The 2017 Atlantic hurricane season has been devastating. The season—which typically begins in June—peaks in September with an average of 2.5 major storms per season. But this year, there have been four major storms so far including two category 5 hurricanes—the strongest classification of storm measured.
Much of the Caribbean and parts of the southern United States have been severely impacted. Hurricane Irma caused catastrophic damage in Barbuda, Saint Barthélemy, Saint Martin, Anguilla, and the Virgin Islands. For the islands that were not as hard hit, relief was short-lived as just days later, hurricane Maria ripped through causing severe damage in Dominica, the Dominican Republic, the US Virgin Islands, and the Turks and Caicos. In many places the damage of Maria was intensified because of the damage already inflicted by Irma—making blowing debris and already compromised structures all the more damaging.
Both storms resulted in the loss of lives as well as significant property damage.
But even though it is still early days in terms of relief and rebuilding efforts, many are already hopeful for what the future can bring.
Several Caribbean nations that sustained significant damage have robust citizenship by investment programs, which may just be the key to helping to rebuild. For instance, St. Kitts and Nevis has already introduced a plan to shift money from its Citizenship by Investment unit to help fund rebuilding efforts both at home and also in neighbouring countries like Dominica and Antigua and Barbuda, two of the hardest hit nations.
Since many citizenship by investment programs require investment in government approved projects, it only makes sense to shift those funds from creating new infrastructure to rebuilding and repairing what’s existing.
For foreign investors looking to gain a second passport, this presents an opportunity to infuse a bit of altruism into the pursuit. By investing in a citizenship by investment program in the Caribbean now, funds will more than likely go toward rebuilding these beautiful nations making it a win-win situation for everybody.
Living on a tropical island can come with its drawbacks, and hurricanes are a serious threat to many Caribbean nations. While there’s no doubt the clean-up process after this hurricane season will be challenging, with time, investment, and hard work, these tropical paradises will be back to their former glory.