Sometimes holding a second passport by investment can be immensely beneficial. It is especially so for businessmen! And if you too are an investor based in the United Arab Emirates, and wish to expand your operations overseas, there’s good news for you. You can now get a second passport from the Caribbean country, St. Kitts and Nevis by investment. Here’s more about this news.
Second Passport For UAE Investors
As per the newest regulations by the Caribbean country, St. Kitts and Nevis now allow procurement of a second passport of the country much easier. While a bunch of considerable changes were announced in December 2022, by Investment Programme to its citizenship, these were further improvised in February, this year.
With innovative investment options for investors, people who contribute to the country’s Sustainable Growth Fund (SGF) or purchase government-approved real estate will benefit from this regulation. The perks include both minimal business restrictions and tax incentives, like inheritance, gift, or wealth taxes.
A Limited Time Offer To Obtain Citizenship
For now, qualified applicants can obtain citizenship at no additional fee and for a reduced contribution amount of USD 125 000 (approx. AED 4,59,100). This limited-time offer is running till the 30th of June 2023. However, it’s worth mentioning that from the 1st of July 2023, this investment for a single applicant will go back to USD 150,000. Michael Martin, Head of the Citizenship by Investment Unit, said that the goal is to transform St Kitts and Nevis into a sustainable island.
For those who aren’t aware, St Kitts and Nevis ranks at the 11th position in the world for tourism numbers in absolute terms, while the same in the Caribbean is at 7th position. Tourism here is the top foreign exchange earner as it boasts about 6.3 tourists for every resident. Not to mention, it’s one of the strongest economies in the region and of course, has high tourism demand.
So, if you have also been planning to shift your operations to the Caribbean, now seems like a good time to procure a second passport!
Cover Image Courtesy: Pexel