Caribbean golden visa programs are gaining popularity among wealthy foreigners who are willing to invest in a property to attain citizenship.
There are five Caribbean countries, Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Saint Lucia, and St. Kitts and Nevis that run their golden visa programs. Dominica and St. Kitts and Nevis are the most popular and in-demand of the five.
By signing a Memorandum of Understanding (MoU) in 2024, the prime ministers of Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis have agreed to keep their citizenship investment requirement at $200,000. Saint Lucia was the only Caribbean CBI nation that did not sign this MoU.
Citizenship by Investment (CBI) programs
The golden visa programs of Caribbean nations are Citizenship by Investment (CBI) schemes that offer foreign citizens citizenship or resident rights in exchange for local investments or a flat fee in many countries.
Citizenship by Investment (CBI) programs offer visa-free travel to 150 countries, including the UK and EU’s Schengen area, and exemption from taxes like capital gains and inheritance.
Caribbean CBI programs are fast, easy second citizenship routes. Investors can obtain citizenship without residency, language tests, or interviews, allowing them to secure a second passport without disrupting their lifestyle or business commitments. For example, Saint Lucia typically processes CBI applications within three to six months, often without the need for travel or residency.
Investing in Property for Golden Visa
Foreign wealthy individuals can gain golden visa or citizenship by purchasing real estate in Caribbean nations. “Citizenship is not handed out freely; investors must make a qualifying real estate purchase from a government-approved list. This typically involves luxury resorts, eco-villas, or condominium developments. Many properties are eligible for rental returns or buy-back guarantees, offering not just citizenship, but a potential return on investment,” says Andri Boiko, Founder & CEO, Garant In.
Cost of Caribbean Golden Visa Programs
High-net-worth individuals are increasingly investing in the Caribbean region for long-term business and personal opportunities, utilizing citizenship by investment schemes or the golden visa programs.
One can apply for citizenship in any of the five Caribbean nations by investing an amount of Rs 1.7 crore or $200,000.
“An Indian citizen’s investment in real estate overseas, including Caribbean nations, is governed by two key regulations. As per FEMA regulations, a resident individual can remit up to $2,50,000 (about Rs 2.1 crore) per financial year under the Liberalised Remittance Scheme for the purchase of immovable property. The limit is for an individual; therefore, a family looking to buy a bigger property can remit the funds in larger amounts by utilizing their combined individual limits,” adds Boiko.