Wealthy Nigerians are buying up passports for cash from Caribbean nations to beat visa rules


A year ago, the office of Citizenship by Investment Program (CIP) in the small Caribbean island nation of St. Lucia had received no applications from any Africans in its nearly five years of operations.

But in the past few months, it has issued up to 60 passports to Nigerians and is reporting steady increases in applications from the country—still its sole African market.


That sharp rise reflects spiking demand among Nigeria’s wealthy private citizens who are increasingly tapping into “investment migration” programs offered by foreign countries. The programs allow foreign nationals obtain fast-tracked citizenship and passports or permanent residency permits in exchange for specified amounts of cash investments. The payment for the passports can come in form of direct “contributions” to the development funds set up by the national governments or through investment in real estate projects which offer the promise of not just passports but also possible profits.

With around 40,000 passports believed to have been issued through investment migration programs globally, citizenship by investment is now estimated to be a $3 billion industry. It is often favored by high-net worth individuals from countries with “weak” passports often from countries in sub-Saharan Africa and some Middle Eastern countries.
Henley & Partners, the world’s largest investment migration consultancy, has also set up shop in Africa’s largest economy after seeing a sharp rise in demand from the country over the past three years. The office in Lagos is only Henley & Partners’ third in Africa, in addition to offices in Cape Town and Johannesburg opened six years ago.

“The reason we opened in Nigeria is because we saw significant potential in the market with growth in private wealth without global mobility for high net worth individuals,” says Paddy Blewer, public relations director at Henley & Partners. “What you have is a community of wealthy individuals who cannot travel without visas.”

That reality is best captured by the weakness of Nigeria’s international passport. In fact, Nigerian passport holders can visit two fewer countries now than they could in 2010 without first obtaining a visa. The country also suffered the worst decline in passport power over the past decade, according to rankings on the annual Henley Passport Index.

But even paperwork-intensive visa application processes have also gotten more complicated for Nigerians. Under the Trump administration, for example, US visa application fees for Nigerian applicants have been increased, an interview waiver process for visa renewals for frequent travelers has been indefinitely suspended while a ban has also been placed on issuing immigrant visas to Nigerians.


https://www.yahoo.com/tech/m/956a7e43-86e0-390b-9e5d-b2f3dce199e1/wealthy-nigerians-are-buying.html

Rich Africans investing in Caribbean countries is just beautiful, regardless of why.

lol, it is about beating corruption cases

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Disgrace of a country

Wow... Just wait until russia, us and china start building cities on the moon
We will be seeing advert like buy an acre of land on the moon, u get 20% of whatever is mined on ur piece of land

Another escape route

Cousin9999:


If it contributes to development, does it matter?

What development, steal from here to buy passport in a place where you can protect yourself from corruption charges when they arise, how does that contributes to development?

The shaming continues

It's a new form of money laundering for dem.. Since keeping it in the bank is likely to eventually implicate dem and stashing dem abroad is no longer in vogue, dey jus invest dem in those countries

I'm saving up for a Grenada passport too. Aside the fact that you can travel to more than 140+ countries VISA FREE... (6 month stay in UK without visa )

You can also apply and obtain the e2 US visa with it.

https://visalist.io/grenada/visa-free

.

Nbotee:
It's a new form of money laundering for dem.. Since keeping it in the bank is likely to eventually implicate dem and stashing dem abroad is no longer in vogue, dey jus invest dem in those countries

They can't all be criminals.

poiunt:
lol, it is about beating corruption cases

Read the article. It has nothing to do with corruption. No rich man should be on a queue for a visa he'd probably be denied. The more passports you have, the more global you are.

Nbotee:
It's a new form of money laundering for dem.. Since keeping it in the bank is likely to eventually implicate dem and stashing dem abroad is no longer in vogue, dey jus invest dem in those countries

Not true. They need a multiple passports for visa free travels. It's just under $200k. What some Nigerians spend in buying and bringing a new car into Nigeria.

Every Nigerian needs another passport. Nigerian passport is useless.

I'd acquire a second passport this moment if I had the wherewithal cos 9ja passport is a heavy burden to carry.

Don't feel defeated. You can if you plan towards it. I'll be starting my own process next year.
It will be a 4 year dream come true. Nothing comes easy but it can be done.

chukxie:
I'd acquire a second passport this moment if I had the wherewithal cos 9ja passport is a heavy burden to carry.

Freedomfsl:
Don't feel defeated. You can if you plan towards it. I'll be starting my own process next year.
It will be a 4 year dream come true. Nothing comes easy but it can be done.

Thanks for the encouragement. Good luck on your moves. 9ja passport no dey give joy.

Not news, even the so called almighty US do it too.
Just prove to them that you will invest reasonable amount in the States and receive Permanent resident card asap, forget Trump's visa ban.

$1million no be small money. I'll prefer to get from Antigua and Barbuda for $100k or Grenada for $150k. Getting US Visa from these countries won't be hard. Your parent and kids can benefit from it too.


My friend has a US multi - entry visa on his passport. He can travel anytime without queueing and begging for a visa here in Naija.

J111333:
Not news, even the so called almighty US do it too.
Just prove to them that you will invest reasonable amount in the States and receive Permanent resident card asap, forget Trump's visa ban.

Exactly! Getting another passport is a better investment. There will always be new models of these overpriced cars people buy to impress and opress.

Newboss:


Not true. They need a multiple passports for visa free travels. It's just under $200k. What some Nigerians spend in buying and bringing a new car into Nigeria.

Every Nigerian needs another passport. Nigerian passport is useless.

You are welcome. You can also consider travelling out of naija through Education.

chukxie:


Thanks for the encouragement. Good luck on your moves. 9ja passport no dey give joy.

Freedomfsl:
You are welcome. You can also consider travelling out of naija through Education.

I'm currently not in 9ja. Used to live in South Korea but in China now.

Which country has the lowest dollar investment? Three countries please. I see Grenada up there

Freedomfsl:
I'm saving up for a Grenada passport too. Aside the fact that you can travel to more than 140+ countries VISA FREE... (6 month stay in UK without visa )

You can also apply and obtain the e2 US visa with it.

https://visalist.io/grenada/visa-free

Which type of Grenada passport features these?

Citizenship by investment. Donation to the Grenadian government. You may decide to go through the property ownership route.

https://www.cbi.gov.gd/grenada-citizenship/application-fees/

godforus:
Which type of Grenada passport features these?

The lowest has to be $100k
St Kitts and Nevis $150k
Antigua and Barbuda $100k
Grenada $150
Dominican $100k
St Lucia $100k

gamaliel9:
Which country has the lowest dollar investment? Three countries please. I see Grenada up there

Freedomfsl:

Citizenship by investment. Donation to the Grenadian government. You may decide to go through the property ownership route.

https://www.cbi.gov.gd/grenada-citizenship/application-fees/

Though not a cheap money, but realistically affordable. Many houses in Lagos cost that much, while Lagos properties will only accrue more value, investing in this passport opens more gates for you, and to an extension your children because a sole Nigerian passport is risky and not advised.

Freedomfsl:
The lowest has to be $100k
St Kitts and Nevis $150k
Antigua and Barbuda $100k
Grenada $150
Dominican $100k
St Lucia $100k

And your offsprings will equally be citizens

Freedomfsl:
$1million no be small money. I'll prefer to get from Antigua and Barbuda for $100k or Grenada for $150k. Getting US Visa from these countries won't be hard. Your parent and kids can benefit from it too.


My friend has a US multi - entry visa on his passport. He can travel anytime without queueing and begging for a visa here in Naija.

Very very true. US relations with carribean countries is fantastic and usually VISA-free.

Everything you said is true. Nigerian passport is worthless and for the same price of an overpriced 4 bedroom semi detached duplex in Lekki,you will get yourself a better passport.

godforus:
Though not a cheap money, but realistically affordable. Many houses in Lagos cost that much, while Lagos properties will only accrue more value, investing in this passport opens more gates for you, and to an extension your children because a sole Nigerian passport is risky and not advised.

Freedomfsl:
$1million no be small money. I'll prefer to get from Antigua and Barbuda for $100k or Grenada for $150k. Getting US Visa from these countries won't be hard. Your parent and kids can benefit from it too.


My friend has a US multi - entry visa on his passport. He can travel anytime without queueing and begging for a visa here in Naija.

Abeg bro which passport does your friend have?