The Caribbean: citizenship by investment and the 2024 US$200k floor
Five Caribbean programs agreed a single minimum contribution of US$200,000 from 1 July 2024 — citizenship with visa-free access to many countries in months, not years.
- Caribbean countries pressing forward with the Memorandum of Agreement on CBI programmes — Organisation of Eastern Caribbean States (OECS), 2024
- Caribbean CBI Collaboration: Unified Changes across the 5 Citizenship Programs — Global Citizen Solutions, 2024
Background
St Kitts and Nevis launched the world's oldest citizenship-by-investment program back in 1984. Over time Dominica, Grenada, Antigua and Barbuda, and St Lucia joined — five small Eastern Caribbean states (the OECS).
Competition and external pressure (including from the EU and the US) drove a "race to the bottom" on price, then a joint attempt to stop it.
Problem
An investor wants a second passport: insurance against instability, freedom of movement and easier travel. But price-dumping between neighbouring islands undermined the programs' reputation and risked visa restrictions from major partners.
Solution
In March 2024, four countries — Antigua and Barbuda, Dominica, Grenada, and St Kitts and Nevis — signed a memorandum on harmonisation; St Lucia joined in June. From 1 July 2024 all five set a minimum contribution of US$200,000.
In practice thresholds differ: Dominica from US$200,000 (Economic Diversification Fund), Grenada from US$200,000 (National Transformation Fund) — and Grenada holds an E-2 investor-visa treaty with the US — St Kitts and Nevis from US$250,000. The package usually involves rigorous applicant due diligence, and processing takes months. The citizenship obtained grants visa-free or simplified entry to many countries.
Result
Five Caribbean programs agreed a single minimum contribution of US$200,000 from 1 July 2024 — citizenship with visa-free access to many countries in months, not years.
Lessons learned
- A second passport is a mobility tool, not a tax-optimisation one: Caribbean citizenship usually does not change the holder's tax residence.
- A price race to the bottom is dangerous for the programs themselves: it invites partner pressure and visa restrictions.
- The value of visa-free access is volatile: the list of visa-free countries can shrink under external pressure.
Frequently asked questions
Does Caribbean citizenship give tax benefits?
By itself, usually not. It is primarily a mobility tool. Taxation depends on where a person is tax-resident; simply obtaining a passport without relocating usually does not change tax obligations.
Why did five countries set the same minimum?
To stop mutual price-dumping and address international partners' concerns about the programs' transparency and integrity. The 2024 memorandum set a common US$200,000 floor as the basis for shared standards.