In the eastern Caribbean, a practice has emerged that offers not only the acquisition of new property but also numerous global travel and economic advantages. The five island nations of Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia have implemented Citizenship by Investment (CBI) programs that grant citizenship through the purchase of property. [i]Through these programs, an individual can obtain visa-free access to more than 150 countries by purchasing property or making a donation for a minimum fee of $200,000 applicable for Dominica. These countries include, among others, the member states of the European Union’s (EU) Schengen Area and, for certain nations, the United Kingdom.
In recent years, the growing interest in these programs has been partly linked to the political and social instability in the United States (US), combined with the Caribbean’s attractiveness as a tax haven.
The appeal of CBI programs in the Caribbean is multifaceted. For businesspeople, a Caribbean passport offers greater freedom of movement by reducing bureaucratic barriers encountered during international travel. In addition, certain Caribbean countries provide significant economic incentives, such as exemptions from capital gains, inheritance, and income taxes, which further enhance their attractiveness.
In the United States, escalating issues such as armed violence, political polarization, and social tensions have made the Caribbean a safe haven for many individuals. For U.S. citizens in particular, possessing an alternative passport offers security, freedom, and an “insurance policy” against potential uncertainties in the future. It is noted that 10–15% of investors relocate permanently, while the remainder view this opportunity as a contingency plan in case of political or economic instability.[ii]
In recent years, there has been a notable increase in CBI applications from U.S. citizens. Reports indicate that 70% of buyers in Antigua seek citizenship, with the vast majority of these buyers coming from the United States. This reflects a significant shift in the market, as more people are purchasing with a focus on citizenship rather than lifestyle. This trend has been largely driven by rising political uncertainties in the United States, making the Caribbean an attractive region offering both security and economic opportunities.
The CBI programs hold substantial economic importance for these small island nations. Their economies rely heavily on external sources such as tourism and foreign investment, and the sale of citizenship has become an integral component of these systems. Antigua’s Prime Minister Gaston Browne has openly stated that citizenship sales saved his country’s economy and enabled its financial recovery from the brink of bankruptcy just a decade ago.[iii]
Funds provided by investors have contributed not only to financing infrastructure projects but also to strengthening national fiscal balances. In Dominica, the $1 billion generated through the CBI program has been used to improve the country’s infrastructure, including the construction of a modern hospital, which has had a significant positive impact on healthcare services.[iv]
These funds are used not only for infrastructure projects but also to stimulate a broader economy. The real estate sector, driven by increased foreign demand, is expanding alongside rising property values and generating local employment. Capital raised through CBI is a vital resource for the survival of the economies of these small Caribbean nations. For some countries, passport sales account for as much as 30% of their Gross Domestic Product (GDP), underscoring the programs’ impact on economic growth. However, while these financial benefits are acknowledged, they also come with certain controversies and criticisms.
CBI programs in the Caribbean not only present economic opportunities but also raise ethical concerns and attract international criticism. In Antigua, when the sale of citizenship was first proposed in 2012, it faced significant backlash. Critics argued that selling citizenship undermined national identity and that turning a nation’s sovereignty into a commercial commodity was inappropriate. Such concerns have also been voiced by leaders of other Caribbean countries that do not offer CBI programs. Prime Minister Ralph Gonsalves of St. Vincent and the Grenadines stated that citizenship should not be treated as “a commodity for sale.”[v]
The international community has also expressed concerns regarding the potential misuse of these programs. The EU fears that CBI programs may facilitate activities such as criminal operations, money laundering, and tax evasion. As a result, the EU has launched a review of CBI programs in the Caribbean to assess whether they pose security risks. Similarly, the United States has voiced concerns about possible links between these programs and financial crimes, stressing the need for more stringent scrutiny of applications.[vi]
In response to these concerns, Caribbean governments have defended their programs, stating that the sale of citizenship is conducted in a transparent and robust manner. Prime Minister Roosevelt Skerrit of Dominica emphasized that his country’s program is “solid and transparent,” while Antigua and St. Lucia have made similar statements, underscoring the security and transparency of their programs.[vii] However, these small nations must exercise caution in using citizenship sales as an economic stimulus while facing international pressure.
CBI programs in the Caribbean are expected to remain a significant source of revenue, particularly for the economies of these small island states. Nonetheless, international concerns and local ethical debates present challenges to the future of these programs. These countries have stated that they have strengthened their vetting processes to prevent abuse of applications and to ensure global security. New measures include the establishment of a regional regulatory body, stricter screening procedures, and regular audits.
In conclusion, the Caribbean’s CBI programs provide substantial benefits not only to investors but also to the economies of these islands. However, the ethical and international security issues that may arise from the sale of citizenship cast doubt on the viability and sustainability of these programs. Caribbean nations are expected to take significant steps to address these issues, ensuring that they maintain both their economic advantages and global security while continuing the programs.
[i] Handy, Gemma. “The Caribbean Islands That Give You a Passport If You Buy a Home.” BBC News, https://www.bbc.com/news/articles/cly88xg5d9vo, (Access Date: 03.08.2025).
[ii] İbid.
[iii] İbid.
[iv] İbid.
[v] İbid.
[vi] Jolly, Jasper, and Lisa O’Carroll. “EU Raises Security Concerns as It Reveals Five Caribbean States Have Sold 88,000 ‘Golden Passports’.” The Guardian, https://www.theguardian.com/business/2023/oct/19/caribbean-states-sold-golden-assports-eu-citizenship-travel, (Access Date: 03.08.2025).
[vii] Handy, Gemma. a.g.e., (Access Date: 03.08.2025).
