Caribbean Second Passports Purchased by Certain Canadians, Report Suggests
Canadians Seek Second Citizenship Through Caribbean Investment Programs
A growing number of Canadians are exploring the option of acquiring a second citizenship through real estate investment in the Caribbean. This trend is driven by the Caribbean Citizenship by Investment (CBI) programs, which offer enhanced global mobility, tax optimization, political stability, and family inclusion.
These programs require applicants, who must be adults of good health and character, to make a significant economic contribution. This contribution can be made through a non-refundable government fund donation or real estate investment, typically starting around $200,000–$235,000. In return, investors and their families can gain citizenship with visa-free access to approximately 150 countries, including the EU, UK, and other key regions. Some Caribbean CBI passports even enable eligibility for the US E-2 investor visa [1][3][4].
The CBI application process includes a medical exam, background checks, proof of funds, an interview to confirm identity, and due diligence to ensure the applicant will not burden the host country [1][3][4]. Economically, these programs boost local economies by attracting foreign direct investment, primarily through real estate development and government fund contributions. This influx of foreign investment diversifies economies traditionally dependent on tourism and agriculture [1][4].
For example, estate agents report rising demand for property linked to CBI in places like Antigua and Grenada, directly impacting the real estate market and local employment [1][4]. The Caribbean islands of Antigua and Barbuda, Dominica, St. Kitts and Nevis, St. Lucia, and Grenada offer CBI programs [1].
Experts suggest that implementing investment-based citizenship programs could bring in revenue and attract wealthy individuals, business owners, and experts in their fields [1]. In light of this, Canadian economist Harding-Marlin notes that Canada could potentially seek the benefits that other countries are seeing through their citizenship investment programs [1].
The demand for second citizenships is no longer primarily driven by emerging markets, with the United States being the number one source of the market for second citizenship [2]. This trend is likely to continue, as Canadians' motivations for seeking Caribbean citizenship are often lifestyle, tax planning, or a backup plan in uncertain times.
It's important to note that Canadians are permitted to hold multiple passports under Canadian law [3]. However, the Canadian Immigrant Investor Program, which allowed wealthy individuals to gain permanent residency in exchange for significant financial investment, was scrapped in 2014 [3].
With the increasing interest in CBI programs and the potential benefits they offer, economist Major believes renewed interest in investment-based citizenship programs could pressure Ottawa to re-enter the space due to geopolitical alliances, trade tensions, and economic uncertainty [2].
The Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) has proposed a new draft legislative framework for these programs [4]. The government review process for CBI applications takes three to nine months, and successful applicants are required to physically reside in the country for a minimum of 30 days within the first five years of acquiring their citizenship [4].
In conclusion, Caribbean CBI programs offer Canadians and Americans a strategic path to a second citizenship with substantial personal, financial, and mobility advantages, while also producing measurable positive economic impacts in the host island nations through investment inflows and economic diversification [1][2][3][4].
[1] https://www.bloomberg.com/news/articles/2020-08-13/canada-s-passport-rival-is-a-caribbean-island-for-200-000 [2] https://www.theglobeandmail.com/canada/article-canada-is-being-left-behind-on-citizenship-by-investment-programs/ [3] https://www.forbes.com/sites/johnthornhill/2020/08/21/canada-is-missing-out-on-a-goldmine-of-investment-and-talent-by-not-offering-citizenship-by-investment/?sh=718e72503e8c [4] https://www.caribbeanjournal.com/2019/03/20/eccira-proposes-new-draft-legislation-for-cbi-programs-in-eastern-caribbean/
- Canadians are increasingly investing in real estate in Caribbean countries to secure a second citizenship as part of the Caribbean Citizenship by Investment (CBI) programs.
- The CBI programs provide multiple advantages such as global mobility, tax optimization, political stability, and family inclusion, and grant visa-free access to around 150 countries.
- These CBI programs can be financially demanding, with contributions typically starting at $200,000–$235,000 and requiring an interview to confirm identity, due diligence checks, and a medical exam.
- Canadian economist Harding-Marlin believes that Canada may potentially consider the benefits of investment-based citizenship programs, as they have proven successful in other countries.
