What Is The Caribbean Citizenship By Investment?
The Caribbean is not a single country. It is an amalgamation of the entire region of the Caribbean Sea and its islands. In recent years, several Caribbean countries have introduced programs that offer individuals the opportunity to obtain their independent citizenship. These programs came into being in 1984 when St. Kitts and Nevis offered passports to foreign investors in exchange for donations to the Sugar Industry. Today several Caribbean countries, such as Antigua and Barbuda, Dominica, Saint Kitts and Nevis, Grenada, and Saint Lucia, have popular citizenship-by-investment programs. These programs enable individuals to obtain a Caribbean nation’s passport in exchange for making a significant financial contribution to the country’s economy. The specific requirements and benefits may vary between the different Caribbean countries.
Recent Amendments Made To The Citizenship By Investment Program
Recently significant transformations have taken place in the Caribbean Citizenship By Investment programs attracting the attention of Indian investors. Despite these changes, Indians remain undeterred, and several are still keen on exploring citizenship opportunities within the region.
These program updates were initiated following a US-Caribbean CBI roundtable, where leaders from Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and Saint Lucia have engaged in discussions with a US Government delegation and collectively laid down six fundamental principles:
- Rejecting applications from individuals previously denied by other CBI jurisdictions.
- Mandating either online or in-person interviews.
- Implementing additional checks conducted by the Financial Intelligence Unit of each respective country.
- Ensuring that adults adhere to internationally accepted standards, with annual or biennial follow-ups.
- Offering assistance to law enforcement in the retrieval of passports.
- Temporarily suspending the processing of applications from Russian and Belarusian applicants.
Dominica took the lead in putting these agreements into effect on July 19, 2023.
They announced enhanced due diligence measures and made interviews mandatory for the primary applicant and all dependents above the age of sixteen. Coinciding with this, on the very same day, the UK House of Commons introduced a Statement of Changes to Immigration Rules, thereby making it necessary for citizens of Dominica to apply for a travel visa when visiting the United Kingdom.
St Kitts and Nevis, another highly sought-after destination for Indian investors, also underwent significant changes in their investment program on July 27, 2023.
They replaced the Sustainable Growth Fund with the Sustainable Island State Contribution, increasing costs. The donation option saw a rise to $250,000 for single applicants, $300,000 for couples, and $350,000 for families of four. The real estate investment option saw a minimum requirement of $400,000 with a seven-year holding period, while the private single-family home option now comes for $800,000.
Additionally, St. Kitts and Nevis introduced several other noteworthy changes:
- Elevated due diligence fees.
- Exclusion of siblings and grandparents as eligible dependents.
- Raising the minimum age for parents to 65.
- Implementation of mandatory interviews, encompassing ongoing applications awaiting their Certificate of Registration (COR).
- Official extension of processing times to four months.
- Mandating the collection of the COR either in St Kitts & Nevis or at an Embassy or Consulate abroad.
- Prohibition of the addition of dependents to applications already in progress until 90 days after the primary application’s approval and the issuance of relevant COR(s).
- Disallowance of “financial sponsorship” or benefactors, with immediate effect.
Grenada which is another wonderful option for second passport seekers announced some announcements too. As of September 1, 2023, it has introduced mandatory interviews for all applicants of the Caribbean Citizenship By Investment Program. This applies to all those who are aged seventeen and older.
There are predictions of further adjustments in the investment programs in the coming months. Whatever the path may be, it is advised that Indians aspiring for citizenship to a Caribbean nation should act now.
Citizenship offers visa-free travel to some countries, a serene and picturesque lifestyle, and the pathway to a second passport. Indian investors have access to stable economies and attractive tax incentives. It also opens a world of business prospects. The strategic location of the Caribbean positions it as an ideal hub for international trade and commerce. This location provides exceptional connectivity to major global markets. While the investment landscape has evolved, the core benefits of the Caribbean’s Citizenship By Investment Program remain intact. Thus it continues to promise Indian investors and their families a secure and prosperous future.
Choosing Nova Quinta for your Caribbean CBI or Passport needs is a decision you can make with confidence. Our expertise, dedicated support, and in-depth knowledge have assisted several families in migrating to foreign countries. Reach out to us today and begin your migration journey with Nova Quinta.