Caribbean Calling: 3 Citizenship by Investment Programs and Their Benefits
The Caribbean has long been a popular destination, reeling in visitors with its white sandy beaches, laid-back island charm and vibrant local scene. However, today, people’s interest in this region has gone beyond seeking a temporary stop on a travel itinerary and more towards setting down permanent roots.
This is primarily due to the Caribbean citizenship by investment programs most of these small island nations offer. It’s a mutually beneficial situation where, as a foreigner, you can contribute to the economy of one of these countries (in a few different ways) and, in exchange, be granted citizenship and all the perks that come with it.
If you’re considering obtaining a second citizenship in the Caribbean, you must meet two main eligibility requirements. The first is making a qualifying investment, which can be done through several routes like donations to a government fund, real estate purchases, business ventures, university endowments or investments in government bonds. The second involves complying with a few general conditions.
These criteria differ for each country, so let’s take a look at three of the most straightforward citizenship by investment programs in the Caribbean and their requirements.
1. Saint Kitts and Nevis
St. Kitts and Nevis was the first Caribbean country to introduce a citizenship by investment program in 1984. Over the decades, the St. Kitts and Nevis program has become a model of continuous development and improvement.
The general requirements for St. Kitts and Nevis citizenship:
Be at least 18 years old
Complete a criminal background check
Demonstrate good character through bank statements and employer references
The investment requirements for St. Kitts and Nevis’ citizenship (choose one of the following options):
Contribute a minimum of $250,000 to support the Sustainable Island State program in St. Kitts and Nevis
Purchase real estate in joint ownership with a minimum value of $400,000 or invest at least $800,000 as an individual applicant
Make a non-refundable donation of at least $250,000 to a Public Good Project
2. Antigua and Barbuda
Antigua and Barbuda’s Citizenship by Investment program is considered one of the fastest in the Caribbean, with a simple application process of about four to six months.
The general requirements for Antigua and Barbuda citizenship:
Be at least 18 years of age
Have a good character
Have a clean criminal record
Be in good health
Stay in Antigua and Barbuda for at least five days within five years of registering as a citizen
Be ready to take the oath of allegiance in Antigua and Barbuda or at an Embassy, High Commission or Consulate of Antigua and Barbuda
The investment requirements for Antigua and Barbuda’s citizenship (select one of the below options):
Contribute at least $100,000 to the National Development Fund
Acquire government-approved real estate (or shares) valued at a minimum of $200,000
Donate $150,000 or higher to the University of the West Indies Fund
Invest $400,000 in a joint enterprise valued at $5 million or pursuing a solo business venture with an investment of $1.5 million
3. Saint Lucia
In 2015, St. Lucia decided to follow in the footsteps of its sister islands and launched its Citizenship by Investment Program. Since then, this paradisiacal nation has gone from being the world’s top honeymoon destination to a citizenship by investment haven.
The general requirements for Saint Lucia’s citizenship:
Must be 18 years or older
Demonstrate exemplary character
Possess excellent health
Have a clean criminal record
Successfully pass a comprehensive background check
Pay the non-refundable processing fee, due diligence fee and any other administrative fees upon applying
The investment requirements for Saint Lucia’s citizenship (pick only one of the following options):
Contribute a minimum of $100,000 to the St. Lucia National Economic Fund
Invest at least $200,000 in a pre-approved, high-end real estate project, such as luxurious hotels and resorts or boutique properties (and hold it for five years)
Make an enterprise investment of at least $3,500,000 into approved commercial or industrial ventures. In the case of a joint venture valued at $6,000,000, each contributor must make a minimum investment of $1,000,000.
Purchase $300,000 in National Action Government Bonds (NAB), which is fully recovered after five years.
1. Global Mobility
Most Caribbean nations offer visa-free or visa-on-arrival access to over 140 countries, including the Schengen area and the UK.
2. Tax Exemptions
Taxation rules vary from one Caribbean country to another, but residents are generally not required to pay taxes on foreign capital, income and dividends.
3. Plan B
In case of political turmoil or natural disasters in your home country, having a second citizenship can provide you and your family with a safe sanctuary.
4. Better Quality of Life
In the Caribbean, you can have access to excellent healthcare facilities, a higher standard of living and a quality education system for your children.
5. Improved Business Opportunities
If you currently have a business or are in the process of starting one, the Caribbean offers a climate that nurtures foreign investment and entrepreneurship through lenient tax laws and business-friendly policies.
Whether you’re looking to retire by the beach, own a second home in an idyllic destination or diversify your investment portfolio, Caribbean citizenship by investment is the shortest route to achieving those goals.
Be sure to rely on a reputable, experienced citizenship by investment consulting firm to guide you through the application process and enhance your chances of securing that second passport.
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