Micha Emmett, the CEO of investment migration firm CS Global Partners, recently spoke to CBS Miami on why there has been increased interest from Americans seeking second citizenship. According to Emmett, this is due to a myriad of factors, including concern for the future, the need to protect one's family and wealth, along with better travel prospects.
Over the last year, these worries have been exacerbated due to the pandemic, with more individuals and families beginning to recognise the need to have a Plan B during times of crisis. This has led to a sharp increase in enquiries in routes such as Citizenship by Investment (CBI) – an initiative that empowers investors to make an economic contribution to a country in exchange for its citizenship.
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"We have seen a 42% increase from previous years to last year in terms of interest from the U.S," Emmett told CBS. "The number one reason people cited was a better life for their families."
The Caribbean has emerged as a popular destination for Americans looking overseas due to its proximity to the US, along with its vast CBI options. The concept was pioneered in the region in St Kitts and Nevis, which continues to operate the longest-standing programme in the industry and has been dubbed a 'Platinum Standard' brand. Similarly, Dominica has also been internationally acclaimed as offering the best route to second citizenship on the market by the annual CBI Index conducted by the Financial Times' PWM.
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Once passing the necessary due diligence checks, successful applicants gain access to increased travel freedom, alternative business prospects, second home and lifelong citizenship that can be handed down for generations to come.
With much of the globe still grabbling with the COVID-19 crisis and its lingering fallout, it has become even more critical to have a backup plan that can be utilised during volatility. Whether it's a global pandemic, social unrest or economic instability, a second citizenship can help diversify your assets and hedge against uncertainty or risk.
"It has made us nervous, hasn't it? No matter where you sit. Every country has its challenges, so how nice to have an option. That's all we're offering – an option," Emmett noted.
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