At a time when African investors are pursuing global opportunities to improve their bottom lines and deliver greater value to their shareholders, their intentions are increasingly frustrated by the limited access of the Nigerian passport in regard to global travel.
Among other West-African passports, the Nigerian passport is restricted in its reach to only 54 visa-free destinations, many of whom are other African countries like Ethiopia. This modest number falls short next to that of Ghana, Cameroon and even Côte d’Ivoire, who have visa-free access to 73, 61 and 67 destinations respectively.
But it gets worse– when the Nigerian passport’s visa-free listings are viewed through the lens of La Vida’s Passport Value Report which combines metrics of GDP and international travel popularity to ascertain the true value of each country’s passport, it makes for even grimmer viewing as the access value is only a meagre 2.1% of the world’s GDP and 3.1% of the world’s international travel popularity.
For Africa’s most populous country preparing itself for a future without oil by leading the continental charge to export technology and talent globally, these numbers are simply unacceptable.
Global Opportunities lie in wait, yet remain gated by visa-restrictions
One instance of the myriad opportunities that exist beyond the continent for Nigerian business executives and buttresses the need for global travel is remittance. According to global Audit Firm, PWC, there are an estimated 15million Nigerians living in the diaspora whose remittance is projected to hit $34.8bn in 2023 with 40% of these remittances coming from 5 European countries alone.
This presents one of the greatest opportunities to set up banking and technology infrastructure across the EU to help more Nigerians and Africans send money back home, which even at a modest 0.1% margin could add around $17m in revenue to their bottom line.
To achieve this however, executives would need to jet in and out of Europe to set up, conduct business and oversee operations. But the limitations of the Nigerian passport mean they will require visa approvals to travel, which may not only delay the speed of execution, but also bring with it the possibility of their requests being outrightly denied.
Enter the need for a second passport and visa-free travel through Citizenship By Investment Programmes.
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The Case For A Powerful Second Passport
As African countries grapple with insecurity, inflation and currency devaluation, the need for second citizenships have never been more apparent, especially as a ‘Plan B’ to hedge against whatever may come. And as the continent’s affluent middle class are becoming wealthier, their needs are evolving, from global business mobility, better visa-free travel to high-quality education opportunities abroad for their children.
It is at this juncture that the opportunity offered by La Vida Golden Visas to acquire a Grenadian citizenship through investment in the soon-to-be-completed Kimpton Kawana Bay Resort serves to transcend this existing gap and provide the much-needed hedge African HNWIs and executives need to expand and safeguard their earnings, businesses and families.
The Grenadian Passport is an instant value-add for Africans
Upon acquiring Grenada’s lifetime citizenship, the combined value for the Nigerian passport grows to 58.7% of the world’s GDP; with the Grenadian passport granting visa-free access to over 163 countries and territories including the UK, EU Schengen zone and uniquely China and Russia. At once, African HNWIs and leading execs gain unrestricted access to the countries at the forefront of global development.
“Grenada’s Citizenship by Investment (CBI) programme offers several added attractions that many of its competitor countries do not”, says Chief Executive Officer of La Vida Golden Visas, Paul Williams, in a recent interview. “The application takes only 60-90 days, has low family fees, and no interview, education, language test or management experience is required. There is no residency requirement and dual citizenship is permitted as well. Grenada also does not tax worldwide income, wealth, gift, inheritance or capital gains- which make it more attractive to business elites”.
Obtaining Grenadian Citizenship: Kimpton Kawana Bay Resort CBI
Grenadian citizenship can be obtained by investing in Government-approved real estate at a minimum of $220,000, as is the case with title deeded studios in the island’s prime project—Kimpton Kawana Bay Resort, the new beachfront 5-star luxury resort currently under construction in Grenada by True Blue Developments—a company with an impressive 20-year record in development.
“The resort, which is 79% sold out, is ideally positioned on Grand Anse Beach, voted by CNN and Condé Nast Traveller as one of the world’s best beaches. The hotel will feature an infinity-edge pool overlooking the turquoise Caribbean Sea, state-of-the-art gym and spa facilities, exquisite fine dining restaurant, roof-top bar, beach bar, lounge with terrace, and, water sports facilities,” says Tom Scott, Managing Director of Kimpton Kawana Bay.
The resort, heralded by forbes as one of the most anticipated luxury openings in the world is set to open in 2022 and will come under the operation of the internationally recognised hotel brand—Kimpton Hotels & Restaurants, part of the InterContinental Hotels Group, one of the largest in the world.
The nature of the real estate investment also allows for personal accommodation usage for up to 2 weeks, while generating a projected rental income of 3-5% through the transparent revenue-sharing model. The investment also provides the option of recouping the initial investment after 5 years without effect to the acquired Grenadian citizenship.
In further providing global access, an investment in Kimpton Kawana Bay Resort would grant citizens access to live in the UK for up to six months every year, as Grenada forms a part of the commonwealth. Another peculiarity is the E-2 Visa option, which is a secondary application open to Grenadian citizens who want to live and work in the US.
Africa’s Battle-Ready Investors are finally unleashed
At a time when African investors have their sights firmly trained on the opportunities existing beyond the borders of the continent in search of growth and starring roles in shaping the present and future of global business, technology, medicine and so on, Kimpton Kawana Bay is finely positioned as the bridge between hopeful thought and ground-breaking reality.
For once, African investors are finally equipped for expansion and global domination. The rest of the world better take notice.