Caribbean countries have a landscape blessed with the most beautiful white-sand beaches and staggering mountains that beckon most visitors to this tropical paradise. Life here is nothing more than a dream. Investing in second citizenship and making one of these countries a primary or secondary home base is attractive for many.
What is Second Citizenship by Investment?
Five different Caribbean countries provide a unique opportunity to gain second citizenship by investing in their economy. The costs are not as high as if you decide to get a residence permit in Europe, and the benefits far outweigh.
By investing a minimum of $100,000, you get an opportunity to lower your tax burden and make your travel as easy as possible due to visa-free access to a number of destinations around the globe. It does not end here – if you want to know more about why Caribbean Citizenship by Investment could be useful, apply for a consultation with our team.
So, which countries help you to get second citizenship in the Caribbean?
Six Principles on Second Citizenship
Just recently, there was a US-Caribbean Roundtable on Citizenship by Investment (CBI). During this process, all five countries listed above committed to six CBI principles, which were proposed by the US.
Both parties discussed the future perspective and how they want to develop Citizenship-by-Investment Programs in the region. In the end, their six principles were published on the website of the Investment Migration Council.
The six principles agreed to are the following:
- Collective agreement on the treatment of denials
It is important not to process applicants whose applications were denied in other CBI programs.
- Conduct interviews
Always conduct interviews with applicants, no matter if it is a virtual or in-person dialogue.
- Additional checks
Each jurisdiction will run checks on each application with the Financial Intelligence Unit of its respective country.
Audit the Program annually or every two years in accordance with internationally accepted standards.
- Retrieval of passports
Request law enforcement assistance to retrieve revoked/recalled passports.
- Treatment of Russians and Belarusians
The key American request was to suspend processing applications from Russians and Belarusians. Four jurisdictions have already resorted to this measure, and Grenada will join from March 31st, 2023.
If you are interested in more information, click here. Stay tuned in for more on this in our next blog.