Individuals and families are becoming mobile, and a second passport is becoming more of a necessity. The Caribbean is among the most attractive destinations for several reasons, including beautiful scenery, a good climate, and a relaxing lifestyle. There are also great opportunities to get your second passport, even if you don’t initially intend to relocate to the region.
A Caribbean passport is a strategic choice providing high net worth individuals with excellent financial advantages. As the world economies continually change, there is no better time to secure second citizenship that will help protect your family and wealth from political and financial crises.
As you look into the opportunities in the Caribbean, think about what you want to gain from your investment. Having a better understanding of your desired outcome will help you apply for Caribbean citizenship that meets all the aspects of your financial and personal portfolio.
Reasons to secure second citizenship
There are various reasons for people to apply for an alternate or second citizenship. These include:
- To experience more convenient travels – Residents of most countries must wait for months, or even years, to get visas for travel. Getting a Caribbean passport, for instance, will guarantee visa-free travels to over a hundred countries, including the EU, the UK, and even China and Russia.
- To secure insurance against fiscal, economic, and political changes in the applicant’s country of origin.
- To avoid discrimination.
- To receive better opportunities for tax structuring of tax affairs because an individual’s citizenship and residence are generally the basis for most taxation rulings.
Citizenship by investment options in the Caribbean
The Caribbean offers several options for citizenship. The most sought-after passport schemes include Antigua & Barbuda, Grenada, St. Kitts & Nevis, and Dominica.
Take a look at the key characteristics of each scheme to make a better choice.
Antigua & Barbuda
Key capabilities and provisions for individuals with Antigua & Barbuda citizenship include:
- Visiting over 130 countries, including the Schengen Area and the UK, visa-free.
- Eligibility for the 10-year US B1/B2 tourist visa, which allows holders to spend up to 180 days each year in the United States to hold business meetings, attend conferences, or receive medical treatments.
- Ability to leave your home country at any time without a visa in the event of any unforeseen economic or political crises, a threat to your well-being and safety, or a pandemic.
- No personal income, wealth, capital gains, or inheritance tax.
Important Note: Under the Antigua & Barbuda citizenship program, you must visit the country for at least five days to renew your passport. But due to the travel ban, the government has temporarily suspended this 5-day visit requirement until Aug 31, 2022.
Investment routes
The Antigua & Barbuda citizenship program offers four investment routes:
- Government donation – A non-refundable contribution of at least US$100,000 to the National Transformation Fund.
- Real estate purchase – Buy shares amounting to at least US$200,000 in a state-approved property, which can be sold after five years.
- Business investment – Invest a minimum amount of US$400,000 in a government-approved business.
- University of the West Indies Fund – This investment route is applicable for families with at least six people with a minimum contribution is US$150,000. Family members aged 29 below can study for free at the University of the West Indies for one year.
Grenada
Key features of the Grenada program include:
- Eligibility to apply for an E2 USA visa.
- Minimal processing fees.
- No education, interview, or management experience required.
- Ability to reside in CARICOM countries.
- No foreign income, gift, capital gains, inheritance, or wealth tax.
- Visit more than 130 countries, including China, Russia, the UK, Europe, and Singapore, visa-free.
Investment routes
Choose from any of the following investment options:
- Government donation – Contribute at least US$200,000 to the National Transformation Fund.
- Real estate purchase – Buy a minimum share of US$220,000 from a government-approved real estate project.
St. Kitts & Nevis
Key features of St. Kitts & Nevis citizenship program include:
- Full Schengen privileges and visit more than 130 countries worldwide on a visa on entry basis or visa-free.
- Ability to reside in CARICOM countries.
- No personal income, gift, estate, death duties, capital gains or inheritance tax.
- No obligation to reside or spend time in St. Kitts & Nevis.
- Gain citizenship in approximately three months.
Investment routes
St. Kitts & Nevis citizenship program offers two investment routes:
- Government contribution – Contribute at least US$150,000 to the Sustainable Growth Fund.
- Real estate purchase – Buy a property in a government-approved real estate project worth at least US$200,000, which must be held for at least five years.
Dominica
Key features of the Dominica citizenship program include:
- Visit more than 120 countries, including the EU, the UK, and Singapore, visa-free.
- Dual citizenship allowed.
- Full residence status with the right to work and live in Dominica.
- Ability to reside in CARICOM countries.
- Minimal taxation, including no foreign income, inheritance, gift, capital gains, or wealth tax.
Investment routes
Choose from any of the following investment options:
- Government donation – Contribute at least US$100,000 to the Economic Diversification Fund.
- Real estate purchase – Buy a property with a minimum value of US$200,000 from a government-approved real estate project, which must be held for at least three years.
Caribbean citizenship is a real deal. You’ll get a quality passport that is becoming stronger, and you’ll possess citizenship that doesn’t monitor your every move overseas.
If you can’t figure out which program is the best choice for you, work with a licensed service provider with expertise in Caribbean citizenship by investment programs who can help with every aspect of the application. And if you wish to relocate to the Caribbean, partner with an international moving company to ensure a hassle-free, successful relocation.
