Is Second citizenship on your agenda for 2018? Why not make it part of your New Year's resolution!
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December 27, 2017
Caribbean CBI programs fall into the group of direct economic citizenship programs which entitle eligible investors and their qualifying spouse and/or dependents to citizenship of the host country upon making a qualifying investment under that particular programs. Depending on the programs, a qualifying investment could be a financial contribution of at least a certain amount to a special fund, the acquisition of real estate of a minimum value or the purchase of government bonds in some cases. Investors and their co-applicants must also pass strict due diligence procedures and pay the prescribed fees.
Recently, three countries at once have announced a significant reduction in the cost of their citizenship programs for foreign investors. Those are St. Kitts and Nevis, Antigua and Barbuda, and Grenada.
Below are a number of positive changes to some Caribbean citizenship-by-investment programs (CIP) which have happened in 2017:
- On September 23, 2017, the government of the Federation of Saint Kitts and Nevis introduced a cheaper option under its citizenship-by-investment scheme. The reason — the need to combat the effects of the storm Irma, who brought great damage to the inhabitants of the Caribbean in early September. Now investors may qualify for the passport by paying a one-time contribution to the Hurricane Relief Fund (HRF): USD 150, 000 for an application with up to three dependents and USD 25,000 for each additional dependant. The new HRF option will remain open for a limited time until the March 30, 2018. All additional payments, including government processing and due diligence fees, remain the same. The passport of St. Kitts and Nevis is also available through a real estate investment (from USD 400,000) or a charitable donation of USD 250,000 to the Sugar Industry Diversification Foundation (SIDF).
- Since November 1, 2017, Antigua and Barbuda has reduced the investment threshold for the National Development Fund (NDF) option by a drastic 50 %, i.e. to USD 100,000 for the main applicant with up to three dependents and USD 125,000 for a family of five persons or more. Additionally, a flat government processing fee of USD 25,000 is paid for a family application of up to four persons. Another USD 15,000 has to be paid for each additional family member. The real estate option will remain priced at USD 400,000 and the business investment option will remain at USD 1.5 million. Individuals who acquire the citizenship through the program must spend at least five days in Antigua and Barbuda within five calendar years of naturalization.
- On November 21, 2017, the government of Grenada reported a 25% reduction in the donation option under its reputable program, but only for a sole applicant. A minimum non-refundable contribution to the National Transformation Fund of Grenada (NTF) for sole applicants will be USD 150,000 (previously USD 200,000).
The CARICOM passport allows visa-free travels to over 130 countries worldwide, including the Schengen area. Unlike most European programs, the Caribbean countries impose no residency and language requirements for obtaining a passport. It typically takes just a few months to acquire the second citizenship on these tropical islands.
The investment of getting a second citizenship (passport) will not just help you, but whole generations to come. There aren’t a whole lot of investments that pay that kind of bonus.
today if you are interested in finding out more about these programs or if you have any questions about the application procedure in general.
For more information on the Antigua and Barbuda Citizenship by Investment Program(CBI Program), please click here
For more information on the St. Kitts and Nevis Citizenship by Investment Program (CBI Program), please click here
For more information on the Grenada Citizenship by Investment Program(CBI Program), please click here
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Grenada Citizenship by Investment Program
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