March 5, 2018

Very recently there were news articles online and in print media stating that Mr. Nirav Modi, a renowned diamond jewelry designer accused of defrauding state-owned Punjab National Bank of $1.8 billion, has obtained citizenship of a Caribbean country, namely, St. Kitts & Nevis.

How true are these reports?

For starters, let us understand some basics. There are five Caribbean countries which offer residency and citizenship of their countries (and a 2nd passport) to High Net Worth individuals who voluntarily make an investment in luxury real estate or donate a designated amount to the national development fund. This amount generally ranges from $200,000 to $400,000 US.

These five Caribbean countries are – Antigua & Barbuda, Dominica, Grenada, St Lucia and St Kitts and Nevis.

The primary reason why HNIs are willing to part with their fortune to obtain a passport of the aforementioned countries is because these passports grant them the liberty to travel to more than 130 countries around the globe without the hassle of obtaining a visa. This is due to the fact that many western countries have diplomatic treaties with these island nations that allow their citizens to travel visa-free.

However, just investing the required amount of money does not guarantee citizenship of these countries. Before residency and citizenship is granted or a passport is issued to the investor, a thorough and detailed background and security check is conducted by the government department in-charge of approving R&C applications. If the applicant has any criminal record or has been involved in dubious transactions or dealings in his/her home country, the application is instantly rejected.

A few days back I was speaking at two conferences on the subject of Residency & Citizenship by Investment, one in Dubai and another one in Mumbai. During this time I had the opportunity to meet some senior government officials of these island countries, including St. Kitts and Nevis.

These officials confirmed to me that Mr. Nirav Modi has not applied to their respective countries for citizenship nor has he been issued a passport of these countries. In fact, the government of St. Kitts and Nevis has issued an official press note denying the sensational claims made by the Indian media who has repeatedly quoted ‘a reliable source from the diamond industry’ as their informant.

It must be understood that is very important for these island nations to maintain the integrity and transparency of their citizenship programs as it brings valuable investment for their nations’ development.

Any country which opens its doors to potential investors and immigrants has a strict background check policy in effect ensuring that they do not harbor or give refuge to fraudsters, defaulters, terrorists and criminals from other countries. After all it is imperative that the reputation, integrity and economic future of their countries is protected.

March 2, 2018

Our law firm and its founder is regularly invited to speak, moderate a panel,  advise on organizing RCI conference and events, contribute articles, etc. on a regular basis. For the complete list click here. 


News and Updates about our law firm. 

Law office of Prashant Ajmera & Associates is now featured in THE CEO Magazine of India as one of the Brand to watch for in the year 2018. 


Law office of Prashant Ajmera & Associates is Recommended Firm by Global Law Experts in the area of Residency and Citizenship by Investment – India.


17th & 18th May 2018 – Mumbai – Hotel St. Régis

Law office of Prashant Ajmera & Associates will be speaking and Exhibiting at the show in Mumbai St Régies Hotel

21st and 22nd Feb. 2018 – J. W. Marriott Sahar, Mumbai, India

Law office of Prashant Ajmera & Associates will be exhibiting at the TIE Global Summit from 21-22 Feb. 2018 at J W Marriott, Sahar, Hotel in Mumbai, India.  


27 & 28 Feb. 2018 

Prashant Ajmera speaking the Immigration conference organized by BLS Media of UK on 27-28 Feb. 2018 at J. W. Marriott Hotel, (Juhu) , India. 


25th & 26th Feb. 2018 – Dubai – Hotel Shangri-La

Prahsant Ajmera speaking at the Immigration Investment Summit MENA in Dubai on 25th Feb. 2018 at Hotel Shangri-La.

21st Dec. 2017

Law Firm of the Prashant Ajmera & Associates awarded Law firm of the year from India in the area of the Immigration & Nationality for the year 2017.