Caribbean Citizenship by Investment: A Growing Trend in Property Purchases

In recent years, Caribbean nations have seen a notable rise in interest from foreign investors seeking citizenship through property purchases. Countries such as Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia offer Citizenship by Investment (CBI) programs, allowing individuals to gain passports by investing in real estate, with prices starting from approximately $200,000. This trend has been attributed to various socio-political factors, particularly the perceived instability in the United States, which has driven many affluent Americans to seek alternate forms of citizenship.

According to Nadia Dyson, owner of Luxury Locations in Antigua, there has been a significant increase in demand for properties that also offer citizenship, particularly among U.S. buyers. "Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US," Dyson stated in a recent interview with BBC News. The allure of obtaining a passport that provides visa-free access to over 150 countries, including the UK and the Schengen area, is a significant draw for foreign investors.

Investment migration firm Henley & Partners reported a 12% increase in applications for Caribbean CBI programs since the fourth quarter of 2024, with the majority of applicants from the U.S., followed by countries such as Ukraine, Turkey, Nigeria, and China. Dominic Volek, the firm's Head of Global Private Clients, explained that many individuals view these programs as a safety net against political uncertainties and potential disruptions in their home countries.

The Caribbean's appeal extends beyond mere citizenship. The absence of capital gains, inheritance, and sometimes income taxes provides additional incentives for high-net-worth individuals. Robert Taylor from Canada, who invested $200,000 in an Antiguan property, emphasized the advantages of citizenship, which include unrestricted residency and enhanced business opportunities. "I chose Antigua because it has beautiful water, friendly people, and great weather for the later part of my life," Taylor said.

However, the CBI schemes are not without controversy. Critics argue that selling citizenship commodifies national identity and could lead to security risks. Former Speaker of the House in Antigua, Gisele Isaac, recalled public protests against the program when it was initially proposed in 2012, citing concerns about how it could affect national pride and security. Prime Minister Ralph Gonsalves of St Vincent and the Grenadines has been particularly vocal, stating that citizenship should not be treated as a commodity.

International scrutiny has also increased, with the European Union monitoring these programs for potential security threats. A spokesperson for the European Commission noted that they are assessing whether the CBI schemes could abuse the visa-free access enjoyed by these nations. The U.S. has previously expressed concerns regarding the potential use of these programs for tax evasion and financial crime.

In response to these concerns, Caribbean governments have pledged to enhance oversight of the CBI programs. Dominica's Prime Minister Roosevelt Skerrit asserted that his country's CBI initiative is sound and transparent, emphasizing its contribution to national infrastructure, including a state-of-the-art hospital funded by passport sales. Similarly, St Lucia's Prime Minister Philip J Pierre highlighted the island's adherence to strict security standards to prevent illicit activities.

As Caribbean countries navigate the delicate balance between economic necessity and international scrutiny, CBI programs have become vital to their economies, contributing significantly to GDP. The Prime Minister of Antigua, Gaston Browne, noted that funds generated from these programs have helped his country recover from economic distress over the past decade.

While the future of CBI programs will likely depend on continued reforms and international relations, the growing trend among investors seeking citizenship through property ownership in the Caribbean underscores a complex intersection of economic opportunity, personal security, and national identity.