Caribbean Golden Passport Cost Rising to $200,000 by June 2024

The 2023 cost increase in St. Kitts and Nevis' citizenship by investment program took the world by surprise.

On January 1st, the country had introduced a discount of $25,000 on the minimum contribution to the Sustainable Growth Fund required to get citizenship. This offer, which would run until June 30th, put the minimum donation at $125,000, which made citizenship applications soar.

However, right after that offer expired, the dual-island nation doubled its investment requirement to $250,000.

This decision impacted investors who had already submitted their applications but were still waiting for government approval before making the contribution – resulting in great turmoil when St. Kitts asked for the new minimum upon approval.

The rumors that other Caribbean countries might follow this price increase started spreading, especially with the rising pressure from the European Union and other destinations where newly-minted citizens get visa-free access.

Finally, on the 20th of March of 2024, Saint Kitts and Nevis signed an agreement with Dominica, Grenada, and Antigua and Barbuda to raise to $200,000 the minimum contribution required in their citizenship by investment programs by June 30th.

This increase means that Dominica and Antigua and Barbuda passports will become (at least) 2x more expensive, while the Grenadian passport cost will rise by a minimum of 33%.

St. Kitts and Nevis will likely remain still at current prices, which are already well above the minimum agreed.

What about Saint Lucia?

It was somewhat surprising that St. Lucia was the only country that did not take part in the MoA. The reason is still unknown, but what is almost certain is that the country will experience a reduction in the number of applicants until June 30th.

First, most people will be rushing into other programs, knowing that they will soon become more expensive and less accessible. Second, because there's an increased risk of not following the group. Saint Lucia, becoming the cheapest Caribbean program after June 30th, will have an increased risk of experiencing a backlash from the European Union and potentially losing its visa-free access.

This, combined with the delays in application approvals that the CBI unit has been experiencing, will probably make prospective citizens more cautious before investing in the country.

Does this mean I should start my application now?

Short answer: yes.

If you have been considering Grenada, Dominica, or Antigua and Barbuda, now is the moment to apply.

Even though there are no guarantees that submitting your application before June 30th will secure the current minimums, this is your best chance, and you maximize your chances the sooner submit your application.

I personally expect these countries to do the right thing: consider the submission date, not the approval date, when asking investors to make the final economic contribution.

The big winners: Malta and Vanuatu.

This price increase might not affect families as much. These countries might decide to offer family-friendly options at the agreed-upon floor of $200,000.

Of course, this will still be more expensive than the current options, especially in Antigua and Barbuda, where the program is incredibly cost-efficient for families. But, Grenada, for example, already has a minimum contribution of $200,000 just to include your spouse.

However, if the options available for families increase prices proportionally, investors will start considering other destinations:

Malta can become the go-to option for families

Currently, the contribution required to get St. Kitts citizenship for a family of 4 members is $350,000, totaling a final cost north of $400,000, which might make some consider the European country instead.

Reducing the jump in price between the Caribbean countries and Malta, will definitely make some investors consider leaping to the most prestigious citizenship by investment program.

Vanuatu can become the go-to budget option

Sitting at a $138,000 investment for a family of up to 4 people, with the possibility to redeem $50,000 after 5 years, Vanuatu stands now as a solid alternative for those who value speed and efficiency. Obviously, the Vanuatu passport is not as strong as any Caribbean passport.

Still, the price increase taking place on the other side of the world helps Vanuatu differentiate its offering, becoming the fastest and most affordable second passport option.