Investment migration programs, also known as Citizenship by Investment programs, have been under much scrutiny in recent times, and for several reasons. From the volatility of geopolitics and the clamping down of the movement of persons with second citizenship, to more pressure for due diligence and meeting international standards, one can say that the CBI offerings in the Caribbean are under scrutiny and even threat. Other schools of thought question the CBI program’s intentions and purpose and how they are seen as “bastardizing” citizenship for financial gain and providing a haven for illicit actors and corrupt practices. Much of the noise and debate, however, are not evidenced-based or founded on facts, and indeed, can be easily debunked.
Let’s take some time to unravel some widespread myths surrounding Citizenship by Investment programs.
- Investment Migration Programs Are Not New and Do Not Only Benefit Small Island States
Investment migration is a form of legal migration, which is used by over 80 sovereign states globally, and is not unique to the Caribbean. Programs comprise either citizenship or residence by investment, which essentially allows individuals to gain either citizenship rights or residency rights in return for investment in their host countries. These programs are usually centered around entrepreneurship potential, which is a well-established practice in general immigration policy and used by many countries globally.
The development of a globalized economy, in recent decades, has led to the further expansion of investment migration. When it is managed effectively, it creates benefits for the individual who is obtaining residency and citizenship rights, and it also creates benefits for the host country, which is attracting debt-free capital injections into its economy and the wider society. Thus, it facilitates integration and collaboration in what is an increasingly connected and or interconnected world.
- CBI Offerings – Not Only for the Rich and Wealthy
CBI offerings are not only for the rich and wealthy. They are offered to and highly sought after by families looking to settle away from war-ravaged zones, professionals who need greater mobility to travel, and business owners looking to expand their businesses. Indeed, there are investor migrants from around the globe, celebrities, and High Net Worth individuals who invest in such programs. Anyone from around the world can aspire to a second citizenship and they may be doing so for several reasons, as outlined. Applicants are often looking for security, better education, access to more fulfilling career opportunities, or even a more tranquil way of life—and these are only some of the main reasons why individuals apply for citizenship or residency by investment programs.
- Caribbean CBI Offerings Under Threat Due to Geopolitics Volatility
More and more, there’s much evidence to note the attempts by more developed countries to clamp down on the access and movement of second citizenship holders. For example, recent announcements made on the amendments to the E-2 Treaty by the US Government stating that would-be E-2 Investor Visa holders must be “domicile” in their country for three years, have led many to question Grenada’s ability to maintain its CBI program’s prestige and popularity. However, policy makers have responded, stating that the E-2 treaty is only one small facet of all the offerings citizens of Grenada can access, and the CBI program is multifaceted and highly desired for many other reasons.
Despite heavy regulation and monitoring, Grenada and other Caribbean countries have remained resolute in their sovereign right to offer Citizenship by Investment options for applicants, in much the same way as is done in the more developed countries. Caribbean policymakers must, therefore, continue to find ways to balance international concerns and demands, while protecting and solidifying their countries’ programs.
Geopolitics will always be a concern; however, those concerns must be harnessed against the backdrop of the domestic and collective strengthening of administrative processes for the regional Citizenship by Investment programs.
Just Inter-Continental Services Can Help You Make the Right Choice.
Whether you want to make a one-time contribution to the development of the country or get involved in real estate and see your money grow, it’s important to have the right team working to ensure you are well-equipped to make the right choice. Whatever the choice, your investment contributes wholesomely to the development, growth, and economic resilience of Grenada.
Just Inter-Continental Services (JICS) is a local agent for Grenada’s Citizenship by Investment Program and provides tailored and customized services for clients. Just Inter-Continental sees their clients through from start to finish—from application to post-citizenship services, to help clients settle into life in Grenada, or even open a business and register for taxation.