There are many benefits to having dual citizenship, including greater global mobility, economic opportunities, better quality of life and improved personal security. However, acquiring a second citizenship can be a lengthy process as residence in the country is usually a requirement. Business owners and private investors looking to gain an alternative nationality often turn to investment migration because it is quick and generally hassle-free.
Citizenship by Investment programs offers an exciting opportunity to invest in real estate in return for citizenship. Real estate investments into government-approved projects in certain countries in the Caribbean have recently become a very popular choice among High-net-worth (HNW) individuals and their families as they allow the investors to apply for second citizenship and obtain one within approximately 90-120 days. This leads to a range of benefits the citizens of these countries enjoy, including visa-free travel globally, tax benefits and in some citizenship jurisdiction such as, for example, Grenada – an opportunity to apply for an E2 investor visa of the USA.
What does ‘citizenship through investment’ mean?
It involves foreigners’ investment of a specific amount of money in a particular foreign country, which in the end will let them get citizenship of the host country and the passport of its jurisdiction. The amount of investment funds starts from USD 220,000. Furthermore, there are other charges for processing and due diligence costs for those who would like to get second citizenship. Some countries’ citizenship, like Grenada, is extremely attractive as it offers visa-free entry to more than 140 countries, including the UK, Schengen countries, Russia, China and many others. A major draw is that Grenada offers access to the USA E2 treaty investor visa for its citizens providing an investor and his family the ability to invest and reside in the USA. The E2 visa is so coveted because it provides incredible opportunities and benefits to the investor, their spouse and dependent children under 21. Under the E2 visa spouses can work anywhere in the United States, and children under 21 have access to attend the top schools in the country at reduced rates (same as US citizens). Moreover, if an investor is not present in the USA for 122 days in a calendar year, they are not taxed on their worldwide income.
The citizenship program of Grenada was restructured and re-launched in 2013 and it has become one of the most sought-after citizenship program among willing Investors.
By participating in the Citizenship-by-Investment project in Grenada, Investors will enjoy global benefits and a secure investment in one of the world’s most renowned hospitality brands. The government approved citizenship by investment project, the luxury 5-star hotel Six Senses La Sagesse, Grenada, is currently under construction and will open in late 2022. The hotel is developed by the leading citizenship by investment developer Range Developments which has assisted over 4,000 individuals with their second citizenship applications and in the past decade is the only developer that has completed projects and delivered on its promises in this sector. Range Developments opened the world-renowned Park Hyatt St Kitts in 2017 (to reviews of the best hotel in the Caribbean from CNN) and the Kempinski Dominica in 2019 (named the most anticipated new Caribbean hotels for 2019 and beyond, by Forbes).
Some other perks of obtaining Grenadian citizenship through Citizenship-by-Investment with Range Developments include:
- Visa-free travel and visa-on-arrival to over 140 countries worldwide including Schengen member States, the United Kingdom, China, Russia and many more;
- Access to the USA Investor E-2 Visa which provides an investor and his family the ability to invest and reside in the USA. It also provides incredible opportunities and benefits to the investor, their spouse and dependent children under 21. Under the E2 visa spouses can work anywhere in the United States, and children under 21 have access to attend the top schools in the country at reduced rates (same as US citizens). Moreover, if an investor is not present in the USA for 122 days in a calendar year, they are not taxed on their worldwide income.;
- Eligibility of family members (siblings, children and parents) for Grenadian citizenship;
- Right to hold dual citizenship;
- Citizenship for life in Grenada with the right to live and work in the country;
- Tax benefits and incentives (such as no foreign income, wealth, gift, inheritance or capital gains tax, etc).
For more information, Range Developments may be contacted at Whatsapp at +971527324097 or via email at [email protected]
Pension transfer window is open but not all PFAs are good for you…
The Transfer Window now opened by PENCOM gives you the opportunity to jump ship.
Just like birthdays remind us of how old we are getting; it should also remind us of how close we get to retirement.
Many young people have vigorously started saving for their retirement with their referred or prefered choice of Pension Fund Administrators (PFA), but if you are one of them, are you sure that PFA is good for you? PENCOM has opened a Transfer Window so you can freely change your PFA if you feel they are not doing well or if they are not right for you.
Now comes the next questions, “Is my pension safe? how do I know which PFA is good for me?”. Don’t fret, this short article and chart from http://naijapension.com/ was written to help you.
The list contains the performance of the retiree fund of key PFAs. If your PFA is currently lagging on this list, you have nothing to worry about. You can easily switch to a better PFA and avoid stress later on; the Transfer Window now opened by PENCOM gives you the opportunity to jump ship. Funds to note are Funds II which is the default fund for RSA holders of 49 years and below and Fund III which default fund for RSA holders of 50 years and above.
Other Funds like Fund IV are only for retirees while Fund 1 is request based only however NOT accessible to Retirees and active contributors of 50 years and above
Your preference may differ, but we’d love to know what you think of the list.
Ecobank to pay customers N5 for every dollar received
Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira.
Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter. Korede Demola-Adeniyi; Head, Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country. She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.
Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May, 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira”, she stated.
Only recently, Ecobank had a first of its kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.
Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.
Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth. “Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.
Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.