In 2019, it’s no longer necessary to suffer from the limitations that come with one’s “weak” passport. Those ultra-rich Nigerian investors who are ready to become global citizens have the opportunity to, on terms most favourable to them, make a significant contribution to one of the world’s more developed (or developing) economies and obtain second passports for the entire family.

Nigeria is a booming market for the second citizenship business. According to Knight Frank’s Wealth Report, in 2017, the total wealth held by Africans with a net worth over 50 million USD was 245 billion USD. In Nigeria specifically, there were over 3,370 individuals with at least US$5m in assets - this number is expected to grow to 6,500 (a 74% growth) by 2022; 200 individuals with at least US$50m in assets - with an expected 70% growth up to 340 individuals by 2022; and 20 super-rich individuals with at least US$500m in assets - this number is expected to grow to 30 individuals (a 50% growth).

Kristina Ruzhilo, Managing Partner of Migronis Citizenship, talks the growing CBI market, global citizenship, and the latest changes in the most affordable and secure citizenship by investment programs that have proved to be healthy and sensible alternatives to their more demanding counterparts.

[b]Nigerian passport is having a really tough time
[/b]Various passport strength rankings keep track of how many other countries holders of this or that country’s passport can visit on a visa-free basis. Year to year, statistics keep showing that African travellers have it hard, and that African passports keep losing their prestige points in terms of freedom of movement.

Africa’s Giant, Nigeria is home to close to 200 million people and has one of the fastest-growing economies in the world. Naturally, the number of brilliantly educated, well-travelled, and wealthy individuals is also high.

Unfortunately, today, Nigerians can only travel to 23 countries https://www.passportindex.org/comparebyPassport.php?p1=za&fl=&s=yes without having to worry about visas. This, of course, severely restricts the access to main global economies - China, India, the US and the UK, and it’s only logical that forward-thinking high net worth Nigerians are looking for a decent Plan B, preferably without having to wait for visas at embassies or fulfill an impossible list of requirements and obligations to chase a business or education opportunity.

[b]The advent of global citizenship in Nigeria
[/b]Though the concept of acquiring a second citizenship or residency is not new to UHNWIs, many still erroneously believe that acquisition of second citizenship or residency is a long, tiresome and generally dreadful process. People drop any hopes of becoming global citizens at the stage of going through the harsh requirements listed by countries like the UK, the US, Australia, and Canada. The truth is, the reality is a lot different!

A CBI program (alternative names - second citizenship program, or economic citizenship program) means that a non-resident investor obtains another country’s passport in exchange for injecting a specified amount of funds into the host economy, which usually happens through acquisition of real estate or government bonds, business establishment, or donation to a government fund.

More and more countries are developing their own citizenship by investment programs on a government level. This is a strategy that boosts foreign investment and stimulates versatile growth. In their turn, financially independent persons and high net worth business persons are recognising the swift document processing and the many opportunities these programs open before them, such as business expansion, asset protection, tax optimisation, personal safety, better healthcare and education, and freedom of movement, as countries with CBI programs offer visa-free, or visa-on-arrival, access to the EU and the Schengen Area, Hong Kong, the UK and the US. It is also perfectly possible to gain worldwide mobility without having to relocate permanently to one’s “second passport” country.

Here is a survey on how many UHNWIs from different parts of the world are already holding a second passport and how many are considering to become global citizens:
[img]UHNWIs from different parts of the world_second passport_01.jpg[/img]

Expanding CBI industry = more attractive terms
A number of EU and Caribbean countries are offering their citizenship in exchange for foreign investment. Special government bodies are formed, summit meetings and contests are held to ensure that CBI programs offer terms convenient enough to attract the attention of UHNWIs. That is why those terms are changing often.

Cyprus https://migronis-citizenship.com/cyprus, for instance, is aiming to eliminate questionable practices and start doing the cash-for-passport deals “through the proper channels,” after a more thorough due diligence. To ensure this, in May 2018, the country announced a limit of 700 approved applications per year - when in 2017, there were over a 1000 approvals. No doubt that, with a cost of at least €2m (NGN838m), the Cyprus CBI program will become a symbolic gateway into the exclusive world of ultra-rich individuals.

Among all the programs available, the most affordable and quick way to one’s second passport is through the Caribbean Region, where a number of interesting options are offered by island nations that compete harshly in the CBI program sector to attract foreign investment.

Antigua and Barbuda is working to implement 3 major changes to its CBI program, cost-wise and applicant age-wise.

First of all, they are removing the due diligence fee for those renewing their passports after 5 years. Next, there's the Limited Time Offer that expires on October 31st, 2018 - two main applicants can make a joint investment in real estate in the amount of at least $200,000 (NGN71,717,800) each. Finally, the age of parental dependents was reduced from 65 to 58 years.
[img]Value of passport and minimum cost of key citizenship and residency by investment programs_01.jpg[/img]

As for St.Kitts and Nevis, home to the world's pioneer CBI program launched in 1984, its government has introduced two major changes of the program:
- Donation to the Sustainable Growth Fund: was designed to replace a temporary the Hurricane Relief Fund option; a contribution of US$150,000 (NGN53,788,350, due diligence & processing fees are not included) for a single applicant; a contribution of US$195,000 (NGN69,924,855) for a family up to four.
- Joint investment in real estate for two applicants, US$200,000 (NGN71,717,800) per applicant, plus government fees.

Note! Sixteen Nigerian high net worth individuals have already applied to obtain second citizenship of Antigua and Barbuda since the launch of the CBI program in 2013.

To create a more inclusive environment, the Grenadian government has recently announced female applicants to their CBI programs will be allowed to be photographed for their passports wearing a traditional hijab, with their ears and hairline covered.

Vanuatu https://migronis-citizenship.com/vanuatu, a Pacific island nation, has also recently announced the news about the cost reduction of its CBI program.

The government of Dominica also made some changes in its CBI program options. It finally approved a real estate object suitable for investment. Investing at least $220,000 (NGN 79,128,720) in a share of Cabrits Resort Kempinski, the only high-profile hotel in Dominica, will allow you to obtain Dominica passport and generate profit from 2% to 6% on different stages of construction.

It’s worth mentioning that the developer of Cabrits Resort Kempinski is also responsible for the construction of Park Hyatt St. Kitts that has only recently been commissioned. The hotel is considered to be one of the best resorts in the Caribbean. Its annual yield is 5-6%.

[img]Price comparison of the Caribbean passports for a main applicant & a family of 4_01.png[/img]

No matter which program you choose, you’ll have to undergo a strict due diligence check that ensures safety and exclusivity of the “platinum second passport club”. Principal applicants must be at least 18 years of age and have an impeccable personal and business reputation, as well as provide actual and truthful information about themselves and their entrepreneurial activities.

All the countries officially recognize dual citizenship. The entire second citizenship acquisition process is strictly confidential, and no information is disseminated to third parties or the authorities of one’s primary country of residence.

Also, it should be noted that some European countries offer residency by investment programs (sometimes called “Golden Visa” programs). They are more affordable - starting at €350,000 (NGN146,652,056), in the case of Portugal, for instance - and, though the range of rights a resident of a European country isn’t as wide and comprehensive as that of a citizen, residents, too, gain a plethora of additional opportunities. Here are most popular European residency-by-investment programs: Portugal’s Golden Visa, Greek Golden Visa, Cyprus permanent residence by investment.

Whatever your reasons are - politics, economy, or employment-related, a retirement plan, more travelling opportunities, tax optimisation, guaranteed safety, better education for your children, the course of action is clear as day: a second passport is a must for achieving advanced global mobility, as well as personal and business security.

Migronis:
In 2019, it’s no longer necessary to suffer from the limitations that come with one’s “weak” passport. Those ultra-rich Nigerian investors who are ready to become global citizens have the opportunity to, on terms most favourable to them, make a significant contribution to one of the world’s more developed (or developing) economies and obtain second passports for the entire family.

Nigeria is a booming market for the second citizenship business. According to Knight Frank’s Wealth Report, in 2017, the total wealth held by Africans with a net worth over 50 million USD was 245 billion USD. In Nigeria specifically, there were over 3,370 individuals with at least US$5m in assets - this number is expected to grow to 6,500 (a 74% growth) by 2022; 200 individuals with at least US$50m in assets - with an expected 70% growth up to 340 individuals by 2022; and 20 super-rich individuals with at least US$500m in assets - this number is expected to grow to 30 individuals (a 50% growth).

Kristina Ruzhilo, Managing Partner of Migronis Citizenship, talks the growing CBI market, global citizenship, and the latest changes in the most affordable and secure citizenship by investment programs that have proved to be healthy and sensible alternatives to their more demanding counterparts.

[b]Nigerian passport is having a really tough time
[/b]Various passport strength rankings keep track of how many other countries holders of this or that country’s passport can visit on a visa-free basis. Year to year, statistics keep showing that African travellers have it hard, and that African passports keep losing their prestige points in terms of freedom of movement.

Africa’s Giant, Nigeria is home to close to 200 million people and has one of the fastest-growing economies in the world. Naturally, the number of brilliantly educated, well-travelled, and wealthy individuals is also high.

Unfortunately, today, Nigerians can only travel to 23 countries https://www.passportindex.org/comparebyPassport.php?p1=za&fl=&s=yes without having to worry about visas. This, of course, severely restricts the access to main global economies - China, India, the US and the UK, and it’s only logical that forward-thinking high net worth Nigerians are looking for a decent Plan B, preferably without having to wait for visas at embassies or fulfill an impossible list of requirements and obligations to chase a business or education opportunity.

[b]The advent of global citizenship in Nigeria
[/b]Though the concept of acquiring a second citizenship or residency is not new to UHNWIs, many still erroneously believe that acquisition of second citizenship or residency is a long, tiresome and generally dreadful process. People drop any hopes of becoming global citizens at the stage of going through the harsh requirements listed by countries like the UK, the US, Australia, and Canada. The truth is, the reality is a lot different!

A CBI program (alternative names - second citizenship program, or economic citizenship program) means that a non-resident investor obtains another country’s passport in exchange for injecting a specified amount of funds into the host economy, which usually happens through acquisition of real estate or government bonds, business establishment, or donation to a government fund.

More and more countries are developing their own citizenship by investment programs on a government level. This is a strategy that boosts foreign investment and stimulates versatile growth. In their turn, financially independent persons and high net worth business persons are recognising the swift document processing and the many opportunities these programs open before them, such as business expansion, asset protection, tax optimisation, personal safety, better healthcare and education, and freedom of movement, as countries with CBI programs offer visa-free, or visa-on-arrival, access to the EU and the Schengen Area, Hong Kong, the UK and the US. It is also perfectly possible to gain worldwide mobility without having to relocate permanently to one’s “second passport” country.

Here is a survey on how many UHNWIs from different parts of the world are already holding a second passport and how many are considering to become global citizens:
[img]UHNWIs from different parts of the world_second passport_01.jpg[/img]

Expanding CBI industry = more attractive terms
A number of EU and Caribbean countries are offering their citizenship in exchange for foreign investment. Special government bodies are formed, summit meetings and contests are held to ensure that CBI programs offer terms convenient enough to attract the attention of UHNWIs. That is why those terms are changing often.

Cyprus https://migronis-citizenship.com/cyprus, for instance, is aiming to eliminate questionable practices and start doing the cash-for-passport deals “through the proper channels,” after a more thorough due diligence. To ensure this, in May 2018, the country announced a limit of 700 approved applications per year - when in 2017, there were over a 1000 approvals. No doubt that, with a cost of at least €2m (NGN838m), the Cyprus CBI program will become a symbolic gateway into the exclusive world of ultra-rich individuals.

Among all the programs available, the most affordable and quick way to one’s second passport is through the Caribbean Region, where a number of interesting options are offered by island nations that compete harshly in the CBI program sector to attract foreign investment.

Antigua and Barbuda is working to implement 3 major changes to its CBI program, cost-wise and applicant age-wise.

First of all, they are removing the due diligence fee for those renewing their passports after 5 years. Next, there's the Limited Time Offer that expires on October 31st, 2018 - two main applicants can make a joint investment in real estate in the amount of at least $200,000 (NGN71,717,800) each. Finally, the age of parental dependents was reduced from 65 to 58 years.
[img]Value of passport and minimum cost of key citizenship and residency by investment programs_01.jpg[/img]

As for St.Kitts and Nevis, home to the world's pioneer CBI program launched in 1984, its government has introduced two major changes of the program:
- Donation to the Sustainable Growth Fund: was designed to replace a temporary the Hurricane Relief Fund option; a contribution of US$150,000 (NGN53,788,350, due diligence & processing fees are not included) for a single applicant; a contribution of US$195,000 (NGN69,924,855) for a family up to four.
- Joint investment in real estate for two applicants, US$200,000 (NGN71,717,800) per applicant, plus government fees.

Note! Sixteen Nigerian high net worth individuals have already applied to obtain second citizenship of Antigua and Barbuda since the launch of the CBI program in 2013.

To create a more inclusive environment, the Grenadian government has recently announced female applicants to their CBI programs will be allowed to be photographed for their passports wearing a traditional hijab, with their ears and hairline covered.

Vanuatu https://migronis-citizenship.com/vanuatu, a Pacific island nation, has also recently announced the news about the cost reduction of its CBI program.

The government of Dominica also made some changes in its CBI program options. It finally approved a real estate object suitable for investment. Investing at least $220,000 (NGN 79,128,720) in a share of Cabrits Resort Kempinski, the only high-profile hotel in Dominica, will allow you to obtain Dominica passport and generate profit from 2% to 6% on different stages of construction.

It’s worth mentioning that the developer of Cabrits Resort Kempinski is also responsible for the construction of Park Hyatt St. Kitts that has only recently been commissioned. The hotel is considered to be one of the best resorts in the Caribbean. Its annual yield is 5-6%.

[img]Price comparison of the Caribbean passports for a main applicant & a family of 4_01.png[/img]

No matter which program you choose, you’ll have to undergo a strict due diligence check that ensures safety and exclusivity of the “platinum second passport club”. Principal applicants must be at least 18 years of age and have an impeccable personal and business reputation, as well as provide actual and truthful information about themselves and their entrepreneurial activities.

All the countries officially recognize dual citizenship. The entire second citizenship acquisition process is strictly confidential, and no information is disseminated to third parties or the authorities of one’s primary country of residence.

Also, it should be noted that some European countries offer residency by investment programs (sometimes called “Golden Visa” programs). They are more affordable - starting at €350,000 (NGN146,652,056), in the case of Portugal, for instance - and, though the range of rights a resident of a European country isn’t as wide and comprehensive as that of a citizen, residents, too, gain a plethora of additional opportunities. Here are most popular European residency-by-investment programs: Portugal’s Golden Visa, Greek Golden Visa, Cyprus permanent residence by investment.

Whatever your reasons are - politics, economy, or employment-related, a retirement plan, more travelling opportunities, tax optimisation, guaranteed safety, better education for your children, the course of action is clear as day: a second passport is a must for achieving advanced global mobility, as well as personal and business security.

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