Caribbean Citizenship by Country of Investment Ranks in Top 30% in Global Citizenship Report

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LONDON, March 11, 2022 (GLOBE NEWSWIRE) — Caribbean nations are becoming investment hubs on the global stage, offering attractions such as security, lucrative financial diversification options and of course idyllic lifestyles that make them places of choice to acquire a second citizenship. That’s according to the World Citizenship Report (WCR), which ranked countries that offer citizenship-by-investment (CBI) options in the region in the top 30%.

The first-of-its-kind new report was developed by CS Global Partners, the world’s leading government consulting and marketing firm. The WCR measures 187 countries against five relevant motivators among high net worth individuals (HNWIs). These motivating factors include safety and security, economic opportunity, quality of life, global mobility, and quality of life.

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The report takes into account data from the 2021 Global Peace Index (GPI) and World Governance Indicators (WGI) and scored highly for the Caribbean region in the motivating factors Safety and Security, Quality of Life and Global Mobility.

The Caribbean is considered the birthplace of investment immigration due to the high concentration of countries that offer CBI programs in the region. The closeness of these countries in the WCR ranking reflects a sense of community and collaboration that characterizes the nations of the jurisdiction.

For example, all Caribbean countries that host CBI programs are members of CARICOM, which is committed to promoting and supporting a unified, inclusive, resilient and competitive Caribbean community to share in economic, social and cultural growth.

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At his 33rd meeting, CARICOM members pledged to remain vigilant in addressing threats to sustainable development in the region. This included implementing initiatives that attract foreign direct investment, ensuring the region is not perceived as high risk by investors, lobbying against the proposed global minimum corporate tax and pursuing the establishment of relations with the OECD and the European Union.

The chair of the conference, the Prime Minister of Belize, the Honorable John Briceño, said the 33rd intersessional meeting was a particularly important meeting taking place at a time when “unprecedented and existential challenges coincide with the expectations of our citizens for relief and prosperity.

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“We are facing the worst economic recession in modern history and to foster our recovery, we must revive CARICOM’s founding vision, both in terms of the scale of its ambition for integration, and the speed that has was necessary to achieve its consolidation. . Our recovery must be aligned with a new regional agenda centered on creating prosperity for the people,” he continued.

In order to achieve this prosperity for the people, CARICOM Heads of Government also agreed that the immediate and urgent implementation of the CARICOM Single Market and Economy or CSME is imperative to meet current development challenges. and to build a more resilient region.

Another way small island nations ensure their prosperity and sustainability is through CBI programs. The CBI is a well-documented and viable way for Caribbean countries to attract FDI into their economies, which can then be used for important development projects.

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For example, the island nation of Dominica is building a geothermal power plant that should be operational by 2023 in partnership with the UK, the World Bank and Kenesjay Green LTD, a local green energy company. The plant will ensure the country is powered by renewable energy, reducing energy costs and carbon emissions while creating jobs.

In St. Kitts and Nevis, the construction of the second cruise pier in Port Zante was funded by various local and international sources, including $5 million from the country’s CBI. The pier has allowed St. Kitts and Nevis to accommodate the largest cruise ships in the world, which has been particularly important for the tourism sector. The small but ambitious Caribbean country now has marquee status among the region’s biggest cruise destinations.

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The influx of funds to the private sector has had a noticeable impact on the economic activity of island nations, in many cases improving fiscal performance, facilitating debt repayment and boosting economic growth.

Research by the International Monetary Fund (IMF) found that CBI programs have a significant macroeconomic impact on these countries. From a national perspective, the CBI contributed over 30% of GDP to St. Kitts and Nevis in 2020. According to Les Khan, Head of St. Kitts and Nevis CBI Unit, the Program revenues were a “main driver” during the lockdown when tourism was at an all-time low.

In Dominica, the IMF noted that “strong growth” in the construction sector was “funded by record CBI revenues of 30% of GDP” in 2021.

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In 2017, CBI accounted for 20% of Antigua and Barbuda’s GDP, showing that CBI program inputs make a major difference in government performance in small countries.

Expanding on some notable CBI programs in the region, St. Kitts and Nevis established its CBI program in 1984 and is the oldest in the world.

Being the first of its kind, the program is also one of the most reputable and has become the “Platinum Standard” mark in the industry. After more than three decades, the twin island nation continues to be a popular option for investors and their families due to its longevity and commitment to due diligence processes.

The country earned a respectable score of 66.8 points out of 100 in the overall WCR rankings, the highest of any CBI nation in the Caribbean. It achieved top marks in the Safety and Security, Quality of Life and Global Mobility motivators.

Dominica’s CBI program was launched in 1993 and has been ranked as the number one CBI initiative for five consecutive years in the CBI Index, published by the Financial Times’ Professional Wealth Management magazine. The nation is politically and economically stable, with low crime rates and rich investment opportunities.

Known as the Island of Nature, Dominica ranked 52nd, earning high marks for the motivations of safety and security, quality of life, and global mobility.

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