hip by Investment Programs (CBIs) in the Caribbean have become increasingly popular over the past decade. In 2024, several countries in the region raised thresholds and revised the rules governing these programs.
The changes apply to various investment options, including real estate, government funds, and certain business investments. Additionally, the countries implemented changes in other aspects of the programs. Discover them with Lyle Julien, an investment programs expert at Immigrant Invest.
Stricter Due Diligence and compliance procedures
New due diligence measures include mandatory interviews for all applicants, conducted by independent third-party firms. All applicants now undergo interviews, which are conducted by independent third-party firms, or licensed agents.
In addition, the participating Caribbean countries have started sharing information about rejected applicants, aiming to prevent individuals from exploiting the system by applying in multiple jurisdictions. These new measures are designed to improve transparency, reduce the risk of fraud, and ensure that consistent application standards are maintained across all CBI programs in the region.
Enhanced transparency and regulation
The reforms call for greater transparency in how funds from CBI programs are used. The focus is on financial reporting, which includes public disclosures of how CBI funds are utilised and the implementation of independent audits.
Additionally, the Memorandum of Agreement (MOA) signed by several Caribbean nations has established a framework for more stringent regulation of the marketing of CBI programs.
This includes the elimination of misleading promotional practices and enforcing stricter rules on authorised agents involved in these programs.
All agents, including those based internationally, must now be registered within the respective countries, which allows for better oversight and the ability to take legal action if necessary.
The reforms also include the creation of a regional regulatory body that will standardise practices across the region, ensuring that all countries adhere to common international standards. This body will also oversee the compliance of agents and monitor the implementation of these regulations across the Caribbean.
The changes were set to be implemented by June 30, 2024, although some countries, like Antigua and Barbuda, have requested additional time to finalise parliamentary procedures. By July 2024, most countries had aligned their CBI programs with the new requirements.
Changes by country
St Lucia Citizenship by Investment
The minimum real estate investment requirement has been raised to $300,000. Additionally, the fund contribution for a family of four has been set at $240,000. There are now extra charges applicable for any additional family member: $25,000 per person.
St Lucia has also incorporated new technology: a fully digital application platform. It allows licensed agents to process and track applications more efficiently.
Dominica Citizenship by Investment
The real estate option now requires a minimum investment of $200,000. Additional fees for family members and government processing are also increased in case of investing in real estate:
- $75,000 for a single applicant;
- $100,000 for a family of up to four members;
- $25,000 for each dependent under 18;
- $40,000 for each dependent aged 18+.
Dominica is focusing on the use of CBI funds for sustainable and eco-friendly projects. More investments are sent towards renewable energy, climate-resilient infrastructure, and other kinds of green initiatives. Another portion of the funds is allocated to housing projects, healthcare improvements, and the general development of the country.
Grenada Citizenship by Investment
The minimum investment for the National Transformation Fund has been raised to $235,000. This is for a single applicant or a family of up to four. Real estate investments require a minimum of $270,000, up from $200,000.
New or increased fees include: a new sibling fee of $75,000 under the revised structure, and a government contribution (for real estate investment) of $50,000.
Besides the increase in real estate and fund contributions, Grenada is now requiring that the full investment amount be placed into an escrow account managed by the developer.
Antigua and Barbuda Citizenship by Investment
The National Development Fund contribution increased to $230,000 for a family of up to four, and the real estate option now requires a minimum investment of $325,000.
Additional fees have also been partially changed for the family member getting Antigua and Barbuda second citizenship:
- for the University of the West Indies Fund option the minimum threshold has been increased to $300,000 for families;
- for real estate investments, government fees are $75,000 for the main applicant, $100,000 for a family of up to three dependents, with additional charges for more dependents.
Minimum required residency rules are also altered . The new citizens must now spend at least five days in Antigua and Barbuda within the first five years of obtaining their citizenship.
St Kitts and Nevis Citizenship by Investment
The minimum contribution for the Sustainable Island State Contribution (SISC) is now based on family size. The new thresholds are:
- $250,000 for a single applicant;
- $300,000 for a main applicant and a spouse or a main applicant with one dependent;
- $350,000 for a family of up to four (main applicant, spouse, and two dependents).
Each additional dependent under 18 years requires $50,000, and each dependent aged 18 or over requires $75,000
Certain processing fees have been lowered:
- main applicant — reduced to $25,000;
- spouse — $15,000;
- dependent minors — $10,000 per applicant;
- dependent adults — $15,000 per applicant.
In conclusion
For potential investors, the new requirements mean higher financial commitments, especially in real estate. However, the reforms also promise a more secure and reputable pathway to obtaining Caribbean citizenship, with enhanced due diligence and regulatory oversight making the programs even more reliable.
