Ultimate Guide to Each Caribbean Passport: What’s the Future of Citizenship by Investment?

For decades, the Caribbean citizenship by investment programs have been a popular option for individuals looking to obtain a second citizenship. Offering extensive visa-free travel, some of the world’s most appealing tax benefits, and a tropical yet budget-friendly lifestyle, Caribbean passports have become highly sought-after for those seeking both greater global mobility and financial flexibility.

In the last five years since the pandemic, each citizenship unit has exploded with new applicants and interest.

However, after growing international scrutiny and pressure from the United States and European Union governments, 2024 brought significant changes through a Memorandum of Agreement in the Caribbean region.

What happened? What’s the future like for each Caribbean passport? And how will the citizenship by investment industry react to evolving geopolitical trends?

Below, I answer these questions and more.

The 2024 Memorandum of Agreement

In 2024, all five Caribbean countries – Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia – signed a Memorandum of Agreement to standardize their citizenship by investment programs and procedures. This move came in response to pressure and concerns raised by governments of the United States and the European Union.

The agreement aligns each country’s citizenship by investment unit on measures to enhance transparency and due diligence. For example, St Lucia’s National Economic Fund and Dominica’s Economic Diversification Fund have taken measures to ensure their investment processes are secure, regulated, and legitimate.

These tweaks signal a worldwide trend in investment migration toward more regulation and oversight.

In the long run, these changes have positive consequences for the sustainability of Caribbean citizenship by investment programs and legitimacy of Caribbean passports – no matter whether applicants choose real estate investment, business investment, or non-refundable contribution for entry into the region.

Criteria for Each Caribbean Citizenship by Investment Program

Is it your goal to obtain Caribbean citizenship? Here’s the latest criteria for each citizenship by investment program in the tropical region:

Antigua and Barbuda Citizenship by Investment Program

Citizenship by investment program in Antigua and Barbuda is appealing for several reasons.

Chief among them has to be Antigua’s zero personal income tax and zero capital gains tax. What helps Antigua and Barbuda citizenship stand out from the rest of the programs? Citizenship in Antigua and Barbuda may lead investors to a tax-free life.

Plus, Antigua’s citizenship unit is arguably the most family friendly of its competition in the Caribbean region. Without any additional cost, main applicants can include family members (dependent children up to 30 years old and parents over 55) in their citizenship application.

Plus, with the second most powerful travel document in today’s list, Antigua and Barbuda passport holders have visa-free travel to 143 countries.

Antigua and Barbuda citizenship by investment offers a Caribbean passport with countless benefits and investment options like purchasing real estate or donating to the government.

Here is how you obtain citizenship in Antigua and Barbuda with the minimum investment options:

Government fund or non-refundable contribution — US$250,000 via West Indies Fund or US$230,000 via National Development Fund
Qualifying real estate purchase — US$320,000 in government approved real estate projects

Learn more about the Antigua and Barbuda Citizenship by Investment program.

Dominica Citizenship by Investment Program

Dominica’s citizenship by investment unit has recently disclosed their intention of becoming more transparent in their process. As such, they’ve already committed to sharing data about the number of applications they receive and the number they still have pending – reflecting their relative efficiency in approving new applicants.

While Caribbean passport holders generally have very strong travel documents, Dominican citizenship offers visa-free travel to 133 countries worldwide, including Russia, China, and the Schengen Area. The Dominican passport is the 36th most powerful in the world.

Although relatively tax-friendly on the global stage, Dominica is not the most tax-friendly of these Caribbean citizenship programs. But, remember that as a member of the Caribbean Community and Organization of Eastern Caribbean States, Dominica offers its Caribbean citizens residency rights across the region. Meaning you can obtain Caribbean citizenship in Dominica and live and file taxes in the more tax-friendly St. Kitts and Nevis or Antigua and Barbuda.

Below, I cover Dominica’s minimum investment options:

Government fund or non-refundable contribution — US$250,000 via the Economic Diversification Fund
Qualifying real estate purchase — US$300,000 in government-approved projects

Learn more about the Dominica Citizenship by Investment program.

Grenada Citizenship by Investment Program

The country has one of the lowest minimum investment fees for citizenship in the world (behind Vanuatu’s US$100,000 offer) is Grenada. Grenada’s National Transformation Fund invests applicants’ minimum investment in government projects and infrastructure.

What sets Grenada apart from the other citizenship by investment programs in the region is its access to America. Grenada is a signatory member of the United States E2 Treaty, meaning Grenadian citizens are eligible to apply for the US’s E2 visa, which is a renewable residency permit that requires investment in a US-based business.

Want to obtain citizenship here? Below are the minimum investment options for Grenada citizenship, including the most affordable non-refundable contribution fees in the Caribbean:

Government fund or non-refundable contribution — US$235,000 via National Transformation Fund
Qualifying real estate purchase — US$320,000

Learn more about the Grenada Citizenship by Investment program.

St. Kitts and Nevis Citizenship by Investment Program

The St. Kitts and Nevis citizenship by investment program is the oldest in the world. As such, St. Kitts has a reputation to uphold.

With the highest costs for real estate investment in the Caribbean, the St. Kitts citizenship by investment unit also offers investors the strongest passport (read: most extensive visa-free travel) in the region: Those who obtain citizenship and hold a St. Kitts and Nevis passport enjoy access to more than 147 countries without a visa.

But investors can quickly offset the higher minimum investment costs because St. Kitts offers tax residents zero personal income tax and zero capital gains tax. That means that, depending on their investment portfolio, St. Kitts and Nevis citizens can potentially enjoy a tax-free life.

Here are minimum investment options for a St. Kitts and Nevis passport:

Government fund or non-refundable contribution — US$250,000 via Sustainable Island State Contribution
Public benefit option — US$250,000 in approved public benefit projects
Qualifying real estate purchase — US$400,000 approved private real estate or US$800,000 single-family private dwelling home

Learn more about the St. Kitts and Nevis Citizenship by Investment program.

St. Lucia Citizenship by Investment Program

The St. Lucia CBI program is the only program in the Caribbean island region that allows investors to buy government bonds, an option with a potential return on investment versus government donation.

St. Lucia also offers citizenship investors two other routes to citizenship in the country, where they can enjoy a tropical lifestyle on one of the highest populated islands in the region.

This Caribbean passport offers investors visa-free entry to 139 nations around the world.

Interested in citizenship in St. Lucia? Below are their minimum investment options:

Government fund or non-refundable contribution — US$240,000 via the National Economic Fund
Government bonds — US$350,000
Qualifying real estate purchase — US$355,000

Learn more about the St. Lucia Citizenship by Investment program.

The Future of Caribbean Citizenship by Investment Programs

Over time, the landscape of citizenship by investment is changing ever so slightly. Expect programs, including these Caribbean countries, to become more transparent, regulated, and secure in their due diligence processes.

Once our clients are granted citizenship in the Caribbean, they often come back to us saying this is one of the best investments they’ve ever made.

Why? Benefits of Caribbean citizenship are essentially limitless:

Potential tax optimization opportunities
Expanded privileges with international banks
More travel freedom
Second citizenship and Plan B (just in case)
Second residence with Caribbean real estate
Residency rights across the Caribbean Community (CC) and Organization of Eastern Caribbean States (OECS)

While no Caribbean citizenship program offers a visa-waiver program with the United States yet, Grenada does offer a pathway through the E2 Treaty. To have this advantage, one must reside within Grenada for at least 3 years. Caribbean nations will continue to unlock new opportunities for investors and Caribbean citizens, not just in the Americas but all throughout the world.

Caribbean passports remain highly valuable, especially for investors from countries with limited visa-free travel opportunities. For instance, passport holders from India, Nigeria, China, Syria, and Afghanistan often contact JH Marlin to help them invest in and obtain Caribbean citizenship.

Why? Passport holders from those countries don’t have access to the same travel benefits, investment and banking privileges, or business opportunities as those from countries in the European Union, Singapore, or Canada, for example.

This is the same reason European residency and golden visa programs like in Malta, Portugal, and Greece have grown in interest.

Most applicants should not worry about the general direction of the investment migration industry. Recent developments mean more scrutiny and regulation but do not come at a cost to passport holders’ rights.

Each of these Caribbean citizenship by investment programs remains an attractive option for those seeking a second citizenship and passport. Especially because each citizenship unit offers an investment route tailored for various investor profiles – like a potential high-ROI real estate investment (via rental income), government bonds, or a non-refundable contribution like the Dominican Economic Diversification Fund, Grenada’s National Transformation Fund, or the National Economic Fund in St. Lucia.

Once granted citizenship, Caribbean citizens have access to countless benefits – including some of the world’s strongest visa-free travel, access to international banks and other financial opportunities, and the option to reside in tax-friendly jurisdictions.

Caribbean citizenship by investment programs and the industry of investment migration will evolve, and Caribbean passport cost may change in the future. So, potential investors should stay informed about potential future developments and opportunities. That’s what we help our clients do.

JH Marlin is the leading Caribbean CBI programs law firm that has guided hundreds of high-net-worth and ultra-high-net worth individuals in their efforts to apply for and obtain Caribbean citizenship. Obtaining citizenship is not instant. If you’re considering a Plan B or second citizenship, we can help fast-track your application to the right Caribbean country and support you through the investment process.