Caribbean countries are known for their powerful passport, allowing holders to travel visa-free to most countries. The list includes Schengen countries, Singapore, Hong Kong, and the UK and easy visa requirements for the USA and Canada. The minimum investment for a Caribbean passport starts from USD 100,000. According to IMI Daily, 4 of 5 Caribbean countries with citizenship with investment programs signed a MoU to set the minimum threshold to $200000. From 1st July 2024, you must arrange the new minimum amount contributing to the applicant’s qualification for the citizenship program.
Caribbean Countries with Increased CIP
Prime Ministers of four Caribbean countries including Dominica, Grenada, Saint Kitts & Nevis, and Antigua & Barbuda, signed the MoU to collaborate on various aspects. The new integrations to CIPs focus on close working relations in regard to their citizenship through investment programs. The Memorandum of Agreement ensures a framework for cooperation and exchanging relevant information for the smooth management of CIP programs. Apart from increasing the minimum price, the MoU also covers implementing the best practices, security or compliance risk, intelligence sharing, and due diligence. The MoU covers cooperation in the following areas:
- Pricing
- Information Sharing and Transparency Standards
- Regulations
- Security Screening
- Regulation of Agents, Marketing & Promotion of CIP
- Joint Training and Capacity Building
- Dispute Resolution
- Amendment and Termination
- Legal Effect
Minimum Threshold Change for Citizenship by Investment Programs
The quad group agreed to increase the minimum investment threshold for their respective CIP programs. The amount to qualify for the program is $200000, excluding commissions, fees, and other deductions.
Information Sharing and Transparency Standards
As part of the accord with the US Treasury, in October 2023, all five Caribbean countries with Citizenship by Investment Programs, these countries will exchange data with each other. The four countries in the recent MoU agreed to empower the Joint Regional Communication Center in Barbados with financial assistance and a digital portal. The digital portal will ensure easy access to information to authorized persons only. This will also ensure transparency across the board.
Uniform Regulations
The quad group also committed to a common regional competent authority to make SOPs as per international requirements by June 30th, 2024.
Security Screening
Apart from already agreed CBIP points with the USA, this point ensures:
- Uniform protocols for denials or rejections for CBIP applicant
- Conduct of interviews with CBIP applicant
- The conduct of checks on applicants
- Implementation of common procedures for due diligence
- Cooperation to retrieve canceled passports of CBIP citizens
Saint Lucia and Current MoU
The PM of Saint Lucia, Mr. Philip J Pierre, avoided the meeting to sign the MoU, which means the country isn’t part of the MoU. So, chances are St. Lucia citizenship by investment will still be available from $100,000 until the country increases the limit.
Best Time to Apply for Caribbean Passport Via Citizenship by Investment
Considering the upcoming changes to citizenship by investment programs of Caribbean countries, it is the best time to benefit from the current rules. The biggest is the investment amount, which is under $200,000 for many countries. You may want to know what options to consider to get a cheap second passport with quick processing and easy requirements. Here is the list with minimum investment requirements:
Dominica Citizenship by Investment Program
Currently, Dominica citizenship through investment programs starts at USD 100,000 only. You can donate $100K to the government-approved national funds to qualify for the Dominica CIP program. The real estate investment requires a fund of $220K, and you can get back your investment after 5 years only. With the least amount requirement, a tourist hub and a powerful passport, Dominica is one of the best option for a second passport. Hurry up to get benefit from low investment threshold which is available until 30th June 2024.
Key Points of Dominica CIP
- Donate $100K or invest $220K in Real Estate
- Pass due diligence checks
- Must be 18 or above without any criminal record
- Family members are allowed for inclusion
- Children and siblings are eligible for the program
St Lucia Citizenship by Investment Program
St. Lucia is yet another option for citizenship by investment starting from $100,000 only. To qualify for St. Lucia citizenship, the nonrefundable $100K donation is enough for a single applicant. The real estate investment requirement is $200,000 for a period of 5 years. Though the country hasn’t signed the MoU to increase the minimum qualifying investment amount, there are some rumors that the country may join the group to be a part of it. So, it is good to secure the available option rather than crying over spilt milk.
Grenada Citizenship by Investment Program
Grenada Citizenship by Investment Program starts with a non-refundable donation contribution of $150,000, while real estate investment requires $220,000. Grenada has also signed the MoU to harmonize the investment option with a minimum threshold of $200,000. So, Grenada is also a good option for getting benefits by applying to the program before 30th June 2024.
Antigua & Barbuda Citizenship by Investment
The Antigua & Barbuda citizenship by investment program will also get a price hike as the country has signed the MoU. Currently, the country is offering citizenship through donating $100K, $150K to the University of West Indies, or investing $200K in approved real estate projects. These options are available till 30th June 2024 only as the country has committed to increase the minimum investment to $200K.
Conclusion
It is time to act quickly by choosing a suitable citizenship-by-investment program before it becomes a tough nut to crack. One must choose an expert immigration consultant with prior expertise and domain knowledge. The best immigration law firm will try to get you a second powerful passport quickly.
