Over the last two decades, the rise of high net worth individuals (HNWI) in Russia made it necessary for the higher demand for citizenship by investment programs.
Having a summer home, operating an overseas business, and ensuring unrestricted access to the best education has been the decisive factors for wealthy Russians to choose another residence. However, Russians have many motives, pushing them to invest in and get a second passport, mostly from European countries.
Reasons for the demand for second citizenship among Russians.
However, according to the sources, the second passport and residency permit have never been the driving force for wealthy Russians earlier. In most cases, purchasing a summer home for personal reasons got a residency permit automatically as a bonus. But the trend altered as the country faced political and social instability. State-led restrictions and disregard for individual liberty made Russians accumulate their wealth and look for options outside the country.
Wealthy Russians have desired citizenship by investment programs to escape the strict laws.
Along with that, wealth management decisions like capital growth, privacy, asset protection, political interference, income return, and portfolio diversification make legitimate motivations to make investment citizenship favorable to Russians.
Over time, Russians have occupied a significant section of the Citizenship by Investment market.
Popular Destinations for Rich Russians
Earlier, the citizenship by investment programs of countries like Malta and Cyprus were popular among ultra-wealthy Russians. These countries allow their citizens to live, work, and study in any of the 28 provinces of the European Union. Canada and the USA are equally attractive when it comes to a second home for Russians. Moving to these countries enabled families to move and enroll their children in the best institutes for studies.
Undoubtedly, the pandemic has made the HNWIs of the entire world look for an alternative place of residence and business. Russians also made a considerable percentage of the demand for citizenship by investment programs. Then came the war, and world dynamics shifted dramatically!
Is the world answering this demand?
The demand for citizenship by investment further rose after February 2022, when the war with Ukraine became imminent. However, since the war started, industry trend has been rather noticeable regarding Russians.
International criticism of Russian State policy because of the ongoing war has led many countries, including most of Europe and Canada, to sanction Russian immigrants. The USA, however, has not completely banned Russians, but sanctions have been imposed.
Many have barred Russians from entering their country entirely. In addition, CBI countries like Greece, Malta, and Portugal have also banned Russian investors.
Caribbean countries offering citizenship by investment have joined the western countries in sanctioning the war supporting Russia and Belarus. As a result, St Kitts and Nevis, Grenada, Dominica, and Antigua and Barbuda had suspended applications from Russian investors.
The official reason for this temporary suspension is the inability to conduct proper due diligence at the moment because of the war.
Grenada open for Russians
Coincidentally, Grenada was the first to have dismissed Russian Applicants for the inability of proper due diligence. Their CBI program is also the first one to have lifted the ban. So Russians can now apply for second citizenship of the country. However, the government plans to take precautionary measures by adding a scrutiny approach to Russian Applicants.
More Caribbean Countries are likely to follow suit as the number of concerned applicants is rising.
CHECKOUT VIDEO TO LEARN WHY GRENADA PASSPORT IS THE BEST SECOND PASSPORT FOR RUSSIANS
How can Russians get a second passport amidst sanctions?
Since Grenada has started the process, all the Russian applicants must do is get their profile examined by our advisor for a free eligibility check. Once the first step is done, the next process is hassle-free.
The CBI investment for Grenadian Citizenship is-
For further assistance and information regarding available citizenship channels for Russian citizens, applicants can book a free consultation by contacting here.
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