Following the Caribbean countries’ surge in citizenship by investment program rates, individuals in the UAE and elsewhere who are seeking for a second passport are choosing to switch to Schengen countries.
However, business leaders claim that Caribbean passports continue to be a popular choice because of their easy application, affordable price, and low restrictions.
Four Caribbean nations—Antigua and Barbuda, Dominica, Grenada, and St. Kitts and Nevis—signed a Memorandum of Agreement (MoA) in March 2024 to harmonise their policies, including the cost of their Citizenship by Investment (CBI) programs, according to advisory firm Citizenship Invest. This June, St. Lucia became a part of the accord. Since July 1, 2024, all five Caribbean countries have imposed new minimum cost thresholds.
According to Urusa Imran, director of business development management at Samana Group, the cost of citizenship by investment programs has increased by over 100% in several Caribbean nations. The lack of a visa was the main motivator for many to want a second passport. People want a Caribbean passport since it allowed them to visit all of Europe and the Schengen nations without a visa; these passports may be obtained in six months. People waited five to seven years and paid large sums for European passports.
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