If you're thinking of acquiring a second passport in the Caribbean, this article is for you.
The Caribbean nations of Antigua and Barbuda, Dominica, Grenada, and St. Kitts and Nevis are scheduled to raise the investment thresholds for their citizenship by investment programs in the next couple of months.
Continue reading to understand how these changes will affect you.
Big News: Investment Amounts Are Going Up
On March 20, 2024, the governments of Antigua and Barbuda, Dominica, Grenada, and St. Kitts and Nevis collectively decided to increase the minimum investment required for their CBI programs. By June 30, 2024, the entry bar will be raised to at least US$200,000. This decision marks a pivotal shift in the landscape of Caribbean CBI opportunities.
For instance, to become a citizen of Dominica, you will be required to invest at least US$200,000 in the country’s Economic Diversification Fund, which doubles the previous investment requirement of US$100,000.
Dominica has historically been one of the most affordable options for obtaining citizenship through investment. However, recent changes are set to align its financial requirements with those of other citizenship by investment programs, making it similarly priced.
Why the Jump?
The decision to increase the investment amounts wasn't made lightly. It stems from a broader strategy to harmonize the investment thresholds across these nations, aiming to ensure the programs remain competitive and sustainable.
The signed agreement between the four nations aims to standardize and enhance the transparency and regulation of their citizenship through investment programs. Key points include setting a minimum investment threshold of US$200,000 by June 30, 2024, ending discounting practices, sharing applicant information, disclosing financial details, conducting audits, establishing a regional authority for standards, regulating agents, and implementing joint training for officials.
These measures are designed to align the Caribbean CBI programs with international best practices and ensure their effective management.
What This Means for You
What does this mean if you're considering applying? The window to take advantage of the current, lower investment levels is closing fast. Applications submitted before the June 2024 deadline will be processed under the existing terms, offering a fleeting opportunity to secure a second passport at a more accessible price point.
However, you must understand that the process of getting your documents in order and applying for the actual programs takes time. You shouldn’t delay this and wait until the last couple of weeks before the deadline. Act now!
St. Lucia as an Option?
St. Lucia, one of the Caribbean nations, has not joined the agreement at this point in time. However, this might change in the future to align all citizenship by investment programs with current trends. You can still invest US$100,000 in St. Lucia's National Economic Fund in exchange for acquiring a St. Lucian passport and citizenship.
Why Act Now
While the upcoming price hike might seem discouraging, it also presents a clear call to action. For those who have been contemplating this move, there’s never been a more critical time to act. The reality is that once the prices increase, they are unlikely to decrease again. This is a pivotal moment to leverage the benefits of the current pricing structure.
Wrapping Up
Changes are coming to the Caribbean CBI programs, but that doesn’t mean you can’t secure your second passport. You still have time to apply for a Caribbean passport under the original investment amounts; however, it’s best to do it sooner rather than later.
At High Net Worth Immigration, we can assist you in securing your Caribbean citizenship before the investment amounts go up. From helping you prepare the documentation to apply for citizenship, to guiding you through the entire process, our team is at your disposal.
Don’t delay! Get in touch with our team today to get started.
