Applying for alternative citizenship may seem like a daunting task. However, understanding the procedures can ensure peace of mind and accessibility to becoming a global citizen. Navigate the complexities of the Citizenship by Investment application process with our expert insights for a secure and informed investment journey.
Citizenship by Investment (CBI) programmes are valuable instruments to attract foreign direct investment, contribute to economic growth, and provide global mobility.
However, before a potential investor can enjoy the plethora of benefits that obtaining alternative citizenship has to offer. There is a stringent application process required.
In the Caribbean CBI region, they have restructured and implemented enhanced application processes.
To ensure that potential risks both locally and internationally are minimised or removed.
Step-by-Step Process for Caribbean CBI Programmes
Generally, the CBI application process requires a series of documentation and due diligence checks to ensure that the High-Net-Worth Individual (HNWI) submitting their application is legitimate.
In the Eastern Caribbean region, CBI applicants can access a wide range of investment opportunities such as eco-luxury real estate or businesses.
Caribbean CBI Programmes also offer global mobility, quality education and medical institutions, political stable region that is favourable for investors.
Caribbean countries that offer CBI programmes include Antigua and Barbuda, Dominica, Grenada, Saint Lucia, and St Kitts and Nevis.
This part of the application process typically takes a few months, considering several factors such the following:
Step 1: Selecting a Legitimate Authorised Agent and Documentation
Firstly, it is essential for the main applicant is required to select an Authorised Agent to assist with their application.
All Authorised Agents are approved by the host country’s Citizenship by Investment Unit (Unit) and no direct applications will be accepted.
Only Authorised Agents are mandated to represent the applicant when submitting a CBI application.
This will ensure that the Authorised Agent assists the main applicant with filling in relevant sections in their application and all supporting documents are included.
The main applicant will have visibility of the status of their application throughout each stage.
Read More: View St Kitts and Nevis’ Authorised Agents List here
Step 2: Due Diligence
Due diligence checks are essentially the background checks of the main applicant and applicable dependants included in the application.
The Caribbean stands out for its comprehensive due diligence procedures, employing a multi-layered approach.
Various entities contribute to the process, including the elected Authorised Agent, Citizenship by Investment Units, independent due diligence firms, law enforcement, intelligence agencies, and partner governments.
This collaborative effort enhances the effectiveness of due diligence in the Eastern Caribbean region.
Each application undergoes thorough audits to safeguard against security, financial crime, and reputational concerns. This ensures that only reputable and honest investors acquire citizenship.
This is done to mitigate these risks, including identifying any potential risks, therefore rigorous enhanced due diligence processes are crucial.
The due diligence agency will conduct background checks on behalf of the Unit and government of the host country.
The due diligence fees will vary depending on which country was selected and the number of dependants included in the application.
Step 3: Issuance of an Approval in Principle
Once the due diligence step has been successfully completed, the Unit will issue an Approval in Principle letter, providing instructions for the investment requirements.
Step 4: Selection of CBI Investment Option
Once the main applicant has demonstrated proof of investment, the applicant may then make the necessary contributions towards the chosen investment option.
Once proof of the contribution has been submitted, the Unit issues a certificate of registration, serving as evidence of citizenship.
The contribution amounts will vary depending on which Caribbean country the main applicant selected.
For example, should the main applicant apply for one of Dominica’s available real estate investments, they will be required to submit pay the post-approval Government fees in addition to completing the real estate investment prior to being issued with a certificate of registration.
Step 5: Citizenship Granted
Once the Government of the country has approved and granted citizenship, the applicant will be issued with a Citizenship Certificate.
Officiating the applicant as a citizen of the Caribbean country.
This Citizenship Certificate is typically issued about one month after the Government verifies the receipt of funds.
More importantly, the Citizenship Certificate is sealed and signed by a government authority for authentication.
Step 6: Application for Passport
The main applicant can now request for their Authorised Agent to submit a passport application. Issuing of a passport will follow for the applicant and to all applicable dependants.
Passports are issued by a separate authority and the waiting time is a couple of weeks.
Contact us should you need any assistance with the Citizenship by Investment application process.
