Caribbean citizenship programs are very popular among expats, because a passport of one of the states provides the investor with many prospects, including a safe place to move, the right to visa-free travel to EU countries and North America, etc. In July 2024, countries introduced a number of changes to the procedure for obtaining citizenship. Find out what has changed for investors and how such innovations will affect foreigners in the future

In recent years, the Caribbean islands have become an increasingly popular investment destination. After all, in addition to the high profit that business or real estate owners can get, there is a special program for obtaining citizenship in the region.

In July 2024, the Caribbean states made a number of changes to the procedure for obtaining citizenship by investment, in particular, the minimum investment amount was increased.

About the changes for expats and the future consequences of such rules in our new material.

Why have Caribbean countries introduced changes to their investment programs?

In March 2024, five Caribbean countries that are part of the Organization of Eastern Caribbean States (OECS) signed a memorandum that provided for a change in the rules of local procedures for issuing "golden passports". Its main goal is to raise the minimum investment amount for their citizenship programs by investment to $200,000. The last implementation period ended on June 30, 2024, which means that the changes have already entered into force on July 1, 2024.

Changes to citizenship by investment programs in the Caribbean

Antigua and Barbuda

Antigua and Barbuda has become the latest Caribbean country to make changes to its Citizenship by Investment program. They became operational on August 1, 2024, because the state received an extension of the deadline for completing the necessary legislative changes.

From August 1, 2024, the following investment conditions apply in Antigua and Barbuda:

- Investments in real estate: $300,000 (it was increased from $200,000).

- University of the West Indies (UWI) Foundation: $260,000 including application processing fees (before changes $150,000).

- National Development Fund: $230,000 (previously it was $100,000).

- Business investment: unchanged $1,500,000 for one investor, $5,000,000 for joint investments (and at least $400,000 from the applicant).

Changes in requirements for investor family members:

- The definition of a dependent child has been expanded, which now includes biological or legally adopted children of the main applicant or his spouse under the age of 30.

- The requirement for proof of financial dependence for children has been removed.

- You can add the child's spouse/husband if the marriage was concluded after the application was submitted, provided that the dependent person is no more than 35 years old at the time of application.

- An opportunity for the main applicant to appoint an alternative main applicant has been introduced. The alternate applicant must be at least 18 years of age and have authority to act on behalf of the primary applicant in the event of death or incapacity.

Dominica

The country also officially increased the minimum investment amount from $100,000 to $200,000 for its Economic Diversification Fund. This increase applies to only one applicant and reaches $250,000 for a family of 4.

Investing in real estate keeps the same minimum amount. The acquisition of $200,000 of eligible property in Dominica still entitles the applicant to citizenship.

However, while the government has not changed the minimum amount, it has increased the fees associated with the program:

- $75,000 for the main applicant;

- $100,000 for a family of 4 - the main applicant, plus 3 other dependents;

- $25,000 for each additional dependent under the age of 18;

- $40,000 for each additional dependent over the age of 18;

The Dominica Citizenship by Investment program also has other fees, including application fees, due diligence, naturalization certificate and interview fees. However, no changes were made to their size.

Grenada

Grenada also only has 2 investment options for the citizenship by investment program - contribution to the National Development Fund and investment in real estate.

The contribution to the Grenada National Transformation Fund increased from $150,000 to $200,000 for a single applicant, and increased from $200,000 to $235,000 for a family of 4.

As for the Real Estate option, the minimum investment amount did not increase dramatically. The threshold amount before signing the Memorandum of Agreement was $220,000. Since then, it has increased to $270,000 for a fractional ownership of a unit in a larger building and has remained at $350,000 for a full property purchase.

The Government of Grenada has also approved changes to the relevant fees. A family of 4 will have to put down an additional $50,000 when purchasing the property, plus other fees if additional family members are included.

Saint Lucia

Saint Lucia fully standardized the minimum contribution to the Sustainable Development Fund by increasing the amount to $240,000 in all directions - regardless of whether the application includes only the main applicant or up to 3 dependents under the age of 18. However, additional fees are charged depending on the number of dependents and their relationship to the main applicant.

The purchase amount of National Bonds remained unchanged at $300,000.

The minimum threshold was also increased for investors who plan to invest money in enterprises. Previously, the amount was $100,000, but it was increased to $250,000.

The real estate investment option has also increased from $200,000 to $300,000 plus applicable fees, which vary depending on the number of family members listed on the application.

St. Kitts and Nevis

In the Island State Sustainable Development Fund (SISC) investment option, the application amount has been reduced. From now on, the cost of participating in the program for one applicant or for a family of 4 is $250,000 (instead of $350,000).

The cost of other options remains unchanged:

- from $250,000 - non-refundable contribution to social and infrastructure facilities.

- from $400,000 investment in real estate.

- from $400,000 investment within the Approved Private Home (APH) project.

The mandatory period of property ownership within the program is 7 years. More details about the program at the link.

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Despite the fact that the investment programs of the Caribbean countries are very similar, they still have certain differences. A comparison of the features of the procedure for obtaining a second passport and the main advantages of investing in our guide at the link.

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The procedure for obtaining citizenship by investment in Vanuatu has been changed

In addition to changing the amount of investment, the country adjusted the procedure for obtaining citizenship. In particular, from now on it is no longer possible to obtain a Vanuatu passport remotely.

Initially, the state announced that from August 31, 2024, all applicants for Vanuatu's Citizenship by Investment program must visit the country for the passport process. From this date, applications will not be accepted remotely, and each candidate will have to go through the on-site biometrics and identification process. These measures are aimed at improving the quality of applicant screening and improving security. However, after listening to public opinion, the authorities decided to add the possibility of taking biometrics at four convenient locations abroad.

On August 14, it became known that the procedure for obtaining a passport and submitting biometric data can be completed at Vanuatu embassies in the following countries:

- Belgium (Brussels)

- Hong Kong

- New Caledonia (Noumea)

 - UAE (Dubai)

It is planned that the installation of the relevant equipment will last no more than three months.

Vanuatu's citizenship by investment program attracts applicants with its relatively low investment requirements and fast application processing. The average duration of application consideration is 3.3 months. The minimum investment in the program is from $130,000.

How will price increases affect the popularity of citizenship-by-investment programs in the Caribbean?

Experts assume a drop in demand for citizenship in the short and even medium term. However, this is due to the fact that the majority of applicants who planned to obtain citizenship of the Caribbean countries did so before the price increase. It is estimated that the flow of applications will resume within 12 months after the revision of the rules.

Also, in connection with the increase in prices for Caribbean products, European investment residency and citizenship programs may gain additional popularity. In particular, the Hungarian Residency by Investment Program and the Turkish Economic Citizenship Scheme. Some immigration agents are already seeing an increase in demand for the Turkish program. They expect the number of applications to increase significantly in 2025.

Caribbean Citizenship by Investment: What is the Program?

Citizenship by Investment is a government program under which foreigners and their family members can obtain citizenship of one of the Caribbean countries if they contribute to the economy of the state in a manner approved by the management. In general, a Caribbean passport is a document that facilitates crossing borders and opening bank accounts at international financial institutions.

We will remind you! Investing in the economy of another country is one of the easiest ways to acquire citizenship. We talked about the best countries that offer expats favorable conditions for obtaining citizenship by investment in 2024 in this article.

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Ihor Usyk is the head of VisitWorld's migration department

To ensure a safe move to a new country, I advise you to contact a specialist. My colleagues, qualified specialists with legal education, will help you avoid unpleasant situations during migration.

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