Why this story matters: Mainstream media tends to paint the Caribbean Citizenship by Investment Programs unfavorably, often questioning the integrity of these schemes and the real motives for why investors opt for Caribbean citizenship. But what’s really going on behind the scenes? We spoke to Caribbean Investment Migration expert, Joe Rice, about the recent Caribbean Citizenship by Investment Program changes, why investors opt for Caribbean citizenship, and how Vanuatu’s own investor visa program is gaining traction.
There’s always a lull after mass change. The Citizenship By Investment (CBI) industry in the Caribbean is no exception. Grenada along with St Kitts & Nevis, Antigua & Barbuda, Dominica and St Lucia shook up the Caribbean CBI scene recently by doubling their minimum investment required to qualify for citizenship. Now, applicants will need to fork out at least $200,000, pass a stringent due diligence test, as well as undergo a mandatory interview to qualify for a Caribbean passport.
“It came to a point where all the islands got together to discuss the future of their programs. They agreed on setting a baseline threshold of $200,000 to create more consistency and curb any undercutting that might have been happening… By making all programs start at $200,000, you kind of create an equal baseline.” says Rice, who thinks these changes ensure more equal entry point into the programs.
Naturally, there was a rush of last-minute applications streaming in to secure the old program conditions before the changes were finalized this summer. Now, with the changes in full force, it’s all quiet on the Caribbean front. But not for long.
“It takes a few months where people realize, okay, the Caribbean CBI programs are more expensive now. But you’re still getting these huge benefits. It’s also about understanding the price. Gas prices go up. Rent goes up. Mortgages go up. Everything goes up. There will always be a period where it’s a little bit quieter, and then people will come back to it.”
Despite the temporary slowdown in applications, the Caribbean CBI programs remain some of the most attractive and accessible options globally. With a Caribbean passport, individuals gain visa-free travel access to over 120 destinations worldwide and a Plan B strategy in the event of political or economic instability, as well as smart tax planning solutions.
To Joe Rice, these programs also offer the fastest route to a second or third passport, an added advantage for those traveling for work.
“The process is fast and remote, which is hugely beneficial for business investors. They’re from countries where you know their passport doesn’t necessarily give them visa free travel access, and they’re constantly applying for visas, and that takes time, which can mean missing out on business opportunities.”
Joe Rice – Business Development and Senior Investment Consultant at Global Citizen Solutions
More than just a passport: Caribbean citizenship opens doors
Whether it’s for business expansion, real estate investment, or even as a contingency plan for future generations, the Caribbean CBI schemes offer much more than passports.
For example, Caribbean citizens get to live and work across all the CARICOM countries, providing a gateway to the entire Caribbean region, a fact that’s often overlooked.
“When people think about these programs, they don’t always realize they’re getting access to more than one country. CARICOM allows you to live and work on multiple islands with just one citizenship,” Joe notes, drawing attention to the business advantages that can come with this broader regional access.
For those wanting to relocate to the Caribbean and become PR residents, there are great tax incentives on the table too. Individuals and entities pay no tax on income, wealth, inheritance, capital gains, or export tax.
For investors looking to turn in a profit, buying property that can be converted into a holiday home is a viable option, given the Caribbean’s thriving tourism scene. Real estate investment returns are also possible, since investors who obtain an Antigua and Barbuda, St Kitts & Nevis, Dominica, Grenada, or St Lucia passport can sell their properties after three to five years of ownership and return the invested capital.
As a Caribbean investment migration advisor for Global Citizen Solutions, Joe also gets a lot of clients with families looking for passport solutions for the whole family.
“A lot of CBI programs across the world aren’t necessarily inclusive of all family members. Antigua and Barbuda is very inclusive for adding siblings, grandparents, parents, and children to the application. So do the other Caribbean programs. They make it a lot easier for families, giving everybody the same opportunity to obtain a passport.”
Accessible passport programs without sacrificing on quality
Most CBI programs require a long stay requirement or ask investors to relocate, but with the Caribbean CBI programs, individuals don’t have to uproot their entire lives to obtain citizenship. The process is quick, straightforward, and remote.
“For most of the islands, you don’t have to spend any time there, apart from Antigua and Barbuda – five days within the first five years of becoming a citizen. Not bad. It’s a week’s vacation. Who doesn’t want to go to the Caribbean for a week? The Caribbean programs enable easy access to a second or third passport. But there’s still strict due diligence. There are strict guidelines. It’s not just applying and you’re going to get a passport. You do have to go through background checks and paperwork. There are steps to the process,” Joe comments.
Vanuatu’s quiet rise to prominence
Perhaps in spite of the recent Caribbean CBI program price hike, Joe has seen a surge in inquiries for Vanuatu’s Citizenship by Investment Program. It is one of the most affordable alternative routes to citizenship, with applicants only required to invest $130,000 to obtain a passport. While Vanuatu doesn’t offer the same level of visa-free access as the Caribbean programs, it attracts clients for other reasons, such as asset protection.
“For people looking to diversify their portfolios or gain another passport quickly, it’s a great option with great tax benefits. You don’t actually need to go to the island to secure citizenship. But it does cater to different clients. If you’re looking for visa-free travel access, Vanuatu is not the option for you.”
With the price increase in the Caribbean, Vanuatu’s CBI program is one of the most affordable citizenship options in the world, as well as the fastest, with the average application-to-passport timeline of three to four months.
Irrespective of what CBI programs are under the international spotlight, it’s important to remember that people are not just obtaining a passport. They’re investing in a new life, new opportunities, and in many cases, a new home. That’s priceless, and an important part of the discussion that needs to be taken into account when talking about the Caribbean CBI programs.
