Nigerians are Looking to Citizenship by Investment Programmes to Broaden Business Reach
Over the past year, there has been a sharp increase in wealthy Nigerians gaining dual citizenship to countries in the Caribbean to do business more effectively on a global scale. While Citizenship by Investment (CBI) Programmes have for decades been a viable option for Africans, recent unrest and the global pandemic have increased in those wanting global mobility for both business and leisure.
CBI Programmes provide individuals with the opportunity to invest in countries such as Dominica in the Caribbean, to gain dual citizenship. This allows you to travel more easily, especially to Europe and America, opening doors to over 100 countries for visa-free travel. The global pandemic has only highlighted the increasing uncertainty Nigerians face. Neighbouring countries and the continent have a continual sense of worry in terms of government and economic instability, which is why so many Africans are exploring their options to diversify – to have a Plan B if needed.
With so many options out there, why are Africans specifically looking to the Caribbean? The proximity to America means that from a business perspective, it is easier in terms of time zones and travel distance. Dominica, for example, is also pegged against the USD due to its proximity to the USA, so the currency is strong and stable. The lifestyle and language spoken is also appealing, along with several cultural similarities.
This past year has highlighted the realisation that while most can seemingly work from anywhere in the world – for your business to develop and expand globally, you need mobility. In the current uncertain world enveloped by COVID-19, borders seem to close and open every week. As such, a second passport is a powerful and much-needed business tool.