In yesterday's blog, I described a program for "economic citizenship" from Lithuania, that, according to the Lithuanian embassy, has no legal basis. For that reason, I recommend avoiding it.
However, two countries—the Commonwealth of Dominica and the Federation of St. Kitts and Nevis—have "citizenship by investment" programs fully authorized in law.
Dominica, sometimes called the "nature island of the Caribbean," is located approximately 300 miles southeast of Puerto Rico. Not to be confused with the Dominican Republic, it's an amazing island with mountains rising nearly 5,000 feet out of the ocean, a boiling lake, and the last original settlement of native Americans in the Caribbean. A former British colony, Dominica has been independent since 1978.
Dominica's gorgeous scenery, clean water, pure air, and a largely unspoiled environment have made it a popular eco-tourism destination. But the country’s rugged coastline, lack of sand beaches, and the absence of a large international airport have hindered its growth. Dominica also is periodically affected by hurricanes, although it's at the southern tip of the Caribbean hurricane belt. Last summer, it suffered a severe blow from Hurricane Dean, although damage was limited to its agricultural sector and didn't seriously affect business or tourism.
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With a price starting at only US$75,000 for a single applicant (US$100,000 for a family), the cost of Dominican economic citizenship and passport is relatively low. Legal and due diligence fees add approximately US$25,000 to these costs. To qualify, you need to pass a background check, have a genuine interest in Dominica, and speak English fluently.
With a Dominican passport, you can travel visa-free to about 50 countries and enter another 40 or so by obtaining a visa upon entry or with minimal formalities. The passport provides a substantially expanded ability to live or work in any of Caribbean Community (CARICOM) countries, which in addition to Dominica are Antigua & Barbuda, The Bahamas, Barbados, Belize, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts & Nevis, Saint Lucia, Saint Vincent & the Grenadines, Suriname, and Trinidad & Tobago.
Like Dominica, St. Kitts & Nevis are beautiful islands. The mountains aren't quite as tall, but the scenery remains breathtaking. Former colonies of Great Britain, these two sister islands form a federation that has been independent since 1983. A bit further north than Dominica, St. Kitts & Nevis is also subject to hurricanes. In 1998, Hurricane Georges caused more than US$400 million in damages.
St. Kitts & Nevis is somewhat more prosperous and developed than Dominica, and the price of the economic citizenship program is higher. There are two options: you can purchase qualifying real estate with a value of US$350,000 or more (plus a one-time 10% payment of property tax), or make a contribution of US$200,000. Application, registration, due diligence, and legal fees add a minimum of US$15,000 to these figures; substantially more if you opt for the qualifying real estate option.
The St. Kitts & Nevis passport provides slightly improved travel options in comparison to Dominica. Since St. Kitts & Nevis is also a CARICOM member, the benefits of improved access to CARICOM countries apply to both passports.
But perhaps I'm getting ahead of myself. Why get a second passport at all?
There are many reasons. A second passport can expand your travel possibilities. It can also protect your identity, should you ever need to keep your nationality a secret for safety reasons. It can give you the right to reside in other countries, and give you a way to cross international borders if your primary passport is lost or stolen.
For U.S. citizens, a second passport has another benefit—it's a necessary prerequisite if you want to legally disconnect, once and for all, from the U.S. tax system. The only way to eliminate all U.S. tax liability is to cease being a U.S. citizen. But before you do so, you must obtain citizenship and passport from another country.
The Nestmann Group, Ltd. can provide assistance to qualified individuals seeking second citizenship and alternative residence. Please contact us for more information at assetpro@nestmann.com.
Copyright © 2007 by Mark Nestmann
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