Economic Citizenship Programs
Economic citizenship programs are intended to provide second citizenship for eligible applicants. The program is called economic citizenship program because applicants make an economic contribution in exchange for citizenship. The current economic citizenship countries that offer the programs are Dominica and St Kitts Nevis. All funds generated in the best economic citizenship programs are put to in generating new industries and improving infrastructure in Dominica and St Kitts and Nevis.
The Dominica economic citizenship program has been in place for more than a decade now and to date many persons was successful in the program. The Dominica citizenship program will have changes made to the options as well as the investment amounts which will pay effective 1st of September 2012. The Single Applicant option worth an investment of US$100,000 qualifies only one applicant for Dominica economic citizenship. The family Option 1 for one applicant an spouse requires an investment of US$175,000. The Family Option 2 for applicant, spouse and two children below 18 single will require the applicant to make an economic investment of US$200,000. Applicants with more than the specified number of children will be pleased to know that additional provisions are made to accommodate these children for additional investment amounts.
Due diligence is carried out for every one included in the application who is 16 and over and the cost of this research is paid by the applicant. Other fees associated with the Dominica economic citizenship program are processing fees, stamp fees, naturalization fees and application fees.
The St Kitts & Nevis economic citizenship program has two options; the real estate by investment option and the Sugar Industry Diversification Foundation (SIDF) option. The real estate option is basically investing a total of US$400,000 in a real estate development sanctioned by the government. The property must be held for five (5) years before it can be resold and the new buyer will not be eligible for St Kitts citizenship under the citizenship by investment program. Fees associated with this option includes application fee and due diligence fees. The SIDF option has 4 categories which qualify a single applicant, family of 4, family of 6 and family in excess of 6 persons. The contribution ranges from US$250,000 to US$450,000. All additional fees are covered in the contribution made with this second citizenship option of St Kitts and Nevis.
These best economic citizenship programs enable applicants to become citizens and to apply for passports from the respective countries. The application process for second citizenship can take anywhere between three (3) to six (6) months to complete. Usually it is the due diligence research which takes more time to complete and once this is done the process of application for second citizenship is sped up. Citizenship status of Dominica and St Kitts gives the successful applicant all the rights and benefits which other citizenship from these countries enjoy.
Economic citizenship programs perfect for persons who for one reason or the other feel restricted by their current citizenship status.