Buy a house in the Caribbean islands, and earn a passport: Here's what you need to know about it
The news report said that five of the region's island nations – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia – offer such citizenship by investment (CBI) from as little as USD 200,000.
The report said that buying a home in the island nation will also get investors a passport that grants the holder visa-free access to up to 150 countries, including Europe's Schengen area, and for all but Dominica, along with the United Kingdom (UK).
For the wealthy, the islands' absence of taxes on capital gains and inheritance, and in some cases on income, is another major draw. All five of the region's schemes allow buyers to retain their existing citizenship.
For wealthy individuals, these island jurisdictions offer compelling fiscal advantages: no capital gains tax, no inheritance or estate tax, and in several cases—no personal income tax as well, the news report said.
Also Read: 5 things NRIs should keep in mind before investing in property in India
According to the news report, real estate consultants are not able to handle the demand post-announcement.
Nadia Dyson, owner of Luxury Locations, says estate agents in Antigua are struggling to keep up with demand. "Up to 70% of all buyers right now want citizenship, and the vast majority are from the US," Dyson told the BBC.
Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Dyson said.
Majority of investors from the US
According to the BBC news report, US citizens account for the bulk of CBI applications in the Caribbean over the past year.
Also Read: Over 2 lakh Indians gave up citizenship in 2024, reveals government data
Ukraine, Turkey, Nigeria, and China are among the other countries from which applicants applied for CBI. The overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024, the report said.
What to keep in mind while investing overseas?
An Indian citizen's investment in real estate overseas, including Caribbean nations, is governed by two key regulations: the Foreign Exchange Management Act, 1999, and the Income Tax Act, 1961.
Also Read: Looking to buy real estate in Dubai? Here's all that you should know
As per FEMA regulations, a resident individual can remit up to USD 2,50,000 (about ₹2.1 crore) per financial year under the Liberalised Remittance Scheme for the purchase of immovable property. The limit is for an individual; therefore, a family looking to buy a bigger property can remit the funds in larger amounts by utilising their combined individual limits.
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