lucia is a pear-shaped island with the

Caribbean Sea on the west side and the

Atlantic Ocean on the east. St. Lucia is a

fertile island country in the Caribbean Sea, 3

hours and 40 minutes flight time from the Island

to Miami. Its closest neighbours are the islands of

Martinique to the north, and St. Vincent to the

south-west, and north-west of Barbados. St. Lucia

was formed by volcanic activity and its geographic

features include a central ridge of mountains,

many rivers and boiling sulphur springs. It is

surrounded by sandy beaches.

St. Lucia is a splendid country with rich culture, stunning

natural beauty and welcoming locals. The beautiful island has

many famous attractions such as crescent-shaped beaches,

small fishing villages, rainforests, reefs, waterfalls, geothermal

attractions and lush mountains.

If you are planning to take a trip to, or wish to become a resident

in the beautiful Caribbean island, it is vital to know more details

about St. Lucia.

This Caribbean island has amassed accolades such as, “The

World’s Leading Honeymoon Destination” and “The

Caribbean’s Leading Adventure Tourism Destination’’. These

awards are not exactly surprising, considering the country is

home to some of the world’s most highly sought-after beaches,

rain forests, volcanic springs and so much more.

Tourism is St. Lucia’s main source of employment and income

- accounting for 65% of GDP - as the industry has been

recovering well following the pandemic. The United Nations

World Tourism Organisation (UNWTO) reports that visitor

arrivals for the Caribbean in July 2022 were almost at the same

level as in July 2019, with only a 5% decrease.

Tourists from the US traditionally account for over 50% of

visitors, with the UK being the second largest group, with

30%. The country has excellent connections worldwide, with

direct flights to London, Toronto, and several cities in the US,

including Miami, New York, Chicago, Boston and more.

St. Lucia is famous for its astounding coral reefs, Creole cuisine,

world-class resorts and beaches, jungle hikes with panoramic

view, and the famous Pitons. This country combines African,

French, and English culture, history, food, and architecture.

The country of St. Lucia covers a land area of 617 km 2 (238


COUNTRY SPOTLIGHT

square miles) with an estimated population of over 185,000 as of

28 November 2022.

From 1958 to 1962, the island was a member of the West

Indies Federation. On 22 February 1979, St. Lucia became an

independent state, while remaining in the Commonwealth Realm.

St. Lucia currency is the Eastern Caribbean Dollar (EC$), which

is the main currency in St. Lucia, and it is pegged to the US

Dollar at a rate around US$1.00 = EC$2.70.

As regards the cost of living in St. Lucia, in comparison to the

United States and the United Kingdom, the cost of living in

St. Lucia is relatively low. When compared to other Caribbean

destinations, the cost of living there is average.

St. Lucia island has a warm climate throughout the year. The

temperatures range between 23-31° C. December to April,

which is known as the dry season, is the busiest vacation time to

visit the country.

The official language of St. Lucia is English, but approximately

80% of the population speaks Antillean Creole, a Creole based

on French and mixed with vocabulary from African languages

and Carib.

How to travel to St. Lucia?

There are numerous air connections from Europe to St. Lucia,

with international flights departing from most major European

capitals via London. British Airways and Virgin Airways offer

direct flights from London.

Also, there are direct flights available from multiple airlines

from Miami, New York, Boston, Atlanta, Chicago, New Jersey

and Toronto.

St. Lucia CBI Program

To become a citizen of St Lucia, you need to make investment

in this beautiful island, starting at a minimum of US$100,000.

However, St. Lucia CBI Program offers 4 different investment

options for those interested in obtaining a Caribbean passport:

1. DONATING TO A NATIONAL FUND.

2. PURCHASING REAL ESTATE.

3. BUYING GOVERNMENT BONDS.

4. INVESTING IN A BUSINESS ENTERPRISE.

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COUNTRY SPOTLIGHT

Option 1: National Economic Fund (NEF)

St. Lucia NEF is a special government-established fund to

receive financial contributions for government-sponsored

projects. By making a non-refundable contribution to the

NEF, you can receive citizenship in exchange for investing in

the country’s development. The minimum amount depends

on the number of family members in the application.

The advantage of this option is that it is extremely

straightforward, and it is the most affordable option of all.

MINIMUM DONATION:

• Single Applicant: US$100,000

Processing Fees: US$2,000

Due Diligence Fees: US$7,000

Passport Fees: US$500 per passport

• Applicant + Spouse: US$140,000

Processing Fees: US$1,000 for each applicant

Due Diligence Fees: US$5,000 for each family member aged

16 or over


• Family up to 4 members: US$150,000

• Additional Dependent (to a family of 4): US$15,000 each

• Additional Dependent (in a family without spouse):

US$25,000 each

Option 2: Real Estate Investment

If you prefer to invest in real estate, you can purchase

property in St. Lucia. The minimum investment is

US$200,000, and you must choose a property approved by

the government. These are usually high-end touristic projects,

such as resorts or villas. The advantage of investing in real

estate in St. Lucia is that property prices are usually lower

than in neighbouring countries.

The property must be held for 5 years before being resold.

MINIMUM INVESTMENT IN REAL ESTATE


Government Application Fees: US$30,000




Government Application Fees: US$45,000


16 or over

• Additional Dependent over 18 years old: US$10,000 each

• Additional Dependent under 18 years old: US$5,000 each

Option 3: Enterprise Investment

You may also choose to invest in a local business enterprise

in the following areas:

• Specialty restaurants

• Cruise ports and marinas

• Agro-processing plants

• Pharmaceutical products

• Ports, bridges, roads and highways

• Research institutions and facilities

• Offshore universities

MINIMUM ENTERPRISE INVESTMENT

• Single Applicant:

Option 1: US$3,500,000 as a solo investor

Option 2: US$1,000,000 (in a joint US$6,000,000 enterprise)

Government Application Fees:

Option 1: US$50,000

Option 2: US$75,000




• Applicant + Spouse:

Option 1: US$3,500,000 as a solo investor

Option 2: US$1,000,000 (in a joint US$6,000,000 enterprise)

Government Application Fees:

Option 1: US$85,000

Option 2: US$110,000



16 or over


• Additional Dependent for Family member over 18 years

old: US$35,000 each

• Additional Dependent for Family member under 18 years

old: US$25,000 each


COUNTRY SPOTLIGHT

Option 4: Government Bonds

This popular investment option allows you to purchase

US$300,000 in National Action Government Bonds (NAB),

which can be fully recovered after five years. These are noninterest-bearing

bonds.

MINIMUM INVESTMENT IN GOVERNMENT BONDS


Government Fees: US$50,000







16 or over


St. Lucia Digital Nomad Visa

St. Lucia is one of the many Caribbean islands that wishes to

attract remote workers into their territory by offering a digital

nomad visa. In 2021, they introduced the Live It program, a

non-immigrant visa that allows tourists an extended stay of 6

weeks and the ability to work remotely.

VISA COST: US$46 for a single-entry visa, US$75 for

multiple-entry visa.

INCOME REQUIREMENTS: none.

VISA LENGTH: up to 12 months.

CITIZENS THAT QUALIFY: any foreign national can apply.

Benefits of the St. Lucia CBI Program

• Great global mobility. With a St. Lucia passport, you have

visa-free access to over 140 countries, including the European

Union, the UK, Hong Kong and Singapore.

• Attractive tax environment. No income tax on worldwide

income, no capital gains tax, and no inheritance tax.

• Investment opportunity in high-end tourist real estate and

benefits from the thriving tourism industry in the Caribbean.

• Great opportunity for Plan B for yourself and your family.

A second citizenship offers alternatives in instances of

global instability.

• Great plan to retire in a peaceful, sunny paradise. With

St. Lucia citizenship, you and your family are allowed to

live in any of the 15 member states of the Caribbean

Community (Caricom).

• Whole family included. Your entire family can be included

in the application - spouse, children, siblings, parents and

grandparents. And since citizenship is lifelong, it will pass

down to the generations to come.

• No residency requirements. Meaning you can do the whole

process remotely, without the need to travel to St. Lucia at

any point.

• Quick application process.

• No tests required. There are no language requirements.

• Diverse investment options. St. Lucia CBI offers four

investment options, a great opportunity for those who aim to

diversify their assets portfolio.

• St. Lucia CBI is the cheapest Caribbean citizenship for a

single applicant.

88


A Second Passport is Becoming

Vital for Wealthy Russians

The demand for a second passport has risen

immensely among wealthy Russians. Earlier,

Russians used to buy properties in foreign

countries for recreational purposes and considered

a second passport as an inoperative benefit.

But since Russia’s ‘High Net Worth Individual (HNWI)’ ratio

has risen in the past few years, its citizens seek better business

opportunities, prompting them to invest in foreign regions such

as Europe and the Caribbean.

Until 2020, Russians were only allowed to make international

investments and could not acquire a second passport. But

recently, the second passport has been legalised in Russia, and

Russians are seeing it as a golden opportunity to secure their

families and assets.

Russia has always been known for its strict legislature, which

makes it difficult for Russian investors to do business freely.

Moreover, with the current Russia-Ukraine crisis, global

restrictions have impacted Russia, making it difficult for its

residents to operate their businesses internationally.

The timing of the legalisation of a second passport in Russia

has been ideal. Since the onset of the war, economic conditions

have worsened for Russian investors and businessmen. Most

European countries and the US have ceased trade and business

relations with Russia, which has ultimately caused immense

financial losses to the Russians.

Due to Russia’s hard pecuniary conditions, wealthy Russians are

rapidly transitioning towards second citizenship to secure their

assets and investments. With a second passport to a prosperous

region like Europe, they can secure their wealth and re-acquire

their global status, of which most Russians are currently deprived.

Besides financial security, a second passport also offers familial

security and prosperity. Since 2022, Russia has increasingly

become a socially unsafe and economically depressed country, a

situation that is not expected to get better anytime soon due to

the ongoing war.

Therefore, at present, the second passport seems to be the

only viable option for Russians to secure their families and

their future. With a second citizenship to a peaceful country

like Portugal, Russian citizens can enjoy a luxurious yet peaceful

lifestyle with minimum restrictions.

However, obtaining second

citizenship in European and Caribbean

countries is relatively easier and less

complex for Russians.

Also business-wise, as most countries have cut off their financial ties

with Russia, the second citizenship and immigration industry is

still open to Russians to live and freely conduct business. Obtaining

a second passport required a lengthy process that could easily take

months to years. But now, a fast verification and investment process

have been introduced in the CBI industry, which makes it much

simpler to obtain a second passport within 3 to 6 months.

By investing the required amount and verifying their assets,

Russian businessman can easily get citizenship to their desired

country and secure their family’s future and wealth and

also freely do business. The procedure for attaining second

citizenship in top-tier countries like US and Canada can be

a little complicated for Russians, as it comprises a detailed

verification process.

However, obtaining second citizenship in European and

Caribbean countries is relatively easier and less complex for

Russians. Some countries like Dominica, St. Kitts and Nevis and

Portugal offer instantaneous second passports that allow travel

to more than 10 countries.


COUNTRY SPOTLIGHT

Spain

“Granada & Alhambra Palace is Spain’s

most valued treasure; a melting pot of

flavours, smells & passion.”

(Victor Hugo)

90


Spain's powerful world empire of the 16th

and 17th centuries ultimately yielded

command of the seas to England. In 1975,

and rapid economic modernisation (Spain

joined the EU in 1986) gave Spain a dynamic

and rapidly growing economy, and made it a

global champion of freedom and human rights.

More recently, Spain has emerged from a severe

economic recession that began in mid-2008,

posting solid years of GDP growth above the EU

average. Unemployment has fallen but remains

high, especially among the youth. Spain is the

eurozone's fourth-largest economy.

Situated in Southwestern Europe, Spain is regarded as one of

the world’s most popular holiday destinations. It is a vibrant

country admired for its majestic landscapes and excellent quality

of life and a nation with a rich history and unique culture and

traditions. Spain has one of the most important economies in

Europe. It is also a full member of the EU and the eurozone.

Residence by Investment Overview

Spain is one of the most desirable destinations worldwide and is

a highly sought-after location for investors. The country attracts

millions of visitors every year with its amazing nature, beautiful

beaches, diverse culture and rich history. For those who wish to

reside in this lively country, the Spain Residence by Investment

Program is the most efficient way to acquire such status. The

Spanish government has allowed for a substantial number of

visas for individuals who wish to make a significant, qualified

investment into the country that would boost the economy

through foreign direct investment.

Spain’s residence by investment program, also known as the

SPAIN GOLDEN VISA, allows foreign nationals to make a

significant investment in the country and apply for an investor

visa. Successful applicants and their families are granted visa-free

access across the EU’s Schengen Area.

Under the residence by investment program, individuals and

their immediate family members can become residents of Spain

(through a temporary residence permit) within less than a

month. Subject to general immigration rules and requirements,

residents by investment can acquire permanent residence status

after 5 years of continuous residence in Spain, and may gain

Spanish citizenship thereafter.

The Spain Residence by Investment Program is ranked 7th out

of 26 programs on the 2023 Global Residence Program Index.

Spanish Golden Visa: Requirements

Foreign investors must meet one (1) of the following

investment requirements:

• Minimum investment in real estate (€500,000)

• Public debt (€2 million)

• Shares (€1 million)

• Investment funds or venture capital funds set up in Spain

(€1 million)

• Bank deposits (€1m)

• Documentary evidence of the investment must be provided as

part of the application process for Golden Visa Investments.

ADDITIONAL COSTS:

• Property transfer tax: 4-11% (resale properties)

• Notary fees: €500

• Property registry costs: €400 - €650

• Buyer (Gestoría) costs: less than €500

• Property valuation costs: €900 (bank mortgage only)

• Notary fee: 0.1% (above €400,000)

• VAT: 10% (new properties)

• Agent fee: 3-4%

• Law firm costs: depending on the firm's quotation.


COUNTRY SPOTLIGHT

Key Benefits:

• The right to live, work, and study in Spain, and free movement

in the EU Schengen Area.

• The Spain Golden visa program came into existence on 27

Sep 2013, under the Law 14/2013 (Ley 14/2013), granting

residence permits to migrant investors who make a significant

investment in Spain. The Law 14/2013 has been modified

by Law 25/2015 to support entrepreneurs and their

internationalisation. As of 2018, the golden visa scheme

has brought over 3 billion euros to Spain (2 billion through

property investment).

• Travel freely in the EU Schengen Area.

• High demand profitable real estate investment.

• Family and children receive residence permits. Applicant may

include (in one application) a spouse or unmarried partner,

financially dependent children of any age (adult children must

be full-time students), and financially dependent parents of the

main applicant and/or their spouse who are 65 years and older.

• No minimum stay requirements.

• Low property prices.

• There is no minimum stay requirement to maintain residence

status but obtaining the first residence permit requires a visit

to Spain.

• High quality of life.

• Access to the public healthcare and education systems in

the country.

• A vibrant EU country that has majestic landscapes.

• The possibility of applying for Spanish citizenship after 2 years

of effective residency.

92


COUNTRY SPOTLIGHT

• Excellent schools, with tuition available in English, French,

German, Italian, Japanese and Mandarin.

• The Spanish passport is the one of the best travel documents,

ranking 4th powerful in the world with visa free access to 187

countries in 2018.

The Application Process Comprises Two Stages:

• IN THE FIRST PHASE, applicants apply in their home

country for a Spanish residence visa that allows them to reside

and work in Spain for 1 year.

• IN THE SECOND PHASE, applicants apply for a Spanish

residence permit. If they have come to Spain on an ordinary

tourist visa, they may apply for the residence permit directly,

thus omitting the first phase.

The residence permit applies to the main investor, spouse or

partner (including unmarried or same-sex unions), and all

economically dependent descendants.

Spain Golden Visa: Procedures and Time Frame

Applications to the program must be made through the prescribed

forms and must be accompanied by the appropriate fees and

supporting documents. Residence permits are usually issued after a

20-day consideration period and have an initial duration of 3 years,

renewable for 5 years upon request, provided that a minimum

investment in Spain is maintained by the applicant.

Permanent residence card will be issued after 5 years of actively

living in Spain.

Spanish citizenship will be issued after 10 years of living in Spain

and those from Spanish speaking countries reduced to 3 years.

It is important to note that the dual citizenship is only allowed

with only 25 countries.


Spain: Where Culture,

Beauty, and Warmth Embrace

Javier Hernández, CEO

Spain is the only one among the large European countries

that still maintains an investment immigration program

through real estate. More than 5,000 families have obtained

the visa since the Law was approved in 2013.

What makes Spain attractive for residence by investment?

Spain's attractiveness for residence by investment stems from its desirable lifestyle, strategic

location, cultural richness, and diverse investment opportunities. Spain has a stable and

growing economy with opportunities in various sectors, making it an attractive destination for

entrepreneurs and investors seeking business prospects. It offers quality of life, education, and

healthcare, along with easy travel within Europe. For this reason, year after year, Spain becomes

the most visited country. In fact, many investors decide to move their residence to our country

after visiting. Thus, in many cases, they maintain their businesses at a distance, enjoying an

exceptional standard of living. Proof of this is the longevity in Spain, one of the highest in the

world, which makes us proud as a country.

94


Advantages of the

Spanish Golden Visa Program

• It allows you to reside and work in Spain

• No requirement to actually live in Spain

• Visa-free travel within Europe’s Schengen area

• Residence applies to the whole family (spouse, children

under 21 and dependant parents)

• Remote processing

• Automatic acceptance after requirements

Requirements of the

Spanish Golden Visa Program

• 500,000€ investment in real estate

• To be over 18 years old

• Not to have entered or stayed illegally in Spain

• To have a clean criminal record for the last 5 years

• To have private authorized Spanish health insurance

• To have enough income to cover personal and family

living expenses in Spain

What are the most common needs of

foreign investors?

Investors demand everything from understanding the regulatory

framework to designing an exit strategy, going through due

diligence, property management or tax optimization. Often we

are also asked for a personalized market study that identifies

those opportunities that best suit their needs. For example,

for our clients who are not interested in residing in Spain or

still haven't decided where they would like to settle, we suggest

properties with an existing lease that allow them to obtain a

benefit from day one while the residency is being processed.

Unlock the Path to

Investing in Spain

Estudio Jurídico GMG has processed more than

500 visas, what makes GMG the go to choice for

investors and families?

Since the approval of the law, more than ten years ago, we

decided to create a hyper-specialized team and a user experience

tailored to a very demanding client focused on results. Today

an important part of our clients are referred to us by friends or

relatives, after the success of their own project with us. This and a

100% success rate are our greatest achievements.


COUNTRY SPOTLIGHT

United Kingdom

“England is a nation of shopkeepers.”

(Napoleon Bonaparte)

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COUNTRY SPOTLIGHT

Long a powerful political, financial and

cultural influence around the world, the

UK has been one of the largest recipients

of migrating with high-net-worth individuals

(HNWI) over the past three decades. To this

day, the country remains a lucrative business

destination for international investors. Living

in the UK also offers a unique combination

of bustling cities, quaint villages, beautiful

countryside and many historical landmarks.

How to gain residency in the UK?

The UK has long been attractive destination for foreign direct

investment (FDI). A stable economic, political and social

environment has helped the UK position itself at the centre of

most of the world’s trade.

In the current climate, the UK is keener than ever to attract new

entrepreneurs and investors.

Innovator Founder Visa

The Innovator Founder Visa opened in April 2023 for non-UK

residents to come to the UK to set up a business.

It effectively replaces the Innovator Route and Start Up Visa,

and is now the primary visa category for foreign entrepreneurs

looking to set up a business in the UK.

The Innovator Founder Visa could be seen as offering the most

attractive parts of both of its predecessor routes, including:

• No £50,000 minimum investment requirement

• Reduced 'check in' requirement with endorsing body - only

two, down from three under the start up rules

• Secondary employment permitted in certain conditions

• Path to UK settlement - time spent in the UK under

this route can count towards indefinite leave to remain

residence requirement

To be eligible, the business must be endorsed by proving it

is based on an innovative, viable and scalable idea that the

applicant has either generated or significantly contributed to.


COUNTRY SPOTLIGHT

Overview

You can apply for an Innovator Founder Visa if:

• you want to set up and run an innovative business in the UK -

it must be something that’s different from anything else on

the market

• your business or business idea has been endorsed by an

approved body, also known as an endorsing body

• you meet the other eligibility requirements

This visa used to be called the Innovator Visa.

Eligibility - you must be able to show that your business

idea is:

• new - you cannot join a business that is already trading

• innovative - you must have an original business idea which is

different from anything else on the market

• viable, with potential for growth

• scalable - you must give evidence of planning that includes

creating jobs and growing into national and international markets

You’ll need to get an endorsing body to assess that your business

idea meets the requirements.

Knowledge of English

You must be able to speak, read, write and understand English.

You’ll usually need to prove your knowledge of English when

you apply.

Who are the Business Endorsing Bodies?

The organisations listed below can issue endorsements for

Innovator Founder Visas and for Scale-up licenses.

Envestors Limited

UK Endorsing Services

Innovator International

The Global Entrepreneurs Program (GEP)

The Global Entrepreneurs Program (GEP) is a government

program run by the Department for Business and Trade

for internationally mobile, tech-based entrepreneurs and

helps them scale and internationalise their innovation rich

companies from a UK global HQ. GEP only provide visa

endorsements for founders that have already been invited to

participate on their program.

How Long Does the Process Take?

As part of your application, you’ll need to prove your identity

and provide your documents.

You may need to allow extra time if you need an appointment

to do this. You’ll find out if you need one when you start your

application.

Getting a Decision

Once you’ve applied online, proved your identity and provided

your documents, you’ll usually get a decision on your visa within:

• 3 weeks, if you’re outside the UK

• 8 weeks, if you’re inside the UK

If you need to go to an appointment, you may be able to pay

for a faster decision. How you do this depends on whether

you’re outside the UK or inside the UK.

Costs:

How much you pay for an Innovator Founder Visa depends on

your situation and where you apply from.

Who you’re

applying for

Yourself

Your partner

and children

You must pay the visa fee for each person that applies at the same

time as you or applies later to join you in the UK.

Healthcare Surcharge

Apply

(outside the UK)

£1,036

£1,036

each person

You’ll also have to pay the healthcare surcharge as part of

your application.

What You Can and Cannot Do:

With an Innovator Founder Visa you can:

• set up a business or several businesses

Extend or switch

(in the UK)

£1,292

£1,292

each person

• work for your business - this includes being employed as a

director, or self-employed as a member of a business partnership

• do work outside your business, as long as it’s 'skilled work' - for

example, a job on the Skilled Worker eligible occupations

list or a job needing at least a level 3 qualification

98


COUNTRY SPOTLIGHT

• bring your partner and children with you as your 'dependants',

if they’re eligible

• travel abroad and return to the UK

• apply to settle permanently in the UK (also known as

'indefinite leave to remain') if you’ve lived in the UK for 3 years

and meet the other eligibility requirements

You Cannot:

• work as a professional sportsperson, for example a sports coach

• apply for most benefits (public funds), or the State Pension

If your application is successful, you’ll get a full list of what you

can and cannot do with an Innovator Founder Visa.

What Does the Innovator Founder Visa Allow?

The Innovator Founder route allows successful applicants to

come to the UK to put their business plans into practice.

As an Innovator Founder Visa holder, you’ll be permitted to

work for the business that you have established, and undertake

additional employment, provided that employment is in a role

that requires a skill level of not less than RQF Level 3, equivalent

to UK 'A' Levels.

You will also be allowed to undertake a course of studies

alongside running your business.

Innovator Founders are initially granted permission to live and

work in the UK for a maximum period of 3 years, at which stage,

provided you meet the relevant requirements, you can apply

for indefinite leave to remain, otherwise known as settlement.

Your immediate relatives can also accompany you or follow on

and join you in the UK under a dependant visa. This includes your

partner and any dependent children. As dependants, your family

members will be permitted to undertake any type of work during

their stay, including self-employment and voluntary work, except

as a sportsperson or coach. They can also pursue any studies.


COUNTRY SPOTLIGHT

United States of America (USA)

100


COUNTRY SPOTLIGHT

The United States is a massive country

that ranks as the fourth largest in

terms of total area and the third most

populated globally, after China and India. With

a population of over 327 million people from

diverse ethnic backgrounds, the US also boasts

of being the largest economy in the world, with a

GDP of 23.32 trillion dollars.

The country is abundant in natural resources, leads in scientific

research and technological advancement, and is home to

numerous leading global companies, particularly in the financial

and IT sectors. Dubbed as a nation of immigrants, the USA

has a long-standing tradition of accepting individuals from all

corners of the world and granting them American citizenship.

For those who aspire to live the American Dream, the USA is a

sought-after destination. It boasts a diverse landscape, ranging

from bustling cities to sprawling agricultural lands, as well as

revitalized post-industrial areas where one can find affordable

housing or investment opportunities. The American education

system and healthcare are highly regarded, the economy is

robust and diverse, and the country remains inviting to investors

seeking to secure their slice of the American Dream.

There are several avenues for investing in the US. The EB-5

Visa program was established by congress designated by USCIS

after November1990 with the aim of boosting the economy by

attracting foreign investment from non-American citizens and

creating jobs.

On March 15, 2022, President Biden signed the EB-5 Reform

and Integrity Act as part of the Consolidated Appropriations

Act, 2022 and this created new requirements for the EB-5

immigrant visa category and the Regional Center Program.

Immigrant visas are were re-authorized under the Regional

Center Program through Sept. 30, 2027.

This EB-5 visa Program allows foreign investors to become US

residents and receive a Green Card. Annually, the US typically

allocates 10,000 EB-5 Visas to foreign investors who invest a

significant amount of money in a business or regional center

in the US, which must generate jobs as part of the investment.

To apply, investors must choose an approved project to invest

in, either through Direct Investment or a Regional Center

Investment. US citizenship, which can be obtained by investors,

offers visa-free travel to 176 countries with one of the strongest

passports in the world. Another option is the E-2 Treaty Investor

Visa, which enables an investor, their spouse, and children to

move to the US to own and operate a business. Eligibility for

this visa is limited to citizens of specific countries, which can be

found on the uscis.gov website.

A quick guide for EB-5 Program:

• Minimum investment in a Targeted Employment Area

(TEA) – $800,000

• Minimum investment amount outside of a TEA

– $1.05 million

• All EB-5 Investment must be in a new commercial

enterprise (NCE). A new commercial enterprise means any

for-profit activity formed for the ongoing conduct of lawful

business, including:

- A sole proprietorship;

- Partnership (whether limited or general);

- Holding company and its wholly owned subsidiaries

(provided that each subsidiary is engaged in a

for-profit activity formed for the ongoing conduct

of a lawful business);

- Joint venture;

- Corporation;

- Business trust;

- Limited liability company; or

- Other entity, which may be publicly or privately owned.

- 10 new Job Creations

This definition does not include non-commercial activity,

such as owning and operating a personal residence.

There were significant changes made to the EB-5 program

as of March 11, 2022, including the retention of priority

dates for certain EB-5 investors, substantial increases in

the minimum investment amounts, reforms to the targeted

employment area designations, clarification of USCIS

procedures for removing conditions on permanent residency,

and other technical and conforming revisions. One of the

talked about topics is Visa Set-Asides:

The EB-5 reform and integrity act created new EB-5

immigrant visa set-asides for qualified investors. Each year a

percentage of EB-5 immigrant visas are available to qualified

immigrants who invest in specific areas:

• 20% allocation for Rural Area project

• 10% allocation for high unemployment area

• 2% allocation for infrastructure project

Any of the set-aside visa that are not used for the fiscal year

will be moved over to the next year, however if these setaside

visa are not used in year two they will be allocated to

unreserved EB-5 immigrant visa in the third year.


COUNTRY SPOTLIGHT

Who is interested in the EB-5 Program?

• Families that want to settle in the US

• High-net-worth individuals

• Those looking to start a business in the US

• Parents seeking better education opportunities for

their children

• Those seeking safety and security

• Those seeking economic stability and business diversification.

Who is eligible for the EB-5 Program?

Under this program, investors (and their spouses and unmarried

children under 21) are eligible .

The EB-5 Program has generated over tens of billions in capital

investment across the globe to stimulate American businesses,

creating hundreds of thousands of job opportunities for

U.S. workers.

Many countries such including Australia and the United

Kingdom, use similar programs to attract foreign investments.

The American program is more stringent than many others,

requiring substantial risk for investors in terms of both their

financial investment and immigration status.

Investments made through the U.S. EB-5 program must be “at

risk” in the same way that investments in stocks or equity funds

carry an inherent risk. There is no guaranteed financial return.

When the application is approved by USCIS, EB-5 investors

receive a conditional visa that is valid for two years. In order

to receive a permanent visa, these investors must demonstrate

that the legally required economic benefits flowing from their

investments have been achieved.

Understanding the Immigration Process

Immigrant investors participating in the EB-5 program follow

a two-stage process established by the federal government that

determines their eligibility for the program as well as their

admissibility to the United States.

STAGE ONE: FILING OF ELIGIBILITY PETITION

• Individuals first file a petition with USCIS to determine their

eligibility to participate in a visa category. For EB-5 this is the

I-526 petition.

• The I-526 petition must include

• For EB-5, as for any visa category, approval of an eligibility

petition does not constitute approval of a visa on the petitioner.

• USCIS also has well-established procedures and criteria to

request expedited review of eligibility petitions2. Expedited

review does not mean expedited approval – just expedited

consideration of the petitions for this first step of the two-stage

process.

• As part of the eligibility review, USCIS can issue a request for

evidence (RFE) if more information is needed to determine an

individual’s eligibility for the program.

STAGE TWO: DETERMINING ADMISSIBILITY AND

GRANTING OF VISAS

Once an eligibility petition is approved, the next step in the process

is the same for EB-5 applicants as for applicants under any other

visa category.

• Immigrants file either a visa application with the Department

of State, if they reside outside the U.S., or an adjustment of

status application with USCIS, if they already side in the U.S. on

another visa.

• Approved petitions for immigrants residing outside the United

States are sent by USCIS to the National Visa Center, the State

Department’s clearinghouse for applications in all visa categories.

• The NVC then requests supporting documentation from the visa

applicants before sending the completed file to the appropriate

U.S Embassy or consulate

• Visa processing can take months or years while these

investigations are conducted.

If the EB-5 applicant approved, a conditional visa is granted

allowing the applicant to reside in the United States for two years.

Before the end of that two-year period, the immigrant must file

an I-829 petition documenting that their investment through the

EB-5 program has created a minimum of 10 U.S. jobs so it’s critical

for the applicant to invest in a project that creates 10 new American

jobs. If USCIS confirms that job creation, the I-829 petition may

be approved, lifting the conditions.

The EB-5 program is ever evolving and industry lead.

102


COUNTRY SPOTLIGHT


Nicholas Mastroianni III, President

& CMO of U.S. Immigration Fund

Navigating the EB-5

Landscape: Why

Regional Centers Trump

Direct Investment

Q1: The EB-5 Program has witnessed a lot of changes however,

the EB-5 Program is fixed and effective till September 2027,

what confidence does that give investors?

The EB-5 Immigrant Investor Program, launched in 1990, has evolved substantially

over the years. Although originally envisioned as a Direct Investment model,

the EB-5 program has completely shifted towards Regional Center investments,

especially given recent statistics and legislative changes.

104


involvement, and business plan compliance. The administrative

burden of proving these aspects is often overwhelming and complex.

Thirdly, the USCIS processing timeline and denial rates tell a

revealing story. As of the first half of 2022, Direct EB-5 petitions

had an approval rate of just 42%, significantly lower than the

Regional Center EB-5's average approval rate of around 80%.

USCIS also tends to be more cautious and slower with Direct

EB-5 petitions, often requiring at least two years to evaluate

business plan execution.

In the Regional Center model, specialized centers handle projects

that already comply with EB-5 Program requirements, adding

an extra layer of credibility and potential success. While direct

investments require the creation of at least 10 full-time jobs, the

Regional Center route allows for a combination of direct and

indirect job creation, making it easier to fulfill immigration criteria.

Investors in the Regional Center pathway also benefit from not

having to manage the day-to-day operations of the business, which

is particularly helpful for those who prefer a more hands-off, passive

investment strategy. Furthermore, Regional Centers typically

conduct rigorous vetting and due diligence on projects, thereby

decreasing the risk of project failure and, consequently, visa denial.

Q4: What should an investor look for when

investing in a Regional Center?

Q2: Investors have options to either Invest

Directly or via a Regional center. What are

the differences?

The allure of Direct EB-5 investments primarily appeals to

entrepreneurs keen on actively owning and managing their

companies. These investments often promise higher rates

of return compared to their Regional Center counterparts.

However, the Direct EB-5 pathway has seen limited popularity

due to three main challenges.

Q3: Is the EB-5 Regional Center pathway lower

risk than going via the direct router for EB-5?

Firstly, the investment amount often falls short of what is needed

to create the required 10 new full-time positions. The financial

commitment for Direct EB-5 investments tends to be higher

than what is mandated, yet still insufficient to generate the job

numbers required for visa approval.

Given these facts, choosing a reliable Regional Center like

U.S. Immigration Fund (USIF) is a wise decision for aspiring

immigrants. With a stellar track record and a focus on

compliance, USIF reduces many of the inherent risks in EB-5

investments. The expert team provides end-to-end support,

aiding investors from the initial application stages to postinvestment

processes. Moreover, USIF offers a broad range of

projects, allowing investors to select opportunities aligned with

their investment strategy.

Investing through a Regional Center like U.S. Immigration Fund

leverages professional expertise, minimizes risk, and ensures a

smoother immigration process. It's not just about financing a

project - it's about investing in a stable, compliant future.

Contact:

115 Front Street, Suite 300 Jupiter, FL 33477

USIF +001.561.799.1883

E: info@USIFund.com

Secondly, Direct EB-5 investors frequently face obstacles in

maintaining meticulous records for job creation, management


E2 Visa

The E2 Visa is a non-immigrant Visa for

individuals who wish to open a new business or

become a partner in an existing business. It is

imperative to clarify that this Visa does not ensure

a green card, nor does it provide for a path to a

green card.

Be a resident of a nation with which the United States has an

E2 treaty agreement with. You will enter the United States

exclusively to create and manage the business you started or

acquired and demonstrate half responsibility (50% ownership)

of an organization or ownership of operational control.

The E2 Visa has a term of 2 to 5 years, depending on the

nationality of the candidate. It may be renewed only if the

business is operational and meets the necessities of the intended

purpose as set by the Immigration Department. On the off chance

that the investor chooses to stop the venture, he/she will have to

leave the nation as he/she has no Permanent Residence status.

What is the Duration of E2 Visa For a Family?

The family (spouse and unmarried children up to 21 years old)

will be able to live, work, and get an education in the United

States as long as the E2 Visa is valid.

106


What is the Investment Amount for an E2 Visa?

There is no minimum requirement investment amount for an

E2 Visa. The Immigration Department considers capital as

substantial when it is adequate to open or purchase a current

business and guarantees that the activity of the company is

productive. It is additionally essential to demonstrate that the

sum utilized for the investment was not obtained illicitly.

E2 Business Feature

The business endeavor cannot be marginal, so for endorsement,

it must demonstrate the possibility to create enough profits to

financially sustain the investors' business and family.

As an investor, you need to be able to show citizenship of the E2

treaty country.

A majority stake of the business must be owned by a person/

people who are nationals of the E2 treaty country.

How to Qualify as an E2 Investor?

You must prove that the investment/business is legitimate. It

cannot simply exist just on paper, as an idea, or a concept but

fully intent to operate the business.

You must show that the investment is 'substantial' and full

intentions to make the investment.

The investment you make must be sufficient enough to support a

successful business of the type in which you are investing.

As an E2 investor, you have to show control and ownership of

the money, and you must show financial/commercial risk.

Your planned trip to the US must be for the purpose of guiding

and developing the business.

Disclaimer: Please bear in mind that the lower the cost of the

business, the less they will take this factor into account. E2 visas

are great for three months to five years (depending on the country

of origin) and can be extended for additional two-year periods of

time. There is no limit to the number of times someone may extend

their stay in the US, however the E2 visa holder has to always

prove intent to leave the US upon expiration of the visa. The visa

holder will have permission to only work 'in the activity for which

he or she was approved at the time the classification was granted'.

Benefits of an E2 Visa

If you get an E2 Visa and your spouse gets a E2 derivative visa,

he or she may apply for a work permit. Once that work permit

is granted, your spouse is not limited in terms of where he/

she works.

What are the Requirements for an E2 Visa?

There are several requirements in order to apply for an E2

Investor Visa. You must be a national of a visa country. If

you aren’t a national of one of these countries, you may try a

different path to entrepreneurship in the US.

You must invest in a new or existing business in the US with

the goal of making a profit.

Your investment in the new or existing business must be

'substantial'. A 'substantial' investment is not defined as a

number, but is judged under totality of the circumstances.

The location of the business and the type of business will

be considered.

Your investment should be in a 'legitimate enterprise' and

cannot be 'high risk or marginal'. According to United

States Citizen and Immigration Services 'the legitimate E2

Visa Business' is one that can be defined as a 'real, active

commercial or entrepreneurial undertaking which produces

services or goods for profit'. In other words, the business must

be active on a day-to-day basis. You must show more than just

an investment waiting to develop.

Actively involved: You should be actively working in the

business and intending the business to be a full-time venture

that will financially support you and your family.

You must have the funds to be spent, and the funds must

be 'irrevocably committed'. This means that you must be

in possession of the money. In addition, you must show

that the funds have been spent or intent to be spent on the

business. (A purchase agreement may be a way to show that

the funds will be spent, and receipts are a way to show the

money has already been spent.)

You must be able to show the source of funds. In other words,

you must be able to show that the money is yours or a third

parties, our you may be gifted the money from relatives.

Your intent in coming to the US is to 'direct and develop' this

business. In other words, you need to show that you have the

ability and capacity to 'direct and develop' the business. This

is typically demonstrated by showing that you have at least

51% ownership in the business.


Potential Expedited

Processing For

I-526 Petitions!*

EB-5 INVESTMENT OPPORTUNITY:

> Investment: $800,000

> TEA Qualified

> Multiple addiction treatment centers serving

patients suffering from mental health and

substance use disorders.

*Granting of expedited processing for prior investors

does not guarantee that your petition will be expedited.

HELPING INVESTORS IMMIGRATE TO THE USA SINCE 2011

THE PROBLEM…

THE SOLUTION…

> USCIS has recognized the opioid

epidemic to be a ‘humanitarian crisis

of national interest’.

> Drug overdose deaths have become

the leading cause of death in the US.

Over 100,000 overdose deaths from

April 2020 to April 2021.

> US government at all levels recognize

this as a national crisis.

> While demand for treatment has

skyrocketed, the supply of available

services has not kept pace.

> Multiple new addiction treatment

centers (ATC or clinic) spread across

many states, starting with West Virginia,

New Hampshire, and other mid-west

and northeastern states.

> Multiple addiction treatment centers

spread across many states including

New Hampshire, West Virginia and

Pennsylvania.

> We are currently raising capital for a

new facility in Vail Colorado called ‘All

Points North’.

108


Expedited processing could offer a

green card in less than a year!

Over 400 EB-5 investors with 100% approval rate.

30+ years in the real estate development and construction industry –

$1 billion track record.

LIMITED SLOTS ARE AVAILABLE - CONTACT US TODAY!

WHAT WE DO…

CONNECT WITH US…

> Operate EB-5 regional centers in 41 states

> Find the best and safest real estate

development projects for investors

> Sponsor EB-5 investors and guide them

through the process

> Facilitate EB-5 capital deployment.

> info@EB5coastToCoast.com

> +1 206-774-8320

> www.EB5CoastToCoast.com

DISCLAIMER: This is neither an offer to sell nor a solicitation to buy securities. Such an offer or solicitation can only be made to investors through

a complete Private Placement Memorandum (PPM) describing risks and uncertainties. This document contains forward looking statements that are

subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Investors could lose some or all of their

capital and could fail to achieve immigration benefits. Please rely only on the Private Placement Memorandum before making a decision to invest.


COUNTRY SPOTLIGHT

Uzbekistan Citizenship

by Investment - CBI

“Uzbekistan is a preferred investment destination - the volume of foreign

investment in Uzbekistan has increased significantly in recent years, and

the state aims to attract more than €100 billion over the next 4 years.”

110


Uzbekistan's government enacted

amendments to the law of citizenship

"Citizenship of the Republic of

Uzbekistan", and this amendment has been in

force since 2020. Article 20, lists the grounds

for the accelerated acquisition of citizenship.

According to the following paragraph:

“The simplified procedure for admission to citizenship of

Uzbekistan will apply to foreign citizens and stateless persons

who have contributed capital to the equivalent of at least US$1

million to investment projects implemented on the territory of

Uzbekistan, as well as honoured scientists, athletes, cultural

and art workers”.

Accordingly, foreign nationals investing US$1million may be

granted citizenship of Uzbekistan.

The procedure for granting citizenship of Uzbekistan may

be accelerated and simplified for investors with bigger sums

of investment.

Since March 2023, Uzbek passport holders can travel visa free

to 27 countries, and a further 20 countries issue eVisa for Uzbek

passport holders. Also, more than 31 countries may grant "visa

on arrival" to Uzbek citizens.

Investment Visas

In 2019, Uzbekistan introduced "investment visas" for the

founders of enterprises with foreign capital and their family

members with contributions of US$225,000 (equal to 2.55

billion soums).

Uzbekistan may also grant citizens of a number of countries the

right to residence permit in Uzbekistan when buying real estate for

a certain amount (from US$400,000 in Tashkent and the Tashkent

region, and from US$100,000 - US$200,000 in other regions).

Since May 2022, the bar for obtaining a residence permit when

buying real estate in Tashkent has been reduced to US$300,000.

Aiming to expand the scope of investment, the government

of Uzbekistan may also introduce dual citizenship for its own

citizens living abroad and a second passport for the foreign

investors in Uzbekistan.

In the context of encouraging foreign investment in Uzbekistan,

Tashkent has enacted Tashkent International Investment

Forum 2023 on April 27-28, aimed at presenting business and

investment opportunities in Uzbekistan.

The procedure for granting

citizenship of Uzbekistan may be

accelerated and simplified for investors

with bigger sums of investment.

The forum brought together more than 2,000 investors and

participants from 56 countries. Major international investment,

financial and economic organisations and companies

have been present at the event, featuring plenary sessions,

roundtables, business-to-business meetings and

panel discussions.

The forum was addressed by the President of the Republic of

Uzbekistan confirming that the "New Uzbekistan" will become

an even more investment-friendly country.

The President notably addressed the great transformations

in creating the most favourable fiscal system in the region. In

particular, the VAT rate has been reduced to 12% from 20%,

and a 7 days VAT refund system which has been introduced

for exporters, and welcomed by the entrepreneurs. In addition,

the dividends received from shares of foreign investors were

exempted from taxation for a period of three years.

The President states: “There is no doubt that the New

Constitution will continue the reforms we have launched, and

most importantly, it will make them irreversible”.


Doing Business in Uzbekistan

“True, they say that ‘Uzbekistan is the Jewel of the Silk Road’”

Uzbekistan is characterised as one of the fastest

growing economies in the world according to the

World Bank, and has benefitted from the global

economic shift towards Asia.

Uzbekistan is now the world's sixth-largest producer and the

world's fifth-largest exporter of cotton and the ninth world

major producer of gold. It is also a regionally significant

producer of natural gas, coal, copper, oil, silver and uranium.

The government of Uzbekistan is doing extremely well in

building up the economy of the country. The growing public

and private investment resulting from the government’s export

oriented and import substitution industrialisation agenda is

notably creating more opportunities for international businesses.

Uzbekistan has introduced a wide range of reforms to encourage

foreign investment, including the liberalisation of the foreign

exchange system, the reduction and optimisation of taxes and

mandatory contributions, and other structural reforms. The

country now offers more than 20 free economic zones, inviting

investors into the pharmaceutical, agricultural, tourism and

other industrial sectors.

Investment Opportunities in Public-Private

Partnerships (PPP)

Under Uzbekistan’s law on Public-Private Partnerships, there

are new opportunities for foreign investors to participate in

large projects, with tenders operated by the Public-Private

Partnership (PPP) Development Agency under the Ministry of

Finance of Uzbekistan.

The Government wants to attract investments of US$14 billion

on a Pubic-Private-Partnership (PPP) basis to the energy,

transport, healthcare, education, ecology, utilities, water

management and other sectors in 2022-2026.

112


Top Five Sectors of

Specific Investment Opportunities

Tourism Sector

US$2.2

billion

CHINA

US$2.1

billion

RUSSIA

US$1.18

billion

TURKEY

US$800.7

million

GERMANY

US$137.4

million

SOUTH

KOREA

Over the first four months of this year ( Jan-Apr 2023), more than

2 million foreign nationals visited Uzbekistan for tourism purposes.

The tourism sector is a best prospect industry sector for

Uzbekistan. In 2021 Uzbekistan ranked 16th out of 140

countries in the Global Muslim Travel Index. Located in the

heart of Central Asia, Uzbekistan is steadily expanding its travel

and tourism industry backed by its rich cultural and historical

heritage, friendly population and natural beauty.

The government of Uzbekistan views its tourism sector as

having high growth potential. Uzbekistan’s development

strategy especially focusing on the tourism sector set up a target

plan for 2022-2026 to increase the number of foreign tourists

visiting the country to nine million by 2026. In this context,

the government has initiated reforms to open access to its rich


cultural and historical heritage to facilitate the development

of tourism.

As of May 2022, Uzbekistan has established a visa-free regime

for citizens of 86 countries and e-visas for citizens of 57

countries, including the United States. The government’s goal is

to grow tourism services from US$1 billion in 2018 to US$2.2

billion in 2025, knowing that this goal will require massive

investments in infrastructure.

In 2022 the government updated its plans and set the goal to

increase the number of foreign tourists to 9 million and domestic

tourists to 12 million, and to invest US$300 million in the creation

of tourism and recreation zones by 2026. Noteworthy, Uzbekistan

and Russia are intensifying tourism cooperation, which could reach

two million trips per year between the countries.

However, the Russia-Ukraine war, which started in February

2022, has seriously affected the sector as the direct flights from

Russia were stopped. In spite of the ongoing Russian military

operation, in March 2022 Uzbekistan and Russia signed

an action plan to increase the tourist flow between the two

countries. Uzbekistan looks forward to raising the number of

Western and Russian tourists in the near future.

Foreign investors will find the most opportunities in the

hospitality sector. International hotel brands are currently found

only in the capital city of Tashkent, but there is a great demand

for hotels and global franchises in Samarkand, Bukhara and

Khiva - the central cities of the ancient Silk Road and major

tourism destinations.

Construction Sector

Since May 2023, citizens of foreign countries have been allowed

to invest in Uzbekistan in the form of acquiring new real estate

projects under construction (with the exception of land plots)

without requiring a residence permit in the country.

Construction, specifically in the touristic infrastructure,

is one of the most promising industries in Uzbekistan,

which demonstrated a continual growth rate of 15-20% per

year. Projected investments in the tourism industry of the capital

city Tashkent in 2021-2023 amounted to US$903.6 million

(US$739.5 million of which are foreign investments) and

include 90 projects: 66 hotels,12 shopping and entertainment

centers, 9 parks, and 3 artisan centers. The government is also

developing pilgrimage tourism.

114


The government created incentives for the construction of

international class hotels and other infrastructure in the Great

Silk Road cities of Samarkand, Bukhara and Khiva, and for

connecting them to Tashkent. The management of international

airports of Uzbekistan was also transferred to the private sector

on a public-private partnership basis.

In this context too is the government strategy for modernising

and expanding the country’s airports. Uzbekistan Airports plans

to work with private companies for airport reconstruction and

management on a tender basis and hopes to double the airports’

passenger throughput capacity and triple load throughput

capacity by 2026. In total, US$1 billion investment will be

needed by 2026 to meet planned development targets.

The government has authorised foreign aviation companies

to operate in Uzbekistan, and has promised to liberalise the

national aviation market by breaking up Uzbekistan Airways’

monopoly (pledging to sell 51% or more of its shares through

IPO in the near future) and creating more domestic companies

to meet expanding domestic tourism demand. The government

intends to purchase short and medium-haul aircraft to develop

the regional passenger air transportation market. Uzbekistan

Airways’ current air fleet consists of 34 aircraft.

The government wants to attract foreign investment and

management services to the airports as public-private

partnerships with incentives of reducted customs duties

and a 50% reduction in income and property taxes for three

years. Uzbekistan’s expansion plans for its fleet of short and

medium-haul aircraft should create business opportunities for

manufacturers too.

Agricultural Sector

Agriculture is one of the most important sector in Uzbekistan’s

economy, accounting for approximately 25% of GDP and

employing about 26% of the labor force. Exports of agricultural

products contributed approximately 8.3% to Uzbekistan’s

external earnings in 2021. In June 2021 Uzbekistan and Russia

signed an agreement and in November 2021 launched the

Agroexpress logistical corridor project, which will allow the

delivery of agro-food products in refrigerator container trains

within 4-7 days. In February 2022, the prime ministers of

Eurasian Economic Union(EAEU or EEU) countries approved

the implementation of the Eurasian AgroExpress project

to facilitate trade with and expedited delivery of agro-food

products to Uzbekistan and China.

On the increasing incentives aspect, the government of Uzbekistan

is working towards implementing the 2022-2026 plan to increase

the farmers’ income by at least twice and ensuring a minimum

5% annual growth of agriculture in 2022-2026 through intensive

development programs, application of advanced scientific

achievements, digitalisation, and adoption of new technologies.

With the growing external demand for food products produced

in Uzbekistan, the government is making great efforts to

improve the productivity of the agricultural sector to increase

export opportunities, developing new methods for food

preservation, and introducing new technologies for food

processing and packaging as well as transportation and

logistics solutions.

In this context, Uzbekistan is encouraging investment in

its processing and packaging capabilities as adding value to

domestic and export products becomes one of the government's

priorities. This includes implementing a cooperative system

providing a complete production chain "from the field to

consumer", mainly to attract foreign and domestic investments

in digitalised agriculture, to improve productivity and increase

land fertility, and most importantly introduce modern

agricultural technologies.


Uzbekistan's 2021-2026 national development plan offers

investment in modernisation of the all-over existing agricultural

infrastructure. In this context, Agricultural Knowledge and

Innovation Centers was created in 2022 in all regions of the

country, providing more than 100 types of agricultural services,

such as improving soil conditions, combating plant diseases and

selecting seeds.

In the context of improving the country’s food security, the

Government of Uzbekistan has emphasised in the 2022-2026

national development plan special importance to support wheat and

grain production, poultry and animal farming, and fresh fruit and

vegetables aiming for developing export markets for these products.

Food Processing Sector

Uzbekistan seeks to increase the production and export

of higher value-added food products. The country’s food

processing industry has substantial room to grow, given current

capacity shortfalls. Only 15% of the 20 million tons of fruits

and vegetables grown each year is processed for longer shelflife,

while 30% is lost due to insufficient storage and processing

capacity. Only 16% of meat and milk is processed. Uzbekistan set

the target to increase food production by 2026.

The new investments should be directed towards creating

conditions for productive collaboration between producers of

agricultural products and food processing companies, devising

a strategy for the development of food processing industry,

facilitating construction of necessary trade and logistics centers,

and promoting export of food products.

Uzbekistan’s government encourages private sector

development in the areas of production and processing/

packaging equipment supply lines in the areas of juice, fruit,

vegetable, meat and milk processing.

For specific opportunities, investors should contact companies

involved in Uzbekistan’s food processing sector. Some of the larger

companies currently doing business in food processing in Uzbekistan

include Lactalis, Coca-Cola, and PepsiCo. Local companies prefer

working with a foreign partner and value foreign management,

technology, technical expertise and export market access.

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Oil & Gas Sector

Projects in the oil and gas industry are intended to attract about

US$36.5 billion in investment from various sources through to

2030. These projects may represent good export opportunities

for US suppliers of oil and gas extraction to Western Europe,

transportation, processing technologies and oil services.

Since 2018, foreign bidders have signed PPP agreements to

implement several fossil fuel and renewable energy projects.

Mining, quarrying, and oil and gas extraction are the leading

industries of Uzbekistan’s economy. These industries comprised 6%

of GDP, and 5.4% of export earnings, providing jobs to over 1%

of the working population. Uzbekistan's oil and gas sector is the

second largest natural gas producer in Central Asia.

In 2021 it produced 53.6 billion cubic meters of natural gas

and plans to grow the production by 2030 to 66.1 billion cubic

meters, mostly consumed by domestic market.

Uzbekistan oil and gas companies are offering bids on contracts

to supply services in this sector. Specifically consulting,

engineering, construction, equipment supply and management.

The government presently has an increased interest in licensing

technologies for oil refining and gas extraction, treatment and

processing. Tenders and technical requirements, specifications,

documents, and procedural explanations are available on the

Uzbekistan Gas & Oil website.

Renewable Energy Sector

In spite of the oil and gas sector's ever more pressing need for

further development, the government’s ambitious goal is also to

increase the share of renewable energy sources from 8% to 25%. If

fully implemented, such a change could save three billion cubic

meters of natural gas and achieve a 20% reduction in the emission

of harmful gases into the atmosphere by 2026.

Uzbekistan already attracted FDI to develop nearly 4,000MW

of solar and wind capacity and plans to build another 4,000MW

in generation capacity by 2026, which will increase the share of

renewables to 25% and displace 3 billion cubic meters of natural

gas usage annually. The government of Uzbekistan's current

environmental policy goal is to achieve a 35% reduction of

greenhouse gas emissions per unit of GDP from 2010 levels by 2030.

Interested investors should review tenders on the company

website: https://tenderweek.com/en


Banking & Financial Sector

The government plans to transition the banking industry from

public to private capital, with a target of expanding the private

sector share to 60% by 2026. The income tax rate for banks

was lowered from the current 20% to 15% by the beginning of

2023. Making the sector more attractive to foreign investors,

the state-owned banks are increasingly modernising their

client service systems, transitioning to international financial

reporting standards, and improving corporate governance.

In 2022, the finance minister announced that three large stateowned

banks would be privatised. In March 2022, the President

of Uzbekistan issued a decree setting up the schedule for full

or partial privatisation of large state banks, which should be

accomplished by the middle of 2023.

In the same context, the government of Uzbekistan have set up a

shedule to begin and accomplish the privatisation of many stateowned

enterprises.

Education & ICT Sector

The government intends to increase the number of students

attending university (particularly in technical fields) to 50%

of all high school graduates by 2030 and plans to build 30 new

universities to accommodate them.

The government is planning to make the sector more attractive

to foreign universities which are interested in establishing

branches in Uzbekistan or creating dual degree programs with

local universities.

While the ICT sector constitutes the most ambitious

government program aiming to develop a national information-

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communication system and upgrading communications

infrastructure to the 5G standard creates increasing demand

for IT solutions in both the public and private sectors of the

economy. The government adopted its "Digital Uzbekistan 2030

Strategy". Since October 2020 the work has been to intensify in

this direction.

Chemical Industry Sector

Uzbekistan's government set up the national plan of 2019-

2030 for the development of the chemical industry, which has

identified 31 projects with a total value of US$12 billion. The

government plans to increase production of higher value-added

goods through mineral processing.

Uzbekistan possesses abundant natural resources which have

traditionally been exported as raw materials and brought

substantial earnings to the country. The government’s present

strategy is to build processing capacities for producing higher

value-added goods. The chemical industry plays a key role in

this strategy.

The national program for chemical industry development plans a

US$12.1 billion investment (including US$1.7 billion in foreign

direct investments and US$9.2 billion in loans from financial

institutions) in 31 projects in 2019-2030.

In the middle of 2021, the Uzbekistan government signed an

agreement with the International Finance Corporation (IFC)

to support modernisation of the chemical industry and attract

foreign investment.

Foreign companies are welcome to bid on contracts to supply

processing technologies and equipment to the country and to

provide consulting, engineering and construction services.

Leading Sub-Sectors are:

• Technologies and equipment for petrochemical production

• Technologies and equipment for fertiliser production

• Technologies and equipment for producing chemicals used in

other industries

Executive Summary

The declared goal of Uzbekistan’s government plan 2020-

2026 is to achieve sustainable growth and overcome

underemployment and poverty as soon as possible.

The government works to ensure the availability of public funds

and loans to support economic growth, so attraction of private

and foreign investment (FDI) has become a vital priority of

Uzbekistan. In this context, the Government of Uzbekistan

launched a program of radical market reforms, with a focus on

improving the business environment.

Notable progress has been made so far in addressing a range

of systemic business regulation problems and overcoming the

dominance of state monopolies, but more is yet to be done to

completely unlock all the benefits of Foreign Direct Investment

(FDI) for the economy.

Uzbekistan has the potential to become a strong regional

economy as the country is the largest in Central Asia with a

dynamic and entrepreneurial population, with its relatively

good infrastructure and a large potential consumer market. In

the past, most FDI was directed into the oil, gas, and mining

sectors. In recent years, however, there has been a trend towards

increasing FDI in manufacturing, production and distribution

of electricity, tourism and banking.

Such diversification was facilitated by positive changes in state

regulation and the beginning of a privatisation program. Further

advancing privatisation, as well as implementation of a longexpected

capital market development policy, may create unique

investment opportunities for foreign investors.

Over the past five years, the government has made efforts to

improve the investment attractiveness of the country. The

government has modernised its legislation through the adoption

of the Law on Investments and Investment Activities and other

acts that streamlined interactions of investors with the state,

reduced the tax load, liberalised access to certain commodities,

and started the privatisation of major state-owned enterprises.

As a result, the inflow of FDI has grown from about US$2

billion in 2017 to over $8 billion in 2021.

At the same time, the government still attempts to channel

foreign investments into predetermined import-substituting or

export-oriented projects.

References:

www.trade.gov

www.invest.gov.uz

www.fastercapital.com


Motivation Behind

Obtaining Second

Citizenship

“Freedom is the open window through

which pours the sunlight of the human

spirit and human dignity.”

Global Mobility

The scope of freedom of movement. One of the most

apparent benefits of having second passport/citizenship CIP

is that it can make travel significantly easier, especially if the

investment for citizenship is in the EU Schengen Area. This

means that the investor and his/her family will be allowed

visa-free travel throughout Europe, and eventually the

freedom to live anywhere on the EU, the UK, Singapore or

South Korea, etc. They are often eligible for long-term US

visas on simplified conditions.

Open Business Opportunity

With a second citizenship or passport comes more opportunities

for conducting business in Europe and the USA. A simplified

process of obtaining visas or no need for visas altogether makes

business easier, faster and cheaper. This is especially beneficial in

some countries where only citizens or residents are allowed to

conduct business. Also, it is easier to open bank accounts, private

or business wise, especially with so many countries that only

allow citizens/residents to open bank accounts for yourself and

your business if you are a citizen.

Financial Returns

The benefits from the citizenship by investment’s return is one

of the most important reasons for the popularity of any CIP.

For example, this is why Portugal’s real estate residency is so

popular, especially on the background of the rising value of the

Portuguese real estate market. In addition to that is the country’s

thriving tourism sector, which provides a great financial return

for the short-term rental, and eventually investors can expect

lucrative returns on their investments.

Tax Benefits

Many countries, especially in the Caribbean, have favourable

tax regimes for individuals and companies. For instance, there

might be no income tax, taxes on capital gains, or corporate tax.

Becoming a tax resident in a different country might ease your

tax burden significantly.

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Vacation & Retirement in a Second Home -

Higher Quality of Life

A warm climate especially applies to the Caribbean and the

Mediterranean, with their mild winters, hot summers and

the majority of sunny days in a year. Few countries can boast

better climate conditions for vacation and retirement than the

Caribbean, Turkey and Malta.

Processing Time & Investment Amounts

It is important to keep in mind that not all economic

citizenship programs have the same processing time. Some

countries offer citizenship after a lengthy processing time and

stringent stay requirements.

As with popular residency-by-investment programs such as

Portugal’s Golden Visa, it can take up to 5 years to obtain

citizenship. Other programs in Europe can take anywhere

between 7-10 years. As an example, Malta's citizenship scheme

requires a minimum investment of €690,000 and three years

of naturalisation before obtaining citizenship. While other

programs, like the Caribbean programs, boast a shorter

application process and no stay requirements and grant

Caribbean citizenship in 3-4 months.

Security Backup Plan - Safe Haven

Family Integration

One of the main reasons why investors choose certain

citizenship by investment programs (CIP) is the innumerable

opportunities the CIP may provide, not just for the individuals

themselves but also for their entire families. Most citizenship

by investment programs allow dependents - children, spouses,

parents, grandparents - to be included in a single application.

Eventually, this means that certain CIPs can provide healthcare,

education and much more for the entire family for generations

to come.

Having more than one passport gives investors and their families

a solid backup plan and added security especially in times of

instability and uncertainty. Some of CIPs do not even require

investors to physically relocate to the new country. In short,

whatever happens in the primary country of residence, investors

will be able to enter the state of their second citizenship without

restrictions. The borders are open for citizens even when all

other travelling is shut down. Moreover, CIP investors can

choose a citizenship-by-investment

program with a low physical

residency requirement and

high returns.

Prestigious Education & Good Health Care

Many CIP destination are part of the Commonwealth Nations

(for example, Caribbean countries), which means their citizens

can benefit from applying to UK universities. This might be

especially important for investors are looking to provide their

children with good and prestigious world-renowned education

for a reasonable price.


122


The World’s

Best Citizenship

by Investment

Programs - CBI

The term "economic citizenship" refers to a

passive, one-time investment in a country that

leads to citizenship and a second passport.

It is important to mention that some CBI

programs provide for residency but don’t actually

lead to citizenship. It is also worth considering the

strength of the potential passport, and its value as

a travel document.

The most sensible options available today for

economic citizenship that leads to a second

passport are as follows:

1) St. Kitts & Nevis - the prominent oldest CIP

The oldest current CIP program marketed is that of the twoisland

nation of St. Kitts & Nevis.

Just west of Antigua and Barbuda, the Federation of St. Kitts

& Nevis is at the northern tip of the West Indies. St. Kitts is

the more developed of the two islands, while Nevis has a more

natural environment.

These islands were colonised by both the English and the

French and finally dominated by the British. As a member of the

Commonwealth realm, the country maintains close ties to Great

Britain. Tourism, offshore banking services and light industry

are the drivers of this island economy.


ST. KITTS & NEVIS CIP OPTIONS:

1 Purchasing a unit(s) of a government-approved real estate on

either St. Kitts or Nevis for a minimum investment amount.

Investment of at least US$400,000 in a piece of property that

must be held for 5 years or at least US$200,000 in a property

that must be held for a minimum of 7 years.

2 A less expensive option provides a passport in exchange for a

donation of US$150,000 for a single applicant.

2) Dominica - the lowest cost option

The Commonwealth of Dominica (not to be confused with the

Dominican Republic) is another top Caribbean CIP option.

Dominica, a former British territory, is located midway along the

island chain and is a member of the Commonwealth of Nations.

Dominica is known for its unspoiled nature, protected parks and

large thermal lake. Agriculture is the main source of revenue -

primarily fruits, flowers and coffee.

INVEST-FOR-CITIZENSHIP OPTIONS:

1 Real estate minimum investment of US$200,000. The

property must be held for at least 3 years, which is the shortest

hold period of any Caribbean program. If the property is held

for at least 5 years, the investor may then resell the property to

another CIP investor, a feature unique among the Caribbean

CIP jurisdictions.

2 The donation option, a non-refundable cash contribution

to the government’s Economic Diversification Fund (EDF).

Minimum requirement is US$100,000 for an individual,

US$150,000 for a couple, and US$175,000 for a family of 4.

3) Antigua & Barbuda - the best big family option

Antigua & Barbuda is an archipelago of two main islands and

several smaller islets situated at the northern end of the Lesser

Antilles. It’s a former British colony and now an independent

member of the Commonwealth of Nations.

Antigua is the more developed and tourist-oriented of the

islands, while Barbuda is mainly lowlands and beaches. It is

known for its beauty. That is why tourism is the main source of

economic activity.

ANTIGUA OFFERS 4 CIP OPTIONS:

1 Citizenship through a donation. The minimum donation

amount is US$100,000 which goes to the National

Development Fund (NDF). That donation covers the main

applicant and up to 3 family members (a spouse and two

children). For a family of 5 or more, the donation amount

increases to US$125,000.

2 Citizenship through real estate purchase. The minimum

investment of US$400,000 in real estate located in an

approved development area. The property must be held for at

least 5 years. Two related applicants - for example: 2 brothers

with wives and families can invest US$200,000 each in the

same property and qualify.

3 Citizenship through business investment. The business

option requires an investment of at least US$1.5 million in

an existing or proposed company approved by the Citizens

by Investment Unit. The list of qualifying businesses includes

primarily real estate and tourism-related concerns.

4 Antigua also offers a special option for large families that

includes one year of tuition at a local university.

In addition, there is another option offered by Antigua and

Barbuda which is the newest and requires a donation of

US$150,000 to the the University of West Indies (UWI) Fund

which covers passports for six family members. In addition, one

member of the family may attend one year of university tuition

free. This is the most cost-effective family program available

anywhere in the world.

4) Grenada - old player reborn

The island nation of Grenada sits at the southern end of the

Antilles chain, just north of Tobago. It was initially settled by

the French and ultimately became a British territory.

Today, Grenada is a stable, independent nation that maintains

ties to the British monarchy. This is the so-called "Spice Island",

known for the production of nutmeg and mace. Grenada

is a frequent cruise ship destination, and tourism is a chief

contributor to the economy.

GRENADA CIP OPTIONS:

1 Citizenship by real estate investment of at least US$350,000.

The real estate investment covers the entire family no matter

the size.

2 Citizenship by donation. It gives economic citizenship

by making US$200,000 donation to the National

Transformation Fund (NTF). It covers a family of 4.

124


5) Saint Lucia - multiple ways to qualify

The most recent addition to the list of CIP countries in the

Caribbean is St. Lucia, a large island situated about midway

along the Antilles chain.

The island is known for its pair of volcanic mountain peaks,

the Pitons, which are preserved as a UNESCO World Heritage

Site. Its beaches and dramatic scenery make it a popular cruise

ship and yachting destination.

ST. LUCIA OFFERS 4 CIP OPTIONS:

1 A donation to the country through its National

Economic Fund (NEF). The qualifying amounts for the

donation program are US$100,000 for a single applicant,

US$140,000 for married couple, and US$150,000 for a

couple and up to 2 qualifying dependents.

2 Real estate purchase. For the real estate option, the

minimum required investment is US$300,000, and the

purchased property must be held for at least 5 years.

3 Investment in approved enterprise project, or the purchase

of a government bond.

For the enterprise project option, the business idea must

be approved first. The allowed categories for this option

are especially restaurants, cruise ports and marinas, agroprocessing

plants, pharmaceutical products, ports, bridges,

roads and highways, research institutions and facilities, and

offshore universities. It requires a minimum investment

amount of at least US$3.5 million for the primary applicant,

and at least US$6 million total investment if application is

for multiple applicants (a joint venture), with each applicant

contributing at least US$1 million.

The bond option requires an investment of at least

US$500,000 for the primary applicant, US$535,000 for

married couple, and US$550,000 for couple and up to 2

qualifying dependents. The bonds pays no interest, and must

be held for at least 5 years.

6) Cyprus - the most customisable option

Cyprus, in the eastern Mediterranean, has close ties to both

Greece and Turkey, and the country’s official languages are

Greek and Turkish. However, most residents speak English,

and applicants for Cyprus CIP options are not required to

speak or to take a test in either Greek or Turkish.

CYPRUS CIP OPTIONS:

1 Cash donation. In August 2020, the minimum donation

amount was increased from €150,000 to €200,000.

2 Investment of a minimum of €2 million in a combination

of real estate and other eligible investments, which include

Cypriot company shares and bonds, a Cyprus Alternative

Investment Fund, or the shipping industry. The investment

must be held for at least 5 years.

Cyprus citizenship is not granted immediately after approval.

The investor will first be granted permanent residency status.

After 6 months as a permanent resident, the citizenship will be

finalised. The applicants must be present in Cyprus during those

6 months as a permanent resident.

It is obvious that the price tag of Cyprus economic citizenship is

big. This is primarily because Cyprus is a member of the European

Union (EU), which means holding a passport with benefits of

freedom to live, work and travel anywhere in the EU.

7) Vanuatu - quickest & most turnkey option

Vanuatu is an archipelago of volcanic islands west of Fiji, east

of Australia, and north of New Zealand. The island's economic

activity depends on cattle ranching, fishing and tourism.

Vanuatu is renowned as a diving destination with multiple reefs

and wrecks.

Vanuatu amended its constitution in 2014 to permit dual

citizenship to accommodate its CIP. The program offers

immediate citizenship for an entire family to a country that

imposes no tax on income, wealth or inheritance.

VANUATU’S CIP (SO CALLED DEVELOPMENT

SUPPORT PROGRAM) OFFERS ONLY ONE OPTION:

• The donation amounts that have been reduced to better

compete with other Caribbean CIPs.

The minimum donation is US$130,000 for an individual,

US$150,000 for a couple, US$165,000 for a couple and one

child, and US$180,000 for a couple and two children.

Vanuatu CIP is the quickest path to economic citizenship in

the world. Typically, once documents have been submitted, the

approval may not take more than 1-2 months.


Malta.

New chapters, new possibilities.

The Malta Permanent Residence Programme

The Malta Permanent Residence Programme

126


residencymalta.gov.mt

residencymalta.gov.mt


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CBI Magazine Autum/Winter 2023

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