Published on Adviser Coaching

Caribbean Second Passport Programs: 2024 Comparison

The Caribbean is home to five of the world's most established citizenship by investment programs. Each program has evolved over decades, and while they share many similarities, there are meaningful differences in investment options, costs, processing times, and passport benefits that make some programs better suited to particular applicants.

St. Kitts and Nevis

The oldest CBI program in the world, St. Kitts and Nevis has operated continuously since 1984. Investment options include a donation to the Sustainable Island State Contribution fund (starting at 50,000 for a single applicant) or real estate investment in approved projects. The St. Kitts passport offers visa-free access to approximately 156 countries.

Dominica

Dominica consistently offers the lowest minimum investment costs among Caribbean programs, with donations to the Economic Diversification Fund starting at 00,000 for a single applicant. The Dominica program has strong due diligence standards. Passport holders enjoy visa-free access to approximately 145 countries.

Antigua and Barbuda

The Antigua program offers a National Development Fund donation option starting at 00,000 for a family of up to four. A five-day residency requirement over five years applies. The program also offers a business investment option and a University of West Indies Fund contribution option for families planning educational investment.

Key Considerations for Caribbean Programs

All Caribbean CBI programs offer broadly similar passport strength, as the programs share much of the same visa-free access through independent bilateral agreements. The most meaningful differentiators for most applicants are total cost (including government fees, due diligence fees, and professional fees), processing time, and the specific investment vehicle best suited to the applicant's financial profile.

Grenada: The E-2 Gateway

Grenada's citizenship by investment programme stands apart from other Caribbean programmes because of Grenada's bilateral investment treaty with the United States, which allows Grenada citizens to apply for the US E-2 investor visa — a non-immigrant status that permits residency and business operation in the United States. For investors with business interests in the US market who do not qualify for EB-5 or other immigrant visas, Grenada CBI followed by an E-2 application is a commonly used pathway. The programme accepts donations to the National Transformation Fund starting at USD 235,000 for a single applicant (as of 2024), or real estate investment in approved projects.

Saint Lucia: The Most Recent Programme

Saint Lucia launched its CBI programme in 2016, making it the most recently established among the five Caribbean programmes. Investment options include a National Economic Fund donation (starting at USD 240,000 for a single applicant), real estate investment, enterprise investment in approved businesses, or investment in government bonds. The programme has positioned itself on processing speed and due diligence rigour. Saint Lucia passport holders have visa-free access to approximately 146 countries.

Due Diligence Standards Across Caribbean Programmes

All five Caribbean CBI programmes are subject to scrutiny regarding their due diligence standards, following concerns in previous years about the use of Caribbean passports by sanctioned individuals and those with criminal records. All programmes now conduct multi-tier due diligence including name screening, background checks through international agencies, and review of source of funds documentation. Grenada and Saint Kitts are generally considered to have the most robust screening processes among the five. From an adviser's perspective, clients with complex profiles — prior criminal matters, regulatory investigations, or Interpol notices — require careful pre-screening before any programme application is initiated.

Costs Beyond the Minimum Investment

Published minimum investment figures significantly understate the total cost of a Caribbean CBI application. Additional costs typically include: government due diligence fees (USD 7,500–10,000 per adult), processing fees, authorised agent fees (typically 10–15% of the investment amount), legal fees, and document preparation costs. For a single applicant, total all-in costs typically range from USD 90,000 (Dominica, minimum investment) to over USD 300,000 (Grenada or Saint Kitts, including agent and legal fees). For families, the cost increases with each dependent, and some programmes charge significant additional fees for older dependants.

Passport Validity and Renewal

Caribbean CBI passports are valid for five or ten years depending on the programme and are renewable in the ordinary course. Some programmes require passport holders to maintain a minimum residency connection — Antigua requires a five-day visit during the first five years. Naturalisation in these countries typically takes five years or more of residence, so CBI is a citizenship pathway rather than a naturalisation accelerator for most clients. Advisers should also note that EU market access for Caribbean passport holders has been subject to ongoing review, and some programmes previously enjoyed visa-free Schengen access that has since been restricted or is under review.