British Citizens Seeking Second Citizenship to Bypass Travel Restrictions Caused by COVID and Brexit
British nationals could be barred from entering the European Union from January 1st due to COVID safety requirements. Under the rules, British travellers will have to abide by the same travel restrictions as non-Europeans after freedom of movement comes to an end on December 31st. Travel to the European Union will only be permitted on an essential basis and only countries with low infection rates will qualify for non-essential travel.
CS Global Partners, a legal advisory and marketing agency that specialises in Citizenship by Investment (CBI) Programmes, has reported an increase in British applicants seeking second citizenship. With the possibility of a no-deal Brexit becoming increasingly likely, high net-worth individuals are looking for ways to diversify their wealth in the face of unpredictability.
"Put simply, Brexit has left people uncertain about their future. Whether it is your business, family or just the security and stability you want from your government. It has made many think of what their options really are. What is the 'Plan B' if Brexit does not favour your personal situation or the overall economic state of the country. Citizenship by Investment provides that safety net and the financial freedom they crave. As a company, we have seen a marked increase from British citizens in applying to our programmes in the Caribbean; specifically, to the Dominica CBI Programme," says Paul Singh, Director at CS Global Partners.
The Caribbean has held a monopoly on the CBI industry for a number of decades. The first CBI Programme was introduced in St Kitts and Nevis in 1984 and has since come to be recognised internationally as the 'Platinum Standard' within the investment migration realm. Additionally, the Commonwealth of Dominica has been ranked the world's best offering for second citizenship by an annual independent study conducted by experts at the Financial Times' Professional Wealth Management magazine.
Investors interested in acquiring second citizenship must first make an economic contribution through an investment channel and undergo stringent due diligence checks. Once approved, successful applicants gain access to a wide-range of benefits. This includes increased global mobility, the right to live and work in the country and the invaluable option to pass down citizenship down for generations to come. Revenue generated under the Programme is then invested into the host nation, contributing to its national development.