Citizenship by Investment

28 May Citizenship by Investment

GS PAPER-2, POPULATION
SOURCE- THE HINDU

Context:

Recently Prime Minister of Antigua and Barbuda, Gaston Browne, asked neighbouring Dominica to handover India’s fugitive businessman Mehul Choksi to India directly.

Highlights

As per Prime Minister, Choksi was living in Antigua and Barbuda since 2018 after taking citizenship in 2017 under the ‘Citizenship by Investment Programme’. He will not be having same rights in Dominica as he was having in Antigua and Barbuda.

What is Citizenship by Investment Programme?

It is a program allowing individuals to get residence or citizenship of a country in return of making qualifying investments. These programs offer-

1. Citizenship by investment in which the person gets “golden passport” or “cash-for-passports”
2. Residence by investment in which person gets a “golden visa” or
3. Hybrid with immediate residence followed by accelerated citizenship.
4. Applicants of Program must fulfil multiple qualification criteria. Investment by them can be done in various forms including contribution to government funds, purchase of qualifying real estate, investment in qualifying business or creation of specific number of jobs.

Which countries run this programme?

As of now, five countries in Caribbean – Antigua & Barbuda, Grenada, Dominica, Saint Kitts and Nevis and Saint Lucia); Egypt; Cambodia, Malta; Jordan, Montenegro, Vanuatu and North Macedonia are running the citizenship by investment programme.

Download Daily Current Affairs of 28th May 2021