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Economic Times
2 days ago
- Business
- Economic Times
Buy a home, get a passport: Caribbean nations offer easy citizenship
Agencies Five Eastern Caribbean nations - Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, now offer citizenship to those who invest in real estate. Starting at $200,000, the Citizenship by Investment (CBI) programmes promise visa-free travel to as many as 150 countries, including the UK (excluding Dominica) and the EU's Schengen area, as per a report by BBC . Alongside travel benefits, the absence of taxes like inheritance, capital gains and, in some cases, income tax, makes the schemes appealing to high-net-worth individuals. Citizenship can be gained without giving up existing nationality. American demand drives property sales surge In Antigua, estate agencies are seeing a notable uptick in demand. 'Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US,' said Nadia Dyson, owner of the real estate firm Luxury Locations to BBC. 'This time last year, it was all lifestyle buyers and a few CBI. Now they're all saying 'I want a house with citizenship'. We've never sold so many before.'Some buyers are choosing to relocate, despite no residency requirement. Others are treating the second passport as a fallback plan. From travel freedom to political backup As per the report, investment migration firm Henley & Partners said that US citizens now make up the majority of applicants across the Caribbean CBI schemes. Ukraine, Turkey, Nigeria and China also rank high.'Around 10-15% actually relocate. For most it's an insurance policy against whatever they're concerned about. Having a second citizenship is a good back-up plan,' said Dominic Volek of Henley & to him, some Americans prefer using a 'politically-benign passport' for business and security reasons. The first wave of US interest started after COVID-era travel restrictions, followed by renewed surges after the 2020 and 2024 elections. Controversy and criticism follow the windfall Not everyone has welcomed these schemes. Gisele Isaac, former Speaker of the House in Antigua, recalled early protests when the programme was introduced. 'There was a sense of nationalism; people felt we were selling our identity, so to speak, to people who knew nothing about us.'Neighbouring leaders like Prime Minister Ralph Gonsalves of St Vincent and the Grenadines have voiced opposition, saying citizenship should not be 'a commodity for sale.' International scrutiny and reforms underway The European Union is currently evaluating whether these schemes pose risks to its visa-free agreement with the Caribbean nations. A European Commission spokesperson said an ongoing review will determine if the programmes constitute "an abuse" of visa privileges or lead to security response, the five island nations have agreed to six new principles with the United States, including enhanced due diligence, mandatory interviews, regular audits, and removing loopholes that previously allowed rejected applicants to reapply leaders insist the programmes are tightly managed and vital for economic stability. Dominica's Prime Minister Roosevelt Skerrit described the system as 'sound and transparent', and said over $1 billion had been raised since 1993. Funds were used to finance a modern hospital and national Antigua, Prime Minister Gaston Browne said passport revenue helped pull the country from 'the brink of bankruptcy'. St Lucia's Prime Minister Philip J Pierre assured that the island applies 'the highest standards of security'. Citizenship without moving in Aside from buying property, citizenship routes include contributions to government funds. These range from $200,000 for a single applicant in Dominica to $250,000 for families in Dominica and St Kitts. In Antigua, applicants may also donate $260,000 to the University of the West Indies. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Jane St: How an options trader smelt a rat when others raised a toast Regulators promote exchanges; can they stifle one? Watch IEX TCS job cuts may not stop at 12,000; its bench policy threatens more From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Stock Radar: SBI Life rebounds after testing 50-DEMA; could hit fresh record highs above Rs 2,000 – check target & stop loss These 10 banking stocks can give more than 25% returns in 1 year, according to analysts Two Trades for Today: A metals stock for an over 6% gain, a large-cap chemicals maker for about 7% upmove F&O Radar| Deploy Broken Wing in LIC Housing Finance to benefit from bearish outlook
Yahoo
3 days ago
- Business
- Yahoo
The Caribbean islands that give you a passport if you buy a home
Scroll through homes for sale in the Eastern Caribbean and it is no longer just bewitching beaches and a laid-back lifestyle being touted to woo buyers. More and more property listings are offering a passport too – and political and social volatility in the US is said to be fuelling an upsurge in interest. Five of the region's island nations – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia – offer such citizenship by investment (CBI) from as little as $200,000 (£145,000). Buy a home, and you also get a passport that grants the holder visa-free access to up to 150 countries including Europe's Schengen area, and for all but Dominica, to the UK too. For the wealthy, the islands' absence of taxes such as capital gains and inheritance, and in some cases on income too, is another major draw. And all five of the region's schemes allow buyers to retain their existing citizenship. In Antigua, estate agents are struggling to keep up with demand, says Nadia Dyson, owner of Luxury Locations. "Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US," she tells the BBC. "We don't talk politics with them, but the unstable political landscape [in the US] is definitely a factor. "This time last year, it was all lifestyle buyers and a few CBI. Now they're all saying 'I want a house with citizenship'. We've never sold so many before." Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Ms Dyson says, adding: "A few have relocated already." US citizens account for the bulk of CBI applications in the Caribbean over the past year, according to investment migration experts Henley & Partners. Ukraine, Turkey, Nigeria and China are among the other most frequent countries of origin of applicants, says the UK firm which has offices around the world. It adds that overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024. Everything from gun violence to antisemitism is putting Americans on tenterhooks, according to the consultancy's Dominic Volek. "Around 10-15% actually relocate. For most it's an insurance policy against whatever they're concerned about. Having a second citizenship is a good back-up plan," he explains. Mr Volek says the ease-of-travel advantages the Caribbean passports provide appeals to businesspeople, and may also present a security benefit. "Some US clients prefer to travel on a more politically-benign passport." Prior to the Covid pandemic, the US was not even on Henley's "radar", Mr Volek continues. Movement restrictions proved "quite a shock" for affluent people used to travelling freely on private jets, prompting the first surge in stateside CBI applications. Interest ratcheted up again after the 2020 and 2024 US elections. "There are Democrats that don't like Trump but also Republicans that don't like Democrats," Mr Volek says. "In the last two years we've gone from having zero offices in the US to eight across all major cities, with another two to three opening in the coming months." Was China the reason Guyana faced higher Trump tariff? Raisins or not? Pudding debate splits island nation Letting off steam: How Dominica's volcanoes will boost its green energy Robert Taylor, from Halifax in Canada, bought a property in Antigua where he plans to retire later this year. He invested $200,000 just before the real estate threshold was raised to $300,000 last summer. Not only does being a citizen avoid restrictions on length of stay, it also gives him the freedom to take advantage of business opportunities, he explains. "I chose Antigua because it has beautiful water, I find the people very, very friendly and it also means great weather for the later part of my life." Still, such programmes are not without controversy. When passport sales were first mooted in 2012 by the then Antiguan government as a way of propping up the ailing economy, some considered the ethics a little iffy. Protesters took to the streets in condemnation, recalls former Speaker of the House Gisele Isaac. "There was a sense of nationalism; people felt we were selling our identity, so to speak, to people who knew nothing about us," she says. Leaders of some other Caribbean nations that do not offer CBIs have also been quick to criticise, including St Vincent and the Grenadines' Prime Minister Ralph Gonsalves. He has previously said citizenship should not be "a commodity for sale". Among the international community, there are fears that lax oversight may help criminals get through their borders. The European Union has threatened to withdraw its coveted visa-free access for Caribbean CBI countries, while the US has previously raised concerns over the potential for such schemes to be used as a vehicle for tax evasion and financial crime. A European Commission spokesperson tells the BBC that it is "monitoring" the five Caribbean schemes, and has been in talks with their respective authorities since 2022. She says an ongoing assessment is seeking to substantiate if citizenship by investment constitutes "an abuse of the visa-free regime those countries enjoy vis-à-vis the EU and whether it is likely to lead to security risks for the EU". The Commission has acknowledged reforms carried out by the islands, which it says will have an impact on its evaluation. For their part, the five Caribbean nations have reacted angrily to claims that they are not doing enough to scrutinise applicants. Dominica's Prime Minister Roosevelt Skerrit has described his country's CBI programme as "sound and transparent", adding authorities had worked hard to ensure its integrity. The government says passport sales have raised more than $1bn since the initiative's inception in 1993, paying for vital infrastructure including a state-of-the-art hospital. In St Lucia, Prime Minister Philip J Pierre says the island adheres to the highest standards of security to ensure its CBI does not inadvertently aid illicit activities. The need to appease the world's superpowers with raising revenue is a delicate balancing act for small Caribbean nations with meagre resources, dependent on the whims of tourism. CBI programmes were labelled a lifeline at a regional industry summit in April, with funds used for everything from cleaning up after natural disasters to shoring up national pension schemes. Antigua's Prime Minister Gaston Browne said money raised had brought his country back from the brink of bankruptcy over the past decade. Aside from buying property, other routes to Caribbean citizenship through investment typically include a one-off donation to a national development fund or similar. They range from $200,000 in Dominica for a single applicant, to $250,000 for a main applicant and up to three qualifying dependents in Dominica and St Kitts. In Antigua, investors also have the option of donating $260,000 to the University of the West Indies. In the face of international pressure, the islands have committed to new measures to bolster oversight, including establishing a regional regulator to set standards, monitor operations and ensure compliance. Additionally, six principles agreed with the US include enhanced due diligence, regular audits, mandatory interviews with all applicants, and the removal of a loophole that previously enabled an applicant denied by one country to apply in another. These days, passport sales account for 10-30% of the islands' GDP. Andre Huie, a journalist in St Kitts, says his country's CBI scheme is "generally well supported" as a result. "The public understand the value of it to the economy, and appreciate what the government has been able to do with the money."
Indian Express
3 days ago
- Business
- Indian Express
Buy a beach house, get a passport: Why Americans are flocking to these 5 Caribbean nations
In the Eastern Caribbean, house-hunting now often comes with a surprising bonus: a second passport. Five island nations — Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia, offer citizenship by investment (CBI) schemes starting at $200,000, a perk that's attracting growing numbers of US buyers amid political and social turmoil back home. These Caribbean passports grant visa-free access to as many as 150 countries, including Europe's Schengen zone and, for most of these nations, the UK. For the wealthy, there's also the appeal of zero capital gains, inheritance, or, in some cases, income tax. In Antigua, demand is booming. 'Up to 70 per cent of buyers now want citizenship, mostly Americans,' said Nadia Dyson of Luxury Locations, BBC reported. 'This time last year, they were lifestyle buyers. Now it's all about the passport.' While there's no residency requirement, some US citizens are opting to move full-time. According to Henley & Partners, US applicants now dominate the Caribbean CBI landscape, a sharp change from pre-pandemic years. The firm, which advises on global citizenship, said applications rose 12 per cent since late 2024, with many Americans viewing CBI as a political insurance policy. 'Only 10–15 per cent relocate. Most want a back-up passport,' said Henley's Dominic Volek, BBC reported. 'Some US clients even prefer to travel on less politically charged passports.' The surge began during COVID-19 lockdowns, when mobility was restricted, and grew after the 2020 and 2024 US elections. 'We had zero US offices before. Now we have eight,' Volek added. Buyers like Robert Taylor from Canada, who invested in Antigua ahead of a price hike, pointed that CBI helps secure future mobility and business opportunities. 'It's beautiful, the people are friendly, and the weather's perfect,' he said, BBC reported. Still, CBI programmes remain controversial. As per BBC, critics argue they commodify citizenship and open doors for abuse. Caribbean leaders like St Vincent's PM Ralph Gonsalves have called them unethical, while the EU and US have raised red flags over potential tax evasion and security concerns. EU authorities are reviewing whether these schemes could threaten the bloc's visa-free agreements with participating nations. In response, the Caribbean countries have pledged tighter controls — including regional oversight, stricter vetting, and mandatory applicant interviews. Caribbean leaders, however, insist these programmes are vital for survival. CBI funds, now accounting for 10–30 per cent of GDP in these nations, have paid for hospitals, disaster relief, and even pension schemes. Antigua's PM Gaston Browne said the money had saved his country from economic collapse. In Dominica, the government said CBI revenues have exceeded $1 billion since 1993, helping to modernise critical infrastructure. As per a report by BBC, journalist Andre Huie in St Kitts said, 'The public supports CBI because they see the tangible benefits.' Still, with global scrutiny mounting, Caribbean nations now face the delicate task of proving that these golden passports are not for sale to just anyone — without shutting off a crucial financial lifeline.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Buy a house in the Caribbean islands, and earn a passport: Here's what you need to know about it
Indian homebuyers planning to settle abroad can now explore the Eastern Caribbean. According to a BBC news report, the authorities are offering citizenship by investment (CBI) schemes, where a property purchase worth at least US Dollars (USD) 200,000 ( ₹1.73 crore approximately) can secure a passport. Real estate trends: Buying a home in the island nation will also get investors a passport that grants the holder visa-free access to up to 150 countries, including Europe's Schengen area, and for all but Dominica, along with the United Kingdom (UK), according to a BBC news report. (Picture for representational purposes only)(Pexels) The news report said that five of the region's island nations – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia – offer such citizenship by investment (CBI) from as little as USD 200,000. The report said that buying a home in the island nation will also get investors a passport that grants the holder visa-free access to up to 150 countries, including Europe's Schengen area, and for all but Dominica, along with the United Kingdom (UK). For the wealthy, the islands' absence of taxes on capital gains and inheritance, and in some cases on income, is another major draw. All five of the region's schemes allow buyers to retain their existing citizenship. For wealthy individuals, these island jurisdictions offer compelling fiscal advantages: no capital gains tax, no inheritance or estate tax, and in several cases—no personal income tax as well, the news report said. Also Read: 5 things NRIs should keep in mind before investing in property in India According to the news report, real estate consultants are not able to handle the demand post-announcement. Nadia Dyson, owner of Luxury Locations, says estate agents in Antigua are struggling to keep up with demand. "Up to 70% of all buyers right now want citizenship, and the vast majority are from the US," Dyson told the BBC. Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Dyson said. Majority of investors from the US According to the BBC news report, US citizens account for the bulk of CBI applications in the Caribbean over the past year. Also Read: Over 2 lakh Indians gave up citizenship in 2024, reveals government data Ukraine, Turkey, Nigeria, and China are among the other countries from which applicants applied for CBI. The overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024, the report said. What to keep in mind while investing overseas? An Indian citizen's investment in real estate overseas, including Caribbean nations, is governed by two key regulations: the Foreign Exchange Management Act, 1999, and the Income Tax Act, 1961. Also Read: Looking to buy real estate in Dubai? Here's all that you should know As per FEMA regulations, a resident individual can remit up to USD 2,50,000 (about ₹2.1 crore) per financial year under the Liberalised Remittance Scheme for the purchase of immovable property. The limit is for an individual; therefore, a family looking to buy a bigger property can remit the funds in larger amounts by utilising their combined individual limits.
Yahoo
3 days ago
- Business
- Yahoo
The Caribbean islands that give you a passport if you buy a home
Scroll through homes for sale in the Eastern Caribbean and it is no longer just bewitching beaches and a laid-back lifestyle being touted to woo buyers. More and more property listings are offering a passport too – and political and social volatility in the US is said to be fuelling an upsurge in interest. Five of the region's island nations – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia – offer such citizenship by investment (CBI) from as little as $200,000 (£145,000). Buy a home, and you also get a passport that grants the holder visa-free access to up to 150 countries including Europe's Schengen area, and for all but Dominica, to the UK too. For the wealthy, the islands' absence of taxes such as capital gains and inheritance, and in some cases on income too, is another major draw. And all five of the region's schemes allow buyers to retain their existing citizenship. In Antigua, estate agents are struggling to keep up with demand, says Nadia Dyson, owner of Luxury Locations. "Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US," she tells the BBC. "We don't talk politics with them, but the unstable political landscape [in the US] is definitely a factor. "This time last year, it was all lifestyle buyers and a few CBI. Now they're all saying 'I want a house with citizenship'. We've never sold so many before." Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Ms Dyson says, adding: "A few have relocated already." US citizens account for the bulk of CBI applications in the Caribbean over the past year, according to investment migration experts Henley & Partners. Ukraine, Turkey, Nigeria and China are among the other most frequent countries of origin of applicants, says the UK firm which has offices around the world. It adds that overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024. Everything from gun violence to antisemitism is putting Americans on tenterhooks, according to the consultancy's Dominic Volek. "Around 10-15% actually relocate. For most it's an insurance policy against whatever they're concerned about. Having a second citizenship is a good back-up plan," he explains. Mr Volek says the ease-of-travel advantages the Caribbean passports provide appeals to businesspeople, and may also present a security benefit. "Some US clients prefer to travel on a more politically-benign passport." Prior to the Covid pandemic, the US was not even on Henley's "radar", Mr Volek continues. Movement restrictions proved "quite a shock" for affluent people used to travelling freely on private jets, prompting the first surge in stateside CBI applications. Interest ratcheted up again after the 2020 and 2024 US elections. "There are Democrats that don't like Trump but also Republicans that don't like Democrats," Mr Volek says. "In the last two years we've gone from having zero offices in the US to eight across all major cities, with another two to three opening in the coming months." Was China the reason Guyana faced higher Trump tariff? Raisins or not? Pudding debate splits island nation Letting off steam: How Dominica's volcanoes will boost its green energy Robert Taylor, from Halifax in Canada, bought a property in Antigua where he plans to retire later this year. He invested $200,000 just before the real estate threshold was raised to $300,000 last summer. Not only does being a citizen avoid restrictions on length of stay, it also gives him the freedom to take advantage of business opportunities, he explains. "I chose Antigua because it has beautiful water, I find the people very, very friendly and it also means great weather for the later part of my life." Still, such programmes are not without controversy. When passport sales were first mooted in 2012 by the then Antiguan government as a way of propping up the ailing economy, some considered the ethics a little iffy. Protesters took to the streets in condemnation, recalls former Speaker of the House Gisele Isaac. "There was a sense of nationalism; people felt we were selling our identity, so to speak, to people who knew nothing about us," she says. Leaders of some other Caribbean nations that do not offer CBIs have also been quick to criticise, including St Vincent and the Grenadines' Prime Minister Ralph Gonsalves. He has previously said citizenship should not be "a commodity for sale". Among the international community, there are fears that lax oversight may help criminals get through their borders. The European Union has threatened to withdraw its coveted visa-free access for Caribbean CBI countries, while the US has previously raised concerns over the potential for such schemes to be used as a vehicle for tax evasion and financial crime. A European Commission spokesperson tells the BBC that it is "monitoring" the five Caribbean schemes, and has been in talks with their respective authorities since 2022. She says an ongoing assessment is seeking to substantiate if citizenship by investment constitutes "an abuse of the visa-free regime those countries enjoy vis-à-vis the EU and whether it is likely to lead to security risks for the EU". The Commission has acknowledged reforms carried out by the islands, which it says will have an impact on its evaluation. For their part, the five Caribbean nations have reacted angrily to claims that they are not doing enough to scrutinise applicants. Dominica's Prime Minister Roosevelt Skerrit has described his country's CBI programme as "sound and transparent", adding authorities had worked hard to ensure its integrity. The government says passport sales have raised more than $1bn since the initiative's inception in 1993, paying for vital infrastructure including a state-of-the-art hospital. In St Lucia, Prime Minister Philip J Pierre says the island adheres to the highest standards of security to ensure its CBI does not inadvertently aid illicit activities. The need to appease the world's superpowers with raising revenue is a delicate balancing act for small Caribbean nations with meagre resources, dependent on the whims of tourism. CBI programmes were labelled a lifeline at a regional industry summit in April, with funds used for everything from cleaning up after natural disasters to shoring up national pension schemes. Antigua's Prime Minister Gaston Browne said money raised had brought his country back from the brink of bankruptcy over the past decade. Aside from buying property, other routes to Caribbean citizenship through investment typically include a one-off donation to a national development fund or similar. They range from $200,000 in Dominica for a single applicant, to $250,000 for a main applicant and up to three qualifying dependents in Dominica and St Kitts. In Antigua, investors also have the option of donating $260,000 to the University of the West Indies. In the face of international pressure, the islands have committed to new measures to bolster oversight, including establishing a regional regulator to set standards, monitor operations and ensure compliance. Additionally, six principles agreed with the US include enhanced due diligence, regular audits, mandatory interviews with all applicants, and the removal of a loophole that previously enabled an applicant denied by one country to apply in another. These days, passport sales account for 10-30% of the islands' GDP. Andre Huie, a journalist in St Kitts, says his country's CBI scheme is "generally well supported" as a result. "The public understand the value of it to the economy, and appreciate what the government has been able to do with the money." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
