Citizenship for sale? Why Canadians are joining the Caribbean passport trend
security
.
According to industry experts,
demand
for Caribbean "
citizenship by investment
" (CBI) programs is rising among Canadians who already possess one of the world's most powerful passports. Instead of using CBI to increase travel access, they're investing in these programs for peace of mind and long-term flexibility.
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'Canadians already have strong passports,' said Eric Major, CEO of UK-based Latitude Consultancy, which specializes in citizenship and residency-by-investment. 'So their motivations are usually one of three things: lifestyle, tax planning, or a Plan B, security if things become unstable at home or abroad.'
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The
CBI programs
, offered by five eastern Caribbean countries, Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Kitts and Nevis, allow foreign nationals to obtain citizenship through either a real estate investment or a donation to a government development fund.
How to qualify?
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To qualify, applicants undergo a rigorous due diligence process. They must hire a licensed firm, submit background checks, undergo medical exams, verify their income, and complete an identity interview. Once approved, they must fulfill the investment requirement, typically US$270,000 to US$300,000 for real estate, before receiving their citizenship certificate and passport.
Canadian law permits dual and even multiple citizenships, and there is no legal limit on how many nationalities a Canadian can acquire. However, as Major points out, maintaining ties such as Canadian bank accounts or spending more than six months a year in the country can still trigger Canadian tax obligations.
The programs are a significant economic driver for the Caribbean nations. In some countries, CBI
revenue
contributes as much as 50 percent of GDP.
New regional reforms are also taking shape. As of July 1, a draft framework from the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) proposes that successful applicants must spend at least 30 days in the country within five years. If they don't, they could face fines of up to 10 percent of their investment and even risk losing their passport.
With increasing global instability, demand for second citizenships, once driven by weaker passport holders, is now being led by North Americans.
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