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Covid-19 Economy Impact

The positive effects on citizenship & residency by Investment

Article-The positive effects on citizenship & residency by Investment

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Countries that offer Citizenship & Residency by Investment Programs launched online portals and websites amidst covid-19, allowing investors to electronically submit their required document

Amman, Jordan - COVID-19 has had some major effects on the world economy, most of which are negative. However, the virus outbreak impacted the Citizenship by Investment and Residency by Investment industry positively. According to Bluemina, a leading firm in the Citizenship and Residency by Investment industry, the Corona Virus crisis facilitated the process of obtaining a second citizenship or a permanent residency card since most programs are now accepting online applications and are requiring fewer official documents to lodge applications.

Most countries that offer Citizenship and Residency by Investment Programs launched online portals and websites allowing investors to electronically submit their required document through government-approved and authorized companies. This has immensely eased the process of application for businessmen and investors. Also, and in order to start the due diligence process, most countries are now requesting only five simple and readily available documents including a Passport copy, birth certificate, national identity card, marriage or divorce certificate, and a proof of residency address such as electricity or water bills.

Several Commonwealth Caribbean Countries have updated their programs and investment requirement in order to meet the competitiveness of the market. For example, Saint Kitts and Nevis, the first and most established citizenship by investment program globally, have reduced the investment requirement in its Sustainable Growth Fund. Antigua and Barbuda, on the other hand, introduced a new investment path; The University of West Indies Fund. Under this investment option, one family member will be entitled to a one-year scholarship at the University of West Indies which is one of the most highly ranked universities in the region.

As for Grenada, the state is offering the holder of its passport a 90% deduction on the tuition fees of St. George University; a private university known for its advanced degree in the field medicine and nursing. St. George University is also associated with many high-level educational institutions, including those in the United Kingdom, the United States, Canada, and Australia.

Lastly, Saint Lucia. The Government of Saint Lucia reduced the government-contribution amount from $160,000 to $140,000 for a single applicant, and from $190,000 to $150,000 for a family of 4. This amount is exclusive of due diligence fees, lawyers' retainer, and some other minimal fees.


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