Over the past year there has been a sharp increase in wealthy Nigerians gaining dual citizenship to countries in the Caribbean to do business more effectively on a global scale. While Citizenship by Investment (CBI) Programmes have for decades been a viable option for Africans, recent unrest and the global pandemic have resulted in an increase in those wanting global mobility for both business and leisure.
CBI Programmes provide individuals with the opportunity to invest in countries such as Dominica in the Caribbean, to gain dual citizenship. This allows you to travel more easily, especially to Europe and America, opening doors to over 100 countries for visa-free travel. The global pandemic has only highlighted the increasing uncertainty Nigerians face. Neighbouring countries and the continent have a continual sense of worry in terms of government and economic instability, which is why so many Africans are exploring their options to diversify – to have a Plan B if needed.
With so many options out there, why are Africans specifically looking to the Caribbean? The close proximity to America means that from a business perspective it is easier in terms of time zones and travel distance. Dominica, for example, is also pegged against the USD due to its close proximity to the USA, so the currency is strong and stable. The lifestyle and language spoken is also appealing along with a number of cultural similarities.
“If there was ever a time to gain some certainty and diversify your options…it is now. Trying to apply for long-term visas or citizenship in other countries is a difficult, lengthy and often very frustrating process. CBI programmes help to alleviate this with quick turnaround times and an opportunity to invest directly into the betterment of the country. Whether through job creation via real estate investment or investment into education – you are assured that you are helping to enhance the lives of the people who inhabit the country,” says Micha Emmett, CEO of CS Global Partners, a London-headquartered legal government advisory and marketing firm.
This past year has highlighted the realisation that while most can seemingly work from anywhere in the world – for your business to develop and expand globally you need mobility. In the currently uncertain world enveloped by Covid-19, borders seem to close and open on a weekly basis. As such, a second passport is a powerful and much-needed business tool.