Residents of the UAE and abroad seeking a second passport are increasingly shifting their focus from Caribbean nations to Schengen countries, following recent hikes in the Caribbean's citizenship by investment programme rates. However, industry experts maintain that Caribbean passports continue to be a preferred choice due to their swift processing times, affordability, and minimal eligibility criteria. These passports offer visa-free travel to approximately 150 countries, including the European and Schengen regions, making them highly sought after.
According to Citizenship Invest, four Caribbean nations—Antigua & Barbuda, Dominica, Grenada, and St. Kitts & Nevis—signed a Memorandum of Agreement (MoA) in March 2024 to harmonize their policies, including the pricing of their Citizenship by Investment (CBI) programmes. St. Lucia joined this agreement in June 2024. Effective July 1, 2024, all five Caribbean countries have introduced new minimum investment thresholds.
Urusa Imran, Director for Business Development Management at Samana Group, noted that some Caribbean countries have more than doubled the cost of their CBI programmes. She explained that the primary motivation for acquiring a second passport was visa-free travel. A Caribbean passport, obtainable within six months, allows holders to travel visa-free to all European and Schengen countries. In contrast, obtaining a European passport often involves higher costs and a 5-7 year wait. With investment amounts now comparable to those required for countries like Portugal and Spain, clients are considering the benefits of a European passport, which offers more advantages.
Most investors and high net worth individuals and families from Asia and the Middle East opt for Caribbean passports primarily for visa-free travel access rather than for settling in the region. Imran highlighted that with an investment of 500,000 euros, one can obtain a Portugal passport. She also revealed a surge in inquiries from Pakistani nationals seeking second passports due to the current political and economic climate in Pakistan.
Iñigo De Luna, CEO of Citizenship Invest, stated that the recent price increases have had a minimal impact on high-net-worth individuals (HNWIs) seeking citizenship by investment. For strategic investors, the Caribbean remains an attractive and accessible option despite the adjusted pricing. Since the March 2024 announcement, there has been a notable increase in applications, including from UAE residents, leading up to the deadline. With over 40 years of resilience and staying power, the Caribbean CBI programmes continue to play a significant role in the global investment landscape.
De Luna emphasized that the choice depends on the client's specific needs and profile. For those seeking second citizenship and a passport, the Caribbean CBI remains a top option, offering citizenship and a passport in as little as four months with minimal requirements, including no language test and no physical residency requirement. In contrast, European programmes such as those in Portugal, Spain, and Greece are more appealing to those looking for alternative residency options in Europe.
Rates of Citizenship by Investment programmes by Caribbean nations shared by Citizenship Invest:
Dominica: The minimum donation requirement has been adjusted to $200,000, up from $100,000, while the minimum for real estate remains unchanged at $200,000.
Antigua and Barbuda: The submission process has been extended by 30 days to accommodate these changes. As of August 2024, the updated pricing starts at $230,000 for fund contributions, up from $130,000, and $300,000 for real estate investment (previously $200,000).
Grenada: The minimum contribution is now $235,000, up from $150,000, or a real estate investment starting at $270,000, previously $200,000.
Saint Lucia: The CBI programme now starts at $240,000 for donations (increased from $100,000) and $300,000 for real estate options (up from $200,000).
St. Kitts and Nevis: The minimum investment requirement is now $250,000 for donations for a single applicant up to a family of four, making it more cost-effective compared to the previous pricing of $250,000 for an individual and $350,000 for a family of four. The real estate option remains set at $400,000.
