Citizenship by Investment Programs in the Caribbean: 2021 Updates
The COVID-19 pandemic in 2020 engulfed the entire world and affected almost every area of people’s lives. However, the investment immigration industry mostly benefited from the coronavirus spread: in response to the international travel restrictions, the demand for second passports skyrocketed. Moreover, a range of Caribbean countries running economic citizenship programs started offering better terms and prices for their programs. In 2021, some of them have terminated the earlier introduced offers while others have decided to prolong the advantageous offers.
Last summer St Kitts and Nevis introduced a limited-time offer on one of its citizenship by investment (CBI) program options. The amount of the contribution to the Sustainable Growth Fund was reduced from $195,000 to $150,000 for families of up to four people. The reduced price became the same as for single applicants, regardless of the number of dependants included in the application. The discount expired on 15 January 2021, and has not been extended since. There is hope that this year St Kitts will make another announcement, which will benefit the CBI investors around the world. According to the country’s Prime Minister, Timothy Harris, the government will continue improving the legal framework in order to support St Kitts’ economic citizenship industry.
Following St Kitts and Nevis, in July 2020 Dominica also announced the reduction in prices for families. The country decreased the amount of the contribution to the Economic Development Fund from $200,000 to $175,000 for families of four people, enabling the main applicant to include three dependants in the application at the same price. The contribution threshold for families consisting of the main applicant and their spouse was lowered to $150,000, replacing the previous $175,000. It is worth mentioning that these changes adopted in 2020 are valid this year too.
In May 2020 St Lucia introduced a new non-interest-bearing government bond option, named the COVID-19 Relief Bond, as a temporary investment option to help the economy of the country to deal with the pandemic. Thus, the minimum amount of the bond purchase was halved, becoming $250,000 instead of the original $500,000. This option was initially planned to be available until the end of 2020, but it has been extended until 31 December 2021. It is noteworthy that the government fee that was reduced from $50,000 to $30,000 last year also remains discounted in 2021.
High adaptability and а flexible discount system of these states’ citizenship by investment programs are not their only advantages. Fast and simple application processing, favourable tax treatment, no requirements for residence, a warm tropical climate with never-ending summer are just a few among numerous benefits that these Caribbean countries can offer their economic citizens. Furthermore, nationals of St Kitts and Nevis, Dominica, and St Lucia are privileged to travel to more than 130 countries around the world on a visa-free basis, which is much in demand during the pandemic. Last but not least, these passports are perfect insurance policy tools against the uncertainties and turbulences of the current world we live in.
Would you like to become a citizen of one of these beautiful Caribbean countries, and maintain your freedom during the pandemic? Contact GLS Private Office, and we will provide you with all-round support in obtaining your second citizenship at a discounted price.
