₦airaland Forum

The demand for second residency and citizenship by investment among high net worth Nigerians was boosted not only because of unexpected political changes in the country but also because of favorable price changes in the passport programs.

Nigerians are looking for a Plan B

Majority of wealthy Nigerian citizens do not plan to leave the country because of recent political shifts but more and more individuals started to look into ways to protect themselves and their families, residence and citizenship-by-investment experts noticed. It’s safe to say that they are looking for a Plan B by obtaining a passport and/or residency of another country via the CBI/residency by investment programs. The number of Nigeria’s wealthy citizens interested in the CBI programs has visibly increased following the events.

In the last two to three years, the number of countries that offer a CBI program has surpassed a dozen. The high net worth individuals can now gain a powerful EU or Caribbean passport by way of investment, without emigrating.

Nigerians used to favour Mauritius and Seychelles as a second citizenship destination, however, there are much more suitable and affordable options.

Permanent residency in the EU

You can obtain the European Union residency by investing at least EUR300,000 (NGN122,147,887) in the host economy via official residency programs in Malta or Cyprus. In case you are interested in obtaining a fast-tracked EU citizenship, it’s also possible, however, it’ll take a bigger amount of investment. Cypriot citizenship requires an investment of EUR 2 million (NGN814.3 million), while Maltese citizenship requires at least a EUR 1 million (NGN407.2 million) investment. The application process for a passport of Cyprus will be 3-6 months, for a Maltese one - 14 months.

A Maltese passport currently ranks 7th in the world’s most powerful passports, according to the Global Passport Index 2018, meaning that citizens of Manta enjoy visa-free travel to 183 countries.

Portugal, Greece, Spain, France and Monaco also offer residency by investment options. There is a possibility to obtain residency of the UK, Canada and Australia, however, the amount of investment for these countries is considerably higher, and it requires physical immigration.

Citizenship in the Caribbean

As an alternative to the EU citizenship programs, the Caribbean offers 5 passport programs with almost the same benefits but at a much lower cost. At the moment, the best option for a family of 4 is the Antigua and Barbuda Citizenship by Investment program. The minimum investment is $100,000 (a non-refundable donation to a state fund, NGN40.7 million) and $200,000 (investment in real estate, NGN81.4 million), the application process is 3-5 months. Recently the government of Antigua and Barbuda decided to drop due diligence & fees at the 5-year passport renewal period.

An Antigua and Barbuda passport https://migronis-citizenship.com/antigua will give you global visa-free travel to 128 countries including the Schengen Zone, the UK, South Korea, Singapore, among others.

Another popular option in the Caribbean is the Saint Kitts and Nevis Citizenship by Investment program https://migronis-citizenship.com/saintkitts-and-nevis. This country also offers direct citizenship with no prior residency period required, its visa-free travel benefits are similar. The government of Saint Kitts and Nevis offers to invest at least $150,000 (NGN61.07 million) to a new state fund called the Sustainable Growth Fund for a single applicant, and $195,000 (NGN79.4 million) for a family up to 4 members. The real estate investment is $200,000 (NGN81.4 million), the same as Antigua and Barbuda. The application process is the same as well, 3-5 months.

As an alternative to the Caribbean CBI programs, a small country in the Pacific, Vanuatu, also “sells” its citizenship. To obtain Vanuatu citizenship by investment https://migronis-citizenship.com/vanuatu you should contribute at least $178,000 (NGN72.5 million) to a state government fund. This program doesn’t have option of investment in real estate yet.

Please, keep in mind that it’s not possible to apply for a CBI program without a special certified agent who would control the application process from the beginning to the end.

I was born in communist Poland in the 80s of the last century, less than 200km from the infamous Berlin Wall, that for decades physically and ideologically divided Berlin and the rest of Europe. Going East from the wall you would find countries controlled by the falling, but still dangerous Soviet regime — dictatorial, communist, poor, stripping people of their personal freedom. On the other side of the wall — Western Europe, with thriving capitalism and consumerism, recovered from WWII thanks to hundreds of billions of dollars (in today’s value) which poured from the United States as part of the “Marshall Plan”.

I was extremely lucky to have a big family in the “rich Europe” part and I enjoyed regular post deliveries of sweets and clothes. At the same time, my family situation made me conscious of the enormous inequalities between the life of Polish and German kids. I would spend hours staring at old “Quelle catalogs” — sent by my German aunt, 1000 pages thick, mail-order magazines, that looked basically like someone turned Amazon into a printed book. Not only could my parents not afford all those fancy toys, clothes, or electronic gadgets, but we also wouldn’t be able to buy them even if they had money. You just couldn’t get anything in the country, shops were empty. You could get stuff like butter, milk or chocolate only in limited amounts fixed by the government. I had to deal with all that because I was born those damn 170km too far East of the Berlin wall. That was the first time I experienced geopolitical unfairness of the world.

In communist Poland, if you wanted to get a passport, you had to go through an extreme vetting process, done by the Polish version of KGB. You had to try numerous times until getting an approval, that usually depended on giving a bribe or information about your “neighbor’s suspicious anti-government activity”, and even if you got the passport, you could only physically have it with you for the time of the travel. You would have to give it back after you came back.

All that changed when Poland miraculously abolished communism and joined the European Union, but even then we were still “the poor brothers from the East”. In Western Europe airports I always had to go through additional questioning by immigration. Getting a U.S. visa was nearly impossible. While working on my startup in the early 2000s, I got into a Silicon Valley incubator, but I couldn’t go because I was refused the visa. That was the second time my Polish citizenship killed my dreams. Three times a charm is what they say. It took me one more experience, a much more powerful one to finally do something about it.

Fast forward to 2017. I had been living in Nigeria for a couple of years where I’d become a resident, opened a few companies and started paying taxes there. I co-founded Jumia Travel, that quickly became one of the biggest hotel booking sites in Africa and HotelOnline.co, a leading hospitality software company on the continent. I had my ups and downs, but I was confident of the bright future of Nigeria and the business opportunities it presented for entrepreneurs like myself. Great opportunities come with great risks though. In what later turned out to be a planned takeover of my company and blackmail, I had all my assets seized and my bank accounts were frozen. All of it was done by an order issued by Nigerian police officers, corrupted by my local business partners that decided to get rid of me. Like in a shitty Hollywood B movie, I was quickly given an offer. A shady individual told me that all my problems will go away, all I need to do is to send a symbolic sum of a couple of hundred thousand dollars to a specific bank account.

But just like in a Hollywood movie, the good guys don’t negotiate with the bad guys. I had nothing to lose, so I sued the Nigerian police. Yes, you read that right. What’s even more amazing, I won. That was one of the “faith in humanity restored” moments. I’m probably the only foreigner in the history of Nigeria to sue its police and win. And to be still alive. The court ruled illegality of all the actions by police and even set a symbolic sum of ten thousand dollars to cover my “moral damages”. The police haven’t paid yet and I’m still trying to figure out who I should call for help to get my “win money”.

All that changed when Poland miraculously abolished communism and joined the European Union, but even then we were still “the poor brothers from the East”. In Western Europe airports I always had to go through additional questioning by immigration. Getting a U.S. visa was nearly impossible. While working on my startup in the early 2000s, I got into a Silicon Valley incubator, but I couldn’t go because I was refused the visa. That was the second time my Polish citizenship killed my dreams. Three times a charm is what they say. It took me one more experience, a much more powerful one to finally do something about it.

Fast forward to 2017. I had been living in Nigeria for a couple of years where I’d become a resident, opened a few companies and started paying taxes there. I co-founded Jumia Travel, that quickly became one of the biggest hotel booking sites in Africa and HotelOnline.co, a leading hospitality software company on the continent. I had my ups and downs, but I was confident of the bright future of Nigeria and the business opportunities it presented for entrepreneurs like myself. Great opportunities come with great risks though. In what later turned out to be a planned takeover of my company and blackmail, I had all my assets seized and my bank accounts were frozen. All of it was done by an order issued by Nigerian police officers, corrupted by my local business partners that decided to get rid of me. Like in a shitty Hollywood B movie, I was quickly given an offer. A shady individual told me that all my problems will go away, all I need to do is to send a symbolic sum of a couple of hundred thousand dollars to a specific bank account.

But just like in a Hollywood movie, the good guys don’t negotiate with the bad guys. I had nothing to lose, so I sued the Nigerian police. Yes, you read that right. What’s even more amazing, I won. That was one of the “faith in humanity restored” moments. I’m probably the only foreigner in the history of Nigeria to sue its police and win. And to be still alive. The court ruled illegality of all the actions by police and even set a symbolic sum of ten thousand dollars to cover my “moral damages”. The police haven’t paid yet and I’m still trying to figure out who I should call for help to get my “win money”.

I came out of my Nigerian blackmail adventure safe and sound, mostly because of tons of luck. It could have been much, much worse. The experience made me, however, reach my threshold. It showed me how fragile your position, and how illusory your sense of safety can sometimes be. Especially when you live and work in countries with a struggling democracy and economy. I’ve decided that I need to move my assets, tax residency, or even citizenship to a country, where abuses like that can’t happen, where the law is respected and corruption is marginal. I couldn’t count only on my homeland — Poland, that in the last couple of years has become dangerously authoritarian and one of the most expensive countries in Europe in terms of taxes. And call me paranoid, but with the global political dynamics, the growing tensions between the West, Russia, China, and Europe’s immigration challenges, the Old Continent’s future doesn’t look that bright. In the late 1930s, there were still people in Poland that would have called you crazy if you had said that Hitler could invade us.

I needed a safe harbor, a plan B. And on top of it, having 2 passports is kinda cool.

I had always thought that getting second citizenship by paying money can only be obtained in some shady ways and that it must be extremely expensive. And by extremely, I mean millions of dollars. What I found out was something totally different. A lot has changed in the last couple decades. Many governments started treating their citizenship as a commodity. The first country that offered its passport for sale was Saint Kitts and Nevis in 1984. Today already over a dozen nations offer citizenship — including five Caribbean island-states, Vanuatu, Jordan and, within the EU, Austria, Cyprus, and Malta. Even the Dalai Lama got himself a passport from Dominica. Programs have by far become more affordable. Citizenship of Vanuatu, a beautiful, peaceful republic on a South Pacific Island, starts from $ 70k and you can even pay in Bitcoin.

Let’s be honest, which country wouldn’t want to invite more lawyers, doctors, engineers, entrepreneurs and other successful experts in their fields to their land, so they invest and pay their taxes there? There is however a vetting process that keeps the crooked types out, your finances need to be legit and you even have to go through a health check. No place for sick people in the paradise. There are many advisory companies licensed by those governments that manage the whole application and investment process. I went with the one that had the coolest looking website (obviously) and that seemed most professional out of the few I spoke to. They had also been on the market for more than 8 years already. In the startup world that’s almost like an eternity.

The hardest part of the whole process was choosing the country to get the passport of. You need to take into account their geography, as you will want to visit it from time to time and who knows, maybe make it your base. What’s crucial is their tax system, quality of education, if you’re planning kids in the near future, and the strength of the passport. My Polish one allows me to travel freely in Europe but I wouldn’t mind having to apply for fewer visas when traveling to Asia, Africa, the Latino countries, and the great “Merica”, of course. I chose one of the Caribbean countries. I fell in love with their zero income and inheritance tax. I was allowed to keep my Polish passport and have dual citizenship. The island itself is just a stone throw away from the Dominican Republic, where all of my girlfriend’s family lives. And most importantly, this country’s significant part of revenue comes from foreign investors, offshore banking and payment processing companies. The government has a great opinion among international entrepreneurs and the likelihood of becoming a victim of criminals, as it happened to me in Nigeria, was significantly lower. Instead of buying a property (minimum of $ 260k investment) I went for a cash donation to the government fund, which was less than half that price. It was much cheaper, but I will never see that money again. With the Real Estate option, I could sell it after 5 years and hope for a nice ROI.

After choosing the country, it was time for the paperwork. A visit to the doctor, the bank, the notary, the sworn translator, couple signatures on the application prepared by the advisory firm and I was good to go. The whole process was pretty straightforward and if you ever opened an offshore company then you know what I’m talking about. It took me 2 weeks to collect all the necessary documents and another 3 months to get a shiny new, blue passport that allows flying to more than 120 countries (including EU) without a visa.

I got myself a beautiful and peaceful place to pay taxes and move to if the need comes. A plan B for safety, peace of mind, and a cool thing to show off, of course.

Did it end there? Of course not. I wouldn’t be myself if I didn’t start thinking how to build a business around, what seems to be a booming industry. The Citizenship by Investment (CIP) market is estimated at $ 20bln annually, which is twice as big as the global private yachts market. It’s growing by two digits in percentage every year and it’s just the beginning. But it’s an industry that hasn’t figured out yet how to leverage on the digital revolution and online marketing. The biggest players operate more like lawyers, less like growth-oriented, technology-driven companies. That was my aha moment. I decided to invest in the very company that helped me. Now I can help others and democratize the world. Because it’s not your fault where you were born.

If you are interested in buying a second passport,
click here: http://migronis-citizenship.com

If you have connections among potential clients, you can become an ambassador and make money thanks to your network.
Check https://migronis-citizenship.com/partnership to find out more.

Source: https://medium.com/@marekchinedu/how-i-bought-a-second-passport-and-why-you-should-too-562f86e114bc

Wealthy Nigerian businessmen are often looking for greater freedom and ways to secure themselves and their families with a Plan B in case of unforeseen unrest in their country of residence, as well as to lessen the taxation burden. That is why an increasing number among them turns to the citizenship by investment option.

Currently, the most popular CBI programs are European (Cyprus, Malta) and Caribbean ones (Saint Kitts and Nevis, Antigua and Barbuda, Dominica, Grenada, Saint Lucia).

Second citizenship advantages: Visa-free Plan B

The possibility of putting together a contingency plan is one of the main reasons prompting foreigners to obtain another country’s passport. The investor and their entire family can relocate to a better developed country in the event of political, economic or social force majeure at home. Investors from Russia, China, South Africa, the Middle East and South Asia are particularly interested in obtaining a second passport for obvious reasons.

Important to know! Holders of European passports can reside indefinitely in any of the 28 European Union countries. Holders of Caribbean passports are allowed to reside there all year long, and stay up to 90 days in a 6-month period in the Schengen Area countries.

A second citizenship grants the following advantages:

- Visa-free travel. Investors can visit over 100 countries or obtain a visa upon arrival.
- Quick and simple processing. The application reviewing takes from 3 to 6 weeks in Vanuatu, and from 3 to 5 months in the Caribbean region. A potential investor can expect to obtain citizenship without ever travelling to the islands, since their case is handled by a certified agent. A Cypriot passport https://migronis-citizenship.com/cyprus is obtainable within six months’ time, while Malta’s within approximately 14 months.
- Tax optimization. Europe and the Caribbean offer attractive tax planning options.
- The process is confidential. Host countries do not disclose information about residents.

Which famous people already have their second passports?

Pavel Durov, the Russia-born genius behind the VKontakte and Telegram social media and messaging platforms, obtained a Saint Kitts and Nevis passport in 2014. Roger Ver, the famed crypto-currency investor, also owns this country’s passport, as does Adam Bilzerian, a world-renowned poker player who had renounced his US citizenship upon obtaining a Caribbean passport.


The cost of passports for a sole applicant & a family of 4
(irrevocable donation to the state fund)

Saint Kitts and Nevis
$158,047 (The cost for a single applicant*)
$212,688 (The cost for a family of 4 people*)

Grenada
$158,218.6 (for a single applicant*)
$226,874.4 (for a family of 4 people*)

Saint Lucia
$109,600 (for a single applicant*)
$211,900 (for a family of 4 people*)

Antigua and Barbuda
$132,850 (for a single applicant*)
$145,400 (for a family of 4 people*)

Dominica
$132,000 (for a single applicant*)
$230 200 (for a family of 4 people*)

Vanuatu
$178,000 (for a single applicant*)
$218,000 (for a family of 4 people*)

* Additional fees included
** Information is provided by Migronis company

Some stats on passports issued by CBI countries

According to the 2018 World Wealth Report, about 28% of affluent African businessmen, 39% of the ultra-wealthy Middle Easterners, and 41% of Hispanic high-income citizens have obtained a citizenship of another country, as well as over 58% of Russian and CIS countries. On average, 34% of the global wealthy population - individuals with an estimated net worth of over US$30 million - own second passports.

Vanuatu CIP: Why crypto-investors should apply
Crypto-investors who are thinking about obtaining a second citizenship should definitely pay attention to Vanuatu passport programhttps://migronis-citizenship.com/vanuatu. And here’s why. Head of the Vanuatu Information Centre, James Harris, announced in Spring 2018 that Vanuatu has started to accept bitcoins as a payment method for a second passport. Already, this small Pacific country has approved several such applications.

What attracts the attention of foreign investors to Vanuatu citizenship by investment program?

The processing only takes three weeks. Citizens of Vanuatu can travel to 120+ countries without visas, including the UK, the Schengen Area and Singapore. Moreover, all monetary transactions are made through an escrow agent, this way, the investor’s finances are fully protected. Here you can check a more detailed instruction on obtaining a Vanuatu passport => https://migronis-citizenship.com/case/passport-of-vanuatu-the-most-detailed-guide-on-obtaining-citizenship-by-investment

A second passport is a must-have for any successful businessman

There are several ways of becoming a citizen of another country, but the quickest and most reliable one for businessmen and investors is via investing in the economy of their country of choice. A second passport expands visa-free horizons, allows one to create a Plan B and optimize taxes.

Many of the world’s citizenship by investment programs (CIPs) impose restrictions on the countries and territories from which they accept applications. We’ve compiled an overview.

Citizens of a country (and, in some cases, territories, such as Chechnya) are either eligible, ineligible, or partly eligible to apply for a citizenship program; While some programs impose blanket restrictions on certain nationalities under any circumstance, others impose partial restrictions that allow more room for individual considerations. Others yet impose no restrictions at all but treat applications from risk-prone regions with extra care.

Antigua & Barbuda[url]https://migronis-citizenship.com/antigua [/url]

Afghanistan
Iran
Iraq
North Korea
Somalia
Yemen
Sudan
Nationals of the countries listed are eligible to apply for citizenship by investment in Antigua and Barbuda but only if they meet the following criteria:

“Individuals born in these restricted countries but who migrated before the age of majority and/or have maintained permanent residence in Canada, the United Kingdom, the United States of America, Australia, New Zealand, Saudi Arabia and the United Arab Emirates, for a period of not less than 10 years and maintain no economic ties to any restricted country.”

Cyprushttps://migronis-citizenship.com/cyprus

Nationals of North Korea, Sudan, and Somalia are ineligible to apply for citizenship by investment in Cyprus.

Dominica

Dominica imposes no outright bans but nationals of the following countries and territories are treated on a “case-by-case basis”:

Afghanistan
Chechnya
Iraq
North Korea
Pakistan
Sao Tome Principe
Saudi Arabia
Somalia
Sudan
Turkmenistan
Uzbekistan
Yemen

Grenada

Grenada does not explicitly restrict citizens of any countries or territories.

Malta

Nationals of Afghanistan, Iran, and North Korea – and even non-nationals who reside, do business with, or have significant ties or connections to these countries – are permanently ineligible for the Individual Investor Programme.

Furthermore, the IIP’s official website states that “citizens from countries that are on the US travel ban also cannot apply”. Presumably, what they refer to is Executive Order 13780, signed by President Trump on March 6th last year and upheld by the Supreme Court in June 2018. As of the most recent revision in April 2018, the ban covered Chad, Libya, Somalia, Yemen, Iran, North Korea, Venezuela, and Syria.

Moldova and Montenegro

Moldova and Montenegro will be formally launching their programs later this year but, as official program guidelines are still in the making, which nationalities (if any) will be restricted is still unknown.

Saint Kitts & Nevis[url]https://migronis-citizenship.com/saintkitts-and-nevis [/url]

Nationals of Afghanistan, Iran, and North Korea are ineligible for citizenship by investment in Saint-Kitts & Nevis unless the applicant is a permanent resident of the United Kingdom, the United States, or Canada.

Saint Lucia

Saint Lucia does not impose any formal bans but, as explained earlier this week, are unable to process applications from Iran.

Vanuatu[url] https://migronis-citizenship.com/vanuatu[/url]

Citizens of Iran, Iraq, Syria, North Korea, and Yemen are ineligible for citizenship by investment in Vanuatu.

Why are there differences between programs? Should there be?

Recently, we learned that Saint Lucia will no longer be accepting applications from Iran because their due diligence (DD) service providers claim they are not able to reliably verify information on site in Iran and that, furthermore, the bank that Saint Lucia’s CIP uses for the fund transfers will not facilitate payments from Iranians.

But if the DD companies cannot reliably verify intel in country X and, consequently, leave CIP X with no option but to reject applicants from that country, why would the DD firms (usually, CIPs across the world work with the same three or four service providers) be able to conduct reliable vetting in the same country X on behalf of CIPs Y and Z?

Either gathering the requisite background intel is not feasible in country X – in which case country X’s citizens should be barred from all CIPs and not just some – or gathering the intel is feasible, in which case the ban on citizens of country X has nothing to do with an inability to conduct due diligence but, rather more likely, springs from a motivation to placate political interests at home or abroad.

Barring citizens of a certain country from applying for political reasons isn’t inherently wrong, but let’s not then blame it on due diligence shortcomings.

Though the American Dream has somewhat lost its luster, the number of people wishing to move to the United States is not decreasing, and the green card continues to be a cherished dream for many.

The Trump administration is serious about reducing legal immigration in the coming years. It is also planned to stop Green Card lottery. At the same time, the government is still very supportive of those who invest in the US economy. Therefore, wealthy people wishing to grow their business in the United States will find the option of obtaining investor visa more attractive. The benefits of this option include the applicant’s ability to bring his/her spouse and children to the United States as well.

These three visa programs are most popular among the investors: EB-5, L1 and E-2. In this article, we will highlight the conditions, advantages and disadvantages of each of the program.

The EB-5 visa as a direct way to get a green card
The EB-5 Visa Program was launched in 1990 when the Congress of the United States set an objective of stimulating the US economy, attracting private foreign capital, creating additional jobs. The government only opens about 10,000 EB-5 spots for applicants per year, while the actual number of applications is usually much higher.

Requirements to obtain the EB-5 visa
To qualify for the EB-5 visa https://migronis-citizenship.com/visa-eb-5-usa an applicant is required to invest $1million or $500,000 (depending on the region) in the development of a US company. The lower cost is available to those investors who decided to invest in companies located in high unemployment regions or in rural areas called Targeted Employment Areas.

The program provides the following options of participation:

- Creation of a new commercial enterprise.
- Investment in so-called regional centers in Targeted Employment Areas to attract investment in various projects.
- Expansion of the existing business by at least 140% with respective increase in the level of employment.
- Supporting the existing businesses in crisis (which have lost 20% of capital over the past few years).
- At the same time the investment schemes that guarantee the return of funds, such as lending to the existing businesses, are not allowed. Investments should be subject to risks.

Investments in regional centers are not so profitable, but in a way more reliable since these companies meet the conditions of the program without fail. An investor does not need to actively participate in asset management. Therefore, this option is often chosen by those who are interested primarily in moving to the United States.

Applicants are eligible to participate in the program if their capital exceeds $1 million or an annual income over the past two years is at least $200,000. There is an alternative requirement according to which the annual amount of joint income of the spouses should not be less than $300,000. According to the program conditions, the investor must create at least 10 full-time jobs for US citizens. At the same time, their salary should not be lower than the industry average. It is also important that the capital allocated for investment was fully legal; the income sources are subject to rigorous due diligence check. Supporting documents may include certificates on the sale of real estate or business, gift or inheritance certificates, data on profits from commercial activities.

For the first two years, the permanent residence is granted. This status is removed if the enterprise still meets program requirements, namely the required 10 jobs are maintained. The same status (first, conditional and then permanent) shall be granted to investor’s spouse and children younger than 21.

Advantages of EB-5 visa:

- Possibility to get a green card and the right of legal stay and free travel within in the USA.
- Together with the investor, a green card can also be granted to a spouse and children under 21 years of age. They are entitled to stay in the country, and have the right to employment and education.
- After two years you can be granted the permanent residence, and after another three years, you can apply for the US citizenship. This is relevant both for the investor himself and for his family members.
- Applicants from all countries are eligible, there are no requirements concerning work experience, education, age, knowledge of the English language or position in the company.
- There are no restrictions to the duration of the status.
- You can choose any industry and any region of the United States for investment.

The disadvantages of the EB-5 visa include:

- A fairly large amount of minimum investment.
- Low profitability of investments through the regional center. Although regional centers should be approved for participation in the program, this does not guarantee that the investment will bring income.
- The need to prove the legality of the source of investment funds.
- Rather strict requirements to physical stay in the US: not less than 6 months a year. If you plan to travel frequently abroad, you should get a special Reentry Permit.
- Relatively long processing time. Normally, it takes about a year to get a visa.

Important note: since 2016, the adjustment of the conditions for this type of visa has been discussed. It is proposed to increase the cost of participation in the program from $500,000 to $800,000 and from $1 million to $1.2 million, respectively. However, so far it has been decided to keep the terms of the program unchanged until December 2018.

The L1 Visa to the USA: cost, requirements, advantages
The L1 visa is granted to senior managers and top-level specialists of foreign companies, who are relocated to work in a company’s US office. This type of visa allows an applicant together with his spouse and children under 21 years of age to reside in the United States. The spouse and children are granted an L2 visa.

To apply for this type of visa it is required:

- To establish a subsidiary or branch office in the United States. There is also an option of buying an existing US company. It is important that in both cases a branch or a US company were owned by either a foreign company or by a shareholder of that company.
- To prove that the company is actually operating in the United States. You need to open a special account for branch office’s settlements. There should be at least $40,000-50,000 on the account. Furthermore, you need to rent an office. The proofs should be provided both for the account and for the office. Such proofs may include certificates, extracts or contracts which should be enclosed to the application documents.
- To hire at least 3 employees in a US branch office during the first year of work.
- To have at least 1-year management experience or experience as a qualified specialist. An applicant is required to have working experience that he/she obtained in the same company that sends him/her to the company’s US office.
- There should be an account turnover between the head office and the branch office. It is also advisable to be able to demonstrate the turnover and profits of the parent company based abroad to prove that it can support the work of the branch office, especially if it is newly established.

Duration of application process and prospects of L1 visa

The application process normally takes several months. Initially, the status is granted for 1 year to managers and specialized knowledge workers of branch offices of foreign companies that were established recently, and for 3 years in case an already existing and operating US business was acquired. Subsequently, the visa can be renewed every 2 years. In the case of specialized knowledge workers, the L1 visa is issued for a total period of up to 5 years. For managers this term is increased to 7 years. After that you need to work for at least 1 year outside the US, and then you can again apply for this visa. However, after 1 year of successful operation of the company, the management can apply for the grant of an EB-1 visa to the employee (top level management) which is immigration visa and leads to getting a green card.

To renew the visa after the first year, it is important to demonstrate the results of the manager’s work. It is easier in the case of a new business. On the one hand, if you buy an existing company, you can get the status for 2-3 years. However, it must be noted that such a business should have been a successfully operating one and have a clean financial history. Therefore, such purchase may be risky and require gathering support of a good financial expert to check all the details before acquiring the company.

The advantages of the L1 visa include its lower cost compared to the EB-5 program, as well as the prospect of applying for a green card after one-year of work. This is a business visa, so there is no need to prove that you don’t have intentions to immigrate. The applicant’s children can study in the US schools and universities, and the wife/husband has the right to work. This visa can be obtained at once by several employees of a foreign company, if they occupy sufficiently high positions.

The disadvantages include the requirement to have at least one-year work experience and being able to prove it. A foreign company must have been operating for at least one year, and only after that it may open a branch office in the United States and a visa application may be filed. Furthermore, it is rather difficult to foresee the actual amount of expenses. Though at the time of filing an application there should be at least $40,000-50,000 on the account of a branch office, the rental of the office and paying service fees to the staff may result in heavier expenses even for the first year of operation. In addition, with this option it is important to show the results of the work, so you need to pay enough attention to real business management.

The E-2 Investor Visa: important details
The E-2 visa is an investor visa which is issued to foreign individuals wishing to grow their business in the United States. However, the applicants may be eligible for the program only if they come from the states which concluded a respective treaty with the United States. Such countries do not include China, Russia, Brazil, South Africa, Dubai, etc. Ukraine, Kazakhstan, Georgia, Armenia, Azerbaijan, Kyrgyzstan, Moldova and the Baltic States are on the list of countries signed the treaty with the US. Being a citizen of one of these countries allows you to apply for an E-2 business visa.

What are the options for the investors from China, Russia and other countries which did not sign the treaty with the US? The best option is to obtain the second citizenship of Grenada first. This is the only Caribbean country offering a second passport for purchase which allows applying for an E-2 visa in the United States.

There are no specific requirements to the amount of investments. It is only mentioned that the investments should be “substantial” and the threshold of minimum investment is approximately $50,000. These should be the funds commensurate with the purchase of a new or existing business, and sufficient for its development. The amount also depends on the industry in which the future company operates.

Advantages of a US E-2 visa
- Low investment amount for starting a business. It will be enough to invest in maintenance of the company’s operations and get a minimum profit. This amount of investment isn’t as big as it is required for the EB-5 visa https://migronis-citizenship.com/visa-eb-5-usa.
- There is no specific quota for the number of jobs the company must create. However, hiring only members of the investor’s family is not allowed.
- Short application process which takes about a month.
- Along with the investor, the visa is granted to his/her spouse and children under the age of 21. Children will have the right to study in the United States, and the spouse will be eligible for obtaining a work permit.
- Relatively loyal conditions: due diligence check of the sources of funds, business plan and other data is not as rigorous as when applying for an EB-5 visa.
- There are no requirements to reside in the United States. However, you need to reside in the country some time necessary for management the company.

Still, apart from the already mentioned restrictions on the countries, the program has some other disadvantages. They include:

- Time limitation and the need for renewal. The visa is issued for 2 years, and then it may be renewed every 2 years for an unlimited number of times, but only as long as an investment business project is operating.
- This visa doesn’t convert in green card. This is a non-immigrant visa.
- An applicant has to devote his actual attention to business management since for the renewal of the visa the company should function successfully and bring profit.

[b]In conclusion
[/b]The main advantage of EB-5, L1 and E-2 programs is the possibility for the investors to get a visa not only for themselves but also for their family members. This gives their children access to US education, and the whole family will be able to benefit from the US healthcare and other positive aspects of the American way of life.

In terms of immigration, the EB-5 program is the most attractive. It allows you first to get a conditional, and then a permanent resident status. However, the costs involved in applying for this program are quite high. At the same time, there is an option of investing in regional centers, which means that the investor does not need to monitor compliance with all program conditions, and in many cases, such income may become passive. The L1 and E-2 programs call for active participation in the company’s activities; however, the level of required investments for programs is much lower. The holder of the E-2 visa, who has achieved a certain success in business, may apply for an EB-5 visa. The L-1 visa gives you the right to apply for a permanent residence in the USA just one year later.

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.