Some Commonwealth states such as Dominica, Grenada, Saint Lucia, Antiqua and Barbuda, and Saint Kitts and Nevis are recently offering affordable investment schemes and a simple route to citizenship. These countries have eased the procedures for providing a Caribbean passport by moving the application process online, and reducing the lists of documents, and terms for consideration.
What is the Caribbean passport?
The Caribbean passport is issued by the 15 member states of the Caribbean Community (CARICOM) for their citizens. It was made to ease travel within the region, and can be used both for intra-regional and international travel. All Caribbean authorities permit dual citizenship, so that individuals will not have to relinquish their first nationality. Foreign investors seeking Caribbean passport by investment may include their spouse, children, parents, grandparents, and siblings in their applications.
Benefits of obtaining Caribbean passport
The Caribbean passport holders can easily get residency and live, study, and work in the Caribbean Community\’s 15 member countries. It also offers them the right to live in a modern, safe tropical haven with a breathtaking coastline, taking advantage of the world-class health care, high level of medical institutions, and burgeoning education system.
Another benefit of obtaining a Caribbean passport by investment is that individuals are granted visa-free access or a visa upon arrival from 100 to 140 countries, depending on each country’s passport. They can move without visa to the European Schengen area, the UK, Singapore, Malaysia, main Latin America countries, and South African countries. They can also apply for a business visa to work in the United States. It also allows up to 6 months stay in the UK in every visit.
Tax incentives
The Caribbean countries are renowned tax havens for international companies looking to do or expand their business outside their homeland. The tax structure is also particularly favorable for non-tax residents, which includes citizenship by investment applicants. This is because all money made outside the jurisdiction of the second nationality is tax-free, which is considered a brilliant approach to reduce tax burden while also protecting the assets. Another benefit of obtaining a Caribbean passport is that investors can avail the absence of several taxes that they are accustomed to paying it in their homeland.
Caribbean countries have no capital gain or inheritance taxes, and residents of some states do not pay income and property taxes. Value Added Tax is not paid for financial, education, and construction services, as well as sales of real estates and agricultural products. There are no restrictions on repatriation of profits and imported capital.
Attractive for doing business
An additional benefit of obtaining a Caribbean passport is that it enables its holders to invest in countries considered a welcoming environment for doing business, and located in the center of the Americas, therefore, providing easy access to markets in the North, South, Central America, and serving as a bridge to European markets.
Most Caribbean countries have international airports that provide daily flights to US, Canada, UK, and main European countries, along with South America. It also offers access through the sea via regional ports, which simplifies the trade of products, raw materials, and equipment. Many Caribbean countries have signed free trade agreements and partnerships, which provides preferential access to the largest global markets.
The Caribbean countries are also distinguished by its well-developed infrastructure, as electricity and water supply are constant and affordable, and telecommunications and broadband internet access are available. Land and office spaces are provided at cost-effective rates. The Caribbean is also politically stable and known for its economic growth, and skilled labor. This provides investors seeking Caribbean citizenship a secure place to do business. The residents are also fluent in English, Spanish, French, and Dutch.
Various investment opportunities
With its immense natural resources, rich and unique culture, and stunning coastline, the Caribbean countries have been recognized as a top tourism destination. According to the World Bank 2020, the region attracts around 30 million visitors each year . The tourism contribution to the Caribbean GDP has steadily increased, creating solid opportunities for the investors. However, there are other competitive sectors to invest in, including information communications technology, services, agribusiness, renewable energy, and creative industries.
How to get Caribbean passport?
Obtaining a Caribbean passport neither require personal attendance to the new country of nationality, nor conducting an interview or language test to apply for the passport. Applications are approved within a period of 3 to 5 months following the date of submission.
To qualify for obtaining a Caribbean passport by investment, individuals are required to prepare documents, submit an application online, wait for it to be processed, and finally make an investment. Investments may be a non-refundable contribution or donation to the country or purchasing a real estate in a government-approved project. The Caribbean passport price or in other words the minimum contribution ranges from 100,000 USD to 200,000 USD, depending on the country that the applicant is submitting his application to.
For more information required about how to get a Caribbean passport by investment, the documents required, and the contributions and investments that should be done, Please visit our website Citizenship Bay.
Sources:
[1] https://www.investincaribbean.org/industry-opportunities/niche-tourism