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Wealthy Individuals Are Benefitting from Citizenship by Investment

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Wealthy Individuals Are Benefitting from Citizenship by Investment The concept of dual citizenship is an United States and South East Asia. attractive one for any high net worth individual looking to increase their global Vardikos & Vardikos attorneys provide mobility, optimise their tax affairs, and corporate clients and private individuals create a safe haven for themselves of high net worth with comprehensive, and their family members. Having effective, and confidential legal services, a second passport not only opens and one of their areas of specialisation doors and creates opportunity for the is Citizenship by Investment. individual, but also provides essential investment to the country offering The firm, in the Caribbean, is an citizenship. It is a win-win situation. Authorized Representative and Service Provider of the Citizenship by Investment St Kitts & Nevis was the first country Program of Dominica, Antigua and to officially launch a Citizenship by Barbuda and St Lucia. In Europe, the Investment programme in 1984, the firm promotes and files all applications Commonwealth of Dominica followed under the Citizenship by Investment in 1991 and now there are many Program of Cyprus, Malta, Montenegro more countries in the Caribbean, and Moldova. In addition, Christos Th. Europe, and beyond that are Vardikos is Consul of the Commonwealth benefitting from these schemes. of Dominica in Greece and represents the Ship and Yacht Registry of Dominica. The details and conditions of these various schemes vary considerably, which is why “Dual citizenship enables investors to it is absolutely essential to have expert make business more efficient, and move advice from an international law firm with around the world almost effortlessly,” considerable experience in Citizenship by says Christos Th. Vardikos, Senior and Investment – like Vardikos & Vardikos. Managing Partner at Vardikos & Vardikos. Established in Athens, Greece, since “As much as it seems that borders and 1888, Vardikos & Vardikos is an bureaucracy are fading into oblivion, international law firm with affiliates even those who possess great and associates worldwide. Their assets are continuously running into international clientele come from all limitations. Here is where a second around the world, including Europe, the passport comes in as a solution – by Global citizens More wealthy individuals are benefitting from Citizenship by Investment – enjoying greater mobility, increased security, and optimised taxation while also providing essential funding for nations. Experts Vardikos & Vardikos highlight the best schemes available worldwide. 40 | UNIQUE UNIQUE | 41 granting instant access to multiple Vardikos says that for a long time, “Applicants want to have access to a countries, allowing tax optimisation, and Dominica’s economic citizenship Program that gives them unconditional serving as an element of prestige.” program had the most favourable cost Citizenship with a 10-year passport options. With the additional fees (for from day one of their Naturalisation and Caribbean countries are very popular due diligence and other) included, the with no obligation to visit or to reside among wealthy individuals planning minimum investment goes just above in the country island for any period to invest in second citizenship. US$100,000, which unsurprisingly saw it of time, they want a smooth process There are many reasons for this: become popular among foreign nationals. and this only Dominica offers.” • Freedom of movement. A Caribbean Dominica Passport gives access to 140 passport opens borders of more countries around the globe and gives a full Should the investor choose to obtain than 130 countries around the globe, unconditional citizenship that is transferred citizenship through real estate purchase, including the UK, Singapore, Hong to all future generations by birth and at no Dominica offers US$200,000 selections, Kong, Schengen countries, Russia cost as other in other Caribbean Islands. versus US$300,000 in St Lucia and Federation, China and provide e-visa US$400,000 in Antigua and Barbuda. for countries such as the United Arab To finance rebuilding and economic But real estate has its pitfalls. Emirates and Turkey. recovery after the latest hurricane • Asset protection. Second citizenship onslaught, the authorities of other Deciding whether a contribution to the is an excellent way to create a safe Caribbean nations were forced to state fund or purchase of real estate is harbour outside your home country. reconsider the price policies of their own the best option is down to the individual • Tax optimisation. There is a very Citizenship by Investment programmes. applicant. With a contribution to a state favourable tax environment in the Antigua and Barbuda, for instance, has fund, that investment is non-refundable. Caribbean – no taxation on world also decided to allow foreign investors Real estate on Antigua can be resold income, dividends, or inheritance. to donate US$100,000 to a state fund after five years, and just three years • Possibility of obtaining a long-term visa and obtain the Antiguan passport in on Dominica. However, the donation to the USA and Canada. exchange. The same applies for St Lucia. option is less expensive and therefore • Absolute confidentiality. No third party often more attractive to investors. In will know about your second passport. “How much funding they will attract thanks general, all Caribbean Governments • No requirements for permanent to this cost reduction remains to be seen, have a list of approved Real Estate residence. You don’t need to reside in but today, Antigua and Barbuda offer Projects where the applicant most of the the country of your choice either before optimal conditions for a family of four,” times becomes an equity shareholder or after receiving a passport. The only explains Vardikos. However, Dominica in the project and rarely obtains a exception here is Antigua and Barbuda, retains the image of the most accessible title deed of property ownership. where, in order to retain citizenship programme, and economic immigration Professional Wealth Management passport, the world and countless by Investment programmes and free status, the investor must spend five experts are still recommending it as In 2017, 2018, and 2019 reports magazine, the Commonwealth of possibilities are far more accessible.” consultations. While the Caribbean days within the first five years. one of the most sensible choices. conducted by the Financial Times’ Dominica led the list of states that offer is a specialist area for the firm, there a second passport in exchange for Vardikos & Vardikos offers detailed is increasing interest in their home investment. The Dominican programme information about Dominica, St Lucian country of Greece, and its own scored 90% in the CBI Index based or Antigua and Barbuda Citizenship Residency by Investment programme. on various criteria: affordability, ease of registration, freedom of movement, lack of conditions for compulsory travel or residence, ease of security screening, and living standards. Quick processing is one of the trademark features of Caribbean programmes. Dominican, St Lucian and Antiguan Citizenship by Investment application processing takes about same amount of time, which is three to five months. The donation or investment in real estate is only made after the Government issues approval of the investor’s candidacy. “Having a Caribbean passport is a great way to take care of business and your family welfare,” says Vardikos. “It makes sense to obtain Dominican or Antiguan or St Lucian investment citizenship to secure your family and assets, and not depend on political or economic environment in your home country and streamline CHRISTOS TH. VARDIKOS WITH THE PRIME MINISTER OF DOMINICA HON. DR ROOSEVELT SKERRIT visa procedures. With your Caribbean 42 | UNIQUE UNIQUE | 43 Greece is strategically located at the crossroads of Europe, Asia, and Africa. This makes it a prime location for investors with a global business mindset. Greece is a democratic and developed country with a high standard of living and a member of the European Union. Besides its cultural significance and summer sunshine making it a prime tourist location, Greece warmly welcomes investors seeking business opportunities and offers its residents a high quality of life and a very high standard of living. The Greece Residency Permit allows the investor, and their direct family, to live, study and work in Greece and other EU member countries provided they meet the necessary requirements. Greece offers Residency by Investment, Golden Visa options to individuals who wish to purchase real estate or perform a strategic investment in the economy. Key benefits include: • Freedom to travel or live visa-free in Europe. The individual and his/her family will have the right to not only live year-round in Greece, but also stay without any time limitations in the Schengen area. • Opportunities for doing business. Holders of residency have the right to buy real estate, register and manage a business. • No requirement to stay in Greece. permits may be granted to the legal “Under specific conditions, this without working, can apply for a Greek There is no need to stay in the representative of the investor and to up to alternative tax regime provides the residence permit based on independent country for a fixed period of time. 10 additional persons, who shall act for the non-dom tax resident with the right to income or funds from outside the • Access to public education. Holders implementation of the investment plan.” pay a total amount of €100,000 per country via retirement benefits or a have the right to educate their year for any income arising outside pension, virtual job, business, savings children in educational institutions of A new law introduced by the Greek the country, irrespective of its sum, or grants. This type of residency permit the Schengen countries. government offers residency permits and be discharged of any tax liability is issued for a period of two years and • Healthcare. Citizens can also benefit to non-EU foreign citizens that buy for this year,” explains Vardikos. can then be extended, on the condition from the world-renowned and property.
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