Caribbean Passport for Property: An Escape for the Wealthy?

Five island nations in the Eastern Caribbean—Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Saint Lucia, and Dominica—are seeing a surge in interest from wealthy Americans. The allure isn’t just the stunning beaches and laid-back lifestyle, but also the “Citizenship by Investment” (CBI) programs. These schemes allow individuals to obtain a passport by purchasing a property, which grants visa-free access to up to 150 countries, including Europe’s Schengen area.

Demand for these investments has risen sharply, with a significant number of buyers coming from the U.S. Real estate agents believe that political and social volatility in the United States is the primary driver, with many viewing a second passport as a form of “insurance.” The Caribbean’s favourable tax environment, which includes the absence of capital gains and inheritance taxes, is another major draw. While the program was created to boost local economies and generates substantial revenue, it faces criticism over security concerns and potential money laundering risks. In response, the island nations are implementing stricter due diligence measures to maintain the integrity of their programs.

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Source: Yahoo

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