Sunday, October 17, 2021

Why it pays for Nigeria’s wealthy to invest in a second citizenship

With world economies opening up and showing signs of recovery, Caribbean citizenship programs are experiencing a sharp increase in applications from the wealthy all over the world and the numbers are only rising. Programs like Grenada’s citizenship by investment, in particular, has taken one of the leading positions among second citizenship seekers.

These passports, typically obtained through citizenship by investment (CBI) programmes, allow their holders to not only manage their assets strategically but also provide a sense of security for their families in case of any political or other volatility in the home country.

“Obtaining citizenship by investment offers a hedge against political, social and economic anxieties – especially for investors residing in emerging markets such as Nigeria,” says Mohammed Asaria, managing director of Range Developments, a renowned government-approved developer of luxury hotels under citizenship by investment programs in the Caribbean.

The number of high-net-worth Indian clients approaching us has risen exponentially in recent months as individuals grow increasing interested in providing better opportunities for their families in times of pandemic,” he adds.

For an investment of US$220,000 plus government fees, Nigerians can obtain a share in Range Developments’ Six Senses development as well as citizenship of the Caribbean Island of Grenada. It’s not just cost that’s efficient – the entire process can be done within 4-5 months, without the investor even setting foot in the country.

Finally, Grenada is a signatory to the US E-2 treaty, which means holding a Grenada citizenship allows easier access to the United States where a citizen can establish or buy business in the USA and reside in the country for as long as an E-2 business is operating.  Whether or not it’s exercised, the ability for an investor, or their family, to migrate to the US is of critical importance to high-net-worth individuals. This, combined with Grenada’s visa-free travel access to the UK, Schengen countries, Russia and, what’s notable, China, means Grenadians have access to a number of the largest global economies.

Founded close to a decade ago, Range Developments is an investment and hospitality operator with interests across the East Caribbean – St. Kitts and Nevis, Dominica and Grenada. During this period, Range has assisted over 4,200 individuals with their second citizenship journey and completed two five-star luxury resorts in the region, the Park Hyatt St. Kitts and Cabrits Resort & Spa Kempinski in Dominica, with another, the Six Senses La Sagesse in Grenada, set for completion next year.

 

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