Caribbean Passport: How to Obtain Caribbean Citizenship by Investment and What For
At the age of digitalisation and globalisation, more and more people choose to move to another country that offers better living conditions and more attractive business environment. However, to make this happen you need to obtain a permission from the authorities of this country and prove that you need second citizenship not to get access to social benefits. You must prove that you are ready to make an investment to get a second passport that will allow you to travel visa-free, set up business and open bank accounts in different countries.
We at Imperial & Legal recommend our clients to consider citizenship by investment programs in St Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda and St Lucia. Even if you don’t plan to move to any of these countries for good in the nearest future, a Caribbean passport will make it easier for you to immigrate to the EU or the USA.
For a long time, Caribbean countries had been among underdeveloped countries with poor living conditions. Then, however, the Caribbean authorities decided to change the existing policy and launched citizenship by investment programs. Offshore scandals became history. Nowadays, the taxation systems in these countries meet the international standards. The USA authorities were the last to trust Caribbean taxation regimes, but after the reforms more and more US citizens apply for a Caribbean passport to secure a Plan B.
Benefits of Caribbean citizenship
Caribbean passports offer some significant benefits:
- affordability: for example, minimum investment amounts to $100,000 in St Lucia and Dominica and $150,00 in Grenada and St Kitts and Nevis.
- quick processing time: an application is processed from 2 to 4 months.
- worldwide mobility: you will get a visa-free access to more than 150 countries.
- favourable taxation regime: low tax rates, no taxes on income received outside the jurisdiction of second nationality.
- full confidentiality: Caribbean authorities don’t reveal information about participation in their citizenship by investment programs and income of their citizens to the third parties.
- second passport for the whole family for life: you can obtain Caribbean citizenship for life for the whole family (spouses, children, parents, siblings and grandparents). You won’t have to renounce your first nationality.
- investment recovery: you can recover your investments in 3-7 years.
- benefits in other countries: you can open bank accounts, obtain temporary and permanent residence in some other countries.
- new name and surname: in some cases, you can change your name and surname in a new passport.
Costs of Caribbean citizenship by investment programs
St. Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda and St. Lucia are small Caribbean countries that attract tourists by their magnificent beaches, plenty of activities, such as diving and windsurfing, and exotic flora and fauna. All these countries offer citizenship by investment programs. Most of them provide 2 investment options: non-refundable contribution to the government fund that depends on the number of family members and investment in real estate that is set and doesn’t depend on the number of dependants in your application.
The table below shows the available investment options.
|Country||Minimum investment||Investment options|
|St Kitts and Nevis||$150,000||from $150,000 – contribution to the Sustainable Growth Fund;
$200,000 – investment in real estate for 7 years;
$400,000 – investment in real estate for 5 years.
|Dominica||$100,000||from $100,000 – contribution to the Economic Diversification Fund;
$200,000 – investment in real estate for 5 years.
|Grenada||$150,000||from $150,000 – contribution to the National Transformation Fund;
$220,000 – investment in real estate for 3 years.
|Antigua and Barbuda||$100,000||from $100,000 – contribution to the National Development Fund;
$150,000 – contribution to UWI Education Fund;
$200,000 – investment in real estate for 5 years;
$1,500,000 – investment in business.
|St Lucia||$100,000||from $100,000 – contribution to the National Economic Fund;
$300,000 – investment in real estate for 5 years;
from $250,000 – investment in government bonds;
$3,500,000 – investment in business.
Caribbean citizenship by investment programs
St Kitts and Nevis
St Kitts and Nevis citizenship by investment program is the oldest and one of the most popular Caribbean citizenship by investment programs. All processes have been developed for decades, so you will get a St Kitts and Nevis passport in no time at all.
St Kitts and Nevis citizenship by investment program offers the following investment options:
Non-refundable contribution to the Sustainable Growth Fund
Non-refundable contribution for one applicant amounts to $150,000. A family with two children will have to contribute $195,000 with $10,000 for each additional dependant. However, currently due to COVID-19 pandemic St Kitts and Nevis authorities offer a unique opportunity. You can get St Kitts and Nevis citizenship for a family of four by contributing $150,000 to the Sustainable Growth Fund.
Investment in real estate
If you invest $200,000 in real estate, you will be able to sell it in 7 years. If you invest $400,000, you will be able to recover money in 5 years.
Dominica has, perhaps, the most economically efficient Caribbean citizenship by investmen
Dominica citizenship by investment program offers the following investment options:
Non-refundable contribution to the Economic Diversification Fund
A contribution for a single investor amounts to $100,000. The sum increases if you add additional dependants to the application and is calculated on an individual basis. This contribution is non-refundable.
Investment in real estate
You can invest $200,000 not only in a land pot or house, but also in a share in a luxurious hotel.
Grenada is the only Caribbean country that has an agreement with Chine about visa-free travels. Besides, Grenada passport allows you to get an E2 visa to work in the USA.
Grenada citizenship by investment program offers the following investment options:
Non-refundable contribution to the National Transformation Fund
If you make a non-refundable contribution of $150,000, you will get a Caribbean passport in several months.
Investment in real estate for 3 years
To get a Caribbean passport, you must invest $220,000 in real estate. You will be able to recover costs in 3-5 years by selling your property. All this time, you will be able to rent it receiving additional income.
Antigua and Barbuda
Antigua and Barbuda offers 4 investment options:
Contribution to the National Development Fund
A contribution is non-refundable, but minimum investment amounts to $100,000 that is the smallest investment in the world that allows to get a second passport for a family of four.
Investment in real estate
Government-approved investment projects include houses, land spots for construction and yacht berths. Minimum investment amounts to $200,000. You will be able to recover costs in 5 years. You will not only get Caribbean citizenship, but also make profit since Antigua and Barbuda economy develops quickly, and real estate prices are in constant growth.
Investment in business
You must invest at least $1,500,000 in a new or existing business. You can make an investment within a group of other applicants. In this case, minimum investment for each applicant is lower and amounts to $400,000.
Contribution to UWI Education Fund
You must contribute at least $150,000 to get a Caribbean passport, but your children will be able to study at UWI on favourable terms.
St Lucia is a small Caribbean country that offers 4 investment options:
Non-refundable contribution to the National Economic Fund
Minimum investment amounts to $100,000 and depends on the number of dependents, just as in other jurisdictions. To learn the required investment sum for your case, you need to consult immigration advisors.
Investment in real estate
Minimum investment amounts to $300,000 and doesn’t depend on the number of dependents. You can also recover costs by selling your property in 5 years.
Investment in business
You must invest at least $3,500,000 in government-approved tourism, construction and agro-processing projects and create several permanent jobs for local citizens in this way. You can make a joint investment with some other applicants. In this case, minimum investment for a single investor will amount to $1,000,000.
Investment in government bonds
Minimum investment amounts to $500,000. You won’t be able to sell your real estate for at least 5 years after the purchase. However, currently St Lucia offers a special opportunity. You can obtain a Caribbean passport if you invest $250,000 in St Lucia government bonds.
Requirements for applicants
Financial independence is important, but not the only requirement for an applicant. Immigration department sets the following requirements for foreign applicants:
- The main applicant must be at least 18 years old.
- Investor must have clean criminal record in their country and in the countries where they plan to travel visa-free.
- Investor must provide a medical certificate that proves that they don’t have any infectious diseases.
Conditions of obtaining Caribbean citizenship by investment
All Caribbean countries have similar citizenship by investment programs.
- Caribbean countries can grant citizenship not only to the main applicant, but also to their dependents, including children under 30 years old, parents older than 55 years old, grandparents and siblings, under certain conditions.
- Normally, it takes 3-4 months to process an application. The only exception is St Kitts and Nevis. For an addition fee, you can have your documents processed in 45-60 days.
- It is not obligatory for an investor to stay in Caribbean countries after getting Caribbean citizenship. Antigua and Barbuda constitutes the only exception. You must spend 5 days in this country in the first 5 years after obtaining a Caribbean passport.
- All Caribbean countries conduct due diligence tests.
- Caribbean countries offer only second citizenship, as an addition to the first nationality.
Refusal in Caribbean citizenship
Despite the offered investment, Caribbean countries can refuse to grand Caribbean citizenship for the following reasons:
- Applicant doesn’t have first citizenship. It is important because Caribbean countries offer only second citizenship by investment programs;
- Applicant comes from a black-list country. The black list includes North Korea, Yemen and some other countries (there can be exceptions, but it must be discussed with immigration advisors);
- Applicant has infectious diseases or is HIV-positive;
- Applicant has unclean criminal record.
List of required documents
To obtain a Caribbean passport, you need the following documents:
- Application for second citizenship;
- Copy of applicant’s passport;
- Copy of travel passport;
- Permission for temporary or permanent residence in other countries (if you have any);
- Copies of birth certificates of the main applicant and their children;
- Copy of marriage/divorce certificate;
- Letter from a law enforcement agency proving that an applicant has clean criminal record;
- Photo of the required size;
- Medical certificate of vaccinations and medical report proving that an applicant has no infectious diseases, including HIV;
- Bank statement showing that an applicant has enough money to make an investment.
You need all these documents for each applicant. The documents must be translated into English, notarised and apostilled. Immigration authorities can require additional information while processing your application for Caribbean citizenship.
Imperial & Legal as your partner in obtaining second citizenship
If you participate in a Caribbean citizenship by investment program, you will be able to:
- Travel visa-free in most countries of the world;
- Invest in tourism sector that quickly develops;
- Enjoy yourself on the magnificent beaches and do sports in the Caribbean Sea.
Minimum investment amounts only to $100,000. If you invest in the economy of one Caribbean country, you will get plenty of benefits as a Caribbean citizen.
You can participate in Caribbean citizenship by investment programs only through immigration advisors that have licenses. Imperial & Legal experts will recommend you the most suitable program based on your individual needs, help you to collect the necessary documents and support you during the whole procedure.