For Sale: Caribbean Passport
You have two main options for getting a second passport (if you’re not entitled to one by descent): spend the required time as a resident of a country to get naturalized; or, invest in a country that grants immediate citizenship. The downside to these citizenship–by–investment programs (CIPs) is the cost, which can be hundreds of thousands of dollars. That’s typically in the form of a donation to the government (not much of an “investment“… it’s usually a non-refundable contribution) or a real estate purchase. But, if you can afford them, these programs allow you to become the proud holder of a new passport within just a few months. That’s a big deal.In last Thursday’s letter, I shared with you three top spots to invest for a passport in 2023… But there are three more countries in the Caribbean that should be on your radar if you’re looking to acquire a passport quickly this year.In addition to Antigua and Barbuda and Dominica (discussed in Thursday’s issue)—the following Caribbean options are also worth looking into… (And stay tuned till the end to learn about an offer to get a passport at a reduced price that’s only available for the next few months…)
As one of the most famous locations of the colonial spice trade, Grenada made a name for itself as the “Spice Island.” It has gorgeous natural resources and picturesque Caribbean beaches… as well as a cultural flair that blends old Spanish traditions with modern Caribbean charm. Grenada has long been a hot spot for luxury tourism, and thanks to citizenship by investment, it’s become a hot spot for high-net-worth investors as well. You have two options to apply for Grenada’s CIP. The first is a one-time US$150,000 contribution to the National Transformation Fund (NTF). That’s the amount for a single applicant. For a family of four, it’s US$200,000. The second option is a minimum US$220,000 investment in a government-approved real estate project. In addition to the US$220,000, an extra US$50,000 non-refundable contribution is required with this option.
14 Wars Were Fought Over This Island...
… To own a piece of it today, you just have to pay. Launched in 2015, St. Lucia’s citizenship–by–investment program is the newest in the Caribbean. The island is known for its pair of volcanic mountain peaks, the Pitons, a UNESCO World Heritage Site. The French and English went to war over St. Lucia no less than 14 times. The island retains a French flair, while being part of the British Commonwealth of Nations. St. Lucia’s myriad beaches and dramatic scenery make it a popular cruise and yachting spot…The minimum investment for the real estate option was reduced on Jan. 1, 2023 to US$200,000 (from US$300,000). This puts St. Lucia’s price on par with other regional CIPs. Currently, only two projects have been approved under the real estate offer. A new investment option is also now on the table: government bonds. Investors can qualify for this CIP by acquiring non-interest-bearing government bonds for US$300,000 and holding them for five years. This option has a flat US$50,000 administrative fee, regardless of the number of dependents. St. Lucia is the only country in the region to offer government bonds as a way of qualifying for its CIP. For the donation-investment option of their CIP, the minimum requirement is US$100,000 for an individual, payable to the National Economic Fund. The amount increases to US$140,000 for a couple and US$150,000 for a family of four with two dependent children. Another US$25,000 is due for each additional dependent of any age. Processing fees are US$2,000 for the main applicant plus US$1,000 for each dependent. A fourth way to qualify for St. Lucia’s CIP is by making an enterprise investment of at least US$3.5 million. And finally…
The World's Premier CIP—Now With Rates Reduced
St. Kitts & Nevis’s CIP is considered the premier citizenship–by–investment program by many experts. It’s also the oldest—launched in 1984. It offers two paths to a second passport, through the purchase of authorized real estate or through a charitable donation to the government. For the real estate option, the minimum required investment is US$200,000 and the property must be held for at least seven years. You can invest this in hotel shares, villas, or condominium units. If you want to purchase a private home, approved developments from US$400,000 are eligible. You also must hold this property for seven years. For the donation-investment option of their CIP, the minimum requirement is US$125,000 for a single applicant, US$150,000 for a main applicant and spouse, and US$175,000 for a family of four, payable to the Sustainable Growth Fund. These reduced rates are only available in the first six months of 2023… From July, the rates will go back to what they were in 2022—i.e. US$150,000 for the main applicant, US$175,000 if a spouse is included, and US$195,000 for a family of four. The entire application process generally takes up to six months. However, they implemented an Accelerated Application Process for those in a hurry. You can pay US$25,000 for the main applicant and US$20,000 per dependent for your application to be processed within 60 days. If you’re interested in the St. Kitts & Nevis program—don’t delay. You’ll want to get in while those reduced rates are still available. Lief Simon