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Investing in the tropical Mount Cinnamon Resort in Granada, with its white-sand beaches, buys more than a corner of paradise – it is endowed with citizenship and a passport with visa-free entry in close Of 130 countries
Indeed, for the cash-strapped Caribbean states such as Grenada, "citizenship through investment" is a lucrative way to finance development and smart hotels, while reducing huge debts.
Grenada's growing list of countries, including four others in the Caribbean, are benefiting from a booming industry that offers citizenship or residency in exchange for investments while moreover in addition to people looking for political and economic refuges
. concerns about global security and illicit financial activities, especially as small countries reduce the price of citizenship as competition intensifies and disasters strike their economies, which increases the need for fast funds.
Grenadian Prime Minister Keith Mitchell said that his country had massively won since the launch in 2014 of a program allowing citizens to acquire citizenship by investing at least 150,000 US dollars.
Applications increased by 50% last year. This allows us to reduce our debt burden in a very serious way, "said Mitchell, whose government uses 40% of the proceeds of citizenship to repay its debts
.
St. Kitts and Nevis, Antigua and Barbuda, Dominica and St. Lucia also exploit the global market for citizenship valued by international councils. companies at $ 2 billion a year. All passports from these countries allow visa-free travel to the EU.
However, the initiatives taken by several Caribbean countries to reduce the price of citizenship following the hurricanes that ravaged the region last September raised concerns
. A series of scandals has highlighted the need to tighten controls and regulation, otherwise countries could see money dry up, experts say
which creates a potential conflict of interests between the duty of care and desire of "The governments of St. Kitts and Antigua were not available to comment, despite repeated requests."
Nationals from China and the Middle East are the biggest buyers of Caribbean citizenship, often sought by wealthy people looking for ease of travel or a "plan B" for a brutal exit for political reasons, According to industry experts
ns, including Great Britain, Spain and Malta, as well as New Zealand, Singapore and the United States have similar schemes, though more expensive , some of which require residence. The relatively low cost of Caribbean citizenship, promoted at international fairs and advertised in brilliant flight diaries, distinguishes islands from other countries.
Dominica bills US $ 100,000 and Saint Kitts – which has the oldest program in the region. Until recently, the family of four received citizenship for a donation of US $ 150,000 to a hurricane relief fund.
In Grenada, investors can acquire US $ 350,000 in a project like Mount Cinnamon or make a donation. $ 150,000 to a national transformation fund for the island.
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