Caribbean Passport: A Comparison of Island States' Investment Programs

Caribbean passport through visa-free travel opens for its holder the borders of more than 100 countries, including Great Britain and the European Union, allows to legally conduct business with zero tax on global income. However, rumors and stereotypes about the second citizenship obtained in one of the small island states have formed a false opinion in many of our compatriots about the immigration programs of Antigua and Barbuda, Dominica, St. Lucia, Grenada, St. Kitts and Nevis. Let us dispel doubts with the help of facts.

Obtaining a second citizenship of Caribbean countries is a way to launder money, an opportunity to avoid taxes and hide your business offshore.

It is no secret that the soft tax regime of the free zone is attractive to both bona fide entrepreneurs and fraudsters. However, Caribbean jurisdictions have impeccable reputation and are not even listed in the “gray lists” of offshore jurisdictions. The authorities of Antigua and Barbuda, Dominica, St. Lucia, Grenada, St. Kitts and Nevis make every effort to combat any illegal actions in the implementation of investment citizenship programs.

Investing in real estate in the Caribbean Islands for citizenship is too risky - another misconception that stems from mainlanders' perception of the islands. 

Antigua and Barbuda, Dominica, St. Lucia, Grenada, St. Kitts and Nevis are developed countries with excellent infrastructure and transparent legislation.

Participants of the investment citizenship program can purchase only reliable and verified objects from the list approved by the government. Each of which is insured against natural disasters and other unpredictable events. As a rule, these are tourist complexes and resort real estate on the coast under construction.

Investments in real estate in the island states of the Caribbean - it is safe and profitable, as such investments allow you to become a member of the citizenship program at a price lower than the European one.

Moving to the islands will be inevitable in the first 5 years of citizenship - a misconception inspired by European practice. An obvious advantage of Caribbean citizenship programs is the possibility of remote participation of applicants and the absence of residency requirements on the territory of the republics after obtaining a passport. A rare exception is Antigua and Barbuda, which requires new citizens to stay in the country for 5 days during the first 5 years of citizenship, which is considered probationary. This is a ridiculous amount of time compared to European programs.

A Caribbean passport is not very prestigious.

Again a stereotype, which is associated in our compatriots with the size of the island states and the small authority of the republics in the world. However, this opinion is erroneous. Antigua and Barbuda, Dominica, St. Lucia, Grenada, St. Kitts and Nevis are part of the British Commonwealth of Nations, which provides citizens of these countries with greater freedom of movement around the world, including Great Britain and Schengen. Also with a Caribbean passport can be issued a long-term visa to the U.S. under a simplified procedure, and citizens of Grenada is available American visa EB-5, closed to Russians.

Firms registered in the Caribbean jurisdiction have the trust of business partners all over the world.

As we can see, Caribbean passports are a worthy alternative to European citizenship. All the above doubts and stereotypes are far-fetched or imposed by the society in which we live.

If you have not found answers to your questions within the framework of our article, please contact the experts of the international company GARANT.in for advice.

Caribbean passport - what are the advantages and how to get one (review of current programs and listing of closed ones).

Obtaining a second passport is the creation of a “reserve” airfield, an opportunity to travel visa-free and transfer business to the international level. The investment threshold in Caribbean programs is lower than in any of the European programs. An important difference: Caribbean programs provide that the investor receives a passport immediately and becomes a full-fledged citizen, not the status of residence permit, as in Europe or the UAE.

Caribbean passport through investment - the main advantages:

• Ability to travel without visas. A passport from any Caribbean nation allows you to freely enter over 130 nations or issue a permit upon arrival. The list includes the Schengen area, the UK and China (for Grenadian nationals).
• Low investment entry. You can enter the program with an amount of $100,000 or more through a non-refundable contribution to the country's economy or the purchase of real estate.
• Ability to obtain a visa to the United States of America or Canada. With Caribbean citizenship, it is possible to apply for a long-term 10-year visa. E2 (US) business visa is available to Grenada passport holders.
• Attractive tax climate. It is favorable to register a business in Caribbean countries: there is no taxation on profits, inheritance, world income.
• Prompt obtaining of a passport. Registration of citizenship takes up to six months. Transfer and inheritance of citizenship status. Citizenship is not limited by time limits and is transferred by inheritance.
• Obtaining a passport of the island state does not oblige the applicant to renounce his/her native citizenship.

How to take part in the program? The authorities of each state have developed several ways - each investor chooses the optimal one.

St. Kitts and Nevis

The Citizenship Investment Attraction Program became operational in 1984.

The program offers 3 participation options:

1. One-time non-refundable contribution to the Sustainable Growth Fund: $150,000 for the applicant and $195,000 for a family of 4.
2. Contribution to the Sugar Industry Diversification Fund: $250,000 for the investor and $300,000 for an applicant with a family, which may include children under 20 years of age.
3. Purchase of real estate or a part in a hotel for an amount of $400,000 or more. After 5 years, the property is allowed to be sold and the investment returned without loss of passport and privileges.

The main changes in the program in 2023:

• From 01.01.2023 to 30.06.2023 the applicant has access to a $125,000 contribution to the Sustainable Growth Fund and citizenship processing in 2 months (this is $25,000 cheaper than before).
• From 01.07.2023 the cost of participation will increase and the terms of studying the application will increase up to 3 months. You can speed up the procedure of obtaining a passport for 25 000 $.Only developers who have been inspected and approved by the authorities can participate in the program. The list of projects in force in 2022 is no longer valid.

St. Kitts and Nevis citizenship is ideal for cosmopolitans. The passport offers free entry to nearly 140 countries around the world.

Dominica

The investment program started in 1993 and over 12,000 passports were issued in the first 20 years (full statistics are hidden). The lowest rejection rate of 2% has been recorded here.

The island state implies the following participation options:

A one-time contribution to government funds - $100,000 for the applicant, $175,000 for a family of two and $200,000 for a family of 4.

• Purchase of real estate. Select a property from a registry of Government-approved properties to participate in the program. The purchase amount must be at least $200,000. The property must be owned for at least 5 years, then it can be realized without loss of citizenship.

The main adjustments in the program made in 2022-2023:

• Beginning Fall 2022, applicants cannot add siblings of husband/wife to the application.
• Adult children must provide proof that they are being educated at an institution of higher education and are financially dependent on the applicant.
• The applicant's parents may be included in the application if they are under 65 years of age.
• Beginning in 2023, there is a $25,000 fee for each family member if the applicant has chosen the option to donate to the Economic Development Fund. 

Grenada

An updated citizenship-for-money program has been operating in Grenada since 2013

How you can participate in the program:

1. Non-refundable contribution to government funds: $150,000 for a single applicant, $200,000 for a family of 4.
2. Buy a property in a project approved by the government for an amount of $220,000 or more.
3. After 5 years, the property can be resold.

Antigua and Barbuda

The passport-for-money program has been in operation since 2013. How to participate in the project:

• Invest $100,000 irrevocably into the National Development Fund.
• Buy real estate worth $200,000 or more and own it for at least 5 years.
• Make a charitable transfer to the University of the West Indies Foundation - $150,000. The option is available for a family of 6.

The Antigua and Barbuda program is most beneficial for larger families. It is the only country where the applicant must stay a minimum of 5 days during the first 5 years.

Today, none of the Caribbean countries accepts applications from Russian citizens. What is the solution? Get a residence permit/permanent residence permit or citizenship of another country, then enter the program of one of the Caribbean countries.

If you have questions about citizenship of any country, need help with real estate or other related tasks, make an appointment for a consultation with the lawyers of GARANT.IN agency. 

Caribbean passport opens the way to the USA: an alternative to a US visa

Obtaining a U.S. visa is a rather complicated procedure, which does not always have a positive outcome for the applicant. In light of recent world events, diplomatic relations between the United States and the Russian Federation have become more complicated, which has led to a number of recent changes at various levels. The changes have also affected the mechanism for processing an American visa for Russian citizens:

1. There have been additional costs associated with a new fee adopted by the United States in response to a similar ruling by Russia.
2. The reduction in the number of U.S. embassies and consulates in Russia has led to queues and delays in the paperwork procedure.
3. Since January 2019, a US visa for Russian citizens is issued for a maximum of 1 year with the right to extend for the same period. In individual cases, if the applicant proves the necessity of his stay in the country longer than this period, the visa may be granted for 3 years.

Under the INA, all applicants who apply for a B-1 or B-2 visa are considered potential immigrants. Therefore, the basis for the decision to issue a visa, among other things, will be the fact confirming the intention to make a short-term visit.

To the U.S. via the Caribbean

Difficulties in applying for an American visa have significantly affected some aspects of life of citizens, somehow connected with the USA: difficulties in doing business, communicating with relatives, etc. However, there are no hopeless situations. The solution to the problem is possible through obtaining Caribbean investment citizenship, which opens the way to the US. The package of rights and freedoms of citizens of St. Kitts, Antigua and Barbuda, Grenada, Dominica, St. Lucia provides for the possibility of issuing an American multi-visa under a simplified scheme. Additional privileges for investors are an undoubted bonus of Caribbean citizenship programs.

To obtain a Caribbean passport, you need to invest at least one hundred thousand dollars in the state fund of one of the countries of the region or purchase real estate worth two hundred thousand dollars. At the same time, the application processing time is only 3-6 months. The conditions are more than attractive! For a relatively small price, foreign citizens receive freedom of movement around the world, as well as rights and opportunities that go beyond the territory of island countries. Together with the main applicant, family members can also participate in the program. Note! Grenada, based on a bilateral treaty with the United States, provides its citizens with another unique opportunity - the right to participate in the E-2 nonimmigrant U.S. visa program. This type of business visa is issued for a period of 5 years. Together with the principal applicant, his/her family members: spouse and children under 21 years of age may apply for legal status in the United States.

To summarize! Migration programs of the states provide many legal ways of registration of legal status for foreigners in this or that country. Specialists of the company GARANT.in have extensive experience in this area. Therefore, it is not a problem for them to find the necessary regulations that will allow clients to achieve their goals in the shortest possible time and at the lowest cost.