A second passport is much cheaper than ever before
From Simon Black at Sovereign Man:
While I was off at an annual charity event over the last several days, a few members of my team were dispatched through the Caribbean to meet with government officials at various island nations about their passport programs.
These programs are known as economic citizenship programs, and they allow a person to obtain official citizenship, along with a passport, by donating money or making a financial investment in the country.
One of my senior analysts wrote me from St. Kitts today.
If you haven’t been, it’s an island in the West Indies nestled between the Caribbean and Atlantic Ocean. He’s there looking to secure special terms for Sovereign Man readers.
St. Kitts has the most established citizenship program in the Caribbean.
It began in 1984 and has never been suspended (unlike some other Caribbean nations).
Although it hit a rough patch in 2014 when the Financial Crimes Enforcement Network (FinCEN) warned US banks not to work with individuals holding passports from St. Kitts and neighboring Nevis.
FinCEN essentially labeled St. Kitts as a harbor for terrorists because several Iranian nationals were granted citizenships.
In addition to those accusations, there was also lots of fraud surrounding the part of the program that deals with real estate investment.
One of the options in St. Kitts is that foreigners can buy real estate, which will qualify them for a passport.
And in the past, a number of developers would often skip town with escrowed funds before the project was completed.
Back then, I predicted the government would implement some serious reforms to shake the reputational damage. And that’s exactly what happened.
This morning my team met with a high-ranking government official who explained how much the program has changed since then.
There are a number of due diligence procedures to ensure that citizenship won’t be granted to criminal types who could tarnish the program.
Plus there are stricter controls to safeguard investors’ funds.
Most importantly, though, St. Kitts citizenship has also become a lot cheaper…