Basseterre, St. Kitts, November 30, 2016 (SKNIS): Obtaining a second citizenship holds many benefits, especially for high network individuals, said Les Khan, Chief Executive Officer of the Citizenship by Investment Unit (CIU).
Mr. Khan said that the term second citizenship is appropriate because most times a lot of people make reference to the purchasing of passports and St. Kitts and Nevis offers citizenship, making it more important than just purchasing a passport. He noted that there are numerous reasons why an individual would want a second citizenship.
“High net worth individuals who can afford such an option would need this for a number of factors [such] as a security option or an insurance policy – maybe they are living in an area of instability and as a result would like to have a passport,” he said, during his appearance on Working for You on Wednesday, November 30. “That would allow them to get in and out of that country when the need arises. Other opportunities might come from high net worth individuals again who have a need to travel for business purposes. Other reasons will be for education. Individuals in an environment where there is limited opportunities for education opportunities may seek to create opportunities for their family. So getting a second citizenship, allows the individuals to apply for education options anywhere in the world.”
The CEO stated that the quality of life is an important factor to consider when individuals seek second citizenship.
“Individuals at a certain age may be thinking about two things. They are looking to have a second or third or fourth home in an area that offers them the quality of life that they choose at that point in time,” he said. “Retirement – individuals might be thinking about where they should retire after they have worked through the hassles in certain countries. They want a life and probably a luxury lifestyle and St. Kitts and Nevis offers all of these options to an individual.”
Mr. Khan said that the possibility of tax benefits in the chosen jurisdiction is another reason why persons choose to have a second citizenship. He noted that St. Kitts and Nevis is the perfect destination as there is no tax on income earned and there is no tax on global income.
The CEO pointed out that it is important to know that the CIU is responsible for processing applications to the CBI Programme, as persons tend to confuse both the CBI and the CIU. The CBI Programme was initiated in 1984 and encourages foreign investments into the country.
“Through this mechanism, the country creates funds for investments and infrastructure, stimulating growth in the economy such as real estate, and opportunities for diversification in the economic development of the nation,” he said, while adding that this also applies to all the countries that offer a CBI Programme.
