Second passport from $150,000

Are the Caribbeans wealthy new citizens a lifeline or a liability? The new trend may be risky for global security

Investing in the tropical Mount Cinnamon Resort in Grenada, with its white sand beaches, buys more than a slice of paradise – it comes with citizenship and a passport with visa-free entry to almost 130 countries. Few who take up the offer may ever visit their new homeland but for cash-strapped Caribbean states such as Grenada, „citizenship by investment“ is a lucrative way to bankroll development and smart hotels, while chipping away at huge debts.

Grenada is one of a growing list of countries, including four others in the Caribbean, cashing in on a booming industry that offers citizenship or residency in return for investment as more people look for political and economic safe havens. But the trend is also sparking concerns over global security and illicit financial activities, especially as small nations cut the price of citizenship as competition heats up and disasters hit their economies, boosting the need for fast funds.

Grenada’s Prime Minister Keith Mitchell said his country had gained massively since starting a programme in 2014 whereby people can acquire citizenship for an investment from $150,000. „It’s bringing in an enormous amount of money, and it’s helping us to reduce our debt burden in a serious way,“ said Mitchell, whose government is using 40 percent of citizenship revenues to pay off its debts.

Saint Kitts and Nevis, Dominica, Antigua and Barbuda, and Saint Lucia are also tapping into the global citizenship market estimated by international advisory firms at $2 billion a year.

All those countries’ passports allow visa-free travel to the European Union. But moves by several Caribbean nations to cut the price of citizenship late last year after hurricanes ravaged the region has raised concerns about the practice.

A string of scandals – including Iranians trying to evade sanctions, caught with Saint Kitts passports – has flagged the need to tighten checks and regulation otherwise countries in these schemes could see the money dry up, experts say.

Nationals of China and the Middle East are the biggest buyers of Caribbean citizenship, often sought by wealthy individuals seeking ease of travel or a „plan B“ enabling a sharp exit for political reasons.

Various European nations including Britain, Spain and Malta, as well as New Zealand, Singapore and the United States have similar, albeit more expensive schemes, some of which require residency.

The relatively low cost of Caribbean citizenship, promoted at international fairs and advertised in glossy in-flight magazines, sets the islands apart from other countries.

SOPHIE HARES

Text pochází z agentury Reuters  Zdroj LN

NAUČTE SE GRAMATIKU PODLE TEXTU

V dnešním textu jsme se setkali s jedním z mnoha frázových sloves, tedy sloves, která s předložkami či příslovci tvoří slovní spojení mající různé významy.

Tentokrát se jedná o sloveso set ve větě „… sets the islands apart from other countries“ („… odlišuje ostrov od jiných zemí“).

Nejběžnější spojení představují set up (zorganizovat, založit), set in (propuknout, usadit),set out (vydat se, vyrazit), set aside (dát stranou, rezervovat si), set off (spustit), set about (začít, pustit se).

DOPLŇTE VHODNÉ FRÁZOVÉ SLOVESO:

The rain has _ for the day. He _ dealing with the problem immediately. He is planning to _ a new business. She _ the alarm by opening the door. The traveller is ready to _ this morning. I need to _ some money for a new laptop.

Řešení: set in / set about / set up / set off /set out / set aside