Unless renewed by Congress, the US Immigrant Investor Program, known as the EB-5 visa programme, is set to expire on June 30th.
The EB-5 allows foreign investors to infuse the country's economy with fresh capital and be rewarded with access to the US through Green Cards and permanent residency. The US Congress instituted the EB-5 over 30 years ago, and the initiative has generated more than $41 billion in capital investment, saving and creating more than 820,000 jobs.
According to London-based citizenship advisory , the programme costs close to a million USD, takes months in processing times and has an applicant cap of 10,000 visas per fiscal year.
The advisory's CEO Micha Emmett said that international investors are now looking to other similar programmes like Citizenship by Investment, which, unlike the EB-5, let vetted investors gain citizenship and later a passport of their host country.
"A lot of investors are coming to terms with a new reality and are looking for a more sound-proof Plan B now," said Emmett. "With the way the world watched the US handle the pandemic followed by a rough shift in political power, families want a more stable and safer option. Right now, for wealthy investors, an appealing option is Citizenship by Investment."
The concept of citizenship by investment originated in St Kitts and Nevis, a sunny and sandy destination in the Caribbean. The country has warmly welcomed investor migrants for decades, running the longest and one of the best-managed in the world since 1984.
Their program is recognised as the "platinum standard" in the global marketplace of citizenship by investment programmes. Investors are walked through the online application process that enables the granting of full citizenship within 60 to 90 days in most cases, a feat ranked the fastest by the Financial Times' .
After applicants invest in the popular option, they unlock a wealth of benefits like visa-free and visa-on-arrival travel to nearly 150 countries and territories and the lifelong ability to live and work in the nation. Most importantly, investors and their families gain citizenship that can be passed down for generations to come.
"We are living in a time where more Americans are opting for second citizenship and renouncing their US passports because of rising taxes, ongoing travel limitations, and an overwhelmed healthcare system. Foreign investors see this and are looking to be ahead of the curve," Emmett added.
Investors interested in becoming economic citizens of St Kitts and Nevis can take advantage of the under the SGF, which enables families of four to obtain citizenship for US$150,000 rather than $195,000.
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( With inputs from ANI )
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