Caribbean ‘Golden Passports’: St Kitts Promises Program Transparency and Grenada Changes the Rules

Are you considering the opportunity to apply for a Caribbean passport by investment? If so, we have some news for you from two of the five Caribbean countries administering the corresponding investment immigration programs: Saint Kitts and Grenada.

St Kitts to increase the level of transparency of the economic citizenship program

The St Kitts and Nevis Citizenship by Investment Unit (CIU) has announced its intention to deepen communication with the local and international public. The goal is to make the St Kitts and Nevis citizenship-by-investment program more transparent for people at home and abroad.

Michael Martin, head of the St Kitts and Nevis CIU, has announced significant changes that are going to make the activities of the Unit more transparent and clearly show the importance of the program for all parties. In particular, the following measures are going to be implemented:  

• The local population is going to be better informed about the projects financed through the citizenship-by-investment programs. For example, if a resort complex under construction participates in the program, a billboard on its premises will make the corresponding announcement.  
• Statistical reports about the progress of the program are going to be published on a regular basis. The reports will contain the following data:
  • The number of submitted applications for citizenship (in the reporting period);
  • The number of approved applications;
  • The amount of money generated by the economic citizenship program.

According to Martin, the Unit is not interacting with the public as actively as it should. This may be one of the reasons why some people feel suspicious about the citizenship-by-investment program: they misunderstand it essence. As the program is reformed, this drawback will be eliminated. A press office will be formed that will be responsible for communicating with the public and informing all interested parties about the progress of the economic citizenship program.

The CIU head has also pointed out that the informational billboards near the sites of development projects financed through the program will clearly show where the money goes. Martin has also reminded that construction is not the only area financed through the citizenship-by-investment program. The money is also used to support people and companies working in the following spheres:  

• Tourist;
• Public service;
• Education;
• Small business;
• Agriculture;
• Healthcare.

The transparency and accountability of the local citizenship-by-investment program is going to be improved and the public will know exactly how the money is spent. The economic citizenship scheme generates about 35% of the country’s overall GDP, therefore, its traces are to be seen everywhere in St Kitts and Nevis. “We wouldn’t be where we are now if it wasn’t for the program”, said Martin.

Grenada to change requirements to legalization of application documents

The Grenadian CIU has also shared its plans to introduce some changes to the local citizenship-by-investment program. In particular, the CIU has published new requirements concerning legalization of the documents submitted by the applicants for Grenadian passports. The new rules will go into effect beginning October 16, 2023. The updated requirements include the following ones:

• Authority of the document legalizer. When a legalized document is part of the application document package, the name and the contact information of the person legalizing the document shall be provided.
• Copy certification. Authenticity of the copy of every document in the application documents package shall be certified by a lawyer or a notary public in the jurisdiction where the applicant for Grenadian citizenship is physically present. The lawyer/ notary shall be given the original document in the physical form.
• Affidavits. Affidavits shall be certified by a lawyer or a notary public in the jurisdiction where the applicant is physically present. Remote certification by a lawyer licensed to practice in Grenada is possible.
• Application Form №1. The form shall be certified by a lawyer or a notary public in the jurisdiction where the applicant is physically present. Remote certification by a lawyer licensed to practice in Grenada is possible.

Some other changes to the program requirements have also been announced by the Grenadian officials:

• Oath of Allegiance. The oath shall be made in front of a notary public or an authorized person in the jurisdiction where the applicant is physically present. The notary shall be licensed to work in Grenada. Persons authorized to take the oath are heads of Grenada diplomatic missions in foreign countries.
• Interviews. The main applicant, the spouse, the sponsor, and all dependent family members of 17 or more shall be interviewed personally.
• Payments. The costs involved in acquiring Grenadian citizenship by investment cannot be covered in British pounds or euros any longer.

Other citizenship-by-investment opportunities

Three more countries in the Caribbean – St Lucia, Dominica, and Antigua and Barbuda – administer citizenship-by-investment programs too. However, similar opportunities are available in other parts of the world as well. Here we would like to draw your attention to three countries that also ‘sell’ their passports to foreign investors: Vanuatu, Egypt, and Turkey.

• Vanuatu. You can acquire a passport of Vanuatu in exchange for a non-returnable donation to the state fund. The total cost of the passport is US$ 145,000 and the process takes only 2 to 4 months. You can make the donation in Australian and New Zealand dollars too. Moreover, you can pay in yens or in cryptocurrency. You can acquire citizenship of Vanuatu by investment without ever going to the country.
• Egypt. The required investment amount is twice as high as it is in Vanuatu (US$ 300,000) but you can make a returnable investment into the Egyptian economy. You can buy real property in the country, make a bank deposit, or invest in a business venture in Egypt. The investment amount is the same whichever option you choose. A personal visit to the country is mandatory. Please contact us if you would like to learn more about the Egyptian economic citizenship program.
• Turkey. The required investment amount is even higher in Turkey (US$ 400,000) but the list of financial routes to Turkish citizenship is longer too. In addition to purchasing property, making a bank deposit, and investing into business, you can put the money in a pension or a venture fund or create at least 50 permanent jobs in Turkey. You can withdraw from the investment after only three years without losing your Turkish citizenship. The process of acquiring Turkish citizenship by investment is going to span over approximately 6 months. A personal visit to the country is going to be required.   

Assistance in selecting the most suitable citizenship-by-investment program

We have not listed all the available citizenship-by-investment opportunities above: there are other options too. Because the countries have to compete with each other for wealthy customers, they frequently make ‘special limited-time’ offers. We keep track of all the events in the investment immigration industry and we will gladly help you choose the best citizenship-by-investment program and make use of all the ‘special limited-time’ bonuses. We guarantee your personal information confidentiality, an individual approach to each customer, and a high speed of service provision. With our professional assistance, you will be able to save money while avoiding the risks.