Caribbean Citizenship is an Attractive Option as Britain Votes to Leave the European Union
On 23 June 2016, in what has been described as one of the most momentous decisions of the 21st century, Great Britain voted to leave the European Union. The first steps towards ‘Brexit’ are expected to take place in October 2016, when British Prime Minister David Cameron is due to step down from his position as leader of the nation.
Among a number of significant consequences, citizens of the European Union and of Britain may no longer be able to live and work in each other’s territories without obtaining a relevant visa or permit. Since Britain wants to reduce inflow of immigrants into the country, the open-door policy to EU citizens will most likely be curtailed.
Caribbean Citizenship Summit 2016. Photo courtesy www.ntlimmigration.com
The citizenship by investment market will be significantly affected by the Brexit vote, especially as the last couple of years has seen the rise of citizenship programmes among European countries. In the EU, in particular, Malta, Cyprus and Portugal have developed programmes that enable applicants to obtain EU citizenship quickly, and in Cyprus case, at a cost as high as €2.5 million. Citizenship of these nations was a sought-after commodity, especially amongst those wishing to live in the United Kingdom. With the United Kingdom leaving the Union, interest in these programmes is expected to drop as the main objective of many seeking the European passport was to relocate to London.
As these EU countries face the devaluation of their citizenship, the stable Caribbean becomes increasingly more interesting. The Caribbean nations of Dominica, Grenada, and St Kitts and Nevis each offer well–respected citizenship by investment programmes that allow applicants to obtain citizenship following an investment in the nation’s economy. With the more attractive option in the Caribbean, many clients are looking to withdraw their applications from the expensive option of Malta and Cyprus.
