Economic Citizenship Programs
Economic citizenship programs are developed primarily to source foreign investors. As a result, economic citizenship programs are administered in a way so that individuals and families make an economic contribution or investment and in exchange to qualify to apply for citizenship of the country in question.
Two programs for citizenship by investment that have endured for several years are those of Dominica and St. Kitts. In Dominica, the program is known as the Dominica Economic Citizenship Program while in St. Kitts it is known as St. Kitts Citizenship-by-Investment. These economic citizenship programs are government administered through agents who are authorized and licensed to take orders from interested persons and guide the investment and application procedures.
Dominica and St. Kitts citizenship by investment programs allow dual citizenship; hence clients are not required to denounce any of the citizenships that they may have at the time of applying. In St. Kitts citizenship applicants are required to invest in either a government approved real estate project or in the sugar investment diversification fund (SIDF). In Dominica, economic citizenship investments are placed in a special fund from which monies are disbursed for hotel development, the construction of schools and roads, upgrading technology at schools and in the public sector, maintaining health centers and primary health care projects.
Citizenship by investment or economic citizenship in Dominica provides for a refund to be made to the applicant in the event that his/her application is unsuccessful and economic citizenship is not granted. This is administered through an escrow system whereby the economic contribution made by an applicant is held in escrow at the National Bank of Dominica and is transferred to the Government only if economic citizenship is granted or back to the applicant after having deducted the relevant legal and processing fees of which the applicant is informed.
Quite a few programs for dual citizenship have popped up over the years but were short lived. Economic citizenship programs require stringent and structured regulatory standards and most importantly, proper implementation and enforcement of these regulations. Screening through due diligence investigation is also a vital necessity in economic citizenship programs to ensure that applicants do not have criminal backgrounds and can be trusted as upright holders of the second passports that they hold.
St. Kitts citizenship has been in high demand since the island’s inclusion in countries whose citizens enjoy visa free access to the Schengen Area. St. Kitts is also a peaceful tropical island that is peaceful and has a lot of potential as a tourist and expat destination. Dominica citizenship has been sought by nature lovers who wish to make the island their home, as well as investors who long to obtain a second passport to provide their families with the possibility of a second home. These programs for economic citizenship present many opportunities and have proven to be investments worth the while of successful applicants.
Economic citizenship programs provide a direct route to getting dual citizenship without having to satisfy residency requirements. In the world we live, economic citizenship is very much a matter of personal security as we never can tell what it is that the future holds. In time of war, many of those who suffer have nowhere else to run either because of not having dual citizenship and having to apply for a visa in time of trouble. Visa requirements are seen for what they in times of health emergencies and natural disasters when saving a life is determined by whether you have a visa to enter a country.
