Caribbean Citizenship by Investment: A Comparison Guide

If you tell someone that you secured Caribbean citizenship by investment (CBI), they may sneer or even ridicule you or your choice of passport. 

Many people call passports from places like Dominica or Antigua ‘fake’ or ‘illegitimate’ because they can be, relatively quickly, obtained by making a simple investment in the country. 

Unlike a lot of these commentators, we have some real-life experience in this area as Nomad Capitalist’s founder, Andrew Henderson, has ‘bought a Caribbean citizenship’ from St Lucia and now holds a passport. 

So, from actual experience, we can tell you that these passports are perfectly legitimate and desirable – any and all Nomad Capitalists should consider them as a part of their diversification strategy.

Despite what you may have heard, Caribbean CBI programs are 100% legit, and the passports they give you are no joke, either. In fact, a St Lucia passport gives you visa-free entry to 138 countries, including the UK and the EU Schengen countries. 

Still, when we discuss getting a second passport through citizenship by investment, people often get a bit concerned.

The idea that this tiny little island will give you a real, good-quality passport in exchange for a sum of money sounds preposterous to them – even though these islands are sovereign countries that simply offer ways to obtain Caribbean citizenship outside of naturalisation.

This quick guide discusses the truth about Caribbean CBI and clears up some of the misinformation about it floating around the internet.

Common Myths about Caribbean Citizenship by Investment

At Nomad Capitalist, we’re all about bringing transparency to the offshore world and fighting misinformation that’s often perpetuated by people who want your money and attention – but really have no idea what they’re doing.

As Mr Henderson has actually gotten Caribbean CBI in St Lucia and has helped many others do the same in places like Grenada and Dominica, we can help clear up some of these common misconceptions about Caribbean CBI.

In the following section, we’ll take a look at a few of these myths and cover the real scoop on getting Caribbean CBI.

Caribbean Passports are ‘Fake’ Passports

One of the myths about Caribbean Island passports is that they’re ‘fake’ passports that won’t really get you anywhere.

Most of the people we work with who want to get a second passport are US citizens who are used to having one of the best-known passports in the world. 

When many Westerners, including US citizens, show up at an international border, it’s easy to be like: ‘Hey, I’m from this huge country where there’s a lot going on’. 

Everyone knows the United States (US), and most immigration officials respect a US passport – after all, a US passport is one of the most desirable passports in the world and the toughest to get.

If you weren’t born there, the US naturalisation process requires a lot of time, money, paperwork and patience. 

So, we can see why many are hesitant to go from being a citizen of the US to being a citizen of a much smaller country. 

Most Americans will see their US passport as something of a long-term relationship and a passport from a country like St Kitts and Nevis as a short-term fling.

However, that’s the wrong way of going about it.

These Caribbean countries are real countries with real passports that can serve you just as well as any other citizenship can. 

It’s understandable why someone from a major country might have a few concerns about the size of these Caribbean countries, but the reality is that a country is a country – and size doesn’t make a passport any less legitimate.

How to Get a Caribbean Passport

Another common concern that people have when looking into Caribbean CBI is the idea that you always have to live in a country to be a citizen there.

This myth comes from the most common way that you can obtain citizenship in a country – naturalisation. To become a naturalised citizen of a country, you generally need to establish residency and live there for a set amount of time before you’re eligible to apply for citizenship. 

Citizenship by investment, however, doesn’t work that way.

In fact, in many Caribbean countries that offer CBI, you don’t even need to set foot in the country to get a passport. Granted, if you’re going to obtain Caribbean citizenship, it’s probably a good idea to at least go there and see what’s going on – and many of these countries are beautiful and fun to visit.

However, you don’t need to pack your bags and move to St Vincent and the Grenadines if you want to get a passport there.

In fact, we generally don’t recommend it. Planting flags in various countries is an important part of going where you’re treated best, and in many cases, it’s actually beneficial to have a passport from a country that you don’t plan to live in.

A passport through Caribbean CBI can be a great way to help you begin planning your global citizen strategy.

For example, you could use this passport to secure an easy residency in a country where you can obtain citizenship in a matter of a few years. 

As with most second residencies and citizenships, it’s all a part of creating a strategy that works for you – not necessarily finding a new home.

You’ll be Judged for Using a Caribbean Passport While Travelling

Another concern that people have with Caribbean passports is that they’ll be judged for using them at international borders. They’re used to presenting a US or similarly well-known passport, so they wonder what will happen if they present a passport from a small island nation at customs.

Most countries, however, really don’t care whether you’re St Lucian, American or German – they care that your passport is valid and that you have the proper credentials to enter the country.

That being said, you might go to a country where few people with your passport travel to – but that can happen with any passport.

For example, you might travel to a country, and the immigration officer has to double-check whether you can access visa-free travel. But, as soon as the officer confirms your case, they stamp your passport, and you’re on your way.

That’s really the worst-case scenario here. You might have to spend an extra five minutes waiting for an immigration officer to do some due diligence, but they’re not judging you – they’re just taking care of business as usual.

Passports from Certain Countries are Intrinsically Better than Others

What most of these myths come down to is the idea that the US or other major countries are better than others.

As much as we complain about high taxes and other problems in countries like the US, Australia or Canada, we still have this idea that there’s something better about them that translates to how we’re treated abroad.

As always, however, the reality is much more complicated. 

Some countries are fairly open and don’t care what passport you present, and others are going to hassle you no matter where you’re from. 

In fact, we’ve seen cases where you could actually be treated better in certain countries with a St Lucia passport than a US passport. This idea that you need to have a top-tier passport to travel visa-free easily is ultimately a myth.

At the end of the day, what matters most is whether you can get to the places that you need to go easily – not how recognisable your passport is or how many countries you have visa-free travel to.

What’s the Truth about Caribbean Citizenship by Investment?

Now that we’ve cleared up some of the common misconceptions about Caribbean citizenship by investment, here’s the truth about it: Caribbean CBI is real, legitimate and a great option for the right person.

Here are some of the reasons why we think Caribbean CBI is a solid bet.

Rapidly Improving Visa-Free Travel

As far as passports go, Caribbean ones are on the rise. An increasing number of countries are opening up to travellers using Caribbean passports.

China – one of the most closed-off countries in the world as far as visas go – has even given visa-free travel to Grenadian citizens, and it may follow suit with any other Caribbean country.

Many Caribbean passports also have visa-free access to Russia – another country notorious for its strict visa policies. Europe and South America also offer most Caribbean passports visa-free access.

Caribbean passports are already solid passports, and an increasing number of countries are seeing that if someone has the money to get a Caribbean CBI, then they probably aren’t trying to come and overstay their visas.

That being said, you’re probably never going to have visa-free access to places like the US, Canada, Australia or New Zealand – but most countries (including major European nations) don’t have visa-free travel there anyway. 

As we’ve covered for the past few years, the Tier B passports that you get from Caribbean CBI are the wave of the future. 

If you think that a Dominica citizenship or an Antigua citizenship provides a decent passport to hold now – just wait a few years and see how many more countries you’ll have visa-free access to.

Your Citizenship Won’t Hold You Back

In the future, the US, the EU and other Western countries are going to keep imposing new rules, taxes and restrictions on their citizens. You can see it already with laws like FATCA.

By forcing all foreign banks to become unpaid tattletales to the IRS, this law severely limits US citizens’ options while banking abroad.

On the other hand, any Caribbean country tends not to bother you much, which makes them a safe bet in the future.

Caribbean Citizenship by Investment is Worth the Cost (For the Right Person)

In the expat community, you’ll often hear that Caribbean citizenship by investment isn’t worth it.

They say, ‘Why spend US$200,000 on a passport when you can just put a little bit of money into a bank in Paraguay?’

First, you’ll need to wait at least three years to get your passport with that approach. With CBI, you can often get your passport within a couple of months.

You’re also not even guaranteed to get citizenship in those kinds of countries even if you follow all of the rules. 

Caribbean CBI programs tend to get a lot of flak for their cost. Yes, it’s expensive, but it’s expensive for a reason – you get a passport in a short amount of time without needing to jump through hoops or even move to the country.

If you’re trying to get a second passport for as little money as possible, then CBI simply isn’t for you.

If you’re a six- or seven-figure entrepreneur or investor, then you really shouldn’t be taking advice from strangers on internet forums who don’t pay nearly as much in tax as you do and don’t have the same level of need for diversification.

Take advice from people who’ve been there and are on your level. The Bentley dealership doesn’t care what Kia buyers have to say. 

In the grand scheme of things, getting Caribbean CBI will pay for itself by increasing your freedom and possibly becoming an important part of your tax strategy.

You also have the option to get a profitable CBI. With the right investment in the right country, you can make up your initial minimum investment and more.

At the end of the day, it’s about deciding what’s best for you. You might be a US citizen who’s trying to renounce as quickly as possible, and in that case, a quick CBI program may be the right call.

In other cases, you may want to make a real estate investment to get a second residence that eventually turns into citizenship, or you may want to get citizenship the old-fashioned way through naturalisation. It all depends on your goals and circumstances.

That’s why we use a diagnostic process with everyone we work with – the right choice for one person might not work for others. 

For example, we had a British guy come to us saying that he wanted to get a second citizenship and become a tax non-resident in the UK, and we actually decided against him getting Caribbean citizenship by investment. This was because there were better avenues for his specific situation.

However, for many people – especially US citizens – it’s just easier to suck it up, write a check and get a passport in a matter of months.

While it may cost them six figures out of pocket, they’ll save more than double that amount in taxes over the years – especially if they’re investing in cryptocurrency.

If you have the capital, it’s often worth it to just pay the money and not have to deal with anything else.

Why You Should Consider Caribbean Citizenship by Investment

Although plenty of talking heads will tell you otherwise, Caribbean CBI programs are the real deal. 

You’ll get a good-quality passport that’s becoming increasingly stronger, and you’ll have citizenship in a country that isn’t actively trying to monitor your every move abroad.

It’s also one of the easiest ways to get a second passport. You put in the money, fill out some paperwork and get your passport in a matter of months.

However, it’s not always the right choice for everyone. Even if you have the money to invest, you shouldn’t just collect things like passports for the sake of having them. 

If you’re not sure if Caribbean citizenship by investment is the right call for you, we can help you make a holistic plan.

Caribbean Citizenship-by-Investment Comparison Guide

The Caribbean is host to 7,000 islands, 25 of which are amazing countries and territories. And across these various islands, you can find at least five different spoken languages, numerous cultural traditions and many culinary delights.

Plus, five of these countries offer some of the best citizenship by investment (CBI) programs around. 

Not only does a safe and beautiful location appeal to many of those seeking dual citizenship, but these five Caribbean countries’ passports are some of the easiest to get and their tax incentives are insane.

Plus, their processing time is usually less than six months.

So, we’ll compare the Caribbean citizenship programs and discuss alternative residence by investment programs. 

In doing this, we’ll also assume that you’re familiar with the concept of acquiring citizenship by investment. If not, you can get the nitty-gritty breakdown here with our comprehensive guide.

The Best Caribbean Citizenship-by-Investment Programs

Let’s compare five different Caribbean CBI programs to help you determine where you should go to be treated best. 

While we would argue that you would be treated best in any of these locations, there may be specific details that are more appealing to you depending on your individual needs and interests.

Whether you’re looking into second citizenship for tax purposes, travel or as a Plan B, we’re certain that a Caribbean citizenship program can meet your needs.

Read on to understand the various nuances of each country and to compare factors. If you would like to explore these programs in more detail, here are more comprehensive citizenship-by-investment guides on each country:

• ANTIGUA and BARBUDA
• DOMINICA
• GRENADA
• ST LUCIA
• ST KITTS AND NEVIS

Antigua and Barbuda

The Antigua and Barbuda CBI program offers four different investment options. This program is known for being efficient, with no requirement for physical residence during the application. 

It’s an ideal option for those seeking a quick, secure Plan B, with tax advantages, minimal travel requirements and a straightforward application process.

Interested? Here are your investment options:

• National Development Fund (NDF): A non-refundable donation to Antigua’s development fund. For families of up to four, the minimum investment is US$230,000. For families of five or more, it’s US$245,000.
• University of the West Indies Fund (UWI): Only for families of six or more, you can make a University investment of US$260,000.
• Real estate investment: Purchase government-approved real estate for at least US$300,000 or make a joint investment at the same amount per person. You’ll need to hold the property for at least five years.
• Business investment: Make a direct investment of US$1.5 million into a local business, or join a larger investment of at least US$5 million with at least US$400,000 per investor.

Dominica

Dominica offers a straightforward way to gain citizenship with no requirement to live in this beautiful island country, either during or after the process. It’s popular for its passport, which lets you travel freely to 133 countries, including the EU and Schengen Area. 

There are two main investment options for applicants: a donation to the Economic Diversification Fund (EDF) or a real estate purchase.

The EDF donation requires a non-refundable contribution of US$200,000 for a single applicant or US$250,000 for an applicant with up to three dependents. 

For the real estate option, you’ll need to invest a minimum of US$200,000 in an approved government project. Government fees, starting at USD$75,000 for a single applicant, also apply if you choose the real estate option.

Grenada

Grenada’s CBI program offers a path to citizenship within four to six months, also without any physical residence requirement. Grenada’s passport gives you visa-free travel to 136 countries and eligibility for an E-2 visa for the US, which makes it a popular option among American investors. 

Applicants can either make a donation to the National Transformation Fund (NTF) or invest in government-approved real estate.

The NTF donation option requires a one-time contribution of US$235,000 for a principal applicant and up to three dependents. You’ll pay extra fees for larger families.

For the real estate investment option, you’ll need to purchase approved property with a minimum hold of five years. For full property ownership, the minimum investment is US$350,000. For co-ownership, each share costs US$270,000.

St Lucia

As we’ve already covered, St Lucia is one of the best and most affordable Caribbean CBI programs out there. The island nation offers four options for investors seeking citizenship:

• Donation to the St Lucia National Economic Fund (SLNEF): This requires a donation of US$240,000 for a principal applicant and up to three dependents. Any extra dependents cost US$10,000 (under 18) or US$20,000 (over 18). 
• Real estate investment: Investors can purchase government-approved real estate for a minimum of US$300,000. You’ll also need to pay administrative fees starting at US$30,000 for the principal applicant. 
• Enterprise project investment: This option involves investing in approved enterprise projects with a minimum of US$3.5 million, creating at least three permanent jobs. There’s also a lower-cost option at US$250,000 for social and housing projects.
• Government bonds: You can invest in non-interest-bearing government bonds for at least five years, with a minimum investment of US$300,000. This option includes a non-refundable US$50,000 administrative fee.

St Kitts and Nevis

St Kitts and Nevis offers the original CBI program in the Caribbean. Why get it? 

Not only do you get a powerful passport with visa-free travel to many countries, including all EU Schengen areas, Switzerland and Ireland, but the country is also tax-free. 

There are three paths to citizenship for investors.

• Saint Lucia National Economic Fund (SLNEF): This option requires a US$240,000 donation to the national fund, covering the principal applicant and up to three dependents. Any extra dependents cost US$10,000 if under 18 and US$20,000 if over 18. 
• Real estate investment: Recent changes lowered the minimum real estate investment to US$325,000 for condominium units or shared real estate developments. For a single-family home, the investment minimum is now US$600,000, down from US$800,000. Investors must hold the property for at least seven years. 
• National action government bonds: Investors can also invest in non-interest-bearing government bonds, which must be held for five years. The minimum investment is US$300,000 in addition to a non-refundable US$50,000 administrative fee.

Caribbean Residence-by-Investment Options

If none of these Caribbean citizenship options tickled your fancy, there are also some islands in, or near, the Caribbean Sea that offer residence-by-investment options. 

While the Caribbean citizenship-by-investment programs are top-notch and some of the best in the world, maybe you’re just not ready for citizenship.

If that’s the case, take a look at these countries to see if they might be the right fit for you.

The Bahamas

Bahamas residence by investment is one of the 15 easiest second residency programs to get. Plus, it usually only takes three months to be approved.

Especially if you’re interested in real estate investment that’s valued at more than US$1.5 million, you’ll have a fast-tracked route to permanent residence here.

Under this program, you can invest in real estate or priority economic sectors such as tourism, information technology, infrastructure and medicine. You can also combine both investment options.

The real estate investment route gives speedy consideration to those who purchase a residence for BSD 750,000 (roughly US$750,000). But you will have to hold the property for at least 10 years and spend at least 90 days per year in the country to maintain your residence.

You can apply for citizenship after those 10 years, provided you’ve resided in the Bahamas for the previous six years before your application. Family members are allowed as well, as long as they live with and are dependent on you.

Bermuda

Bermuda offers a relatively new residence-by-investment program known as the Economic Investment Certificate.

Under this program, you can invest US$2.5 million into various economic sectors, including:

1.   Real estate
2.   Bermuda-based businesses
3.   Government bonds
4.   Charities
5.   Trust Funds

Your family is also welcome. Spouses and dependents can be granted residence under your application process. 

After five years, you’ll be able to apply for permanent residence, allowing you and your family to reside in Bermuda indefinitely.

Though, if you’re interested in a citizenship option, you may be eligible after the first 10 years. And with tax-friendly options, it might just be a country in which you want to open an offshore bank account.

Cayman Islands

The Cayman Islands offers several options for you to gain residence by investment. And while it’s one of the more expensive options, it’s worth it for the tax incentives and British Overseas Territory status.

Under this program, you can apply for permanent residency with a real estate investment of US$2.4 million. 

You will then need to spend at least one day per year in the Cayman Islands and your status will never expire. Plus, after five years, you can also apply for a British Overseas Territory passport.

In addition to the permanent residence program, the Cayman Islands also offers alternative residency options. For example, you can make a direct investment into a business or by owning a portion of a business. 

For the direct investment option, you will need to invest US$1.2 million into a business where you have an active management role and that creates local jobs.

To be more specific, 30% of the employees must be Caymanian and you will also have to prove your professional expertise. With this option, you will need to live in the country for 90 days per year to gain a 25-year permit. But your family is welcome too.

For the substantial business presence option, you will need to own 10% of the shares in an approved business or be employed in a senior management capacity.

Residing in the islands for 90 days per year shouldn’t be too difficult if you are working for a company there. With this option, your permit is also good for 25-years and is renewable. And again, your family is welcome, too.

St Vincent and Grenadines

In St Vincent and Grenadines, non-nationals can apply for residency on a temporary or permanent basis. And you will usually get a decision in three to five months. 

Temporary residency is granted for one to two years and you can apply for a renewal. After seven consecutive years in the country, you may also be eligible for citizenship.

Caribbean Citizenship by Investment: FAQs

Caribbean Citizenship-by-Investment Comparison

Think about your dream vacation in the Caribbean. It doesn’t have to be just a dream.

Citizenship by investment is a way to turn a dream vacation into a permanent reality. While there are great CBI options worldwide, the Caribbean really does offer some of the oldest and best programs.

If you’re looking to settle in the Caribbean, then we hope you will consider one of the five best Caribbean CBI programs that we discussed.  

If you want to strategise which of these would be the best option for you, reach out to the team at Nomad Capitalist. We are ready to help you go where you’re treated best.