Second citizenship has become the latest luxury item to have in today’s climate. Many are acquiring a dual nationality as a means of bettering their circumstances, whether financially or otherwise. Interestingly, millennials, particularly those in the tech field, are beginning to plan for their future by acquiring second citizenship to better access mobility, security and a better quality of life. As much of the world, diverts to remote working, many of these young professionals are looking to become digital nomads to expand their economic opportunities. The developing world, particularly countries in Africa and Asia, is home to the world’s youngest populations and the fastest-growing demographic of high net-worth individuals, making it a source for untapped potential within the Citizenship by Investment market.
Within the last year, the popularity of Citizenship by Investment Programmes — an initiative that grants citizenship in exchange for an investment into the nation’s economy – has surged, bringing it to the mainstream stage. The programme was first introduced in 1984 in St Kitts and Nevis, a dual-island nation in the Caribbean, to diversify the economy. Now, St Kitts and Nevis’s CBI Programme is recognised as a Platinum Standard brand due to its longevity and adaptability.
“We have the longest experience in citizenship by investment programmes around the world. Every programme that has come after 1984 is a permutation, if you will, of the St Kitts and Nevis Citizenship by Investment Programme,” said Prime Minister Timothy Harris during a recent webinar.
A single applicant must only invest $150,000 in the Sustainable Growth Fund and pass the necessary security checks to become a citizen of St Kitts and Nevis. Successful applicants unlock a range of benefits, including visa-free access to over 150 nations across the globe, the right to live, work and study in the nation and lastly, alternative business prospects that will have you on the door front of the world’s largest economy – the United States.
Furthermore, millennials who invest in St Kitts and Nevis’s CBI Programme recognise the measurably positive social benefit they make to the nation. Revenue generated under the programme is channelled back into national development areas that span from tourism and climate change to infrastructural development and education. Lastly, those who choose to reside in St Kitts and Nevis can create a home in a stable democratic nation that prioritises its citizens and protects the rule of law.
“Second citizenship is the perfect tool for millennials with successful innovative tech start ups who are looking to become digital nomads,” says Paul Singh, Director at CS Global Partners, a leading government advisory and marketing firm specialising in Citizenship by Investment.
