Citizenship by investment programmes are becoming popular amongst Nigeria’s elite – here’s why
In today’s world, there is no better backup plan than investing in a second citizenship, and a growing number of high-net-worth Nigerians realise the value of diversifying their wealth beyond their own country. And they are looking for alternative citizenship to do this.
There are a variety of paths one can take when seeking second citizenship, which can vary from descent, naturalisation, or marriage. However, there is a faster route for investors looking for a quick solution: citizenship by investment.
The significant decline in Nigeria’s passport power and the struggle to obtain visas often makes it difficult to expand business overseas. Furthermore, the economic impact of COVID-19, the drop in oil prices and the devaluation of currency have highlighted the need for a backup plan.
Nigerians want options, a stronger passport for business, a global lifestyle for themselves and their families, access to some of the world’s top schools for their children, and a bright future without the worry of being bound to borders. Second citizenship is the perfect option for forward-thinking investors.
One of the most popular routes to acquiring a second citizenship is through citizenship by investment (CBI) programmes. This process grants citizenship in exchange for a qualifying investment into the host nation’s economy.
The Caribbean island of St Kitts and Nevis has been a popular choice for Nigerians as it opens doors to major business and education hubs across the world. It also offers a cost-effective and speedy route to second citizenship for time-poor Nigerians.
St Kitts and Nevis – The ‘Platinum Standard’
Introduced in 1984, St Kitts and Nevis’ CBI programme has nearly four decades of experience and is considered the ‘Platinum Standard’ brand within the industry. Recently, St Kitts and Nevis was awarded the CBI programme by the Financial Times’ Professional Wealth Management (PWM) magazine. With a strong international reputation, the programme is a popular choice for investors.
Those who apply to become citizens of St Kitts and Nevis must make a one-time investment to its Sustainable Growth Fund and must also demonstrate that they are of high moral standing. They must also show proof of a clean source of funds before approvals are granted.
“Nigerians who apply for St Kitts and Nevis’ Citizenship by Investment can dramatically increase their personal and economic freedoms. It also gives applicants the privilege of travelling the globe due to the high respect and relationship that the island nation has with most countries in the world,” says Dr the Hon. Timothy Harris, the Prime Minister of St Kitts and Nevis.
Applicants who pass the necessary vetting procedures gain access to life-changing benefits, including citizenship for life, the ability to pass down citizenship to generations to come, increased travel freedom to nearly 160 destinations, and the right to live and work in a thriving nation. Furthermore, applicants gain access to alternative business prospects in a country with a currency pegged to the US dollar.
Those interested in becoming citizens of St Kitts and Nevis can also take advantage of an exclusive limited time offer currently operating until December 31st 2021. The temporary discount allows a family of four to acquire citizenship for the same price as a single applicant, reducing the investment required from USD 195,000 to USD 150,000.
The need for second citizenship has never been greater, and wealthy Nigerians are realising that investing in it is no longer a luxury asset. A second nationality is an essential step to internationalising their lives, which can dramatically increase their personal and economic freedoms.