Wealthy Nigerians who invested in golden passports schemes such as the popular Antigua and Barbuda and Dominica citizenship by investment (CBI) schemes, may still face the travel restrictions imposed by the US government.
The US recently updated its entry policies to include Antigua and Barbuda and Dominica on a list of countries facing partial restrictions.
Hence Nigerians holding dual nationality may now find their mobility curtailed regardless of which passport they present at the border as scrutiny intensifies globally.
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This means that the once-reliable optional plan for Nigeria’s elite is under increasing pressure, causing many to assume that the CBI programs may become an unattractive option.
Obtaining CBI especially by the Caribbean Islands has been popular among wealthy Nigerians.
Several Nigerians had acquired second citizenships to bypass the global travel limitations associated with their Nigerian passports especially because it did not require long-term residency.
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The White House had justified the inclusion of the two Caribbean nations by citing concerns over the pattern of their CBI programmes. These schemes allow foreign nationals to obtain a passport in exchange for financial contributions, often without requiring long-term residency.
Nigeria currently remains on the restricted list, with US authorities pointing to screening and vetting difficulties alongside high rates of visa overstays.
For years, Caribbean CBI programmes have been attractive to Nigeria’s high-net-worth individuals.
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For instance, Antigua and Barbuda passport holders get visa-free travel to 151 destinations for an investment of $230,000, while Dominican Republic passport holders get visa-free travel to 145 destinations for an investment of $200,000.
Investment routes typically involves non-refundable contributions to national development funds or stakes in approved real estate and business projects.
A growing international crackdown
The US move is the latest in a series of tightening measures by Western powers against what it termed as ‘passports for sale’.
For example the government of the United Kingdom (UK), suspended its visa waiver agreement for all Dominican nationals due to what it perceived as an abuse of the passport acquisition process
European Union: The EU is currently reviewing visa-free access for countries operating CBI schemes. Brussels has specifically flagged concerns regarding applicants from nations with poor human rights records or high corruption perceptions, including Nigeria, Russia, China, and Iran.
As international scrutiny intensifies, the once-reliable “Plan B” for Nigeria’s elite appears to be under increasing pressure, leaving many to wonder if the era of unrestricted global access via investment is drawing to a close
