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Over the past few decades, Caribbean citizenship has become a popular choice among investors seeking a second passport. However, recent updates in these programs may raise questions about their future.
Zlata Erlach, Caribbean Investment Programs Expert and Head of the Austrian office at Immigrant Invest, detailed how the Caribbean investment programs have evolved recently and what this means for potential investors.
— Could you explain what a Caribbean Passport by Investment is?
Five Caribbean countries offer the opportunity to acquire second citizenship in return for investments in the economy. These countries include Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia.
A Caribbean passport by investment is available to foreigners over 18, with sufficient funds, a clean criminal record, and legitimate income. Along with the investor, family members also qualify for citizenship.
Nationality can be obtained in as little as 6 months and does not require residing in the country. Among the available investment options are non-refundable donations, real estate purchase, and business investments.
Previously, investors could obtain passports for a minimum of $100,000. However, recent changes have seen these investment thresholds double.
— So what are the details of these recent changes in the Caribbean CBI programs?
First of all, the countries now require applicants to undergo an interview. However, there is no need to visit the country in person: the interview is carried out remotely. When necessary, the help of a translator is provided.
The main updates to the programs affect the minimum investment sums.
All five programs offer a non-refundable contribution option, which is one of the most popular. The increase in the minimum sum for this option is as follows:
- in Dominica — from $100,000 to $200,000;
- In Antigua and Barbuda — from $100,000 to $230,000;
- in Grenada — from $150,000 to $235,000;
- in St Lucia — from $100,000 to $240,000.
St Kitts and Nevis was the first to increase a threshold from $125,000 to $250,000 last year. In July 2024, the country reduced the threshold for families from $300,000 to $250,000 to make the program competitive.
The increase for families was not as significant as for single applicants. For example, a family of 4 wishing to obtain Grenadian passports contributed $50,000 more than a single investor, while now the contribution is the same.
Another common option is real estate purchase. Minimum investments when purchasing property were updated as follows:
- in Antigua and Barbuda — from $200,000 to $300,000;
- in Grenada — from $220,000 to $270,000;
- in St Lucia — from $200,000 to $300,000;
- in St Kitts and Nevis — remained at $400,000;
- in Dominica — remained at $200,000.
St Kitts and Nevis, St Lucia, and Antigua and Barbuda offer additional investment options which have also seen an increase in minimum amounts.
Antigua and Barbuda offers a beneficial option for large families, which is a contribution to higher education. Previously, a family of six paid $150,000 for all applicants. Under the updated rules, the minimum investment increased to $260,000. Another option is business investment, where the threshold remained at $400,000.
St Lucia has bond purchase, business, and infrastructure project investment options. Investors in an infrastructure project must now contribute $250,000 instead of $100,000. Thresholds for bond purchase and business investments remained $300,000 and $1,000,000, respectively.
Investors in St Kitts and Nevis can choose a Public Benefit option. The cost of this option remained unchanged at $250,000.
— Which Caribbean passport is currently the most affordable?
Previously, the most cost-efficient option for a single investor was to make a $100,000 non-refundable contribution in St Lucia, Antigua and Barbuda, or Dominica. Now, it is only Dominica with a minimum sum of $200,000.
A married couple will benefit from making a $240,000 non-refundable contribution in St Lucia. A family of up to 4 members can choose to make a donation of $235,000 in Grenada.
The best option for large families is still provided by Antigua and Barbuda under the University of the West Indies Fund option. There, a family of 6 will have to pay $260,000 plus fees, which is relatively cheaper than in other Caribbean programs.
— Why were the conditions of the citizenship programs changed?
The changes in the Caribbean CBI programs were made as part of the implementation of the Memorandum of Agreement, or MoA. This document was signed by Antigua and Barbuda, Dominica, Grenada, and St Kitts and Nevis in March 2024. St Lucia joined the Memorandum a few months later.
The MoA‘s aim is to unify the investment programs across the region and standardise Due Diligence procedures. These initiatives should enhance the security and the programs’ reputation worldwide.
— Are there any other changes anticipated?
Under the Memorandum, the countries agreed on some changes in procedures. For example, they plan to introduce a digital portal for information sharing. This will help identify applicants who have already been rejected in one of the countries.
National CBI Units will also conduct Due Diligence assessments of investment passport holders after they acquire nationality. St Kitts and Nevis already announced the creation of such a body — the Continuing International Due Diligence Unit headquartered in the EU. The Unit will monitor St Kitts and Nevis investment passport holders to ensure their law-abidance.
— Why do investors choose to obtain Caribbean citizenship by investment?
There are many factors attracting foreign investors to Caribbean passports. Let’s explore some of them:
- Fast obtaining. A passport by investment can be obtained in as little as 6 months in Antigua and Barbuda, Dominica, St Lucia, or St Kitts and Nevis, and in 8 months in Grenada.
- Remote processing. The entire citizenship obtaining process is conducted remotely, with documents sent to the investor by mail. The only exception is St Kitts and Nevis which require a visit to collect citizenship documents.
- Global mobility. Caribbean citizens enjoy visa-free or visa-on-arrival access to over 140 countries.
- US visa advantages. Caribbean citizens are eligible for a 10-year B-1/B-2 Visitor visa, allowing 180-day stays per year in the USA for various purposes.
- Dual citizenship. All five countries allow investors to retain their original citizenships, enabling the benefits of multiple passports.
— How can one participate in a Caribbean Citizenship by Investment program?
To apply, investors must turn to an approved agent as direct applications are not accepted.
Immigrant Invest helps investors in obtaining their Caribbean passports. We hold licences of CBI Units of all the five countries and accompany applicants throughout the entire process, from preparation of documents to passport collection.
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