Making an investment in the Caribbean economy and acquiring citizenship has been an attractive option for individuals, as it comes with advantages such as dual citizenship, extensive visa-free travel, and a friendly tax system. As of July 1, 2024, significant changes in the pricing frameworks of these programs have been implemented by five Caribbean nations.
In this article, we’ll cover the changes that have been made, the main requirements to apply for citizenship by investment program, and the overall process of application.
Key Takeaways
- Since the 1st of July 2024, 5 Caribbean countries (Saint Lucia, Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis) have made changes in their pricing framework of the citizenship by investment programs.
- The main requirements for the citizenship by investment program for these Caribbean countries are being at least 18 years old, being in good health, having no criminal record, choosing the investment types, and having proof of funds.
- To obtain citizenship by investment, you should contact a professional, who will guide you through the whole process, choose a country you want to make an investment in, choose the type of investment, prepare documentation, make the investment, submit the application, wait for the approval and receive the citizenship.
General Changes
Some key changes have occurred to the pricing frameworks of the investment by citizenship programs of 5 Caribbean nations which are Saint Lucia, Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis. These changes come into effect on the 1st of July 2024.
Here are the key price changes of each of these countries:
Saint Lucia
Investment in St. Lucia National Economic Fund
- Applicant applying with up to 3 qualifying dependents: $240,000
- Each additional qualifying dependent (under the age of 18): $10,000
- Each additional qualifying dependent (above the age of 18): $20,000
- Newborn child of a citizen (up to 12 months old): $5,000
- Spouse of a citizen: $35,000
- Qualifying dependents of a citizen other than a spouse: $25,000
Investment in an Approved Real Estate Project
- Applicant and any number of qualifying dependents: $300,000 and administrative fees (if applicable)
Investment in an Approved Enterprise Project
- Applicant applying with up to 3 dependents (this is the maximum number): $250,000 and administrative fees (if applicable)
Antigua & Barbuda
Contribution to the National Development Fund
- Family up to 4: $230,000
- Family of 5 or more: $245,000
For a family of 5 or more, the government has reduced the processing fees to $10,000 (compared to $15,000).
Contribution to the University of the West Indies Fund: $300,000
Real Estate Investment: $325,000
Dominica
Investment in Economic Development Fund
- Single applicant: $200,000
- Applicant applying with up to 3 dependents: $250,000
- Each additional qualifying dependent (under the age of 18): $25,000
- Each additional qualifying dependent (above the age of 18): $40,000
The minimum amount of real estate investment remains $200,000, but there are some changes regarding the government fees:
- Single applicant: $75,000
- Applicant applying with up to 3 dependents: $100,000
- Each additional qualifying dependent (under the age of 18): $25,000
- Each additional qualifying dependent (above the age of 18): $40,000
Grenada
National Transformation Fund
- Applicant applying with up to 3 dependents (this is the maximum number): $235,000
Shared Ownership in Approved Real Estate: $270,000
Sole Ownership in Approved Real Estate: $350,000
Saint Kitts & Nevis
Sustainable Island State Contribution
- Single applicant: $250,000
- Applicant applying with a spouse: $300,000
- Applicant applying with up to 3 dependents: $350,000
- Each additional qualifying dependent (under the age of 18): $50,000
- Each additional qualifying dependent (above the age of 18): $75,000
- Due diligence fee for the single applicant: $10,000
- Due diligence fee for each dependent over 16: $7,500
Developer’s Real Estate Investment
As an applicant, you should invest at least $400,000 in real estate.
Private Residential Real Estate Investment
To obtain St Kitts and Nevis citizenship, you can purchase an approved private home valued at a minimum of $400,000 if it is a condominium. However, if you choose a family dwelling, the minimum value increases to at least $800,000.
Approved Public Benefit Project Investment
As an applicant, you should invest at least $250,000 in an approved public benefit project.
Once your application is approved, you should pay the following fees (this concerns all of the 3 investment types):
- Single applicant: $25,000
- Applicant applying with a spouse: $40,000
- Each additional qualifying dependent (under the age of 18): $10,000
- Each additional qualifying dependent (above the age of 18): $15,000
- Due diligence fee for the single applicant: $10,000
- Due diligence fee for each dependent over 16: $7,500
Main Requirements
The main requirements for applying for Caribbean citizenship by investment programs are:
- Be at least 18 years old
- Be in good health
- Have a clean criminal record
- Choose the investment type
- Have proof of funds
How to Obtain Caribbean Citizenship by Investment Program?
- Contact an authorized agent: Because of its complexity level, these programs usually require applicants to go through authorized agents like Mirabello Consultancy, who will help you make the process hassle-free. They have all the experience needed to help you make an informed decision on which program best suits your interests.
- Choose a country you want to make an investment in։ You can make an investment in one of the following countries: Saint Lucia, Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis.
- Choose the investment type: Each of the countries offers several types of investments such as Real Estate Investment, Investment in Economic Development Fund, Contributions to National Development Fund, and more. Choose the type of investment that fits you the best.
- Prepare documentation
- Submit the application
- Wait for approval
- Make the investment
- Become a Citizen
Conclusion
The revised pricing frameworks for Caribbean citizenship by investment programs in 2024 introduce notable changes aimed at attracting a diverse range of investors while ensuring economic contributions to each nation. Prospective applicants must carefully consider these new costs and requirements when planning their investments in Saint Lucia, Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis. By contacting a professional who will help you understand the updated financial commitments and procedural steps, you can make informed decisions.
