While the results are being contested by the Trump Administration in US courts, it becomes more and more clear that Joe Biden has won the 2020 US election. With each passing day, global leaders and economic & finance experts turn their focus to what the next four years of a Biden Administration will look like, and the impact it may have on the global economy.
Furthermore, high net worth individuals who have been considering second citizenship are now faced with new considerations. Will a Biden presidency result in more favorable conditions for global trade? Will pathways to working and residing in the United States become more available? Some questions have yet to be answered, and the next four years will certainly contrast starkly with the prior presidency.
One thing is for certain: citizenship by investment remains a time-tested and proven method of accessing new business opportunities, finding relief from global taxation, and accessing new business, work and residency opportunities abroad.
To help investors understand the potential impacts of the most recent US election and what it might mean for citizenship by investment, our expert CBI consultants have examined the most recent data and provided insight into second passport options.
Global Mobility and Expanded Trade Opportunities
For the last four years, tension between the United States and key trade partners such as China and Europe had detrimental effects on world trade relations. For companies that thrive on certainty, a Biden Administration might mean a better business environment and more opportunities.
Biden has made it clear that he intends to pursue a softer, more collaborative approach to trade relations. If the United States embraces globalization, economists expect to see the positive ripple effect around the globe. Regions that are hardest hit by restrictive trade policies with the US are likely to benefit the most. Chinese, Russian and Indian nationals are particularly tuned into the process, as they stand to be impacted most by the outcomes.
For decades, a stable economy and strong foreign trade relations have been the driving motivation for foreign investors to seek pathways to America in order to conduct business. The effects of the global pandemic and political turmoil in the US have forced some wealthy foreigners to reconsider their investment options.
Why HNWIs are embracing Citizenship by Investment in Grenada
Over the course of the last several years, the number of HNWIs looking overseas for refuge from uncertain economies has substantially increased. Despite the economic ups and downs in the US, America is still an attractive prize for investors seeking business opportunities and better education and work conditions for their families.
However, accessing the United States has been increasingly difficult, with many visa programs halted or drastically reduced as the coronavirus rampages throughout the globe. Furthermore, the cost of obtaining a US visa is considerably high, to the point where it is inaccessible for most investors.
The barriers for entering the US, coupled with economic conditions caused in part by the pandemic, has caused demand for Caribbean citizenship to drastically increase worldwide. Caribbean nations have ramped up efforts to attract wealthy foreigners seeking better opportunities abroad.
Even American citizens have begun to examine second citizenship options in the Caribbean. Disenchanted with the political and social climate in the US, more and more Americans are closely examining countries like Grenada, St. Kitts & Nevis and Dominica as attractive options.
The Caribbean offers a number of key benefits to foreigners seeking a second citizenship. The most attractive benefits include:
- Visa free travel to over 140 countries
- Expedient passport processing times
- Citizenship for families
- Relief from global taxation
While every Caribbean country has unique benefits, the Grenada citizenship by investment program offers a key advantage to non-US citizens: the ability to work and live in the United States.
Grenada has a treaty of trade and commerce with the US, and this unique distinction grants Grenadian citizens the ability to apply for the converted E2 visa. This highly sought after visa allows foreign investors to start a business in the United States, and allows spouses and children access to the best education and job opportunities in America.
Grenada citizenship on its own is incredibly valuable, but the added benefit of having access to the E-2 visa is what gives Grenada a competitive advantage over practically any other CBI program in the world.
The US E-2 investor visa offers these attractive opportunities:
- The ability to operate a US-approved business.
- Investors can sponsor specialized employees from their home country.
- The investor and their family can spend 120 days in the US without having to pay global income taxation.
- Children can attend the most sought after US public schools.
- Spouses can work anywhere in the United States.
- The visa can be renewed an unlimited number of times.
While some investors seek second citizenship programs for personal or social reasons (perhaps to escape turmoil in their home nation), the draw for many HNWIs is the ability to access new business opportunities in one of the most reliable economies in the world: the US.
For this reason alone, a Grenada citizenship is by far the most accessible, affordable and strategic option in the Caribbean.
To put it simply: the pathway to the United States begins with a Grenada citizenship.
Looking Ahead To 2021
As the world transitions to a second year of the global pandemic, and the US works to certify the next President, it’s clear that citizenship by investment will continue to soar in popularity as a way to access better business, social and political climates. HNWIs who are seeking affordable second citizenship options should take a deeper look at what the Caribbean has to offer.