The global demand for Caribbean Citizenship by Investment (CBI) programs continues to grow, as evidenced by the European Union Commission’s seventh report under the Visa Suspension Mechanism. With over 100,000 CBI passports issued since 2014, the data offers critical insights into the trajectory of these programs and their role in providing mobility, security, and investment opportunities to individuals worldwide.
Top Performers in the Caribbean
Dominica and St Kitts & Nevis have solidified their positions as the leaders in the CBI market. Between 2015 and mid-2024, these two nations alone issued over 70,000 passports, accounting for a significant portion of the region’s total.
- St Kitts & Nevis: With 35,577 passports issued between 2015 and 2022, the program’s longevity and reputation for efficient processing make it a popular choice. Recent reforms to lower investment thresholds aim to revitalize application numbers after a dip in 2024.
- Dominica: Despite challenges, including the loss of UK visa-free access in mid-2023, Dominica’s program demonstrated resilience. With 5,484 passports issued in the first half of 2024, it remains an attractive option for investors seeking cost-effective solutions.
Antigua & Barbuda and Grenada also showed steady growth:
- Antigua & Barbuda: Averaging 413 applications annually from 2014 to 2022, this program’s consistency and family-friendly pricing continue to appeal to investors. With 739 applications in the first half of 2024, Antigua is on track for another strong year.
- Grenada: Known for its visa-free access to China and Russia, Grenada’s program saw a surge in applications from Russian nationals in 2023, although numbers tapered off in 2024 due to revised eligibility policies.
A Surge in St Lucia’s Popularity
One of the most remarkable trends in the data is the exponential growth of St Lucia’s CBI program. Between 2015 and 2022, the country averaged just 252 applications annually, but this skyrocketed to 4,076 applications in 2023 — a 1,520% increase. While applications declined slightly in the first half of 2024, Saint Lucia’s performance highlights its rising prominence among Caribbean CBI options.
Application Rejections: A Testament to Stringent Due Diligence
Caribbean CBI programs maintain robust due diligence processes, as evidenced by the 2,233 applications rejected across the five jurisdictions:
- Dominica: 810 rejections (2019 – mid-2024)
- St Kitts & Nevis: 743 rejections (2015 – mid-2024)
- Grenada: 297 rejections (2015 – mid-2024)
- Antigua & Barbuda: 204 rejections (2014 – mid-2024)
- St Lucia: 179 rejections (2015 – mid-2024)
This focus on compliance ensures that applicants meet the highest standards, safeguarding the integrity of these programs.
The Evolving EU-Caribbean Partnership
The report underscores a new phase of collaboration between the EU and Caribbean nations. Governments in Antigua & Barbuda, Dominica, Grenada, St Kitts & Nevis, and St Lucia have shown a commitment to strengthening due diligence and security measures. This partnership ensures the programs remain attractive to investors while addressing EU concerns about public policy and security risks.
As these programs evolve, prospective applicants must stay informed about shifting policies and market trends. Whether you prioritize global mobility, tax efficiency, or real estate investment opportunities, Caribbean CBI programs offer tailored solutions for high-net-worth individuals.
Citizens International has decades of experience helping clients navigate the complexities of CBI programs. From understanding country-specific benefits to ensuring compliance with evolving regulations, our expert advisors are here to guide you at every step. Book a free consultation today.
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