The limitations of the Nigerian Passport in regard to global travel are very well documented. Citizens of Africa’s most populous country and largest economy only have visa-free access to 54 destinations that account for a combined 2.1% of the world’s GDP. In fact, according to La Vida Golden Visas’ Passport index, the Nigerian Passport is one of the lowest ranking passports in West Africa, even behind countries like Cote d’Ivoire, Ghana and Cameroon.
However, with a burgeoning technology scene and growing appetite amongst the rising middle class for international business, education and leisure, It is no surprise that more wealthy Nigerians are looking beyond the Nigerian passport and to second citizenships to provide greater mobility and access to global opportunities.
One avenue wealthy Africans have increasingly turned to is the acquisition of dual citizenships through government-approved investment programmes like Grenada’s Citizenship by Investment programme, which allows foreign individuals to acquire citizenships by investing in the country’s latest real estate marvel. A particularly popular government-approved project is Kimpton Kawana Bay Hotel Resort.
The ‘Isle of Spice‘ as it is most fondly called for its abundance of nutmegs and mace crops, Grenada, has emerged a particular favourite for wealthy Africans looking for a second passport. And with benefits including access to the US, China, Russia and the EU Schengen zone, tax haven, 60 to 90 days turnaround time and much cheaper cost to acquire, it’s not hard to see why.
The Grenada Citizenship by Investment Programme: Africa’s new sweetheart
Launched in August 2013 by the Grenada government to drive the economy, the Grenada Citizenship by Investment programme (CBI) is one of the world’s top-ranked CBI programmes and allows individuals and their families to obtain citizenship in Grenada. It offers a user-friendly second citizenship and a first-class investment opportunity whereby applicants can buy Government-approved real estate from USD220,000 like a unit in the Kimpton Kawana Bay resort, which is currently the most popular project. Citizenship by Investment in Grenada is fast, financially sound, and provides global access opportunities that other CBI programmes around the world simply cannot rival due to its low price and unique benefits.
Kimpton Kawana Bay
Kimpton Kawana Bay is a new beachfront 5-star luxury resort in Grenada. Title deeded studios and suites are for sale for the minimum investment of USD220,000 through Grenada’s acclaimed Citizenship by Investment (CBI) programme, which allows purchasers to apply for Grenadian citizenship for themselves and their family in one application. The resort is ideally positioned on Grand Anse Beach, voted by CNN and Condé Nast Traveller as one of the world’s best beaches. The resort will be operated by an internationally recognised hotel brand – Kimpton Hotels & Restaurants, part of IHG (InterContinental Hotels Group), one of the largest hotel groups in the world.
Benefits of Investing in the Kimpton Kawana Bay Project
Kimpton Kawana Bay offers hassle-free ownership with no annual out of pocket fees. There is a projected rental income of 3-5% through the transparent revenue-sharing model and personal accommodation usage of up to 2 weeks each year. After 5 years, investors are allowed to disinvest and recoup their initial investment should they require. The hotel, which will feature an infinity-edge pool overlooking 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 already promises to be marvel and spectacular piece of real estate wonder.
A route to live and work in the United States of America
The E-2 Visa is an optional and secondary application which is available as an extra service to those who may want to gain residency in the USA. Should investors decide to take this step, they need to budget for an additional investment into a US business. There is no fixed amount set by the government, but it is recommended that applicants invest a minimum of $120,000 upwards and become at least a 50% shareholder in the company. This route is fast becoming more popular than the direct EB5 programme to the USA, which has lengthy delays and requires a much larger investment of $900,000+. It’s important to note that the E-2 visa category is not affected by the recent immigration bans announced by President Trump.
Unlocks a world of opportunities to Nigerians
According to La Vida’s Passport Report, Grenadian Passport is ranked 35 out of 109 countries when it comes to the most powerful passports in the world and combined with a Nigerian passport provides visa-free access to 163 countries, or 58.7% of the world’s GDP.
Grenada imposes no foreign income, wealth, inheritance, capital gains, or gift tax. The simple and effective tax structure of the country makes it attractive to the world’s leading business people.
One application, four generations.
Grenada citizenship applications allow the main investor to include their spouse, dependent children, unmarried siblings, parents and grandparents under one family application. This allows large families also partake of the huge benefits the country has to offer, including high-quality education from St. George University.
While changes in the political and legal structure of a country are normal, Grenada makes sure it doesn’t have any impact on your citizenship. This is why once you acquire its citizenship it stays with you for life. No subsequent changes in any policy can threaten your claim and you can reap the benefits for life.
Visa-free travel, increased global business and education opportunities, creating a legacy for one’s family and having a ”Plan B” are just some of the many reasons investors take up second citizenship. And the Grenadian Citizenship offers several added attractions that many of its competitor countries simply do not.