OECS heads increase prices for golden passports, citizenship
Most Eastern Caribbean nations, which allow global citizens to buy local passports and citizenship by injecting cash in various schemes in the countries, have spiked their base prices in the wake of unrelenting pressure from the European Union (EU).
The latest to do so is Antigua, which this week moved to align base rates to apply for a passport and obtain citizenship by, in some cases, doubling the minimum cash needed to qualify. Prime ministers from Antigua, St. Kitts, Grenada, Dominica and St. Lucia had met in recent weeks to harmonize approaches to the Citizenship by Investment (CIP) scheme amid concerns from the EU and also because of the need to increase earnings from the program.
Agents worldwide who procure applicants for CIP nations have already been informed of the new changes, the government said. Governments have repeatedly stated that revenues from CIP schemes have in some cases, made up for losses of import taxes from CARICOM’s single largely duty free trading market and related free trade arrangements from bilateral deals with various countries.
The EU, Canada and the US to a lesser extent have over the years expressed discomfort with the sub region offering passport and citizenship for sale to cash-flush people, saying the island nations lacked the ability to properly investigate the background of applicants, some of whom had been flagged by the international police system, Interpol, traced and arrested.
At least one nation has banned some Russian and Belarusian nations from applying because of due diligence difficulties. As proof of their fears about investors obtaining local passports and traveling to countries which do not demand visas from some of the CIP nations, Canada in 2017 had reinstated visas for Antiguans and sister isle, Barbuda.
Aligning with other participating nations from the end of July, the new baseline minimum fee would be doubled to $200,000. For a family of four applying, the minimum investment will be $230,000 and five or more $245.000. Those who wish to invest in real estate ventures will be required to fork out $325,000 but there has been no increase in business venture investments as this remains at $1.5 million. Rates are now similar for most of the five nations.
“These changes are meant to align with (EU) demands to raise the minimum investment threshold. The EU has been pressuring Caribbean states to eliminate or alter their citizenship program. The four islands also committed to sharing data between CIPs and enhancing program transparency. They will share information on applicants with each other by establishing a digital portal with the Joint Regional Communications Centre (JRCC) in Barbados,” the announcement said.
