In early February, we reported that the cost to apply for one of the Caribbean Citizenship By Investment (CBI) programs would soon increase.
The prices are expected to nearly double to a minimum of $200,000 due to pressure from the European Union, which aims to reduce the number of applicants to these programs significantly.
Reportedly, five Caribbean CBI countries have cumulatively issued 88,000 CBI passports over the years. All these passport holders now enjoy visa-free access to the Schengen Zone, which the EU perceives as a “security and money laundering threat.”
Consequently, the Caribbean nations have no choice but to comply with the EU's demands. Otherwise, they risk losing one of their largest selling points: visa-free access to the Schengen Zone.
(Most new citizens do not reside in their new countries but use their second passports to enhance their travel freedom and as a backup plan.)
Four Caribbean countries — Saint Kitts and Nevis, Antigua and Barbuda, Grenada, and Dominica — have signed a memorandum of understanding that sets a deadline for a simultaneous price hike across all CBI programs on June 30, 2024 — less than four weeks from this writing.
The price hike excludes Saint Kitts, which proactively raised its prices earlier.
Interestingly, Saint Lucia was the only country that did not immediately sign the memorandum, citing contractual obligations with one of the independent CBI providers on the ground.
However, this issue appears to have been resolved. On June 3rd, the country’s prime minister announced that Saint Lucia would join the agreement.
Is there enough time to apply in Saint Lucia or any other program at a lower price?
If you are already in the process of applying, you should submit your application before the end of the month. In this case, you are guaranteed to be grandfathered under the old prices, as presented in our CBI calculator.
The situation is much less clear for brand-new applicants. Less than four weeks is not a lot of time to gather the required paperwork and make all necessary payments.
We talked to our contacts in Saint Lucia and Antigua about the current situation. They say there is a lot of uncertainty at the moment. “Nobody, including the government officials, seems to understand what exactly will happen at the end of the month.”
The price hike on June 30 is possible and even likely, but it could also be delayed. Nothing is certain at the moment. You will have to play it by ear, so we recommend you keep in close touch with your CBI provider.
And if you decide to apply, remember that Total Access members can become dual citizens in these Caribbean nations cheaper than anyone else in the world, thanks to the exclusive discounts we have negotiated for you. For example, depending on the program, a family of four can save between $15,000 and $35,000 just for being a Total Access member.
In early February, we reported that the cost to apply for one of the Caribbean Citizenship By Investment (CBI) programs would soon increase. The prices are expected to nearly double to a minimum of $200,000 due to pressure from the European Union, which aims to reduce the number of applicants to these programs significantly. Reportedly,…
