Surge in demand for second citizenship

KAL KENNARD, MANAGING PARTNER

More than 25% of the world’s ultra-high-net-worth individuals (UHNWI) are looking for a second passport, according to the newly released Wealth Report by Knight Frank.

Given there is no need to travel to the country whilst making an application to any of the five Caribbean jurisdictions, it has been ideal for international high net worths stuck in intermittent lockdowns at home to tend to projects they might have previously had on hold, such as researching and choosing the best second citizenship.

The Caribbean programs hold a very strong position in the market given the cost, timeline, benefits and flexible residency, and of note is the St Kitts & Nevis citizenship by investment program (CIP) where we have seen a two-fold increase in interest and applications in quarter one of 2021 compared to last year.

One reason for the positive impression second-passport seekers have of St Kitts & Nevis is its progress as a country in the last decade especially, and the unique charm it offers as a second home.

After more than five years of consistently lowering their National Debt to GDP ratio, the year 2020 hit heavily tourism-dependent St Kitts & Nevis hard with that downward trend spiking upwards. The island nation has seen a contraction in GDP growth and a rise in inflation over the course of the last 12 months since the Covid pandemic hit (source: statista.com).

On the positive side however, St Kitts and Nevis holds the title of one of the most successful countries in the Hemisphere to have limited Covid-19’s spread. Last week, the United States Ambassador to Barbados, Eastern Caribbean and OECS, Linda Taglialatela said that the U.S. would continue to assist in the nation’s fight against COVID-19, and is committed to strengthening relations with the Federation of St Kitts & Nevis.

Throughout the pandemic, the country’s second citizenship program has seen an increase in demand and the same can be said from our experience of all the Caribbean programs though not all have released figures to show it yet.

In particular, the St Kitts and Nevis citizenship unit works very efficiently. Most applications are reviewed and assessed within 60 days.  In March 2021, the Government announced an extension of the Sustainable Growth Fund Covid discount, which has further boosted demand.

Over in Antigua & Barbuda just a few miles away, the property market and citizenship by investment demand is booming. We foresee a very busy winter 2021/2022 season for both islands, and indeed all five programs.

How do I begin the process and get a bespoke quote for myself and my family?

If you’d like to speak to us, please either send us a webchat (click the icon bottom right of this page), email or book in for a video consultation easily in our partner calendar. We find video conferencing to be the most efficient use of your time to ascertain the best program for you and your family. We encourage you to take advantage of it since your first consultation is free of charge.