During 2023, Caribbean Citizenship by Investment (CBI) programs witnessed various changes on many fronts, reshuffling the rankings of second passports for 2024 These shifts have impacted the perception of the best Caribbean citizenship options available to investors..
In this article, we will delve into the best Caribbean programs, the demand, new regulations, and anticipated performance. Still, it’s crucial to understand that investors have unique needs and financial capacities. Therefore, the best citizenship program for one investor may not necessarily be the ideal choice for another.
Antigua and Barbuda: An appealing choice for families
Antigua and Barbuda, a leading Caribbean nation, is a prime destination for investors seeking lucrative real estate opportunities, driven by its strong tourist appeal.
Renowned for its ability to attract a large number of tourists, the country offers favorable investment opportunities, particularly for siblings. In 2023, Antigua and Barbuda further enhanced its global connectivity by signing air service agreements with Qatar, a development of significant interest to investors from the Middle East.
Antigua and Barbuda recently implemented new regulations for its citizenship program[1], which include mandatory interviews for the principal applicant and children, as well as a requirement for a 5-day residence period. Additionally, the UWI fund is now open to families of six or more, offering significant savings. Furthermore, individuals can now take their oaths at Antigua consulates worldwide, and no government discounts or financing options are available under these new regulations.
In terms of visa-free travel, Antigua and Barbuda ranks second among Caribbean nations, with access to 154 countries. The recent inclusion of China in the list further enhances the country’s appeal to travelers and investors alike.
The strong and positive relations of Antigua and Barbuda with the international community and Europe are considered essential in attracting investors. The country adheres to international standards and laws, contributing to building trust in it and its program and opening up broad opportunities for business, international support, and an open policy.
The program is distinguished by the stability of its prices over the years, providing investors with assurance that reflects the stability of the country and its commitment to high standards, maintaining stability in the program’s cost structure.
Saint Lucia: Best program in 2023
In 2023, Saint Lucia’s Citizenship by Investment (CBI) program emerged as the most popular choice among Caribbean nations, boasting the highest percentage of applications. This surge in interest reflects a remarkable trend of exponential growth in citizenship applications over recent years. For instance, in the fiscal year[2] 2021-2022, Saint Lucia received 583 applications, a significant increase from 383 applications in the previous year (2020-2021).
Looking ahead to 2024, Saint Lucia is expected to maintain its position as a top destination for investors, largely due to its competitive pricing compared to other countries offering similar programs. Notably, the country introduced an infrastructure investment option, with entry prices starting at $100,000 for individuals and $150,000 for families of four.
Saint Lucia’s appeal in the realm of second citizenship, particularly in the Middle East, can be attributed to its recent diplomatic engagements, conferences, and agreements in countries like Saudi Arabia and the UAE.
These efforts are expected to benefit passport holders by potentially increasing the number of visa-free travel destinations (currently at 148) and by possibly establishing new embassies in the Middle East. Additionally, the country has facilitated direct flights from Saudi Arabia to Saint Lucia, further enhancing its accessibility and appeal to investors.
Dominica: New regulations
In 2023, Dominica demonstrated its ability to attract a significant number of investors, despite losing visa-free travel privileges to the UK. This success can be attributed to several factors, with its competitive pricing standing out as a key advantage. Among Caribbean nations, Dominica offers some of the lowest prices for its CBI program. Additionally, Dominica’s appeal lies in its ability to secure visa-free travel to China, a feature that resonates with many investors. Furthermore, the country maintains a strong standing with 144 visa-free countries, further enhancing its attractiveness to potential investors. It also offers the best real estate investment projects for investors.
In late 2023, Dominica’s government published a consolidated set of new regulations for all stakeholders to follow.
These regulations clarify the roles and obligations of the CBIU and introduce powers that reflect existing policies demonstrating Dominica’s commitments to the Six Principles[3], including the mandatory interview requirements.
It also increased powers to deprive citizenship, including if a new citizen seeks to change their name or receives a significant prison sentence, and powers to recall passports if citizenship is revoked, the sharing of information with the Joint Regional Communications Centre (JRCC) and other Caribbean CBI jurisdictions, and the refusal of applicants who have been denied visas from any country that Dominica has a visa-free treaty and also the UK, US, EU, and Canada.
Adult children must be fully supported by the main applicant or spouse, and those who are not mentally or physically challenged or unmarried daughters under 25 living with the main applicant must show evidence of full-time attendance at a recognized institution of higher learning to qualify as dependents.
The changes focus on strengthening the requirements for registration and renewal for Authorized agents and promoters.
Dominica demonstrated its commitment, in early 2024, to meeting international standards; this includes a decision to stop accepting applications from Yemeni nationals, an increase in security clearance fees for Iranians, and the introduction of mandatory interviews. These actions are expected to be positively received by major countries, potentially leading to Dominica’s reintegration into the list of countries whose citizens do not require a visa to enter the UK.
Saint Kitts and Nevis: Slight drop in applications
Saint Kitts and Nevis, the longest-standing country offering citizenship programs through investment since 1983, experienced a decline in applicants following a price doubling in 2023. However, it continues to attract investors for several reasons, notably being the first in the Caribbean in visa-free travel options, currently in 158 countries. Recently, Saint Kitts and Nevis added Saudi Arabia to this list, an update welcomed by investors in the Middle East. Through recent diplomatic efforts and agreements with Saudi Arabia and the UAE, the country has demonstrated its openness to investors from the region, potentially leading to more visa-free travel destinations or the establishment of embassies in the Middle East, benefiting passport holders.
Grenada: Specific privileges
Grenada, known as the ‘Isle of Spice,’ is a stunning island in the West Indies renowned for its rich culture, warm hospitality, and vibrant atmosphere.
It is widely regarded as an ideal destination for living, working, and leisure. In 2023, Grenada garnered significant attention from investors, particularly in the first half of the year, due to its unique offer allowing citizens of Russia and Belarus to apply for citizenship until the end of March 2023, a privilege not extended by other countries. Grenada stands out with visa-free access to 148 countries and distinct advantages, such as being the only country offering access to Europe, the UK, China, and the United States through the E2 visa.
It is also home to top-tier medical universities, making it an appealing choice for families. Strategically located, Grenada boasts an international airport that serves as a key transportation hub, connecting various strategic areas in Europe, The US, and Canada. Additionally, Grenada signed an agreement with Qatar, further enhancing its global connectivity and attractiveness.
To learn more about the Caribbean citizenship
[1] https://www.antiguabarbuda-citizenship.com/
[2] https://static1.squarespace.com/static/5e70a15bb2e3335af0f036b3/t/6435bd8a654e2f33c667159f/1681243541252/CIP+Saint+Lucia+-+Annual+Report+-+2021-2022.pdf
[3] https://www.cbiu.gov.dm/news/government-notices/new-commonwealth-of-dominica-citizenship-by-investment-regulations-2023/