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Fri, Nov 22, 2024 | Jumada al-Awwal 20, 1446 | DXB
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Second passport: UAE residents switching to Schengen region as Caribbean nations raise rates
Demand for Caribbean passports still remains strong due to quick process, low cost and minimal requirements
People in the UAE and abroad looking for a second passport are switching from Caribbean to Schengen countries after the former increased the rates of their citizenship by investment programme.
Despite this shift, industry executives maintain that Caribbean passports continue to be a popular choice. Their quick process, low cost, and minimal requirements make them a compelling option.
Offering visa-free access to around 150 countries, including European and Schengen regions, Caribbean passports have been witnessing a strong demand.
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According to advisory firm Citizenship Invest, four Caribbean countries – Antigua & Barbuda, Dominica, Grenada, and St. Kitts & Nevis – signed a Memorandum of Agreement (MoA) in March 2024 to align their policies, including the price of their Citizenship by Investment (CBI) programmes. In June this year, St. Lucia joined the agreement. All five Caribbean nations have implemented new minimum cost thresholds effective July 1, 2024.
Urusa Imran, director for business development management at Samana Group, said some Caribbean countries have more than doubled the cost of their citizenship through investment programmes.
Urusa Imran. Photo: Supplied
“The biggest reason for people wanting a second passport was visa-free access. People wanted a Caribbean passport – which can be obtained in six months – as it allowed them to travel visa-free to all of Europe and Schengen countries. For European passports, people were spending a high amount and waiting 5-7 years. Now the point has come where the investment amount is somewhat equivalent to investing in countries like Portugal and Spain for their passport. When you have to invest so much, clients are calibrating investing the same amount and wait a couple of years and get a European passport, which has a lot more benefits,” said Imran.
Most of the investors and high net worth individuals and families from Asia and Middle East countries acquire second passports from Caribbean countries for the purpose of visa-free travel access rather than for settling down there.
“Interest in the Caribbean was crazy because, at a very good rate, people were getting visa-free access to 145 countries.”
With an investment amount of 500,000 euros, Imran pointed out that people can get a Portugal passport.
She revealed that there are a lot of enquiries from Pakistani nationals for second passports due to the ongoing political and economic situation in the country.
Iñigo De Luna, CEO of Citizenship Invest, said the recent price increase has had minimal impact on high-net-worth individuals (HNWIs) seeking citizenship by investment. For investors focused on strategic planning, the Caribbean remains a highly sought-after and accessible option, even with the adjusted pricing.
Iñigo De Luna. Photo: Supplied
“Since the announcement in March 2024, there has been a surge in applications, including from UAE residents, leading up to the deadline which was expected. With over 40 years of demonstrated resilience and staying power, the Caribbean CBI programmes continue to play a significant and enduring role in the global investment landscape.”
He said the choice depends on the client's specific needs as well as their profiles. “For investors seeking second citizenship and a passport, the Caribbean CBI remains a top option, as citizenship and passport are obtainable in as little as 4 months with minimal requirements, including no language test and no physical residency required. On the other hand, European programmes such as those of Portugal, Spain and Greece, tend to be more appealing to those looking for alternative residency options in Europe,” he said.
Rates of Citizenship by Investment programmes by Caribbean nations, shared by Citizenship Invest
Dominica: The country adjusted its minimum donation requirement to $200,000, up from $100,000, while the minimum for real estate remains unchanged at $200,000.
Antigua and Barbuda: The country extended the submission process by 30 days to accommodate these changes. As of August 2024, the updated pricing starts at $230,000 for fund contributions, up from $130,000, and $300,000 for real estate investment (previously $200,000).
Grenada: It now requires a minimum contribution of $235,000, up from $150,000, or a real estate investment starting at $270,000, previously $200,000.
Saint Lucia: The CBI programme now starts at $240,000 for donations (increased from $100,000) and $300,000 for real estate options (up from $200,000).
St. Kitts and Nevis: The minimum investment requirement is now at $250,000 for donations for a single applicant up to a family of four, making it more cost-effective compared to the previous pricing of $250,000 for an individual and $350,000 for a family of four. The real estate option remains set at $400,000.
Waheed Abbas
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.
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