Follow us for more exclusive content
Key Takeaways
- The Caribbean islands have grown to become a popular investment destination for high net worth individuals due to their strong economies and a growing tourism industry.
- Caribbean citizenship by investment refers to a government-run program that allows individuals and their families to acquire citizenship in exchange for making a significant investment in the country's economy.
- As an investor looking to get into hotel investing in Portugal and the Bahamas, consider investing through our Alt Path hotel fund for great cash incentives, among other benefits. To speak to our team about the hotel fund, schedule an appointment here.
- Top Caribbean countries to invest in for citizenship are: Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis and Saint Lucia.
Disclaimer
The contents of this article are for educational purposes only. They are not intended to be a source of professional investing advice. You will find experts on investing here.
Secure a Portugal Golden Visa Through our Hotel Fund
For investors looking to get into hotel investing in Portugal and The Bahamas, we have a great investment opportunity for you through our Alt Path hotel fund. With the main objective of the fund being to build and operate a collection of new boutique hotels in these areas, investors will also get to enjoy 45-55% cash incentives from the Portuguese government, for approved hotel development projects.
With this approach, investors can develop a diversified real estate investment portfolio and spread risk across different markets.
For those interested in getting citizenship through investment, our team can provide guidance on the qualified investment options that will help you acquire a second citizenship.
Get in touch with our team today, to discuss the potentially profitable opportunities through our Alt Path hotel fund.
To read more about the Portugal golden visa, access the latest highlights here.
What is Caribbean Citizenship by Investment?
Caribbean citizenship by investment refers to a program that is run by governments of certain countries in the Caribbean region that allows individuals and their families to acquire citizenship by making a significant investment in the country's economy. These programs are designed with the main purpose of attracting foreign direct investment in order to stimulate economic growth and promote development initiatives within the participating countries.
Basically, citizenship for eligible countries in the Caribbean can be granted to individuals who meet specific investment criteria, together with their immediate family members including spouses, children and sometimes parents. Once citizenship is obtained, individuals can enjoy privileges such as visa-free travel to various countries and access to profitable business opportunities.
While the exact requirements and benefits vary depending on the country, Caribbean citizenship by investment programs typically offer two primary investment options:
Contribution to a national development fund whereby applicants make a non-refundable contribution to a government-managed fund established to finance various development projects, such as infrastructure improvements, education or sustainable initiatives.
Investment in approved real estate projects whereby applicants invest a specified amount of capital in approved real estate developments, such as residential or commercial properties. These investments contribute to the growth of the local economy and create employment opportunities for residents.
In addition to these primary investment options, some Caribbean citizenship by investment programs may offer alternative ways to invest for citizenship such as investment in government bonds, starting a business or contribution to specific sectors of the economy.
As an investor interested in investing in the Caribbean for citizenship, it is important that you note that the application process is rigorous so as to ensure that applicants meet the necessary legal, financial and ethical requirements.
Best Caribbean Citizenship by Investment Countries
For investors looking for the best citizenship by investment programs, here are the top countries to consider in the Caribbean region.
Antigua and Barbuda
Launched in 2013, Antigua and Barbuda's citizenship by investment program was set up by the government to provide high net worth individuals with a pathway to secure a second citizenship by investing foreign capital into the economy of the country.
With a second passport from this Caribbean country, individuals and their families gain visa-free access to 160+ countries globally.
Eligibility Criteria
Main applicant must be over the age of 18 years.
Applicants and benefactors must have clean criminal records.
Individuals must have no outstanding visa refusals.
Proper documentation including ID, proof of address, financial documents and business documents.
Investment Requirements
To qualify for citizenship in Antigua and Barbuda, individuals can choose to invest in either of these four options:
Make a non-refundable contribution of $100,000 to the National Development Fund.
Invest a minimum of $400,000 in government approved real estate projects. For certain shared real estate projects, individuals can each invest $200,000, after which the investor is required to hold the project for a minimum of 5 years.
Invest at least $1.5 million in a business as an individual, or jointly invest a minimum of $5 million with each individual investor contributing at least $400,000.
Make a non-refundable donation of $150,000 to The University of the West Indies Fund.
Benefits
Investors who obtain Antigua citizenship through investments get to enjoy visa-free travel to 160+ countries including countries in the Schengen Area, Hong Kong, the UK and Singapore.
Tax benefits due to the country's low tax regime and also because investors are not charged taxes on inheritance, capital gains and income coming from outside Antigua and Barbuda.
Applicants can include the following family members; spouse, dependent children up to 30 years, dependent parents over the age of 55 years and unmarried siblings of the main applicant or of his or her spouse.
Antigua and Barbuda is a beautiful country with a vibrant culture that has great travel links to the US and Europe.
Dominica
The Dominica citizenship by investment program was established in 1993 in order to provide individuals and their families with means of acquiring second citizenship through making qualified investments. Considered among the most beautiful Caribbean countries, Dominica's economic citizenship program is a great option for investors looking for a beautiful and serene place to call home.
Eligibility Criteria
Main applicant must be at least 18 years old.
Applicants are required to have a clean criminal record.
Applicants should be in good health and show proof that they don't suffer from any contagious diseases.
Investment Requirements
Investors are required to choose any of the following investment options in order to be able to obtain citizenship in Dominica:
Invest a minimum of $200,000 in government approved real estate properties. The property must be held for at least 3 years before it is sold.
Make a non-refundable contribution of $100,000 to the Dominica Economy Diversification Fund.
Benefits
Individuals who obtain Dominica citizenship through investments get to enjoy visa-free travel to 140+countries including those in the Schengen zone, Hong Kong and Singapore.
With a Dominica passport, individuals can get a 10-year B-1/B-2 visa to the USA. With this visa, they can stay in the US for up to 180 days for business or leisure travel.
Tax benefits as individuals are not charged taxes on inheritance, capital gains or income generated outside Dominica.
This program allows applicants to include their spouse, children under 30, parents and grandparents.
Individuals can maintain dual citizenship and don't have to renounce their original citizenship.
Grenada
Also known as the 'spice island' because of producing 20% of the world's nutmeg, Grenada’s citizenship by investment program was introduced in 2013 to provide high net worth investors with an affordable option to obtain Caribbean citizenship in this tropical country. For individuals looking for smoother travel experiences and a second home with a vibrant culture, Grenada is a great option to consider.
Eligibility Criteria
Applicants should be 18 years or older.
They should have a clean criminal record.
They need to show the proof of legitimacy of investment funds.
Applicants should be in good health condition.
Investment Requirements
Grenada's citizenship by investment program offers two options:
The first option is to make a non-refundable donation of $150,000 to the National Transformation Fund, for a single investor.
Option two is to invest $220,000 in government-approved real estate projects, which can only be resold after 5 years.
Benefits
Grenada passport holders enjoy visa-free travel to 145+ countries globally.
Individuals with a Grenada passport get access to an E-2 United States visa. With this visa, they can live and work in the US.
Tax advantages as investors will not be required to pay taxes on inheritance, capital gains or on global income.
The program supports inclusion of family members; investor's spouse and dependent children.
There are no minimum stay requirements.
Saint Kitts & Nevis
The Saint Kitts & Nevis citizenship by investment program was established in 1984, making it the oldest in the world. It remains to be one of the top Caribbean programs that continues to attract foreign investors who are able to contribute to national development by making a qualifying investment.
The Saint Kitts and Nevis passport is a great one to have as it enables you to travel to over 150+ countries globally.
Eligibility Criteria
Applicants should maintain a clean criminal record.
They must be in good health and free from any contagious diseases.
Applicants must provide valid documentation such as an identification card, birth certificate and other relevant documents.
They should have no outstanding visa denials.
Investment Requirements
An investor can make either of the following investments to qualify for citizenship in Saint Kitts and Nevis:
Make a non-refundable donation of $250,000 to the Sustainable Growth Fund, for a single applicant. A married couple is required to contribute $300,000 and a family of 4 is required to make a contribution of $350,000. Additional fees are charged for families with more than 4 members.
Purchase real estate worth at least $400,000. The project must be government approved and can only be resold after 7 years.
Benefits
Investors can travel visa-free to 155+ countries, including Hong Kong, the UK and Schengen states.
As a Saint Kitts and Nevis citizen, individuals can get a 10-year B-1/B-2 US visa, which allows them to travel for both business and leisure in the US.
Citizens are not required to pay taxes on dividends, capital gains or inheritance.
Dual citizenship is allowed and individuals are not required to renounce their original citizenship.
There are no minimum stay requirements.
Saint Lucia
For investors looking to acquire citizenship by investment, Saint Lucia offers one of the most affordable Caribbean citizenship programs. With benefits ranging from tax benefits to visa free access to different countries, Saint Lucia is a great Caribbean country to consider when seeking to acquire a second passport.
Eligibility Criteria
Main applicant should be at least 18 years old.
They should have a clean criminal record.
Applicants should be in good health.
Investment Requirements
To qualify for citizenship, investors are required to make any of the following investments:
Make a non-refundable donation of $100,000 to the National Economic Fund for a single applicant. Together with a spouse, the amount is $140,000. For a family of 4 the amount is $150,000 and for each additional dependent the amount is $25,000.
Purchase an approved real estate project worth at least $200,000. The property must be held for 5 years before it is resold.
Make a minimum investment of $300,000 in interest-free government bonds for a minimum of 5 years.
As a sole investor, contribute at least $3,500,000 to an approved enterprise and create a minimum of 3 permanent jobs. For a joint investment, a minimum contribution of $6,000,000 is required, with each participant contributing at least $1,000,000 and creation of a minimum of 6 permanent jobs.
Benefits
Investors are able to travel visa-free to 140+ destinations globally including Hong Kong, the UK, Singapore and those in the Schengen Area.
Saint Lucia allows citizens to have dual citizenship, meaning that they can retain their original citizenship.
There are no minimum stay requirements.
The program supports family inclusion whereby applicants can include family members when applying for citizenship.
Why Have Caribbean Citizenship Programs Become so Popular?
Caribbean citizenship programs have become increasingly popular due to a combination of factors that appeal to high-net-worth individuals and investors who seek alternative citizenship and residency options. One main reason is the ease and efficiency of the application process compared to other countries' citizenship programs. Caribbean nations have streamlined their application processes and put lower investment thresholds, therefore making it easier for a wider range of investors to acquire Caribbean passports.
In addition, many Caribbean passport holders enjoy visa-free or visa-on-arrival access to numerous countries worldwide, which makes it easier to travel internationally for business, leisure and family or medical reasons. The ability to access numerous countries visa free is particularly important for individuals from countries with restricted passport power.
A lot of Caribbean countries also have stable economic and political environments and favorable tax policies, making them appealing destinations for investors. The region's natural beauty and warm climate also make it ideal for individuals and their families.
Benefits of Caribbean Citizenship by Investment
Some key advantages of having Caribbean citizenship include:
Global mobility: Caribbean citizenship enables investors and their families to travel visa-free to numerous countries around the world. This can be beneficial for individuals who are interested in traveling to other countries for either business purposes or for leisure.
Tax benefits: Many Caribbean countries offer investors tax incentives including no income tax, no capital gains tax and no inheritance tax. This provides investors with a conducive economic environment to conduct their businesses.
Political stability: One of the key benefits of having a second passport is that individuals can protect their assets and families in a safe environment in case of economic instability or political unrest.
Quality of life: The Caribbean is well known for its beautiful landscapes and pleasant weather. This makes the region an attractive place for investors looking to live a high quality life in a great environment.
Diversification: When investors acquire Caribbean citizenship by making qualified investments in a specific nation, this helps with diversification of their investment portfolio and reducing overall risk.
Generational benefits: Caribbean citizenship can be passed down to future generations, providing a legacy of alternative citizenship and residency options for your family.
Caribbean vs. European Citizenship by Investment Programs
Among the existing citizenship by investment programs, the Caribbean and European programs continue to stand out as top options for investors. However, each of these programs have distinct differences as highlighted below.
Minimum Investment Amount
Caribbean citizenship: Generally, Caribbean citizenship costs less as compared to European citizenship. The most affordable options in the Caribbean are Antigua and Barbuda, Dominica and St. Lucia with minimum investment amounts of $100,000.
European citizenship: ****In Europe, North Macedonia offers the most affordable citizenship by investment program to investors. By investing Є200,000 in a private investment fund, individuals can qualify for citizenship.
Travel Benefits
Caribbean citizenship: The Caribbean passport grants individuals visa free access to less countries as compared to the EU passport. At the top of the list are Antigua & Barbuda and Dominica passports which grant holders access to 152 countries and 145 countries respectively.
European citizenship: With an EU passport, individuals get to enjoy visa free travel to numerous countries including the US, Canada and Australia. Austria's passport is among the strongest in the world granting individuals visa free access to 193 countries. It is closely followed by Malta which provides access to 188 countries.
Investment Options
Caribbean citizenship: Caribbean countries offer investors more investment options, usually through real estate investment, the national development fund, charitable donation or business venture. Antigua and Barbuda and Saint Lucia are among the Caribbean countries that offer the most investment options for citizenship.
European citizenship: European countries on the other hand generally offer investors less diverse investment options for citizenship. For example, Austria offers just two investment options; through investment in a business or the government's development fund.
Application Processing Timelines
Caribbean citizenship: Investors interested in Caribbean citizenship will usually have their applications processed within a relatively short time, anywhere around 2-6 months. Grenada's citizenship by investment application will take you anywhere between 2-3 months while Saint Kitts and Nevis application will take you anywhere between 4-6 months.
European citizenship: For European citizenship, the processing timeline usually takes longer and individuals can expect to have their applications processed anywhere between 12-36 months. North Macedonia's application takes anywhere between 3-6 months while Malta's application takes roughly 12-36 months.
Business Opportunities
Caribbean citizenship: For individuals interested in investing in residential and commercial real estate, the Caribbean region is a great choice due to affordability of real estate in these countries and also because of a thriving tourism industry in many of these countries that offer citizenship through investment.
European citizenship: An EU citizenship may be most valuable to individuals interested in investing in technology due to the advanced technological infrastructure in the region and availability of a capable talent pool.
Application Process for Caribbean Citizenship by Investment Programs
The application process for Caribbean citizenship by investment programs involves several steps. Although it is advisable that you check the specific requirements depending on the country that you're applying to, here's a general overview of the process:
Step #1: Research and Choose a Program
Start by researching which Caribbean countries that offer citizenship by investment programs and compare factors such as investment requirements, tax benefits and residency requirements. Choose one that is aligned with your goals and needs.
Step #2: Engage a licensed advisor
It's advisable to engage a licensed advisor who is experienced in citizenship by investment matters. They can provide guidance on the application process, help with paperwork and ensure compliance with all requirements.
Step #3: Prepare your documents
Gather all required documents for the application, which may include birth certificates, passport copies, and marriage certificates.
Step #4: Submit Application
Once you have all the required documents, submit the completed application to the relevant government authority or approved agent.
Step 5: Due diligence and background checks
The government of the host country will conduct thorough due diligence and background checks on you and any dependents included in the application to ensure that everyone has a clean criminal record.
Step #6: Make a qualified investment
Depending on your preferred option, the investor can go ahead and make the required investment, which could include real estate, government bonds or a contribution to a national development fund.
Step #7: Approval of citizenship
If the application is approved and the due diligence process is successful, the applicant and any eligible dependents will be granted citizenship of the respective country. This process typically involves issuance of a certificate of naturalization or citizenship.
Step 8: Obtain passport
Once citizenship is granted, applicants can then apply for a passport from the country.
Step 9: Compliance and renewal
Be sure to maintain compliance with any ongoing requirements, such as residency or reporting obligations. Depending on the program, you may need to renew your residency permits or passports in the future.
Conclusion
Before applying for any citizenship by investment program, it is advisable that you consult a reputable advisor throughout the process to ensure compliance with all requirements and maximize the chances of a successful application. If you would like to explore a citizenship by investment opportunity in Portugal through our Alt Path hotel fund, get in touch with us here.
To access the latest insights on golden visas and citizenship by investment programs, read more here.
Bay Street Capital Holdings
Bay Street Capital Holdings is an independent Black-owned investment advisory, wealth management and financial planning firm that was founded by William Huston. The firm focuses on managing and growing client portfolios while minimizing overall risk and volatility.
In 2023, the firm was recognized as a Finalist in the Wealthmanagement.com 2023 Industry Awards under the category of Asset Managers: Diversity, Equity and Inclusion for its work with Resthaven Properties.
Sources
https://globalresidenceindex.com/
https://www.ntltrust.com/the-ultimate-guide-to-caribbean-citizenship-by-investment
