In 2024, Caribbean Citizenship is expected to attract many millionaires and high-net-worth individuals (HNWIs) as part of a broader trend of wealth migration. According to recent reports[1], an unprecedented 128,000 millionaires are expected to relocate in 2024, surpassing the previous record of 120,000 set in 2023, registering a 16% increase from the 110,000 who moved to a new country in the pre-pandemic days of 2019. A large portion of these HNWIs are anticipated to migrate to the Caribbean, driven by the region’s favorable citizenship-by-investment programs, which offer attractive incentives such as tax benefits, investment opportunities, and lifestyle advantages.
Countries like Antigua and Barbuda, Grenada, St. Lucia, St. Kitts and Nevis, and Dominica are popular among wealthy migrants due to their secure and advantageous environments amid global uncertainties. These programs will remain a prime destination for affluent individuals seeking new opportunities and stability.
Global migration of wealth
As the world faces geopolitical tensions, economic instability, and social unrest, an unprecedented number of millionaires are choosing to relocate. HNWI[2] from China, the UK, India, South Korea, and Russia are among the leading nationalities fueling the demand for residence and citizenship by investment programs. Investors from the Middle East are increasingly seeking second citizenship as a strategic move to mitigate risks associated with unstable economic and political situations in their home countries. Notable options[3] include Portugal’s Golden Residence Permit Program, Greece’s Golden Visa Program, and Malta’s Citizenship by Naturalisation for Exceptional Services by Direct Investment. In the Caribbean, Antigua and Barbuda’s Citizenship by Investment Program and Grenada’s Citizenship by Investment Program continue to attract affluents, offering appealing benefits such as visa-free travel, tax advantages, and investment opportunities.
Middle eastern HNWI: An Eye on the Caribbeans
Middle Eastern HNWIs increasingly seek second citizenship to enhance global mobility, secure better business opportunities, and ensure personal and family safety. The most popular options for these individuals include Caribbean nations. These programs are favored for their relatively low investment thresholds, quick processing times, and strong passports that provide visa-free or visa-on-arrival access to many countries worldwide.
Investors from the Middle East are also looking to acquire second citizenship from European countries, mainly Greece, Portugal, and Malta. These countries are attractive due to the benefits of EU citizenship including freedom of movement in the Schengen area, high-ranking passports, and top-notch health and educational services.
Turkey’s CBI program is also gaining popularity among Middle Eastern HNWIs, as it offers a straightforward process with a minimum real estate investment of $500,000. This program is appealing for those looking to engage in business within Turkey’s robust tourism and industrial sectors.
Indians Seeking Caribbean Citizenship for Better Lifestyle
Indians are increasingly looking to countries like Antigua and Barbuda, and Grenada. Several factors, including the pursuit of improved lifestyles, safer and cleaner environments, and access to superior health and education services drive the outflow of millionaires from India. Startup founders are also relocating to foreign countries and establishing family offices there. Various factors are driving this trend, the most important of which is to hedge a portion of their wealth against potential tax-related or regulatory liabilities in India. Secondly, an overseas family office facilitates easier access to foreign markets, enabling business growth in other regions. Moreover, this move allows for the diversification of investments and business ventures, enhancing their global presence and stability.
Why World’s wealthy choosing Caribbean CBI programs
Known for its natural beauty, stunning beaches, high standard of living, quality education, high-quality infrastructure, good civic amenities, and diverse entertainment options, the Caribbean countries are attracting HNWI from across the globe. According to New Wealth Report[4], 9,500 British millionaires, 4,300 Indian millionaires, 1,000 Russian millionaires, and 300 Nigerian millionaires are expected to migrate this year. Caribbean countries mainly are anticipated to attract a record net inflow of these HNWI this year, bolstered by its strategic location, favorable tax policy, and myriad investment opportunities.
Caribbean citizenship: A safe haven
The Caribbean CBI programs provide HNWI with enhanced travel freedom, improving market access and opportunities, while also providing an insurance policy, offering a safe haven in times of political or economic turmoil. The Caribbean region presents diverse investment opportunities, particularly in real estate, tourism, and financial services. Investing in these sectors not only secures citizenship but also promises potential financial returns. Moreover, many Caribbean nations offer attractive tax benefits, and HNWI can also optimize their tax liabilities by becoming citizens with more favorable tax laws, therefore, preserving more of their wealth. Caribbean citizenship and passports often grant visa-free access to numerous countries worldwide. This travel freedom is beneficial for businessmen and entrepreneurs who require seamless movement across borders for their international ventures.
Caribbean nations often provide access to high-quality education and healthcare systems, which are significant considerations for families. The streamlined and efficient application processes of many Caribbean CBI programs attract HNWIs looking for quick and reliable routes to second citizenship. These programs are known for their transparency and regulatory compliance, providing peace of mind to investors.
Win win situation
As these wealthy migrants take flight, they carry with them not just their fortunes, but also their expertise, networks, and dynamism which has a direct impact on the economic vitality of any country. The migration of millionaires brings numerous additional benefits, such as job creation, knowledge transfer, and enhanced reputation, positioning a country as a hub of innovation and opportunity.
The nations that embrace adaptation and innovation will flourish in the evolving global landscape. By leveraging investment migration as a driver of growth and transformation, these countries can not only endure the challenges of change but also navigate towards a more prosperous, sustainable, and resilient future.
[1] https://www.henleyglobal.com/newsroom/press-releases/henley-private-wealth-migration-report-2024
[2] https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024/top-10-country-outflows
[3] https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024/top-10-country-inflows
[4] https://newworldwealth.com/reports/f/the-wealth-migration-report-2024
