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Caribbean Real Estate Investment

QICMS (Invest-Visa) Top Picks for Caribbean Second Citizenships

27 April 2017

QICMS (Invest-Visa) Top Picks for Caribbean Second Citizenships

In the past, QICMS (Invest-Visa) provided readers our “top picks” for obtaining second citizenships around the world, including Europe, North America, and the Caribbean. Today we will focus on our top choices in the Caribbean: Saint Lucia, the Commonwealth of Dominica, and Grenada.

This blog will also outline basic eligibility and application requirements, as well as benefits that each program offers applicants and their qualifying family members.



Why Choose a Second Citizenship in the Caribbean?

First of all, obtaining a second (dual) citizenship and passport in the Caribbean has become a common trend among the world’s high net worth individuals (HNWI) seeking affordable investment opportunities overseas. Unlike European Citizenship by Investment Programs, applicants to Saint Lucia and the Commonwealth of Dominica’s citizenship programs, for instance, can obtain a second passport for as little as USD $100,000, whereas applicants to Grenada’s citizenship program can obtain a second passport for USD $200,000. Even more, holders of a Grenada passport can apply for an E-2 Treaty Investor Visa to conduct business in the United States.

Citizenship by Investment Programs in the Caribbean not only offer applicants affordability, but overall convenience, in that successful applicants are not obligated to physically reside in their chosen country in order to maintain their second (dual) citizenship. In fact, most Caribbean second (dual) citizenship programs do not require applicants to set foot in the country at all, with the exception of Antigua and Barbuda. This is convenient for individuals or families who might not be interested in permanently relocating to another country, but still want to enjoy the benefits of greater travel freedom afforded by a second (dual) citizenship and passport.

So what other requirements and benefits are offered by second (dual) citizenship programs in Saint Lucia, the Commonwealth of Dominica, and Grenada? Let’s find out.

1. Saint Lucia Citizenship by Investment Program (CIP)

Citizens of Saint Lucia are advantaged in the island’s vast spread of beauty, which includes exotic landscapes, rainforests, waterfalls, tropical beaches, and lavish resorts. Saint Lucia is also known for its stability, both economically and politically throughout the Commonwealth countries. Eligibility requirements for Saint Lucia’s Citizenship by Investment Program are as follows:
  • The principal applicant must be at least 18 years of age;
  • The applicant must pass a Due Diligence examination and hold no criminal records;
  • The applicant must complete a medical examination and be of exceptional health;
  • The appropriate investment of at least USD $100,000 must be made (for single applicants).*
*Applicants who are interested in Saint Lucia’s real estate investment option must contribute at least USD $300,000 to a government-approved real estate project in either high-end branded hotels and resorts or high-end boutique properties.

Benefits of obtaining a second (dual) citizenship and passport in Saint Lucia include business expansion and tax relief amenities, visa-free and visa-on-arrival access to 125 countries (plus the United Kingdom, European Union, and Schengen region), and the right to residency in any of the 14 Caribbean Community (CARICOM) nations. Like all Caribbean Citizenship by Investment Programs, Saint Lucia offers fast-track application processing, which grants successful applicants and their dependents second (dual) citizenship and passports within 3 months.

2. Commonwealth of Dominica Citizenship by Investment Program

The Commonwealth of Dominica is commonly known as the ‘Nature Isle of the Caribbean’ due to its lush, mountainous terrain, natural hot springs, and picturesque waterfalls that populate the island. The Commonwealth of Dominica’s Citizenship by Investment Unit (CBIU) allows investors to economically contribute to the country and in exchange, applicants and their immediate family are permitted full citizenship to the country. General program eligibility requirements are as follows:
  • The applicant must be over 21 years of age;
  • The applicant must pass a Due Diligence examination and hold no criminal records;
  • Dependents under the age of 16 are subject to a Due Diligence examination;
  • The applicant must complete a medical examination and be of exceptional health;
  • The appropriate investment of USD $100,000 must be made (for single applicants);*
  • The applicant must appear for a personal interview in the Commonwealth of Dominica before granted citizenship.
*Similar to Saint Lucia, applicants can choose to make a minimum investment in authorized real estate projects amounting to at least USD $200,000.

The Commonwealth of Dominica Citizenship by Investment Program is regarded as one of the oldest and most trustworthy among citizenship programs. Benefits consist of relief from wealth, gift, inheritance, or foreign income of capital gains taxes, as well as visa-free and visa-on-arrival access to more than 90 countries worldwide, including the United Kingdom, Singapore, Hong Kong, and the Schengen region. For families seeking second (dual) citizenship solutions, the Commonwealth of Dominica allows dependents up to the age of 28 and dependent parents and/or grandparents aged 55 years and older to be included in a single application, which is rapidly processed in as little as 2 months.

3. Grenada Citizenship by Investment Program

Grenada is recognized as the ‘Spice Isle’ for its locally-grown spices, and widely known to be one of the most scenic islands in the West Indies. Grenada’s tourism derives from its lush tropical landscapes, rainforests, waterfalls, and golden beaches, inviting visitors from around the world and making the island a top destination for many foreign investors. Eligibility requirements to Grenada’s Citizenship by Investment Program are as follows:
  • The principal applicant must be at least 18 years of age;
  • The applicant must pass a Due Diligence examination and hold no criminal records;
  • The applicant must complete a medical examination and be of exceptional health;
  • The appropriate minimum investment of USD $200,000 must be made.*
*If an applicant chooses to invest in real estate, the investment must amount to at least USD $350,000 in a government-approved project.

Benefits of Grenada citizenship include no foreign income, wealth, gift, inheritance, or capital gains taxes. Even more, holders of a Grenada passport are afforded visa-free and visa-on-arrival travel to 120 countries which encompasses the United Kingdom, Schengen region, European Union, all Commonwealth Nations, and China. For investors in particular, Grenada provides a secure banking system for depositing funds, as well as attractive interest rates for foreign nationals. However, one of the best advantages to obtaining Grenada citizenship and passport is the E-2 Treaty Investor Visa Program, which provides business-minded men and women access to the United States as investors. With the E-2 Investor Visa, successful applicants can live and work in the U.S. with their families.

Final Thoughts

As you can see, Caribbean second (dual) citizenship and passports offer eligible applicants and their families a number of social and economic benefits—and for the right price. For individuals interested in affordable options for obtaining second (dual) citizenship, the island nations of Saint Lucia, the Commonwealth of Dominica, and Grenada are QICMS’ top picks for Citizenship by Investment Programs.

For more information on Saint Lucia Citizenship by Investment Program (CIP), please click here.

For more information on The Commonwealth of Dominica’s Citizenship by Investment Program, please click here.

For more information on Grenada’s Citizenship by Investment Program, please click here.

If you would like to request a Program Brochure for Saint Lucia, the Commonwealth of Dominica, or Grenada, please send QICMS an e-mail.

Fill out our Free Assessment to see if you qualify for any of the immigration programs offered.
 

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