Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Caribbean Nations Selling Second Passports Are Slashing Prices

Caribbean Nations Selling Second Passports Are Slashing Prices

Caribbean nations are so strapped for cash after the pandemic hammered their tourism industries that they have begun dangling deep discounts on the passports they sell to wealthy foreigners. Selling 1000 citizenship to people that will never visit the island anyway for $100K each can inject $100 million to the government every month.

Many of the islands in the region have long offered “citizenship-by-investment” programs as a way of supplementing the hard currency they pull in from tourism. With their hotels and white-sand beaches now almost entirely empty, this unconventional business has suddenly taken on a much greater importance.

St. Kitts and Nevis, a mountainous twin-island nation of 53,000 people, was among the first to slash prices. It’s offering a special deal through the end of the year: A $150,000 contribution to the country’s “Sustainable Growth Fund” will score passports for a family of four. That’s a 23% drop from the regular price of $195,000. Other islands in the region, including Dominica and Antigua and Barbuda are offering even cheaper deals.

“In these days of Covid, when tourism is not happening, we have to find ways to create revenue to sustain our economy,” said Les Khan, CEO of St. Kitts and Nevis Citizenship Investment Unit, in a phone interview.

St. Lucia, Grenada, Antigua and Barbuda, and Dominica have also put changes in place to lure more clients, Khan said. Some offer citizenship for as little as $100,000.

Since St. Kitts helped pioneer the industry in the 1980s, citizenship-by-investment has grown into a multi-billion dollar business, offering wealthy clients an escape from the travel restrictions on their home countries’ passports and helping them plan for emergencies.

“Clients look at these citizenship options as volatility management or risk management tools,” said Paddy Blewer, director of the U.K. office of Henley & Partners, a London-based consultancy that provides advice on citizenship and residencies.

The fallout from Covid has highlighted the value of a second passport, he said, as governments in Europe and elsewhere imposed restrictions on people who can normally travel without a visa, such as U.S. citizens.


Chinese Clients


During the pandemic, Khan’s unit has seen an increase in interest from clients in China and the Middle East, he said. The office does not release statistics.

Its passport offers visa-free travel to more than 100 countries, including the U.K. and Italy. Citizenship can also be acquired via an investment in real estate.

The second-passport industry has come under fire from U.S. authorities. The State Department last year criticized Dominica for “lax” due diligence in approving applications. In 2014, the U.S. Treasury urged St. Kitts to tighten its vetting process after Iranian nationals allegedly used a passport from the island to evade U.S. sanctions.

Khan said the government takes a strict approach to the process, adding that clients from Iran and Afghanistan are currently not eligible.


Zero-Interest Bonds


St. Lucia offers would-be citizens the option of buying five-year, non-interest bearing bonds. In May, it cut the required investment by half, to $250,000 for an individual or $300,000 for a family of four. The deal on these “Covid-19 Relief” bonds expires at year’s end.

Read More: Global Tourism Losses May Exceed $1.2 Trillion

Since it launched its program in 2015, the nation of 182,000 has given passports to about 700 people, said Nestor Alfred, the CEO of the St. Lucia Citizenship by Investment Program.

The program “provides a wonderful avenue for all those persons who have not had the possibility to participate in this big wide world because of their passport,” he said in a phone interview.

Antigua & Barbuda offers citizenship for a family of four in exchange for a $100,000 donation to its development fund. The government recently cut the price for adding additional children.

The government of Barbados has floated the idea of a ‘Welcome Stamp’ to give people working remotely the option of doing it from the island for up to a year.

People who acquire Caribbean citizenship are usually not looking to leave their homes, Blewer said. That’s a big difference with E.U. nations such as Malta and Cyprus where people generally want residency and the investment required is much greater, he said.

The industry has become increasingly competitive in recent years as more governments started selling citizenship, said Beatrice Gatti, of CS Global Partners, which helps clients navigate the citizenship programs.

“In the past there has been a tendency toward lowering prices, but the current cuts seem to be temporary and Covid-19 related,” she said.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
U.S. and Hungarian Officials Talk About Economic Collaboration and Sanctions Strategy
Technology Giants Activate Lobbying Campaigns Against Strict EU Regulations
Pope Francis Admitted to Hospital in Rome Amid Increasing Speculation on Succession
Zelensky Calls on World Leaders to Back Peace as Tensions Rise with Trump
UK Leader Keir Starmer Calls for US Security Guarantee in Ukraine Peace Deal
NATO Chief Urges Higher Defense Expenditure in Europe
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advancement.
Rubio Touches Down in Riyadh Before Key U.S.-Russia Discussions
Students in Serbian universities Unite to Hold Coordinated Protests for Accountability.
US State Department Removes Taiwan Independence Statement from Website
Abolishing opposition won't protect Germany from Nazism—this is precisely what led Germany to become Nazi!
Transatlantic Gold Rush: Traders Shift Bullion in Response to Tariff Anxieties and Market Instability
Bill Ackman Backs Uber as the Company Shifts Towards Profitability
AI Titans Challenge Nvidia's Supremacy in Light of New Chip Innovations
US and Russian Officials to Meet in Saudi Arabia Over Ending Ukraine Conflict. Ukraine and European leaders – who profit from this war – excluded from the negotiations.
Macron Calls for Urgent Summit as Ukraine Conflict Business Model is Threatened
Trump’s Defense Secretary: Ukraine Won’t Join NATO or Regain Lost Territories
Zelensky Urges Europe to Bolster Its Military in Light of Uncertain US Backing
Chinese Zoo Confesses to Dyeing Donkeys to Look Like Zebras
Elon Musk is Sherlock Holmes - Movie Trailer Parody featuring Donald Trump's Detective
Trump's Greenland Suggestion Sparks Sovereignty Discussions Amid Historical Grievances
OpenAI Board Dismisses Elon Musk's Offer to Acquire the Company.
USAID Uncovered: American Taxpayer Funds Leveraged to Erode Democracy in Europe Until Trump Put a Stop to It.
JD Vance and Scholz Did Not Come Together at the Munich Security Conference.
EU Official Participates in Discussions in Washington Amid Trade Strains
Qatar Contemplates Reducing French Investments Due to PSG Chief Investigation
Germany's Green Agenda Encounters Ambiguity Before Elections
Trump Did Not Notify Germany's Scholz About His Ukraine Peace Proposal.
Munich Car Attack Escalates Migration Discourse Before German Elections
NATO Allies Split on Trump's Proposal for 5% Defense Spending Increase
European Parliament Advocates for Encrypted Messaging to Ensure Secure Communications
Trump's Defense Spending Goal Creates Division Among NATO Partners
French Prime Minister Bayrou Navigates a Challenging Path Amid Budget Preservation and Immigration Discourse
Steering Through the Updated Hierarchy at the European Commission
Parliamentarian Calls for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditures
Dresden Marks the 80th Anniversary of the World War II Bombing.
Global Community Pledges to Aid Syria's Political Transition
EU Allocates €200 Billion for AI Investments, Introduces €20 Billion Fund for Gigafactories
EU Recognizes Its Inability to Close the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Missing from Notre Dame Reopening Due to Last-Minute Cancellation
EU Officializes Disinformation Code for Online Platforms, Omitting X
EU Fails to Fully Implement Key Cybersecurity Directives
EU Under Fire for Simplification Discussions Regarding Corporate Sustainability Reporting
Shein Encountering Further Information Request from the EU During Ongoing Investigation
European Commission Initiates Investigation into Shein as It Aims at Chinese E-Commerce Regulations
German Officials Respond to U.S. Proposal for Peace Talks with Russia
Senate Approves Robert F. Kennedy Jr. as Secretary of Health and Human Services.
Trump and Putin Engage in Discussions on Ukraine Peace Negotiations Amid Worldwide Responses
Honda and Nissan End Merger Talks
×