31/08/23

CITIZENSHIP: Major changes in Caribbean citizenship-by-investment programmes

As published on: dailynewsegypt.com, Thursday 31 August, 2023.

Several Caribbean countries have made significant changes to their citizenship-by-investment (CBI) programmes in recent months. These changes include increased investment requirements, mandatory interviews, and more stringent due diligence procedures.

Dominica

Dominica was the first country to announce changes to its CBI programme, following a US-Caribbean CBI roundtable in July 2023. The new requirements include:

• Mandatory interviews for all applicants over the age of 16
• Increased due diligence, including a review of financial records and travel history
• A requirement to stay in Dominica for at least five days after receiving citizenship

St. Kitts and Nevis

St. Kitts and Nevis also announced changes to its CBI programme in July 2023. The new requirements include:

• Doubling of the investment threshold for the donation option, from $125,000 to $250,000
• Increasing the minimum investment for the real estate option from $200,000 to $400,000
• Mandatory interviews for all applicants
• A requirement to hold the investment for at least five years

Grenada

Grenada followed suit in August 2023, announcing that it would also be implementing mandatory interviews for all applicants over the age of 17.

These changes are likely due to a number of factors, including pressure from the United States and other countries to crack down on financial crime, as well as concerns about the security of Citizenship by Investment programme.

What’s Next?

It is likely that other Caribbean countries will also announce changes to their CBI programme in the coming months. Applicants should stay up-to-date on the latest developments in order to make informed decisions about their investment.

Tags

Citizenship CBI Programme Caribbean Residency Golden Visa