This CBI-focus feature is sponsored and provided by The Fairway Group.
Russian-born billionaire with a St. Kitts & Nevis passport Pavel Durov is an example of a global strategy that can circumvent political and military conflict, as St. Kitts halts Russian applications for Citizenship By Investment (CBI).
Pavel Valeryevich Durov, born Oct. 10, 1984, is a Russian-born Kittitian. He is best known for founding the social network site VK and later Telegram Messenger. His net worth is estimated to be north of $17 billion and he has been a vocal advocate for freedom.
Like many strategies on the stock market, some moves always appear brilliant in hindsight when they may have been, at best, merely fortuitous.
So, it can be argued that the purchase of a St. Kitts and Nevis passport (judged the best passport in the world) may have been a lucky accident. However, everything points away from that conclusion.
It is clear that Durov is intentional, as well as brilliant. It is also clear that he is socio-politically active, taking part in both the World Economic Forum (WEF) and the WEF Young Global Leaders program. Durov secured his original CBI passport long before the present Russia-Ukraine conflict.
The concept of CBI was first introduced to the world by St. Kitts and Nevis in 1984. In exchange for investing in the country, applicants could receive a St. Kitts & Nevis passport if they were successful in passing the due diligence scrutiny of the government.
Currently, holders of the passport can travel to more than160 countries and territories without worrying about the inconvenience of having to apply for a visa months before travel, possibly sending their passport away to have it stamped without having a guarantee that the visa would get arrive in time – before the intended travel date.
So, even if we agree that we cannot attribute the purchase of the St. Kitts and Nevis passport to Durov’s perspicacity, we can certainly admire his perspicuity in choosing the best and having a “Plan B” with a safe-island approach before it was actually needed.
St. Kitts and Nevis has now joined others in imposing sanctions on Russia – including ceasing all applications for citizenship by Russians. There is a critical lesson to be learned here. It is impossible to purchase fire insurance while your house is on fire. The time to purchase fire insurance is when there is no indication that your house will ever burn down. For Africans of high and ultra-high net worth and, indeed, for all who desire safety and flexibility for themselves and their families, this is a wakeup call.
The time to apply for a St. Kitts and Nevis passport is now.
The Fairway Group has concierge services offering more than just a second passport for as little as $285,000, all-in, for investing in a boutique hotel in St. Kitts. The projected returns are “up to 8 percent per annum.” The successful applicant is also able to sell their shares after seven years and the new purchaser has the right to apply for second citizenship as long as the shares sell for the current price of a CBI share or more. This offers an elegant and effective exit strategy, since the original investor retains their passport for life, along with all the other accruing benefits.
Although residency is not a requirement for a successful application, passport holders can visit Kitts and Nevis at any time. There is no personal income tax in St. Kitts and Nevis and also no withholding tax. Passport holders can open businesses, purchase land and participate everyday life of Kittitians. Shares in The Fairway Group project also provide a residential address that can used to establish an independent financial profile and satisfy Common Reporting Standards.
Avoiding conflict and navigating to safety is no longer the privilege of the ultra-rich. Instead, it is the responsibility and domain of anyone – even of modest means – seeking protection for their family in times of uncertainty and chaos.
The Fairway Group
The Fairway Group is a Real Estate Development Company offering Citizenship By Investment application services on the island of St Kitts in the West Indies.
