Suriname, the smallest sovereign state in South America, is seriously considering granting citizenship to foreigners who want to invest in the country. So, we may expect that Citizenship of Suriname by investments program will be developed here any time soon. The statement about implementing local CIP was part of the President’s speech, announced in Parliament late September this year. Republic of Suriname, natural-resource rich, upper-middle income country, is located on the northeastern Atlantic coast of South America and bordered by the Atlantic Ocean to the north, French Guiana to the east, Guyana to the west, and Brazil to the south.
The population of Suriname numbering just over half a million will not be able to achieve the desired development which is to work with country’s potential in agriculture, tourism, and mining, especially in gold, granite, oil, and gas. They have options but lack foreign investment and workforce. “We hope that this discussion can be conducted in a businesslike and down-to-earth manner, underpinned by data and solid analytics, with the involvement of relevant stakeholders,” President of Suriname said. This initiative would take further development the relevant international regulations and the national legal framework.
So, while some countries in Europe put on hold or quite their existing citizenship by investment programs there may be something new to be opened in Central America in near future.
“Diversifying risks, both financially and citizenship, is one way for people to avoid the many challenges we face in today’s world”, says Nuri Katz, Founder and president of Apex Capital Partners.
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Why Surinam needs CIP?
Beginning in 2015, Suriname’s economy contracted, and the budget and balance of payments came under severe distress. Government revenue from mining fell sharply, foreign reserves were drained, and GDP growth contracted. By 2020, a severe fiscal and balance of payments crisis began to unfold in Suriname, which continued into 2021. Suriname was heavily impacted by the pandemic, worsening the existing domestic vulnerabilities. Critical sectors, such as mining and oil, took major hits.
What about visa-free travels?
Suriname was connected to Kingdom of the Netherlands but is independent since 1975. Unlike such Caribbean countries like Saint Kitts and Nevis, Grenada and Dominica, Surinam is not a member of Commonwealth of Nations, so the passport of Surinam does not give a right to enter UK without a visa. Neither Citizenship of Suriname will open to investor a visa free entry to Schengen area. But Suriname, for example, has unique agreement with China (30 days without visa) and Russia (90 days within 180-day period).
Prior to COVID, the most popular citizenship by investment opportunities were in emerging nations, particularly in the Caribbean and Latin America. The pandemic increased demand there, but it also created a brand-new market, says Armand Tannous, vice president for North America & Latin America at boutique investment advisory Apex Capital Partners. “That new market is developed countries, like Canada, Europe, the U.K.” Tannous said. “That’s where we’ve seen a tremendous amount of interest which was nonexistent before.” “The biggest families and most wealthy families in the world have migrated from country to country, that’s how their wealth continues growing,” Tannous said. It wasn’t always in the form of citizenship by investment, but it’s a centuries-old wealth management system. In the past it’s only been available to the richest of the rich, but today it’s available to anyone with the capital to invest.
The sense of your loyalty to one country for people and for their children is shifting, he said. HNWIs now see the best opportunities for future generations of their families as outside the U.S.
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