Antigua: Scroll through homes for sale in the Eastern Caribbean, and it is no longer just the beaches and a laid-back lifestyle being touted to attract buyers. An increasing number of property listings now offer a passport too, as political and social instability in the U.S. has led to a rise in interest.
According to BBC, five island nations in the region—Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia—offer citizenship by investment (CBI) programs starting at $200,000. The unstable political landscape in the U.S. is a significant factor driving this trend, as indicated by the growing number of American applicants. Investment migration experts Henley and Partners report that U.S. citizens account for the majority of CBI applications in the Caribbean over the past year. Other frequent applicants come from Ukraine, Turkey, Nigeria, and China.
The demand for Caribbean citizenship has increased by 12% since the fourth quarter of 2024. Dominic Volek from Henley and Partners explains that for many, having a second citizenship serves as an insurance policy against uncertainties. The ease of travel and potential security benefits offered by Caribbean passports appeal to businesspeople, with some preferring to travel on a more politically neutral passport.
Robert Taylor from Canada, who purchased property in Antigua, plans to retire there, benefiting from the citizenship that allows him unrestricted stays and business opportunities. Despite its advantages, the CBI programs face criticism. Initially proposed in 2012 to support the economy, the programs faced nationalist backlash and concerns over selling national identity. Critics, including St Vincent and the Grenadines Prime Minister Ralph Gonsalves, argue that citizenship should not be commodified.
Internationally, there are concerns about lax oversight potentially allowing criminals to bypass borders. The European Union has threatened to revoke visa-free access for Caribbean CBI countries, while the U.S. has voiced concerns over potential misuse for tax evasion. The European Commission is assessing whether these programs could constitute abuse of the visa-free regime and pose security risks.
In response, the five Caribbean nations have implemented reforms and committed to enhanced oversight measures. These include a regional regulator to set standards and compliance with six principles agreed with the U.S., such as enhanced due diligence and mandatory applicant interviews. Passport sales have become economically vital, contributing 10-30% of the islands’ GDP and funding infrastructure projects and disaster recovery efforts.
In St Lucia, Prime Minister Philip J Pierre asserts adherence to high security standards to prevent aiding illicit activities. The programs were deemed a lifeline at a regional summit, with Antiguas Prime Minister Gaston Browne crediting the funds for rescuing the country from near bankruptcy. The islands continue to navigate the delicate balance of generating revenue while addressing international concerns.
Andre Huie, a journalist in St Kitts, notes that the CBI scheme is well-supported locally, with the public appreciating its economic benefits. The programs offer multiple investment routes, including property purchase and donations to national development funds, providing essential financial support to the Caribbean nations.