Brexit has for some time been a part of the lives of those living in the UK. From a proposed idea to a passed bill, the UK is currently in the midst of a transition period that will culminate in officially leaving the EU on January 1st, 2021. What remains unclear, is what exactly this means for British citizens. What restrictions will be in place, how strong will the British passport now be and what will be the economic impact? Due to this uncertainty many have now turned to Citizenship by Investment Programmes as a means to obtain dual citizenship in another country. Brexit is pushing Brits to look for a second passport.
Not knowing what the future holds in the country you call home can be distressing and so for many, they are looking into the option of citizenship in more stable countries where their future seems more certain.
Citizenship by Investment (CBI) has long been a route taken to secure a second citizenship. A survey conducted by CS Global Partners highlighted that 63% of British citizens would like a second citizenship and that the majority of this group made this decision because of Brexit.
“Put simply, Brexit has left people uncertain about their future. Whether it’s your business, family or just the security and stability you want from your government. It has made many think of what their options really are. What is the ‘Plan B’ if Brexit does not favour your personal situation or the overall economic state of the country. Citizenship by Investment provides that safety net and the financial freedom they crave. As a company, we have seen a marked increase from British citizens in applying to our programmes in the Caribbean; specifically to the Dominica CBI Programme,” says Paul Singh, Director of CS Global Partners, a legal advisory firm headquartered in London.
According to the survey, lifestyle has been a determining factor when it comes to choosing a country for dual citizenship. In comparison to the British weather, and the economic ups and downs, the Caribbean offers a tropical paradise with opportunity, security and stability.
“Dominica offers a well-established programme whereby investors can either become citizens through a donation or by investing in real estate. The quick turnaround of the application process, around 90 days, makes it an attractive option. Being a citizen of Dominica also allows you visa-free access to 140 countries which opens doors for travel and for business. While many can only gain dual citizenship via family connection, Citizenship by Investment Programmes offer an equal playing field for those able to invest,” says Micha Emmett, CEO of CS Global Partners.
So, what does the future hold for the UK? “I firmly believe that diversifying your options/having a ‘plan B’ is the way for British citizens to gain back some control over their future; to gain some certainty,” concludes Emmett.
