Exploring Caribbean Residency Programs Through the Global Residence Index
There are many reasons why residency in the Caribbean could be a great fit. You might be an entrepreneur looking for a business-friendly environment, a retiree seeking a tax heaven with excellent health care, or a family yearning for a multicultural adventure.
You might even be someone like me who constantly dreams of resting under the swaying palm trees beside the turquoise waters, where everything goes at a slower pace in life. Dreamy, isn't it? Well, that's what the Caribbean residency programs are; they are so attractive that they almost sound dreamy.
Along with the turquoise waters and idyllic beaches, these Caribbean nations offer amazing residency programs that are perfect for those seeking a tropical escape with some added benefits.
Antigua & Barbuda
Known for its 365 white-sand beaches, Antigua and Barbuda boasts a rich history and vibrant culture. It is also home to well-preserved sites like Nelson's Dockyard and the UNESCO World Heritage Site. Being a part of Antigua and Barbuda not only gives you visa-free travel but also other benefits.
Benefits of Antigua and Barbuda citizenship
The key benefits of Antigua and Barbuda citizenship are:
Visa-free access to 140 countries, including the Schengen area and the whole of Canada and the UK.
You won't be taxed on the income you have earned worldwide.
Allows dual citizenship
Extends privileges associated with CARICOM & Commonwealth.
Investment options
You will be required to make a monetary contribution to the National Development Fund, invest in real estate, or invest in an approved business venture. Here are the details:
National Development Fund Contribution: A minimum and non-refundable donation of $100,000.
Real estate Investment: Minimum investment of $200,000 in government-approved real estate.
Business Investment: Minimum outlay of $400,000 in a government-sanctioned business.
University of the West Indies Fund Option: The contribution starts at $150,000 and includes the tuition fees of one member of the family for one semester.
St. Lucia
St. Lucia is known for its dramatic landscapes, including the iconic pitons, lush rainforests, and volcanic beaches, which are perfect for adventure seekers.
Benefits of St. Lucia citizenship by investment
St. Lucia offers several benefits to its investors. Below are some:
Allows visa-free or visa-on-arrival access to 146 countries, including the Schengen area, the UK, and Hong Kong.
There is no wealth tax, inheritance tax, capital gains tax, or tax on worldwide income—in short, an amazing tax regime.
Access to excellent healthcare system and education opportunities.
Investment Options
Below are the options for citizenship by investment in Saint Lucia:
National Economic Fund Donation: A minimum and non-refundable donation of $100,000 (depending on the number of applicants in the application).
Real Estate Investment: Minimum investment of $200,000 in a pre-approved development project.
Government Bonds: Minimum investment of $500,000 held for a period of five years.
Enterprise Project:
Investment of $3,500,555 and creation of 3 permanent jobs for a sole investor.
Investment of $6,000,000 for a joint investment where each investor must contribute $1,000,000
St. Kitts & Nevis
St. Kitts & Nevis was the first country to introduce citizenship through an investment program and is also known for its pioneering status in the area. Apart from the breathtaking scenery and tranquil beaches, it offers exciting benefits to its inventors.
Benefits of St. Kitts & Nevis citizenship
Listed below are some of the benefits of holding a St. Kitts & Nevis passport:
It allows visa-free access to 157 countries, including the EU Schengen countries, Hong Kong, and Singapore, and it also allows you to hold the difficult-to-acquire US visa for ten years.
Does not impose tax on income, capital gains, and inheritance.
As a citizen, you can register your company in the country.
Allows inclusion of spouse and children.
The applicant's descendant is eligible for citizenship-by-descendant.
Investment Options
You will have two options to choose from:
SGF Donation (to the local government): Minimum investment of $250,000 for a single investor.
Real Estate Investment: Minimum investment of $400,000 in government-approved property.
Grenada
Also known as the Spice Isle, Grenada is known for several things, including the world's first underwater sculpture park. It has about 133 square miles of secluded beaches, hiking trails, and colorful homes. In addition to these, Grenada has some amazing offerings for its citizens, making it the 33rd strongest passport in the world.
Benefits of citizenship by investment program in Grenada
Follow along to read the benefits of Grenada citizenship:
Visa-free access to 146 countries.
E-2 Visa that allows you to live and work in the United States.
No Inheritance tax, income tax, capital gains tax, or stamp duty.
No currency control restrictions when conducting international business.
Investment Options
National Transformation Fund: Minimum, non-refundable contribution of $150,000 for a single investor.
Real Estate Purchase: Minimum investment of $220,000 in real approved projects, though the amount remains fixed irrespective of the number of applicants.
Conclusion
A second home on the Caribbean island is a dream for many, including myself. So, if you are looking for a second-best citizenship option where you can even spend the rest of your life peacefully staring at those tranquil waters, the Caribbean residency programs call for you.
However, one must keep in mind that no matter how attractive the program is, you must always do thorough research and then come to a conclusion. Also, there might be additional fees and charges that might differ from the investment amount mentioned above; hence, you are advised to reach out to the concerned authorities to discuss the details.