Caribbean Citizenship by Investment Substantial Updates

After extensive discussions, the countries offering Caribbean Citizenship by Investment have reached a common decision stipulating that applicants must reside in these countries for a specific period of time to obtain Caribbean citizenship.

Earlier in June, St. Kitts and Nevis became the first country to update its residency requirements to maintain eligibility for Saint Kitts citizenship by investment, joining other countries offering Caribbean citizenship by investment.

It’s worth noting that the countries offering Caribbean citizenship by investment, located within a picturesque archipelago between the Americas, are St. Kitts and Nevis, St. Lucia, Antigua and Barbuda, Grenada, and Dominica.

These countries did not take these steps to complicate matters for investors or reduce their numbers; rather, the primary goal was to maintain the strength of their passports and ensure continued visa-free access to the UK and Europe.

Length stays to maintain Caribbean citizenship by investment

The countries responsible for granting Caribbean citizenship by investment published a 92-article draft agreement, the core of which was a requirement that investors wishing to maintain Caribbean citizenship visit the countries offering these programs.

The draft law stipulated a 30-day residency requirement in the Caribbean countries within the first five years to maintain citizenship. Reports indicate that this period will be either continuous or separate, and can be achieved in five full years.

Residency will be verified through an examination of immigration records, travel documents, and biometric data. According to reports, violators will face a fine of up to 10% of the investment amount or revocation of citizenship.

These decisions are by no means final for these programs, as more details will be clarified soon and officially announced in the coming weeks, although these countries have promised to provide a more comprehensive list in mid-July.

These changes come after ongoing pressure from the European Union and the United States on countries offering Caribbean citizenship by investment to make changes to the program to allow their citizens to continue to enter these two regions with ease.

Caribbean citizenship by investment holders are entitled to visa-free entry to all Schengen countries, to establish a company in the United States with Grenada citizenship by investment, and to enter the United States with all five Caribbean countries on a 10-year tourist visa.

Other updates regarding Caribbean citizenship by investment

The residency application was not the only update to the Caribbean citizenship by investment programs. These countries also decided to establish a single central regulatory body to govern the Caribbean citizenship programs as a single entity and help ensure comprehensive compliance across all aspects. In addition, these countries are actively considering implementing the following principles:

1. Incentivizing new citizens to integrate into society by engaging them in interviews and educational courses.

2. Given the unprecedented interest in Caribbean citizenship by investment programs, the body will set an annual cap on the number of applicants.

3. New applicants will be given an initial five-year validity period for their Caribbean passports, instead of the usual ten years, to assess their compliance.

4. Establishing a regulatory body that will include interviews and vetting of applicants seeking a Caribbean passport.

5. Updating the criteria for revoking citizenship from applicants who violate the conditions or provide false information during their application.

statement issued by the Caribbean Citizenship by Investment

One of the draft agreements states that “The Caribbean Citizenship by Investment Authority guarantees citizenship to investors who establish a genuine link to the country through their commitment to residency and integration. In addition, applicants must reside for at least 30 days during any of the first five years after the granting of a Caribbean passport.”

The statement also states that “The unit recommends that citizenship by investment be granted to a maximum number of applicants per year and on a country-by-country basis. This percentage will be determined based on several factors, including an annual assessment of global demand, economic impact, absorptive capacity, and reputational risk.”

The benefits of Caribbean citizenship by investment far outweigh the commitments required. To learn more about these programs, contact us, and we will provide you with a free consultation from an expert and representative of Caribbean programs.