Ranked as the fourth happiest country in the world, remote South Pacific island Vanuatu combines high levels of wellbeing with a low carbon footprint and a culture of inclusion, and it’s one of the last places on Earth with no confirmed Covid cases. And for just US$130,000, foreigners can become citizens in just 45 days. So why wouldn't you?
While applications for Dominica’s Citizenship by Investment programme have slowed during Covid, there's been no slowdown in the construction of the island's CBI-approved developments – eco resorts and hotels – all of which have continued construction at pace despite the pandemic.
While applications to Antigua & Barbuda’s successful citizenship by investment programme have continued throughout the pandemic, the numbers of applications have only recently returned to what they were pre-coronavirus, according to the Caribbean nation’s Citizenship by Investment Unit.
Driven by the rapidly increased demand in the Middle East region for citizenship by investment due to the pandemic, leading Dubai-based CBI advisory group RIF Trust has unveiled the CART Programme, which is aimed at empowering its partners to succeed.
In July 2020, the tourism-reliant Caribbean island of Barbados unveiled a 12-month visa to attract remote workers, and then in September, announced its intention to become a republic next year. With the pandemic having hit its tourism sector hard, could Barbados be revisit its plan from 2016 to launch a citizenship by investment programme?
The government of Dominica has expanded its citizenship by investment opportunities, which includes its successful CBI programme, with the launch of a brand-new initiative. The Entrepreneur Visa Program lets foreigners acquire a residency permit to Dominica, from which they can then obtain citizenship, in exchange for investment in the country.
As Dominica continues to build its luxury hotel eco-tourism sector and prioritises the building of its international airport, much of this funded by its successful Citizenship by Investment Programme, Caribbean Airlines begins regular flights for the first time between Barbados and Dominica, with four flights per week to run by mid-October.
Increased demand for economic citizenship of Vanuatu has given the cyclone-battered south pacific island a massive financial boost, achieving a record US$33.3 million surplus in the first half of 2020 and marking a 32% year-on-year increase in citizenship-related revenues, exceeding, by August, its annual projection.
Approved as an investment property by Dominica’s Citizenship by Investment Programme, the award-winning eco-luxury development, Jungle Bay, which is set to re-open in October 2020, has continued the building of its phase one and phase two developments throughout the pandemic with 60 new investable eco villas due to complete early 2021.
If well executed, a Citizenship by Investment Programme (CIP) can, and does, bring countries much-needed investment to help boost economic growth, create jobs and fund development. And with the negative effects of the pandemic taking hold, such programmes could become even more of an economic lifeline.