One of the most common things that future-oriented people do is to always look for opportunities to further increase their wealth or assets.
In this economically unstable world, spreading resources always serves as a smart strategy for safeguarding one’s financial security. Along with this, it is always beneficial to create new avenues of income.
Among the opportunities for wealth growth that is now relatively common is investing abroad. For this, some high net worth individuals (HNWIs) look into second citizenship programs that allow them to invest in everything — from prime real estate to new businesses in a nation where the economic environment presents favourable conditions — such as the countries in the Caribbean.
Getting a second citizenship in a Caribbean nation has been quite a trend and is working effectively for a lot of people who long for financial prosperity and better freedom of movement. Through the program, many are able to tap into additional income streams.
To provide you a better idea of how it works, listed below are some of the opportunities for increasing your wealth when obtaining a second citizenship in a Caribbean country.
1. Luxury property investments
Luxury real estate investments in the Caribbean are known to create different business possibilities. One easy business opportunity for luxury residential real estate investors is to list their property with Airbnb or some other holiday home rental site.
With Airbnb, you can rent out the different rooms of your home to tourists who need a nice place to tuck in for the night after a day of exploring in the island. This is a solid income generator especially since AirBnB’s growth in the Caribbean region has been unprecedented in the last three years.
According to a report released by Ted Rogers School of Management at Ryerson University:
“Tourists are mostly motivated to book Airbnb accommodations because of their low cost, convenient location, and household amenities.”
Therefore, jumping on this travel trend is something you can capitalise on.
If you have the money, you can also transform your property into an inn with various amenities. Since the Caribbean attracts tourists from different parts of the globe all year round, you can have a prosperous business by providing them with a beautiful place to stay that also caters to their unique requirements.
2. Commercial property investment
Having a Caribbean citizenship makes it easy to invest in commercial properties as well. If you have money to purchase commercial spaces throughout the island, you can rent them out to businesses that need a venue for their operations.
Or, you can even partner with business solutions providers that offer SMEs with service packages that include a commercial space.
With more people opting to become business owners instead of company employees, you can generate additional steady income from investing in commercial property that you can rent out.
3. Additional security benefits
Among the top advantages of having a second citizenship in the Caribbean is the option to relocate anytime should your home country become destabilised.
One of the top reasons for having a second passport is for better freedom of movement, but a security and movement hedge is also something that more and more wealthy people see as critical to maintaining their wealth for future generations.
4. Easier to set up shop
If you have dual citizenship, you can easily practice your profession (if you have the necessary qualifications) and establish yourself in the Caribbean. You do not have to apply for a work permit or visa as a foreigner and be limited by the time and other restrictions it comes with.
5. Business start-up is easier
Obtaining a second citizenship in a Caribbean nation also makes it easy to launch a startup and target an unsaturated market.
If you are a business owner, this is not the only benefit you can derive from by launching your operations in a different country. You can also potentially take advantage of lower manpower and overall operational costs.
It is worth mentioning, too, that Antigua and Barbuda have the only Special Economic Zone classification in the Caribbean— where import and export taxes and corporate taxes are waived. Your business can also benefit from Antigua and Barbuda’s international trade agreements with Europe, the United States, Canada and other Caribbean countries.
The unique way of life in the region provides enterprising minds the opportunity to become pioneers in certain industries. The different culture and location create the perfect conditions for new businesses to thrive.
For instance, if you are a chef that specialises in South American cuisine, you can be the first to bring such a restaurant to St. Kitts. The novelty of your offering will trigger locals’ interest, and at the same time, you can easily attract global travellers visiting the island that will enjoy the incredible blend of indigenous, African, Spanish and Portuguese roots.
All in all, if you are looking for a fresh start and a new way to increase your assets and other resources, set your sights much further.
Do not limit your options to where you are currently based and explore the potential of a different territory such as a country in the Caribbean. It may just prove to be your greener pasture.
Kaline Kennard is the co-founder of Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.