Many people daydream about living on one of the many beautiful islands of the Caribbean. Although small in total land area, the region offers big things that make foreign nationals want to reside there.
For one, it holds many natural attractions and preserved ecological wonders that complete its paradise-like vibe. It also has an appealing tropical climate that lets you enjoy all that, all year round.
Add that to the diverse and colorful culture that resulted from Spanish, French, and English influences, and you have yourself a place worth retiring into.
Of course, the Caribbean citizenship by investment benefits are not limited to those lifestyle perks. If you’re an entrepreneur, you’ll also find the region quite alluring, especially with the following advantages it could grant you:
1. Safety and Security
Everyone wants to stay safe.
Whether you’re an entrepreneur or a family man, you’re bound to want to live in a place where you can imagine your children walking the streets without worrying if they would come home unscathed.
Of course, it isn’t just about their physical well-being. A place where you and your family can fit in and have a promising future is bound to be at the top of your must-have list.
Several countries offering citizenship by investment in the Caribbean can provide you with that.
Dominica, for instance, ranked as the second safest nation in the region, and Antigua and Barbuda, St. Kitts and Nevis, and Grenada, not far behind. These are some of the stronger economies in the Eastern Caribbean making them attractive citizenship and lifestyle destinations.
2. Cost-Effective Investment
Compared to citizenship by investment offers in other regions, the Caribbean holds some of the lowest and most cost-effective options.
For instance, a Dominica second passport is the prime choice for single applicants. After all, it costs just a little under $140,000, which already includes all fees.
For families, Antigua offers citizenship for the main applicant and three of his/her qualified dependents for just $180,000 more or less.
Your investment could also go towards real estate, which can serve as a base for your business or even as an income-generating property in itself.
Tourism is at the heart of Caribbean economies. By transforming your real estate investment into a rental property, you can gain both second citizenship and a consistent and thriving source of passive income, which pays off the amount you invested in no time. In addition, the combination of a second passport and a property in your second home country is the ultimate plan B for you and your family.
3. Minimal Requirements
Most Caribbean nations including Grenada, St. Kitts and Nevis, and Dominica don’t obligate citizenship by investment program applicants to stay in the country to gain citizenship.
One exception is Antigua and Barbuda, which requires a one-time five-day visit in the first five years. Of course, this can easily be achieved by spending a short holiday on the beautiful beaches of the twin-island nation and taking the opportunity to see the island, open a bank account, take your oath of allegiance and more. Antigua & Barbuda is the best connected island in the eastern Caribbean with the largest and newest international airport, so it’s easy to get to.
As for the basic qualifications, most of these countries only want people of legal age (18 years old and above) who are healthy and have a clean criminal record.
4. Tax Benefits
As an entrepreneur, you’ll also want a second passport that comes with potential tax benefits. Caribbean citizenship by investment programs offer just that.
One Caribbean country offering attractive tax benefits for entrepreneurs-slash-economic-citizens is Dominica. There, should you decide to become a permanent resident, you can gain:
- Minimal taxation, with no gift, wealth, inheritance, capital gains, or foreign income tax
- Tax advantages as stipulated in the double taxation treaties Dominica signed with the Caribbean Community (CARICOM) and the United States
- No restriction implemented on imported capital and repatriation of profits
- Full exemption from corporate tax incentives, import duties, export allowance, and tax relief benefits
The region’s currency – the East Caribbean dollar (XCD) – also has a fixed exchange rate with the US dollar (USD), which makes running an international business more straightforward and profitable.
5. Greater Global Mobility
One thing that attracts entrepreneurs to the Caribbean more than other countries is the global mobility that passports from the region can provide. After all, with greater freedom of movement comes more opportunities for business growth.
Most Caribbean passports can grant flexibility in travel, making it easier to trade and conduct deals overseas.
Below is a summary of the visa-free travel access some Caribbean nations can provide:
- Antigua and Barbuda allied with 165 countries, such as Germany, Spain, the U.K. and Greece, Singapore, Russia to grant visa-free travel to their citizens. A passport from this Caribbean nation also gives visa-on-arrival perks in Armenia, Bolivia, Macau, etc.
- Dominica passports can also get you to 130 nations, including Singapore, Hong Kong, the UK, and the European nations in the Schengen Area without the need for a visa.
- St. Kitts and Nevis citizenship offers visa-free access to 135 countries, such as Russia, Singapore, and the United Kingdom.
- Grenada passports offer visa-free travel to 135 nations, including China, Russia, the United Kingdom, China, Hong Kong, and the Schengen Area.
Make a Smart Investment
People make investments for growth. That said, investing in a second citizenship has become quite beneficial for many – entrepreneurs, most especially.
From security and taxation to global mobility, Caribbean countries offer all these benefits to those willing to join hands with them in the name of economic development. Our Citizens International consultants can help you figure out the best citizenship for your cause. Talk to us today.