There are many benefits to holding a second passport and second citizenship.
It gives you the opportunity to live, work, and invest more freely and can also allow you to travel to more places without needing a tourist visa. You can also pass second citizenship down to your children.
There are three main ways to go about getting a second passport: through your ancestry, by spending the required time as a resident of a country to get naturalized, or by investing in a country that grants immediate citizenship.
The first country to set up a citizenship-by-investment program (CIP) back in 1984 was the dual-island Caribbean nation of St. Kitts and Nevis. Dominica followed suit in 1991.
Antigua and Barbuda and Grenada launched their programs in 2013 and St Lucia’s CIP opened to applications in 2015.To apply for these programs you can make a charitable donation or invest in real estate or business in the destination of your choosing.
Earlier this year, these five Caribbean nations signed a Memorandum of Understanding establishing common standards and procedures in areas including pricing, regulation, security screening, information sharing, and transparency standards.
There are many benefits to obtaining Caribbean citizenship including the right to live, work, and study in your chosen destination, favorable tax conditions, with no taxes on inheritance, gifts, or capital gains, and in some countries, no taxes on worldwide income, dividends, interests, or royalties. There’s also no restrictions regarding dual citizenship, little or no residency requirements, and fast processing times as well as options for remote applications.
Here’s a quick rundown of the requirements for each Caribbean nation’s CIP.
St. Kitts and Nevis
The longest running CIP, the St. Kitts and Nevis program offers three options for investors: A $250,000 non-refundable contribution to the government’s Sustainable Island State Contribution, a $250,000 fund contribution to an approved Public Benefit project, or a $400,000 real estate investment.
You can invest this minimum of $400,000 in approved real estate developments including hotel shares, villas, and condominium units. If you wish to purchase a single-family private home the minimum amount is $800,000. The property purchased can be resold subject to certain conditions after seven years.
The spouse of the main applicant as well as dependent children up to the age of 25 who are enrolled in university, and dependent parents can be included in the application.
Most importantly, processing time for the St. Kitts and Nevis CIP takes from six to twelve months.
A St. Kitts and Nevis passport grants the holder visa-free or visa-on-arrival entry to over 150 countries.
Caribbean Passport: Dominica
Dominica lies between the French-speaking islands of Guadeloupe and Martinique. The French were the first Europeans to settle here, and their influence is still strong, giving the community a distinctly French flavor.
CIP requires a minimum non-refundable donation of $200,000 to Dominica’s Economic Diversification Fund or an investment of $200,000 in pre-approved real estate.
There are no taxes on wealth, gifts, capital gains, or inheritance in Dominica. Non-tax residents pay tax on income generated within Dominica.
Most importantly, the spouse of the main applicant, dependent children up to the age of 30, and dependent parents and grandparents can be included in the application.
The minimum investment amount will increase depending on the number of family members applying.
Processing time for the Dominica CIP takes around six months and can be handled remotely with no language or history tests required.
Citizens of Dominica can travel visa-free to over 140 countries.
Caribbean Passport: Antigua and Barbuda
Known as the land of 365 beaches, English-speaking Antigua and Barbuda boasts pristine shores, crystal-blue waters, and celebrity vacationers. Tourism is the dominant source of income, generating about 60% of the islands’ GDP.
The Antigua and Barbuda CIP allows for investment in government approved real estate projects or businesses, a contribution to the University of the West Indes Fund, or a contribution to the National Development Fund.
The minimum amount for real estate investment is $300,000 and the property must be held for a minimum of five years. The business investment option is set at a minimum of $1.5 million and the required contribution to the National Development Fund is $230,000.
The option of making a contribution to the University of the West Indes Fund is suitable for families of six or more. For a family of six, the contribution amount is $260,000 and a year of free education at the University of the West Indes for one family member is included in the application. For larger families, the amount increases by $10,000 for each additional dependent.
Antigua and Barbuda is the only country on this list which doesn’t require applicant adult children to be financially dependent on the main investor.
Processing time is around five months and with a second passport from Antigua and Barbuda, you can travel visa-free to 154 countries, including those in the Schengen zone, Hong Kong, Singapore, and the U.K.
Caribbean Passport: Grenada
As one of the most famous locations of the colonial spice trade, Grenada made a name for itself as the “Spice Island.” Today its picturesque Caribbean beaches draw in a well-heeled crowd.
The country’s CIP offers two investment options; a non-refundable contribution of at least $235,000 to the National Transformation Fund or a real estate investment of at least $270,000 in government approved property which must be held for five years.
Qualifying family members include the main applicant’s spouse, dependent children up to the age of 30, dependent parents over the age of 55, grandparents, and siblings over 18 years old who must be unmarried with no children.
Processing time is around six months and with a Granada passport, you can travel visa-free to 153 countries and territories worldwide.
St. Lucia
Launched in 2015, St. Lucia’s citizenship-by-investment program is the newest in the Caribbean.
The island is known for its volcanic mountain peaks, the Pitons, a UNESCO World Heritage Site, and is a popular cruise and yachting spot.
Your investment options here include making a $240,000 non-refundable contribution to the National Economic Fund, an investment of $250,000 in an approved enterprise or project, a $300,000 investment in non-interest-bearing government bonds (this carries an administrative fee of $50,000), or a real estate purchase with a minimum value of $300,000 which must be held for at least five years.
Qualifying family members include the main applicant’s spouse, dependent children up to the age of 30, dependent parents, and siblings.
Processing time is around nine to twelve months and with a St. Lucia passport, you can travel visa-free to over 145 countries.Until next time,
Kathleen Peddicord
Founding Publisher, Live And Invest Overseas
