In a move which has disappointed expatriates and offshore investors alike, the Grenadian Finance Minister, Anthony Boatswain, has announced that the country has suspended its economic citizenship programme, claiming that it was 'too risky' in the wake of the terrorist attacks in the USA.
'Grenadian passports can end up in the wrong hands and be used for purposes other than that for which they were intended,' he explained on Friday.
Economic citizenship programmes, also adopted in other offshore jurisdictions such as Dominica and St Vincent and the Grenadines, allow investors and HNWI to aquire a legal second passport for a specified minimum investment in the local economy, and have been utilised in the main by developing jurisdictions in order to raise funds. However, the system has come under fire in the past, as it could conceivably be abused by those with less than honourable intentions.
Economic citizenship was introduced as a concept in Grenada 3 years ago, and second passports were available from the jurisdiction for around $19,000. It is estimated that the suspension of this service will lose the island between $1.8 million and $2.2 million per year.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment