Basseterre: Friday May 25, 2018
Industry players in the Citizenship by Investment industry are now calling for fresh approaches to investment opportunities as presented by the Caribbean CBI nations, beyond the traditional donations and real estate options.
Speaking at the just concluded Caribbean Investment Summit 2018 held in St Kitts and Nevis Mr. Bashar Daoud, Managing Director of Bluemina Citizenship and Immigration - a citizenship and residency consultancy based in Dubai (UAE) – said there is need to re-evaluate products marketed to today’s global citizen as their needs have greatly evolved.
“Political instability is the single most cited reason for the influx of Caribbean second citizenship applications from the Middle East and North Africa regions. There is a growing trend amongst our clients who are looking to create a life in the nations whose passports they seek. They want to be part of the economy but are looking beyond real estate and donations,” says Mr. Daoud.
“There is a ripe opportunity for Caribbean programs to consider marketing alternative opportunities to new citizens as well as existing economic citizens. Some of our clients with Caribbean second passports are interested in further investments but are turning to countries like Malta and Cyprus due to the incentives presented beyond the standard citizenship requirements. There is no reason why the Caribbean should be losing out, “adds Mr. Daoud.
Mr. Daoud was joined at the Caribbean Investment Summit 2018 by Nuri Katz - Founder of Apex Capital Partners, Mimoun Assraoui – CEO, RIF Trust and Sam Bayat – Founder, Bayat Group in a panel discussion to further deliberate on the needs of the present-day global investor and the available opportunities.
The CBI industry thought leaders noted that political volatility and economic uncertainties no doubt are creating anxiety in certain areas and with this comes liquidity and an increased urgency for alternative residences for families seeking stability.
It emerged that the profile of the present-day global investor has changed to a much younger demographic who are much more digitally connected, more cultured, well-travelled and not afraid to explore new regions as residences. This shines a light on the need for incentivizing investment opportunities to match the new dynamics.
“To attract global investment, countries must ensure that ease of doing business is improved. They must tap into the already established trust existing between agents and clients as an avenue for further engagement beyond the passport. It is also important that all agents must be kept updated regarding new investment funds including economic projections, government resources must be available when needed and red-tape must be dealt with to smoothen this process. This way all Caribbean CBIs will continue to grow, “said Daoud.
The Caribbean Investment Summit 2018 is an industry event targeting players in the citizenship by investment industry. This year’s event saw 300 delegates from across the globe converge in St. Kitts and Nevis to discuss key issues pertaining to the Citizenship by Investment market.
The speaker line-up consisted of global Due Diligence expert Kim Marsh, Dr. Kristin Surak, Associate Professor at SOAS, University of London whose current research focuses on the rise of Citizenship by Investment Programmes, Jeffrey Tucker, an author, economist and Bitcoin advocate as well as the Deputy Governor at Eastern Caribbean Central Bank (ECCB) Trevor Brathwaite and CEO of the St Kitts and Nevis Citizenship by Investment Unit and current Chairperson of the Citizenship by Investment Programs Association (CIPA) Les Khan.
The experts shared insights and best practices while also deliberating upon challenges surrounding banking and processing of funds, Due Diligence, harmony and unity of the Caribbean CIPs, Cryptocurrency and Bitcoin technology as relates to the CBI Industry, Sustainable development in the face of adverse climatic changes as well as key incentives to boost investments.
The event was organized and managed on behalf of the St Kitts and Nevis Citizenship by Investment Unit, by OPEN Interactive – a Media, Marketing, Technology and Public Relations firm based in St Kitts and Nevis. Some of the sponsors included amongst others, Caribbean Galaxy Real Estate, Bluemina Citizenship and Immigration, Bitcoin, BDO USA, S-RM, Apex Capital & Partners, Christophe Harbour, CIU Antigua and Barbuda, Dominica Citizenship by Investment Unit, Exiger, Joseph Rowe Law and PassPro.