Today, small Caribbean countries that are part of the European Union are attracting foreign capital to boost their economies. By investing, foreigners are given the right to legally live, study, work, and enjoy all local benefits at the same level as the indigenous population. And these programs are very popular with wealthy business people from non-EU countries. Let’s take a closer look at some of them.
What is a second CBI program?
Citizenship by investment programs is more relevant today than ever before. And the more applications are received by the responsible authorities, the less time it takes to process the documents. The average time to obtain the desired document from the moment of application for all CBI programs in 2023 is about 3-4 months. According to the expert of Immigrant Invest Vladlena Baranova, the schemes of obtaining CBI in Caribbean countries are the fastest compared to European ones. This is their main advantage. Therefore, they should be considered by those who are determined to move to a country with a mild climate, exotic nature, and comfortable living conditions.
St. Kitts & Nevis CBI program
The conditions to be fulfilled by a foreigner under the program are as follows:
- make a $250,000 donation to the Federal Consolidated Fund;
- buy a stake in a project approved by the government of the country for $400,000 or a private house for $800,000;
- pay $10,000 for oneself, $15,000 for a spouse, and $7,500 for each adult family member;
- contribute $350,000 for an applicant or family of up to four and $20,000 for a sibling, plus an additional $10,000 for other dependents.
One will also have to pay some fees and charges according to the approved procedure. When buying real estate, paying attention to the period of ownership is essential. Additional payments and fees are not provided, so the applicant knows the investment amount from the beginning. Note that contributions made in favor of the country are not refundable. To make an application, a potential investor needs to confirm his financial situation and specify the selected investment amount.
One of the program’s benefits is receiving the desired status in 3-6 months; the applicant’s physical presence is not required in this case. Under the accelerated procedure, the process can take up to 60 days. In the first stage, a security check will be required (it may take about 30 days). Next, the purchase of real estate or investment should be made, and the decision of the state authorities should be obtained. After obtaining registration, the applicant can apply for a passport, which is issued for ten years. An oath is not required.
Antigua & Barbuda CBI
The program was inaugurated in 2013 and allowed to get the fastest second citizenship to anyone who wished to move to the picturesque islands in exchange for the following financial investments:
- in real estate or real estate shares – $200,000 for five years or more;
- to the local National Development Fund from $100,000;
- A charitable donation to the University of the West Indies Foundation – from $150,000;
- to invest at least $400,000 in a company valued at $5 million or more.
Other fees and charges for the investor and their relatives are included in the application. To participate in the fastest citizenship program, the applicant must be an adult, a reliable citizen of their country, have no criminal record or problems with the law, and be in good health. It is also important to confirm the stability and legality of income and be ready for a detailed check of documents from local authorities. If approved, one will have to be sworn in.
Malta CBI
Launched several years ago, the program is designed for wealthy and reliable adult foreigners ready to invest personal funds in the national foundation for 600,000 euros or more, in charity (from 10,000 euros), or in real estate. The investment amount is from 690,000 euros or 750,000 euros if the investor wishes to obtain citizenship in 1 year through an accelerated procedure.
The applicant should consider properties for €700,000 or more when purchasing residential or commercial real estate. If the applicant is going to rent a home, they should choose a property for 16,000 euros for five years or more. If a family move is planned, there are also some additional fees and charges to be paid for themselves and their relatives.
To join the program, an applicant must necessarily meet the following requirements:
- be of legal age;
- no criminal record and no police prosecution;
- not to be under sanctions in their own or other countries;
- to prove the legality and stability of income;
- show willingness to make an investment of 690,000 euros or more in the country’s economy;
- live in the Republic for at least one year.
Pay attention that the fastest second passport can be valid for ten years with the right to renew.
Conclusion
If you have already decided where you will apply, schedule a consultation with the agents of the migration company, who will help you complete the application, collect, translate, and notarize the documents, and will guide you through the entire process until you receive your passport. This issue is covered in more detail at immigrantinvest.com. Do not delay the opportunity to change your life after moving to a country by sea with more comfortable conditions. Your family will thank you many times over.
