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If you like to travel, it is natural that you would look for a way to see the entire world. So, if one passport was giving you a license to visit 140 countries, would you apply for it? The answer will be a yes! And this is where a Caribbean passport comes in. It is the magic key with multiple benefits of their owner. In this article, we will be discussing these benefits one by one. There is a lot to learn when it comes to getting a Caribbean passport so hang tight.
You Will Go Around the World
Whether it is for business growth or wanderlust, everyone wants a better opportunity for exploration. There is a greater mobility which comes with the Caribbean passport. It is important to understand that for business ventures, traveling within the Caribbean and to different destinations will be far easier as a citizen of one of the countries than a foreign business owner. Let us have an overview of how much of open travel you can benefit from when you apply for citizenship:
- St. Kitts and Nevis has a visa-free access to 135 destinations like the UK and Singapore
- Grenada offers a visa-free travel to 135 places like the UK, and China
- Antigua and Barbuda will give their citizens access to 165 destinations around the world like Spain and Russia.
- Dominica offers mobility to 130 countries like Singapore and the UK
It entirely depends on your goals to choose which country to apply in. The passports all have different perks so mobility becomes a big factor in making the final decision. To get the application process started, make sure to apply at https://imperiallegal.com/caribbean-passport.
Additional Safety and Security
When one applies for a second citizenship, it will be to a place where they can hypothetically stay safely without any concern for their well-being. This is a benefit Caribbean offers to all of its visitors and permanent residents. The Caribbean does not operate in isolation and it allows for all of their residents to find a home in a safe place where they can imagine a bright future.
Even with a second citizenship by investment, one can score residency in a safe country like Dominica. Antigua and Barbuda along with Grenada are some other destinations that are not only ons where one can live comfortably without worrying about their safety and security.
Little to No Prerequisites
It is important to know that there are minimal requirements that an individual has to cover in order to get a Caribbean passport. Some countries like St. Kitts and Nevis, Grenada, and Dominica do not have the requirement of an applicant needing to stay in the country to apply for citizenship.
This is only applicable for individuals who are looking to gain citizenship through investment. There are some exceptions to this rule in Antigua and Barbuda. But the requirement is for the applicant to stay at least for a five day period in the first five years of their citizenship. For anyone investing for a passport, this is a win-win situation as they will get to spend a holiday at the beaches of this beautiful Eastern Caribbean country.
The connectivity is not an issue and one can easily plan to fulfill other necessities during the period. They will have to take the Oath of Allegiance and also open a bank account in the country. Other mandatory requirements which are easy enough to follow include that the applicant should be an adult, i.e. over 18 years of age, and should not have a criminal record.
An Economical Investment
Here we are talking about getting citizenship through investment but it is still economical as compared to other options. Many countries across the world offer citizenship through investment but the Caribbean is one of the most cost effective ways to gain a second passport. Different countries have different rules and payment options.
Dominica costs about 140,000 USD which includes all the fees for processing so nothing else will have to be paid. This fee is only applicable for single applicants. If an entire family wants to get second passports, Antigua is a good destination. Investment of 180,000 USD the main applicant can secure their citizen status with three of their dependents.
The primary source of investment is two real estate which becomes a great source of revenue or at least a place to stay during your visits. One way to take maximum benefit of the investment is by making the real estate a rental property which will generate revenue periodically as the Caribbean is a popular tourist destination. It is also a great way to feel secure in the financial condition by having another home in a distant country.
Great Tax Benefits
We cannot miss out on the tax benefits you will be taking advantage of with your second passport. An entrepreneur sees the best of their finances which can be achieved through tax benefits. In a country like dominica, a permanent resident can get:
- There is no restriction on repatriation of profits or imported capital
- There is minimal taxation
- Complete exemption from import duties, tax incentives, and export allowance
- Other advantages as per the treaty signed between CARICOM and the US
If we strictly talk about doing business or seeing it as a potential place of entrepreneurial ventures, it will be a great idea. The Caribbean currency has a fixed exchange rate with the US which has numerous benefits for an individual with dual citizenship.
The Takeaway
It is important to know how much one can gain from an investment when it is for a second residency. There is no shortage of Caribbean countries to apply at but one needs to choose on the basis of the opportunity they have been given. It is important to know just how much one can afford to give out and how much revenue they can eventually earn back from it.