Latest news with #AntiguaandBarbuda
Yahoo
16 hours ago
- Business
- Yahoo
The Caribbean islands that give you a passport if you buy a home
Scroll through homes for sale in the Eastern Caribbean and it is no longer just bewitching beaches and a laid-back lifestyle being touted to woo buyers. More and more property listings are offering a passport too – and political and social volatility in the US is said to be fuelling an upsurge in interest. 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 $200,000 (£145,000). Buy a home, and you also get a passport that grants the holder visa-free access to up to 150 countries including Europe's Schengen area, and for all but Dominica, to the UK too. For the wealthy, the islands' absence of taxes such as capital gains and inheritance, and in some cases on income too, is another major draw. And all five of the region's schemes allow buyers to retain their existing citizenship. In Antigua, estate agents are struggling to keep up with demand, says Nadia Dyson, owner of Luxury Locations. "Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US," she tells the BBC. "We don't talk politics with them, but the unstable political landscape [in the US] is definitely a factor. "This time last year, it was all lifestyle buyers and a few CBI. Now they're all saying 'I want a house with citizenship'. We've never sold so many before." Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Ms Dyson says, adding: "A few have relocated already." US citizens account for the bulk of CBI applications in the Caribbean over the past year, according to investment migration experts Henley & Partners. Ukraine, Turkey, Nigeria and China are among the other most frequent countries of origin of applicants, says the UK firm which has offices around the world. It adds that overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024. Everything from gun violence to antisemitism is putting Americans on tenterhooks, according to the consultancy's Dominic Volek. "Around 10-15% actually relocate. For most it's an insurance policy against whatever they're concerned about. Having a second citizenship is a good back-up plan," he explains. Mr Volek says the ease-of-travel advantages the Caribbean passports provide appeals to businesspeople, and may also present a security benefit. "Some US clients prefer to travel on a more politically-benign passport." Prior to the Covid pandemic, the US was not even on Henley's "radar", Mr Volek continues. Movement restrictions proved "quite a shock" for affluent people used to travelling freely on private jets, prompting the first surge in stateside CBI applications. Interest ratcheted up again after the 2020 and 2024 US elections. "There are Democrats that don't like Trump but also Republicans that don't like Democrats," Mr Volek says. "In the last two years we've gone from having zero offices in the US to eight across all major cities, with another two to three opening in the coming months." Was China the reason Guyana faced higher Trump tariff? Raisins or not? Pudding debate splits island nation Letting off steam: How Dominica's volcanoes will boost its green energy Robert Taylor, from Halifax in Canada, bought a property in Antigua where he plans to retire later this year. He invested $200,000 just before the real estate threshold was raised to $300,000 last summer. Not only does being a citizen avoid restrictions on length of stay, it also gives him the freedom to take advantage of business opportunities, he explains. "I chose Antigua because it has beautiful water, I find the people very, very friendly and it also means great weather for the later part of my life." Still, such programmes are not without controversy. When passport sales were first mooted in 2012 by the then Antiguan government as a way of propping up the ailing economy, some considered the ethics a little iffy. Protesters took to the streets in condemnation, recalls former Speaker of the House Gisele Isaac. "There was a sense of nationalism; people felt we were selling our identity, so to speak, to people who knew nothing about us," she says. Leaders of some other Caribbean nations that do not offer CBIs have also been quick to criticise, including St Vincent and the Grenadines' Prime Minister Ralph Gonsalves. He has previously said citizenship should not be "a commodity for sale". Among the international community, there are fears that lax oversight may help criminals get through their borders. The European Union has threatened to withdraw its coveted visa-free access for Caribbean CBI countries, while the US has previously raised concerns over the potential for such schemes to be used as a vehicle for tax evasion and financial crime. A European Commission spokesperson tells the BBC that it is "monitoring" the five Caribbean schemes, and has been in talks with their respective authorities since 2022. She says an ongoing assessment is seeking to substantiate if citizenship by investment constitutes "an abuse of the visa-free regime those countries enjoy vis-à-vis the EU and whether it is likely to lead to security risks for the EU". The Commission has acknowledged reforms carried out by the islands, which it says will have an impact on its evaluation. For their part, the five Caribbean nations have reacted angrily to claims that they are not doing enough to scrutinise applicants. Dominica's Prime Minister Roosevelt Skerrit has described his country's CBI programme as "sound and transparent", adding authorities had worked hard to ensure its integrity. The government says passport sales have raised more than $1bn since the initiative's inception in 1993, paying for vital infrastructure including a state-of-the-art hospital. In St Lucia, Prime Minister Philip J Pierre says the island adheres to the highest standards of security to ensure its CBI does not inadvertently aid illicit activities. The need to appease the world's superpowers with raising revenue is a delicate balancing act for small Caribbean nations with meagre resources, dependent on the whims of tourism. CBI programmes were labelled a lifeline at a regional industry summit in April, with funds used for everything from cleaning up after natural disasters to shoring up national pension schemes. Antigua's Prime Minister Gaston Browne said money raised had brought his country back from the brink of bankruptcy over the past decade. Aside from buying property, other routes to Caribbean citizenship through investment typically include a one-off donation to a national development fund or similar. They range from $200,000 in Dominica for a single applicant, to $250,000 for a main applicant and up to three qualifying dependents in Dominica and St Kitts. In Antigua, investors also have the option of donating $260,000 to the University of the West Indies. In the face of international pressure, the islands have committed to new measures to bolster oversight, including establishing a regional regulator to set standards, monitor operations and ensure compliance. Additionally, six principles agreed with the US include enhanced due diligence, regular audits, mandatory interviews with all applicants, and the removal of a loophole that previously enabled an applicant denied by one country to apply in another. These days, passport sales account for 10-30% of the islands' GDP. Andre Huie, a journalist in St Kitts, says his country's CBI scheme is "generally well supported" as a result. "The public understand the value of it to the economy, and appreciate what the government has been able to do with the money." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
a day ago
- Business
- BBC News
Buy house and dem go give you passport - Di Caribbean islands wey dey do citizenship by investment
Scroll through homes for sale in di Eastern Caribbean and e no longer just be beaches wey make sense and a easy going lifestyle dem dey use to attract buyers. More and more property listings dey offer passport too – and tori be say political and social mata dem for di US dey ginger di increase in interest. Five of di region island nations – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia – dey offer such citizenship by investment (CBI) from as little as $200,000 (£145,000). Buy a home, and you also get a passport wey grant di holder visa-free access to up to 150 kontris including di UK and Europe Schengen area. For di pipo wey get money, di islands absence of taxes like capital gains and inheritance, and in some cases on income too, na anoda major draw. And all five of di region schemes allow buyers to retain dia existing citizenship. For Antigua, estate agents dey struggle to keep up wit demand, Nadia Dyson, owner of Luxury Locations tok. "Up to 70% of all buyers right now dey want citizenship, and di vast majority be from di US," she tell di BBC. "We no dey tok politics wit dem, but di unstable political landscape [for di US] na definitely a factor. "Dis time last year, e be all lifestyle buyers and a few CBI. Now dey all dey say 'I want a house wit citizenship'. We neva sell plenty like dis before." Despite say Antigua programme no get residency requirement, some buyers dey look to relocate full-time, Ms Dyson tok, add: "A few don relocate already." US citizens account for di plenty number of CBI applications in di Caribbean over di past year, according to investment migration experts Henley & Partners. Ukraine, Turkey, Nigeria and China det among di oda most frequent kontris of origin of applicants, di UK firm wey get offices around di world tok. Dem add say overall applications for Caribbean CBI programmes don increase by 12% since di fourth quarter of 2024. Evri tin from gun violence to antisemitism dey make Americans look dia back, according to di consultancy Dominic Volek. "Around 10-15% actually relocate. For most na insurance policy against whatever dem dey concerned about. To get second citizenship na good back-up plan," e explain. Oga Volek say di ease-of-travel advantages wey di Caribbean passports provide appeal to business pipo, and fit also present security benefit. "Some US clients prefer to travel on a more politically-benign passport." Bifor di Covid pandemic, di US no even dey on Henley "radar", Volek kontinu. Movement restrictions bin prove "quite a shock" for rich pipo wey dey used to travelling freely on private jets, prompt di first increase in stateside CBI applications. Interest bin go up again afta di 2020 and 2024 US elections. "E get Democrats wey no like Trump but also Republicans wey no like Democrats," Mr Volek tok. "In di last two years we don go from zero offices in di US to eight across all major cities, wit anoda two to three opening in di coming months." Robert Taylor, from Halifax in Canada, bin buy a property in Antigua wia e plan to retire later dis year. E bin invest $200,000 just bifor dem raise di real estate standard to $300,000 last summer. No be only say to be citizen avoid restrictions on length of stay, e also dey give am di freedom to take advantage of business opportunities, e explain. "I chose Antigua sake of say e get beautiful water, I find di pipo very, very friendly and e also mean great weather for di later part of my life." Still, such programmes no dey without controversy. Wen dem first begin reason di sales of passport in 2012 by di den Antiguan govment as a way to prop up dia economy, some no too dey sure of di ethics. Protesters bin take to di streets in condemnation, former Speaker of the House Gisele Isaac recall. "E get a sense of nationalism; pipo bin feel say dem dey sell our identity, so to speak, to pipo wey know nothing about us," she tok. Leaders of some oda Caribbean nations wey no offer CBIs don also dey quick to criticise, including St Vincent and di Grenadines' Prime Minister Ralph Gonsalves. E bin previously tok say citizenship no suppose be "a commodity for sale". Among di international community, fears dey say if dem no shine dia eyes well, tin fit happun wey fit help criminals enta dia borders. Di European Union don threaten to withdraw dia visa-free access for Caribbean CBI kontries, while di US don previously raise concerns over di potential for such schemes to dey used as a vehicle for tax evasion and financial crime. A European Commission tok-tok pesin tell di BBC say dem dey "monitor" di five Caribbean schemes, and dey tok wit dia respective authorities since 2022. She say one ongoing assessment dey try to check if citizenship by investment constitute "an abuse of di visa-free regime those kontris enjoy vis-à-vis di EU and whether e dey likely to lead to security risks for di EU". Di Commission don agree for di Islands dem to carry out reforms wey dem say go get impact on im evaluation. For dia part, di five Caribbean nations don react angrily to claims say dem no dey do enough to investigate applicants. Dominica Prime Minister Roosevelt Skerrit don describe im kontri CBI programme as "sound and transparent", adding say authorities don work hard to make sure of dia integrity. Di govment say passport sales don raise more dan $1bn since di initiative inception in 1993, pay for some important infrastructure including a modern hospital. For St Lucia, Prime Minister Philip J Pierre say di island dey stick to di highest standards of security to make sure say dia CBI no help pipo do illegal tins. Di need to appease di world superpowers wit raising revenue na delicate balancing act for small Caribbean nations wit money resources, depending on di condition of tourism. CBI programmes dey labelled a lifeline for one regional industry summit in April, wit funds wey dem dey use for everytin from cleaning up afta natural disasters to raise national pension schemes. Antigua Prime Minister Gaston Browne say money wey dem raise don save im kontri from economic wahala over di past decade. Aside from buying property, oda routes to Caribbean citizenship through investment typically include a one-off donation to a national development fund or similar. Dem dey range from $200,000 in Dominica for a single applicant, to $250,000 for a main applicant and up to three qualifying dependents in Dominica and St Kitts. For Antigua, investors also get di option of donating $260,000 to di University of di West Indies. Despite di international pressure, di islands don commit to new measures to ginger oversight, including establishing a regional regulator to set standards, monitor operations and ensure compliance. Also, six principles bin agree wit di US include enhanced due diligence, regular audits, mandatory interviews wit all applicants, and di removal of a loophole wey bin dey allow applicant wey dey denied by one kontri to apply in anoda before. Dis days, passport sales account for 10-30% of di islands' GDP. Andre Huie, a journalist for St Kitts, say im kontri CBI scheme dey "generally well supported" sake of dat. "Di public understand di value to di economy, and appreciate wetin di govment don dey able to do wit di money."
Yahoo
2 days ago
- Business
- Yahoo
The Caribbean islands that give you a passport if you buy a home
Scroll through homes for sale in the Eastern Caribbean and it is no longer just bewitching beaches and a laid-back lifestyle being touted to woo buyers. More and more property listings are offering a passport too – and political and social volatility in the US is said to be fuelling an upsurge in interest. 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 $200,000 (£145,000). Buy a home, and you also get a passport that grants the holder visa-free access to up to 150 countries including the UK and Europe's Schengen area. For the wealthy, the islands' absence of taxes such as capital gains and inheritance, and in some cases on income too, is another major draw. And all five of the region's schemes allow buyers to retain their existing citizenship. In Antigua, estate agents are struggling to keep up with demand, says Nadia Dyson, owner of Luxury Locations. "Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US," she tells the BBC. "We don't talk politics with them, but the unstable political landscape [in the US] is definitely a factor. "This time last year, it was all lifestyle buyers and a few CBI. Now they're all saying 'I want a house with citizenship'. We've never sold so many before." Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Ms Dyson says, adding: "A few have relocated already." US citizens account for the bulk of CBI applications in the Caribbean over the past year, according to investment migration experts Henley & Partners. Ukraine, Turkey, Nigeria and China are among the other most frequent countries of origin of applicants, says the UK firm which has offices around the world. It adds that overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024. Everything from gun violence to anti-Semitism is putting Americans on tenterhooks, according to the consultancy's Dominic Volek. "Around 10-15% actually relocate. For most it's an insurance policy against whatever they're concerned about. Having a second citizenship is a good back-up plan," he explains. Mr Volek says the ease-of-travel advantages the Caribbean passports provide appeals to businesspeople, and may also present a security benefit. "Some US clients prefer to travel on a more politically-benign passport." Prior to the Covid pandemic, the US was not even on Henley's "radar", Mr Volek continues. Movement restrictions proved "quite a shock" for affluent people used to travelling freely on private jets, prompting the first surge in stateside CBI applications. Interest ratcheted up again after the 2020 and 2024 US elections. "There are Democrats that don't like Trump but also Republicans that don't like Democrats," Mr Volek says. "In the last two years we've gone from having zero offices in the US to eight across all major cities, with another two to three opening in the coming months." Was China the reason Guyana faced higher Trump tariff? Raisins or not? Pudding debate splits island nation Letting off steam: How Dominica's volcanoes will boost its green energy Robert Taylor, from Halifax in Canada, bought a property in Antigua where he plans to retire later this year. He invested $200,000 just before the real estate threshold was raised to $300,000 last summer. Not only does being a citizen avoid restrictions on length of stay, it also gives him the freedom to take advantage of business opportunities, he explains. "I chose Antigua because it has beautiful water, I find the people very, very friendly and it also means great weather for the later part of my life." Still, such programmes are not without controversy. When passport sales were first mooted in 2012 by the then Antiguan government as a way of propping up the ailing economy, some considered the ethics a little iffy. Protesters took to the streets in condemnation, recalls former Speaker of the House Gisele Isaac. "There was a sense of nationalism; people felt we were selling our identity, so to speak, to people who knew nothing about us," she says. Leaders of some other Caribbean nations that do not offer CBIs have also been quick to criticise, including St Vincent and the Grenadines' Prime Minister Ralph Gonsalves. He has previously said citizenship should not be "a commodity for sale". Among the international community, there are fears that lax oversight may help criminals get through their borders. The European Union has threatened to withdraw its coveted visa-free access for Caribbean CBI countries, while the US has previously raised concerns over the potential for such schemes to be used as a vehicle for tax evasion and financial crime. A European Commission spokesperson tells the BBC that it is "monitoring" the five Caribbean schemes, and has been in talks with their respective authorities since 2022. She says an ongoing assessment is seeking to substantiate if citizenship by investment constitutes "an abuse of the visa-free regime those countries enjoy vis-à-vis the EU and whether it is likely to lead to security risks for the EU". The Commission has acknowledged reforms carried out by the islands, which it says will have an impact on its evaluation. For their part, the five Caribbean nations have reacted angrily to claims that they are not doing enough to scrutinise applicants. Dominica's Prime Minister Roosevelt Skerrit has described his country's CBI programme as "sound and transparent", adding authorities had worked hard to ensure its integrity. The government says passport sales have raised more than $1bn since the initiative's inception in 1993, paying for vital infrastructure including a state-of-the-art hospital. In St Lucia, Prime Minister Philip J Pierre says the island adheres to the highest standards of security to ensure its CBI does not inadvertently aid illicit activities. The need to appease the world's superpowers with raising revenue is a delicate balancing act for small Caribbean nations with meagre resources, dependent on the whims of tourism. CBI programmes were labelled a lifeline at a regional industry summit in April, with funds used for everything from cleaning up after natural disasters to shoring up national pension schemes. Antigua's Prime Minister Gaston Browne said money raised had brought his country back from the brink of bankruptcy over the past decade. Aside from buying property, other routes to Caribbean citizenship through investment typically include a one-off donation to a national development fund or similar. They range from $200,000 in Dominica for a single applicant, to $250,000 for a main applicant and up to three qualifying dependents in Dominica and St Kitts. In Antigua, investors also have the option of donating $260,000 to the University of the West Indies. In the face of international pressure, the islands have committed to new measures to bolster oversight, including establishing a regional regulator to set standards, monitor operations and ensure compliance. Additionally, six principles agreed with the US include enhanced due diligence, regular audits, mandatory interviews with all applicants, and the removal of a loophole that previously enabled an applicant denied by one country to apply in another. These days, passport sales account for 10-30% of the islands' GDP. Andre Huie, a journalist in St Kitts, says his country's CBI scheme is "generally well supported" as a result. "The public understand the value of it to the economy, and appreciate what the government has been able to do with the money."
BBC News
2 days ago
- Business
- BBC News
The Caribbean islands that give you a passport if you buy a home
Scroll through homes for sale in the Eastern Caribbean and it is no longer just bewitching beaches and a laid-back lifestyle being touted to woo and more property listings are offering a passport too – and political and social volatility in the US is said to be fuelling an upsurge in 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 $200,000 (£145,000).Buy a home, and you also get a passport that grants the holder visa-free access to up to 150 countries including the UK and Europe's Schengen the wealthy, the islands' absence of taxes such as capital gains and inheritance, and in some cases on income too, is another major draw. And all five of the region's schemes allow buyers to retain their existing citizenship. In Antigua, estate agents are struggling to keep up with demand, says Nadia Dyson, owner of Luxury Locations. "Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US," she tells the BBC."We don't talk politics with them, but the unstable political landscape [in the US] is definitely a factor."This time last year, it was all lifestyle buyers and a few CBI. Now they're all saying 'I want a house with citizenship'. We've never sold so many before."Despite Antigua's programme having no residency requirement, some purchasers are looking to relocate full-time, Ms Dyson says, adding: "A few have relocated already."US citizens account for the bulk of CBI applications in the Caribbean over the past year, according to investment migration experts Henley & Partners. Ukraine, Turkey, Nigeria and China are among the other most frequent countries of origin of applicants, says the UK firm which has offices around the adds that overall applications for Caribbean CBI programmes have increased by 12% since the fourth quarter of 2024. Everything from gun violence to anti-Semitism is putting Americans on tenterhooks, according to the consultancy's Dominic Volek."Around 10-15% actually relocate. For most it's an insurance policy against whatever they're concerned about. Having a second citizenship is a good back-up plan," he Volek says the ease-of-travel advantages the Caribbean passports provide appeals to businesspeople, and may also present a security benefit. "Some US clients prefer to travel on a more politically-benign passport."Prior to the Covid pandemic, the US was not even on Henley's "radar", Mr Volek restrictions proved "quite a shock" for affluent people used to travelling freely on private jets, prompting the first surge in stateside CBI applications. Interest ratcheted up again after the 2020 and 2024 US elections."There are Democrats that don't like Trump but also Republicans that don't like Democrats," Mr Volek says."In the last two years we've gone from having zero offices in the US to eight across all major cities, with another two to three opening in the coming months." Robert Taylor, from Halifax in Canada, bought a property in Antigua where he plans to retire later this invested $200,000 just before the real estate threshold was raised to $300,000 last only does being a citizen avoid restrictions on length of stay, it also gives him the freedom to take advantage of business opportunities, he explains. "I chose Antigua because it has beautiful water, I find the people very, very friendly and it also means great weather for the later part of my life."Still, such programmes are not without controversy. When passport sales were first mooted in 2012 by the then Antiguan government as a way of propping up the ailing economy, some considered the ethics a little took to the streets in condemnation, recalls former Speaker of the House Gisele Isaac. "There was a sense of nationalism; people felt we were selling our identity, so to speak, to people who knew nothing about us," she of some other Caribbean nations that do not offer CBIs have also been quick to criticise, including St Vincent and the Grenadines' Prime Minister Ralph Gonsalves. He has previously said citizenship should not be "a commodity for sale". Among the international community, there are fears that lax oversight may help criminals get through their European Union has threatened to withdraw its coveted visa-free access for Caribbean CBI countries, while the US has previously raised concerns over the potential for such schemes to be used as a vehicle for tax evasion and financial crime.A European Commission spokesperson tells the BBC that it is "monitoring" the five Caribbean schemes, and has been in talks with their respective authorities since says an ongoing assessment is seeking to substantiate if citizenship by investment constitutes "an abuse of the visa-free regime those countries enjoy vis-à-vis the EU and whether it is likely to lead to security risks for the EU".The Commission has acknowledged reforms carried out by the islands, which it says will have an impact on its evaluation. For their part, the five Caribbean nations have reacted angrily to claims that they are not doing enough to scrutinise Prime Minister Roosevelt Skerrit has described his country's CBI programme as "sound and transparent", adding authorities had worked hard to ensure its government says passport sales have raised more than $1bn since the initiative's inception in 1993, paying for vital infrastructure including a state-of-the-art St Lucia, Prime Minister Philip J Pierre says the island adheres to the highest standards of security to ensure its CBI does not inadvertently aid illicit need to appease the world's superpowers with raising revenue is a delicate balancing act for small Caribbean nations with meagre resources, dependent on the whims of programmes were labelled a lifeline at a regional industry summit in April, with funds used for everything from cleaning up after natural disasters to shoring up national pension schemes. Antigua's Prime Minister Gaston Browne said money raised had brought his country back from the brink of bankruptcy over the past from buying property, other routes to Caribbean citizenship through investment typically include a one-off donation to a national development fund or similar. They range from $200,000 in Dominica for a single applicant, to $250,000 for a main applicant and up to three qualifying dependents in Dominica and St Kitts. In Antigua, investors also have the option of donating $260,000 to the University of the West the face of international pressure, the islands have committed to new measures to bolster oversight, including establishing a regional regulator to set standards, monitor operations and ensure six principles agreed with the US include enhanced due diligence, regular audits, mandatory interviews with all applicants, and the removal of a loophole that previously enabled an applicant denied by one country to apply in days, passport sales account for 10-30% of the islands' Huie, a journalist in St Kitts, says his country's CBI scheme is "generally well supported" as a result. "The public understand the value of it to the economy, and appreciate what the government has been able to do with the money."
