Many people opt for a second passport so that they can have dual citizenship. Having dual citizenship has great advantages; you can shift bases from one country to another at the time of economic slowdowns. You can leverage the benefits offered by each of the passports to get tax rebates, visa-free entry into other destinations etc.
St Kitts and Nevis are Caribbean islands open to people from all over the world who wish to set up a second base in the island nation. St Kitts second passport can be of great help, and the process of getting a second passport via investment is quite simple.
7 Reasons Why It Is A Good Idea To Get A Second Passport For Island Countries Of The Caribbean
1. The Island Nation Allows Great Travel Freedom
Your passport has a considerable role to play in your international travel freedom. Many countries ban entry for citizens of certain countries based on their economic and political priorities. For instance, travelers from North Korea are prohibited in the United States Of America. But when you have a second passport from a Caribbean country, then that gives you immense global mobility.
According to the Henly passport index, most Caribbean passports have a good rank in terms of travel freedom. You can enter almost 140 countries, and these countries include the United Kingdom, the European Union, Singapore and Hong Kong.
In fact, citizens of most Caribbean island countries find it relatively easy to obtain a ten-year US visa which usually takes months of processing time when applying from other countries.
2. The Island Nation Allows Citizenship Without Any Mandatory Residential Period
Most countries have a minimum residential period when a person has to live in that country for an uninterrupted period to get a passport from that country. In many cases, this fixed residential period can be as long as five or six years. But most Caribbean islands are an exception as you do not need to stay in the country for any fixed period before applying for citizenship.
3. The Caribbean Nation Is A Great Destination For Tax Saving
One of the main reasons people wish to get citizenship in another country is to save some money in terms of tax payments. Many developed countries charge as much as 20 to 30% of the income of wealthy individuals.
If such high-net-worth individuals want to save money, then they should invest in those locations where the tax rates are low. Most Caribbean island nations allow income tax exemptions for its citizens. A 17% sales tax is applicable, but this tax rate is reduced to 10% in the tourism sector.
4. Caribbean Island Nations Allows A Variety Of Investment Options
Whenever someone invests in an asset, they look for the future growth potential of that asset. Again, investors like a variety of options when they are planning to invest a large sum of money.
Island nations in the Caribbean have numerous investment options, and that too in the real estate and tourism sector, which has excellent growth potential in the long term. So investors can gain citizenship by investment if they invest in real estate ventures like condos and villas. They can also buy shares in the development of five-star hotels and resorts.
Apart from this, a person can also invest in a sustainable growth fund where the main applicant has to pay 125,000 dollars, and for the spouse, a total amount of 150,000 is to be paid. Likewise, the amount increases slightly if you have one or more dependents with you. If you have the money, you can relocate with your entire family just by investing in the local economy.
5. The Island Nation Allows Citizenship By Descent To Your Children
Citizenship is given on the basis of descent when the parents or grandparents have been citizens of a country. If you gain citizenship of an island nation in the Caribbean by means of investment, then you can include your immediate family in the application process.
When you invest a certain amount, you, your spouse, your children below the age of thirty-one and your old parents can all gain a passport at once. Moreover, your future children or grandchildren can claim to get citizenship by descent once you have been given the status of a citizen.
6. The Processing Time For The Application Is Quite Less
Getting through the paperwork is quite tedious in many countries as the application for citizenship remains tied up in bureaucratic red tape for months and years together. But St Kitts and Nevis is an exception as far as application processing time is concerned. The processing time is relatively less, and all the formalities get completed within a span of three to six months.
In fact, if you are in a great hurry, there is an accelerated application process as well. In this case, the processing time reduces to just forty-five to sixty days.
7. The Application Process Is Kept A Secret
One of the major reasons why many high-net-worth individuals and big companies are shifting base to Caribbean nations is that the entire application process and the acceptance of the application are kept secret.
For instance, if you are a resident of any country in the European Union, then your native country, where you might hold citizenship by birth or descent, will not be automatically intimated of your application for a new passport. Since the other nation is not automatically intimated of the application process, it saves a lot of legal hassles, and you get the time to plan your taxes properly.
Having a second passport has several advantages, like having a second home for your family, saving on taxes, and escaping in case any civil strife or economic turmoil ravages your home country. St Kitts and Nevis is an excellent choice for getting a second passport since the application process is relatively easy, and the passport allows entry into multiple countries and offers a tax-free income.