For most wealthy Africans, the allure of holding a second passport has evolved from a luxury to an outright necessity. From providing a hedge against the political and economic uncertainty currently plaguing the African continent to overcoming immigration and travel restrictions, and increasing access to global business, education and leisure for themselves and their families, second citizenships now help HNWIs compete on a global scale and provide access to enjoy a much better quality of life than is obtainable in their home countries.
Nigeria, for instance, is bracing for its worst recession in 30 years, and with her land borders still firmly closed, trade stifled, inflation on the rise and unemployment and its corresponding impact on security looming like a dark cloud over a fine summer afternoon, there is perhaps no better time for Wealthy Nigerians to seek the safety net that a second passport provides.
Grenada, or the ‘Isle of spice’ as it is romantically called for its abundance of nutmeg and mace crop has become an increasingly popular choice for wealthy Africans seeking a second passport. It’s very well-thought-out citizenship by investment programme created in 2013 to drive its economy, continues to draw HNWIs from across Africa for a number of reasons. Firstly, Grenada does not require its second passport holders to live in the country permanently or for any duration at all. Holders are free to live wherever they please as their business or lifestyles demand. Next, when combined with the Nigerian passport, Grenadian passport holders get visa-free travel to 163 countries and territories which account for 58.7% of the world’s GDP, including the US, China, Russia, Singapore, and the EU Schengen zone.
But it doesn’t quite stop there. Through its E-2 treaty with the US, holders of the Grenadian Passport can use the country as a springboard to live and work in the US permanently. Grenada also allows one applicant to include up to four generations and dependents in a single application and holders can pass down citizenships to the next generation. This means even large families can benefit from its programme without having to pay an individual cost of each dependent.
All of these are in addition to being a tax haven, home to St. George’s University, a leading global tertiary institution and a very stable country with a rich culture laced with strong West African influence. Grenada’s low-crime rate, gorgeous beaches and exquisite landscapes also make it an attractive country. And its turn-around time for issuing a second passport via its Citizenship by Investment programme is only 60-90 days, making it one of the fastest in the world.
How to acquire the Grenadian Passport via its Citizenship by Investment Programme
The Kimpton Kawana Bay Resort is Grenada’s most popular Citizenship by Investment Project with title deeded studios and suites for sale for the minimum investment of USD220,000. It is endorsed by the Prime Minister of Grenada who visited the project site along with members of the parliament and complimented the scale and quality of work being executed.
Located on Grande Anse beach, voted by CNN and Conde Nast Traveller as one of the world’s best beaches, the Kimpton Kawana Bay Hotel is a new 5-star luxury beachfront resort which will feature an infinity-edge pool overlooking the long white sand and crystal clear waters of the Grand Anse Beach, state-of-the-art gym and spa facilities, exquisite fine dining restaurant, roof-top bar, beach bar, lounge with terrace, and water sports facilities.
The Kimpton Kawana Bay Resort will be operated by IHG, one of the world’s leading Hotel groups and offers in itself, a range of benefits in addition to a second passport by providing a projected 3-5% rental income via a transparent revenue share model and hassle-free ownership with no out of pocket annual fees. Perhaps most interestingly, is that investors can divest after 5 years should they choose to and recoup their initial investment. Making it a win-win scenario for all parties involved and highlighting the fact that acquiring a second passport via citizenship by investment programmes is indeed an investment- not a cost.
Acquiring the Grenadian passport as an investor via its Citizenship By Investment programme is a seven-step process that commences with the appointment of an international marketing agent. La Vida Golden Visas, for example, is a London-based Investment Migration firm and a leading facilitator of the Grenadian Citizenship by investment programme who has advised over 30,000 potential investors and currently serves clients from over 80 countries, including many Nigerians.
- Appointing an International Marketing Agent.
To start the process applicants need to first appoint a government-approved international marketing agent such as La Vida. La Vida runs a pre-application background check on every applicant prior to initiating the application to ensure that they will be eligible. The background check is free and the turn-around time is less than 24 hours.
- Initiating the application
Once applicants have passed the pre-application background check, they will need to formally appoint their agent by signing a client facilitator agreement and paying a pre-application deposit to initiate the process. La Vida’s expert team will assist applicants in compiling all the required documents and completing the government’s official application forms.
- Application submission, deposit and processing fees.
Once the application is prepared the applicant will also need to sign a purchase and sale agreement with Kimpton Kawana Bay and pay the initial real estate deposit along with the government’s processing fees. The application can then be officially submitted to Grenada’s Citizenship by Investment unit who will begin the vetting process.
- Vetting and Due diligence.
The Citizenship by Investment Unit (CIU) will study each application to ensure all documentation has been submitted and meets their requirements. They will also run advanced due diligence checks on all applicants to ensure they pose no security threats and the information provided is correct. However, there is no interview required.
- Recommendation and Approval of Application.
Should the CIU require any additional documents they will request these via the marketing agent. The cabinet will make a decision on the application within 90 days following submission. Once approval has been made, the marketing agent will be informed and will notify the applicant of their approval.
- Payment of Government Fees and Balance of the unit of Kawana Bay.
On approval, the final government fees and balance of the real estate investment is due and will need to be paid via bank transfer to the agent.
- Certificate of Citizenship and Passport
Approximately 30 days after receipt of funds, the CIU will issue the certificate of registration and passports, which can be couriered directly to the applicant. The entire process can be completed remotely and there is no requirement to visit Grenada.
At a time when Africa’s most populous country appears to be grappling with a lot of fundamental issues, Grenada and its Citizenship by Investment Programme is offering HNWIs a chance to play on a global scale and there is no better time than now to embrace this new world of opportunity.
To find out more about the Citizenship By Investment process or initiate your application, contact La Vida for more details.
Phone: +44 207 060 1475
Email: [email protected]
Ikeja Electric bags Most Philanthropic Disco award
Ikeja Electric Plc (IE), Nigeria’s biggest Electricity Distribution Company has been adjudged the 2020 Philanthropic Electricity Distribution Company of the Year, at an Award Ceremony organized by CSR Reporters, a specialized news publication with concentration on how organizations and well-meaning individuals are giving back to the society.
According to the organizers, the award was given in recognition of IE efforts to give back to the society in which it operates. The citation read that Ikeja Electric was selected because it demonstrated integrity and transparency while engaging in several corporate social responsibility interventions in 2020.
“As you may know, many other companies were also nominated and because of the high caliber of the nominees, the Selection Committee deliberated long hours and gave careful consideration to all of them. Ikeja Electric stood out as a leader who exemplifies dedication to CSR,” the organizers said.
While thanking the organizers for the recognition, IE’s Head of Corporate Communications Felix Ofulue reiterated the company’s commitment to continue giving back to host communities through its Personal-Corporate Social Responsibility (P-CSR) interventions.
According to him: “We will continue to intensify efforts to make meaningful in the lives of the people and the society. Our P-CSR platform enables the company and employees to carry out charitable activities aimed at making considerable impact on the different levels of the society. Under the P-CSR programme, we also have a Volunteer Scheme (EVS) which enables our employees to voluntarily contribute their time and resources towards the wellbeing of the communities in which we operate. These goodwill activities further corroborate our commitment to touching lives in the environment where the company operates. No doubt, this will further strengthen the trust and mutual relationship between the company and communities.”
He also urged the CSR Reporters to increase awareness in CSR activities as it will encourage other companies to recognize and contribute immensely to the development of communities where they operate.
In the recent past, Ikeja Electric has been carry out sustainable CSR initiatives, aimed at enhancing the quality of lives, in the key areas of Youth Empowerment, Healy and Primary Education
Here’s why Leadway Pensure PFA should manage your Retirement Savings Account
With several pension fund administrators to pick from, here are 4 reasons why Leadway Pensure PFA Limited should be your first choice.
Retirement Savings Account (RSA) holders with Leadway Pensure have every reason to smile as the firm continues to deliver excellent customer service and more importantly, high yield on investments.
In October, for instance, all RSA funds across multiple investments in the company outperformed their stipulated benchmarks. RSA I had 32% annualized return against a 25% benchmark; RSA II returned 25% against a 23% benchmark; RSA III returned 20% against a 15% benchmark, and RSA IV returned 18% against a 9% benchmark. This is really impressive, especially during this time of economic uncertainties.
Interestingly, the National Pension Commission has just opened the transfer window for RSA holders to freely transfer from their existing PFA to another one.
This transfer between PFAs can only happen once a year and is designed to help RSA holders assert the right to choose a Pension Fund Administrator with excellent service delivery and great returns.
What this signals is that there is absolutely no reason to keep a fund manager that does not offer competitive returns or does not give you a wholesome pension experience.
With several pension fund administrators to pick from, however, it could be daunting deciding on which administrator to go with. You need not be flustered!
Here are 4 reasons why Leadway Pensure PFA Limited should be your first choice.
- Brand Heritage – Leadway Pensure is part of the Leadway Group, a strong brand that has led the non-banking financial sector for 50 years. You see? Track record is top notch! Beyond that, Leadway Pensure is one of the most capitalized PFA’s in Nigeria with an authorized share capital of N2.0 Billion and shareholder’s fund in excess of N4.0 Billion, unimpaired by losses.
- Competitive Returns – Leadway Pensure has consistently delivered returns above the inflation rate, thereby preserving the wealth of its customers. If you care about the returns on your investments, then Leadway Pensure is the right place to be
- Customer Service – Leadway Pensure has won the best PFA in customer service back to back. Talk about excellent service delivery? Simply unrivaled!
- Accessibility – Online Enrolment Portal, Mobile App, Interactive SMS, Pensure Online (P-Online), SureCal (Pensure Calculator) are all platforms that give you transparent access to your funds and your manager.
With Leadway Pensure PFA, you are assured of returns on investment and value protection from economic downturn.
Need we say more? Choose Leadway Pensure PFA – choose comfort and wealth!
Visit https://joinus.leadway-pensure.com/ to learn more about how to move your Retirement Savings Account to us.
Visa report highlights ecommerce as key to unlocking merchant revenue growth during the festive season
According to the VCA report, most small businesses have taken bold steps to prepare for the seasonal sales activity that kicks-off with Black Friday.
If small businesses can provide easy access to information, frictionless payments, a simple returns policy, and personalized shopping options, they are likely to have an immediate advantage in the marketplace.
This is according to Visa Consulting & Analytics (VCA) report titled Accelerating the shift to eCommerce, where 81% of customers indicated they are willing to pay more for a good customer experience.
“Small and Medium-sized Businesses (SMBs) that leverage eCommerce solutions; which provide excellent online shopping experience for consumers; have the opportunity to benefit from high spend periods like Black Friday and the coming festive season compared to businesses who have not mastered the importance of holistic back-end design of the customer journey,” says Kemi Okusanya, Vice President, Visa West Africa.
The move to increased online shopping comes on the back of most retailers driving their customers online due to different lockdown restrictions that affected in store foot traffic. Visa’s Covid 19 Impact Tracker, released earlier this year showed that up to 68% of consumers were going to grocery stores less often. As the retail sector looks to driving recovery, the approach to periods like Black Friday has also evolved and further necessitated safer, better online payment experiences.
“The impact of a bad payment experience can be devastating. When a shopper abandons an online shopping cart due to checkout friction, the data shows that 67% end up leaving for a competitor or never complete the purchase anywhere, and 59% say they are less likely to shop with that same retailer again,” adds Okusanya.
It’s encouraging that most small businesses (60%), according to the VCA report, have taken bold steps to prepare for the seasonal sales activity that kicks-off with Black Friday. The preparation includes changing their infrastructure and digitizing their business.
“The VCA report highlights how the payment experience is a critical touchpoint – a part of the customer journey, which requires special attention. Each time a potential customer reaches the checkout page, they have a moment to reflect on whether the effort needed to make the payment is equal to the value they get from their purchase. To win prospective and repeat customers, SMBs need to have a digital presence during the discovery and evaluation stages of the customer shopping journey,” concludes Okusanya.
Digital payments provide a convenient and secure way to pay for customers. For businesses, they reduce the friction arising from handling money, limit customer queuing, grow their customer base as a result of enhanced experience and eventually improve sales and profitability. As online shopping becomes the norm for consumers and businesses continue on the road to economic recovery, digital payment and in particular frictionless e-commerce experiences, will become a competitive advantage for small businesses.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, https://www.visa.com.ng/ and @VisaAfrica.