Citizenship by Investment: Insurance for the Ultra Wealthy In Nigeria

CITIZENSHIP BY INVESTMENT IN MOLDOVA

The Moldova Citizen by Investment (MCBI) program requires applicants to make a defined economic contribution to Moldova through the Public Investment Fund.

Applicants and their families will be granted citizenship in exchange having gone through a stringent due diligence process and thorough background checks. It is noteworthy that Moldova’s four-tier due diligence system has been considered the most thorough in the world.

Investment Requirements
Applicants are required to make a minimum non-refundable contribution to the Public Investment Fund (PIF) dependent on their status and family size.
• EUR 100,000 for a single applicant.
• EUR 115,000 for a couple.
• EUR 145,000 for a family of four.
• EUR 155,000 for a family of five or more

Asides from the non-refundable contribution to the Public Investment Fund, government fees apply for the applicant, spouse, dependent children and any dependent parent of the applicant or spouse who is 55 years of age or older;
• Government Fees of EUR 5,000 for the applicant.
• Government Fees of EUR 2,500 for a spouse.
• Government Fees of EUR 1,000 for any child between the ages of 0 to 15 years.
• Government Fees of EUR 2,500 for a dependent child between the ages of 16 to 29 years.

• Government Fees of EUR 5000 for a dependent parent either of the main applicant or spouse aged 55 years or more.

Other Requirements
• Applicants must be more than 18 years.
• Applicants and their dependents must have entirely clean personal backgrounds and no criminal record.
• Applicants who have been earlier denied Visa into one of the countries Moldova has Visa-free travel agreements with and have not been able to obtain Visa to the country in question since the denial will not be accepted to the Moldova Citizenship by Investment Program.

Benefits of the Moldova Citizenship by Investment Program.
• Moldova Citizens are granted a Visa-free access to 121 destinations in the world including Turkey, Russia and countries in the Schengen Area.
• Applicants can include their dependent children up to 29 years of age and Parents of either the applicant or the spouse up to 55 years of age in the application.
• The Investment Citizenship program in Moldova does not restrict Citizenship being passed down to future generations. In other words, citizenship is for life and can be passed down from generation to another.
• The naturalization process under the MCBI program typically takes a maximum of 3 months subject to any difficulties encountered in the due diligence process making it one of the investment immigration programs with the fastest application process.

CITIZENSHIP BY INVESTMENT IN ST. KITTS AND NEVIS
A Citizenship by Investment Program has been in force in St. Kitts and Nevis since 1984 making the Citizenship by Investment Program of St. Kitts and Nevis the oldest existing Citizenship by Investment Program. It has also been regarded as the most reputable Citizenship by Investment Program in existence. Also, St. Kitts and Nevis offers a good environment for investors.

Investment Requirements
• To qualify for Citizenship, the applicants can invest in one of the approved real estate developments, contribute to the Sugar Industry Diversification Foundation (“SIDF”) or make a non-refundable contribution to the Sustainable Growth Fund (SGF).
• Applicants may qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium units. The minimum real estate investment required by law is US$200,000 (resalable after 7 years) or US$400,000 (resalable after 5 years) for each main applicant.
• Applicants contributing to the Sugar Industry Diversification Foundation (“SIDF”) are required to make a contribution of USD 250,000 for single applicants and a contribution of USD 300,000 for applicants with up to three dependents.
Applicants will be required to make an additional contribution of USD 25,000 for each additional dependent, regardless of age.
• Applicants contributing to the Sustainable Growth Fund (SGF) are required to make a contribution of USD 150,000 in the case of a single applicant, with an additional contribution of USD 25,000 for a spouse and USD 10,000 for each additional dependent.
• Upon submission of an application, non-refundable due diligence and processing fees must be also paid. These fees amount to US$7,500 for the main applicant,and US$4,000 for each dependent of the main application who is over the age of 16 years.

Benefits of the St. Kitts and Nevis Citizenship by Investment Program.
• St. Kitts and Nevis passport holders enjoy a passport with an excellent reputation and very good visa-free travel to up to 151 countries including Canada, Hong Kong, Switzerland and to the entire EU.
• Citizens of St. Kitts and Nevis are allowed to hold dual citizenship. Holding the passport of two countries will therefore not be an issue for Citizenship by Investment applicants.
• Citizens by Investment and their families enjoy the citizenship rights for life.
Citizenship will also be transferred to future generations by descent.
• Citizens by Investment have the right to take up residence in St. Kitts and Nevis as well as in the CARICOM (Caribbean Community) member countries.
• Applicants can join their dependents between 18 and 30 years to their application if the dependent is a full-time student and relies on the applicant financially. The main applicant can also include parents and grandparents over the age of 55 in the application if they live with and are fully financially supported by the main applicant.

CITIZENSHIP BY INVESTMENT IN ST.LUCIA

St. Lucia is an independent Commonwealth State a member of the United Nations, CARICOM, OECS and the Eastern Caribbean Currency Union (ECU), a regional currency (East Caribbean Dollar, XCD) which is pegged to the US Dollar at a rate of 2.70.
Applicants under the Citizenship by Investment program of St.Lucia are required to make notable economic contributions to the economy in exchange for a grant of full citizenship to the applicants and their families subject to a stringent application process and due diligence checks.

Investment Requirements
• Applicants can invest a minimum of USD 300,000 in an approved real estate development. This investment must be held for a minimum period of five years.
• Applicants can invest a minimum of USD 3.5 million in an approved Enterprise project. This investment must create a minimum of three permanent jobs.
• Applicants can make a joint investment of a minimum of USD 6million in an approved Enterprise project; each applicant contributing at least USD 1 million.
This investment must create a minimum of six permanent jobs.
• Applicants can make a non-refundable contribution of USD 100,000 (for a single applicant) to the National Economic Fund. Under this heading, the main applicant and spouse shall contribute USD 165,000, the main applicant, spouse and up to two other qualifying dependents shall contribute USD 190,000 and a contribution of USD 25,000 shall be made for each additional qualifying dependent of any age.
• Applicants are required to make payment of due diligence and government processing fees on all investment options.

Other Requirements
• Applicants must be more than 18 years.
• Applicants and their dependents must have entirely clean personal backgrounds and no criminal record.
• Applicants must not be under any criminal investigation except for a minor offence or be deemed a potential security risk.
• Applicants should not be involved or has been involved in any activity that will likely cause disrepute to St. Lucia.

The application process should take a maximum of three months from the time of submission to the issuance of the St. Lucian Passport if there are no areas of concern with the application.

It is important to note that the main applicant will be required to make the qualifying investment within 60 calendar days after notice has been given of the application’s approval. For the real estate or enterprise project options, the main applicant will be required to pay the government administrative fees due within 60 full days after notice
has been given of the application’s approval.

Successful applicants will be required to sign the oath of allegiance before an attorney-at-law, Honorary Consul of Saint Lucia, Consular Officer of Saint Lucia, Notary Royal or Notary Public.

Benefits of the St.Lucia Citizenship by Investment Program.
• The St. Lucian Passport grants holders visa-free travel to 146 countries including Singapore, the UK, Hong Kong and the EU Schengen area.
• The citizenship by Investment program in St. Lucia does not have residence or visitation requirements.
• The citizenship by Investment program in St. Lucia provides a variety of investment options.
• Citizens of St. Lucia are allowed to hold dual citizenship. Holding the passport of two countries will therefore not be an issue for Citizenship by Investment applicants.

Dayo Adu- dayo.adu@famsvillesolicitors.com

Omolola Ahmed- omolola.ahmed@famsvillesolicitors.com