Caribbean CBI programs are not a novelty. It is a rather popular way to receive citizenship in one of the tropical paradises of the Caribbean.
If you’re interested, all you must do is pick the state of your choice and start your business there. Citizenship awaits. Considering that all Caribbean countries have a program to offer, you might find yourself in a pinch – which one to choose? It is a sweet decision. Let us help you with it by making a few comparisons.
In case you’ve already settled on one, for example, the Dominican citizenship, but you leave the door open for another opportunity, that’s fine too. In this text, we will provide you with a 2024 guide on this subject. If you continue reading you will learn how Dominica’s citizenship by investment program compares to similar programs available in the Caribbean.
When you learn a little bit about this subject, it will be all that much easier for you to make a decision and stick to it. So, keep on reading to ensure that the right decision is made in the end.
The Passport Strength
When seeking another citizenship and a new passport the main idea is that you receive additional travel freedom. Journeying visa-free to more places than your original passport guarantees through a simple investment is a great way to attain more freedom. But, just how much freedom does the Dominican Republic and the rest of the Caribbean states afford? A lot. That’s a nice answer. But, we must be honest here.
Dominica is not topping this list. If you desire to put money in a Caribbean archipelago country with the finest passport you’ll be looking at St Kitts and Nevis. Their passport provides access to 156 countries. Dominica is below the list with access to only 144 countries. The only worse-faring country is Vanuatu with 95. Antigua and Barbuda, St Lucia, and Grenada are the middle ground in this department with 150, 146, and 146 respectively.
This is the area in which Dominica stands out. While it lacks the passport strength of St Kitts and Nevis, in a few points of early investment requirements it provides better options than a few of the Caribbean states do. As far as investors go, this might be even more important than having access to numerous states of the world.
The initial requirement for one investor stands at $100,000 in Dominica. If you desire a passport for your family this number will grow. For a spouse, it is an added fee of $50,000 and it grows to an additional $25,000 for each dependent for up to three. For a dependent over 18 years old, this number is $50,000.
In this domain, Dominica excels the most. Antigua and Barbuda and St Lucia are close with their initial investment requirement standing at $100,000. St Kitts and Nevis, Vanuatu, and Grenada are more expensive with their starting points starting at $125,000, $130,000, and $150,000 respectively.
As it is visible, every one of the tropical countries has its perks. The decision lies on the investor, but considering that we are speaking of a tropical paradise it shouldn’t be too hard. If you’re already thinking that Dominica is your first choice check out these perks that it offers in 2024 https://imperiallegal.com/media/articles/dominica-citizenship-by-investment-in-2021-now-offering-more-perks
Real Estate Purchase
Once you’re a citizen, and you’re pouring money into a country the question of buying property will pop up sooner than later. The good news is that you can attain real estate in the Caribbean if you fulfill certain requirements. What you must learn is that the one place that does not provide this perk is Vanuatu.
On this island, the smallest of the group, you cannot buy property. This is where Dominica will step up. To put money into real estate in the Dominican Republic you’ll need to part with $200,000. This is a fair price as the expected return on the investment could be between three and five years. This is what puts Dominica at the top of this list. Antigua and Barbuda requires the same amount of investment but the ROI period is set above five years.
St Kitts and Nevis has a smaller entry fee set at $175,000 but this number is tied only to the infrastructural and social projects in the world of real estate. To invest in government-approved property you’ll need to part with $200,000, while private homes will cost you at least $400,000. Also, the return on your investment shouldn’t be expected until seven years have passed. The bottom of the list is Grenada and St Lucia with $200,000 each. The grace period on ROI is seven years.
When you’re applying for a program of this type your initial investment won’t be the only cost you’ll have. There are numerous fees tied to the CBI and you must be aware of all of them. The country in this domain that’s most accessible is Vanuatu with a $43 fee per application. Close by is St Kitts and Nevis with a $250 price tag.
Dominica is also quite affordable with a $1,000 fee per application. The remaining bunch of countries have different and much higher fees. For example, if you are a family of four, Antigua and Barbuda requires a fee of $30,000. For the fifth and each next dependent, this fee grows by $15,000. This is a unique case as Grenada and St Lucia have fees of $1,500 and $2,000 respectively per applicant and additional fees of $500 and $1,000 per additional applicant.
Due Diligence Fees
Last but not least are the fees that come with due diligence. These will come your way once you set your eyes on any of the island paradises. The most affordable option is Vanuatu with a $5,000 fee for each application. Close by is Grenada with the same amount but an additional $4,000 needed for your marriage partner and the identical amount for each family member older than seventeen.
Dominica and St Kitts and Nevis follow with a $7,500 price tag and an additional $4,000 for a spouse and an equal amount for each family member older than sixteen.
St Lucia requires $7,500 initially with $5,000 for a partner and a member of a family older than sixteen. Antigua and Barbuda is the priciest with a fee of $7,500 for both the person investing and his spouse. For kids between 12 and 17, they require a fee of $2,000, while those older than eighteen cost $4,000.