The citizenship by investment programs is now becoming popular among the rich people and many countries are using this program for their economic development. And the program is expected to be strong growth in the year 2019. The wealthy individuals are attracted by the citizenship by investment programs mainly by the benefits associated with it and the key benefit is the visa free travel to more than 120 countries. The primary benefit of countries in citizenship by investment is the financial investment in their domestic economies. The foreign direct investment in public sector is by the donation and in the private sector by investing in real estate properties or formation of new businesses.
Caribbean and European citizenship by investment are the most favored one. But recently allegations are raised toward the program of fraud in the various economic citizenship schemes run by these countries. The governments of citizenship by investment program are now taking further steps to eliminate the fraud actions taking place around the second passport scheme. Now let’s have a look on the recent updates happened to citizenship by investment program of different countries announced by the officials.
The St. Kitts and Nevis government will soon introduce fingerprinting as an additional layer to the ‘ exhaustive ‘ due diligence process that the dual – island nation conducts under its Investment Citizenship (CBI) program, reports St. Kitts & Nevis Observer.
The St Kitts and Nevis government has been made aware of media reports suggesting that St Kitts and Nevis citizens and prospective citizens may be at risk of their citizenship being cancelled or revoked. The Government refutes such concerns and wishes to make it clear to all current and prospective citizens of St Kitts and Nevis that any citizenship granted by the Government under the Investment Citizenship Program is granted only after the applicant’s full and rigorous examination and due diligence process.
Dominica’s government has moved to enhance the integrity of its investment citizenship (CBI) program. It warned marketing agents against misleading the cost of investing in the citizenship – by – investment program of the country in a letter dated October 11, 2018.
Cyprus has tightened its citizenship – by – investment scheme procedures for applicants in a bid to make it more reliable after being criticized by the EU for lack of transparency. A Cyprus passport will now be granted under the new golden visa rules in exchange for an investment of € 2.5 million, up from € 2 million, including the purchase of a residency.
New criteria will apply to investors seeking Cyprus citizenship starting on May 15, 2019, number of changes to the popular “Cyprus Investment Program” through which investors acquire the citizenship of Cyprus. According to the Minister of Finance, the logic behind such changes is to target and encourage the creation of an eco – system of business innovation and facilitate financing for affordable housing through the mandatory contribution to Cyprus.
Saint Lucia has improved its passport ranking to 6th place regionally and 31st globally by allowing visa free travel to more than 145 countries.
The Antigua and Barbuda parliament has amended the Investment Program Act Citizenship of the country to accept payments in the form of bitcoin and other cryptocurrencies. With the citizenship of Antigua and Barbuda being reduced to a cost of $ 100,000 USD last year by investing in its National Development Fund, the citizenship price in the independent Commonwealth country is less than 13 BTC at current prices.
Here we have covered only the latest changes happened in the countries offering citizenship by investment.
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