Requirements For Caribbean Citizenship By Investment Programs
Compiled By NAN Business Editor
News Americas, NEW YORK, NY, Fri. Jan. 6, 2016: With the renewed debate over the Caribbean Citizenship By Investment Programs offered by some Caribbean countries, here are exact requirements as outlined by the governments of four Eastern Caribbean nations that offer the CIP program.
Antigua & Barbuda
The Antigua and Barbuda Citizenship by Investment Program was launched in 2012.
Option 1: A contribution to the National Development Fund (NDF) of a minimum non-refundable amount of US$200,000.
Option 2: An investment of at least US$400,000 into one of the approved real estate projects and to be held for a minimum period of 5 years.
Option 3: An investment of a minimum of US$1,500,000 directly into an eligible business as a sole investor or a joint investment involving at least 2 persons in an eligible business totaling at least US$5,000,000 and each of those persons individually invests at least US$400,000.
Each candidate is required to complete an application and provide supporting documentation for due diligence checks. The documents required include but are not limited to birth certificate, adoption certificate, marriage certificate, medical certificate, employment records, bank disclosure statements, affidavit of no police record with fingerprints plus business, bank and personal references. These are then assessed by the contracted due diligence agency. Candidates for second citizenship who pass the various checks would also need to make an investment as outlined above.
Upon submission of the application, the applicant will be asked to pay the due diligence fees and 10 percent of the government processing fees of US$50,000. Upon receipt of a letter of approval, they will be asked to pay the balance of the government processing fees a within a 30 day period.
Once received, a certificate of registration will be issued for the both the primary applicant and their family members which will be submitted to the passport office with their application and any accompanying documentation.
The applicant’s authorized agent/representative will then advise them of dates available to either visit Antigua and Barbuda to collect their passport and to take the oath or affirmation of allegiance or visit an Embassy, High Commission or Consular Office of Antigua and Barbuda to collect the passport and to take the oath or affirmation of allegiance.
The applicant is also required to be physically present for at least 5 days over 5 years to maintain the citizenship.
Antigua & Barbuda citizenship allows the passport holder for visa-free travel to over 130 countries and territories including the U.K., Canada, and the countries of the Schengen area.
The Dominica Economic Citizenship Program was launched in 1993.
Option 1: A contribution made into the Government Fund amounting to US$100,000 depending on the number of dependents included in the application.
Option 2: An investment in a designated real estate development with a value of at least US$200,000.
The first step for applying for Citizenshipin Dominica is to choose an Authorized Agent since applications for citizenship cannot be submitted directly to the Citizenship by Investment Unit. An “authorised agent” means a person licensed by the Citizenship by Investment Unit who has paid the authorized agent’s fee.
The applicant will be required to submit:
Two (2) completed and notarized copies of Application Form 12 for each applicant
One (1) professional reference
Letter of Employment/ Financial Statements
Recommendation from applicant’s Bankers
Two (2) Personal references
Police Record, with fingerprints, from country of birth and country of residence (if different) for each applicant sixteen (16) years and over. For children twelve to fifteen (12-15), sworn affidavit by parent that child does not have criminal record
Eight (8) passport size photos for each applicant
Marriage Certificate/Dissolution of Marriage if required
Letter of recommendation from the head of the school/university for children between 12 and 18 years old
Proof of payment of relevant fees.
Affidavit of Source of Funds.
Detailed Business Background Reports/Resume
Notarized copies of University/College diplomas.
There is no residency or visitation requirement to maintaining the citizenship.
The Agent will submit the application to the CBIU of Dominica and will liaise with the Unit relating to all correspondence, queries or questions on your file that may arise in due course. There is currently no mandatory interview requirement for the Dominican Citizenship by Investment Program, however an interview may be required at the discretion of the government.
The application will be vetted through a thorough due diligence back ground check which will verify the information provided and then let the agent know if the application has been successful, has been delayed for further processing or has been rejected.
If the application is successful, the CBIU will issue a letter instructing you to make the investment payment (for the Government Fund option) or to complete the payment of the real estate property. Upon receiving proof of the payment, the CBIU will issue the certificate of registration which will be able to be used by your agent to apply for a Dominican passport. A Dominica passport allows for visa-free travel to 91 countries and territories globally.
Grenada’s Citizenship by Investment Program was launched in 2014
Option 1: Investment of a minimum of US$250,000 in an approved real estate project.
Option 2: A non-refundable donation of US$200,000 to the National Transformation Fund;. This process involves first obtaining Grenada Permanent Residence and then applying for naturalization as a second step.
The first step in applying for citizenship in Grenada like in Dominica is choosing an Authorised International Marketing Agent. Applications for citizenship may not be submitted directly to Grenada’s Citizenship by Investment Committee (CBIC) and must only be handled by agents. Applicants must contact an Authorised International Marketing Agent, who in turn will liaise with an Authorised Local Agent. Applicants may not contact Authorised Local Agents directly.
An ‘Authorised International Marketing Agent’ is a trusted global marketer who is permitted to promote the Programme and who assists applicants along with the Authorised Local Agent. An ‘Authorised Local Agent’ is someone who has been granted a Local Agent’s license by the Minister and who is authorized to act on behalf of the main applicant with respect to his or her application.
The second step in an application for citizenship is contacting an Authorised Local Agent, whose role is to provide the applicant with assistance in preparing documents for submission to the CBIC. The applicant must be at least eighteen years old; in good health; and has enough funds to make the required investment. The source of these funds must be legal.
He/she will need to complete official forms, attend a medical examination, and obtain certain supporting documents – all of which must be submitted in English and be appropriately legalized. If the applicant is purchasing real estate, this will need to be reserved through a sale and purchase agreement. The Authorized Local Agent will be able to advise the applicant on the preparation of the documents and on how to have them legalized. The cost of the application fee is US 1,500 which must be submitted with a due diligence fee of US $5,000 and a processing fee of US 1,500. For the real estate investment option, there is also a government fee of US $50,000.
When all forms are complete, the Authorized Local Agent submits the application to the CBIC. The Authorized Local Agent then becomes responsible for liaising with the CBIC in relation to all correspondence, queries, or questions that may arise with respect to the applicant’s file. There is currently no mandatory interview requirement for the Grenada Citizenship by Investment Programme.
Each application is vetted by the government through a thorough due diligence background check, during which time submitted information is examined and verified. The CBIC considers application files in light of this due diligence check, and then issues a recommendation about the application. Final approval is in the hands of the minister, who generally follows the CBIC’s recommendation. Upon the minister making a decision, the applicant is issued a letter (through his or her Authorized Local Agent) detailing whether the application was successful, delayed for further processing, or rejected.
If the application is successful, the CBIC issues a letter instructing the applicant (through his or her Authorized Local Agent) to either make the contribution (for the NTF option) or complete the purchase of his or her real estate. If real estate is purchased, then the applicant must demonstrate completion, as well as the execution of all necessary documents. Upon receiving proof of payment, the CBIC issues the certificate of registration, establishing that the applicant has received Grenadian citizenship. Authorized Local Agents must use this certificate to apply for a Grenadian passport on behalf of the applicant.
A Grenada passport allows for visa-free travel to 91 countries and territories. There is no residency or visitation requirement to maintain citizenship in Grenada.
Saint Kitts & Nevis
The St Kitts & Nevis Citizenship By Investment is the oldest of any Caribbean investment program. It was launched in 1984.
Option 1: With the Sugar Industry Diversification Fund (SIDF) option, the level of investment is determined by the number of dependents. So for a Single applicant with no dependents, the investment fee is US$250,000. For an applicant with up to three dependents, the investment fee is US$300,000. For an applicant with up to five dependents, the investment fee is US$350,000 and for an applicant with six or more dependents, the investment fee is: US$450,000.
Option 2: Under the Real Estate option – villas and condominium units from an approved developer – an applicant would need to invest at least US$400,000 in one of the approved real estate developments. Additionally you will be required to pay a US 50,047 government fee and compulsory insurance fund contribution and conveyance fees of approximately 4 – 5% of the purchase price. Real estate can be re-sold 5 years after the purchase and may not qualify the next buyer for citizenship.
The first step in applying for citizenship in St. Kitts/Nevis like in the other countries above, is choosing an Authorized International Marketing Agent. Applications for citizenship may not be submitted directly to the country’s Citizenship by Investment Committee (CBIC) and must only be handled by agents. Applicants must contact an Authorised International Marketing Agent, who in turn will liaise with an Authorised Local Agent. Applicants may not contact Authorised Local Agents directly.
Applicants must be at least eighteen years of age, must have made an investment in the prescribed amount, must be of good health and pass a medical report including be free from HIV and meet other application requirements including passing a background check with no criminal record. Travel to St Kitts and Nevis is not generally required. However, as part of the processing of the applications, individual applicants may be requested to attend an interview. The application process may take as little as 90 days but may be delayed based on due deligence. Applicants will be kept appraised of the status of their applications through their authorized person. All applicants and permitted dependents are required to pay due diligence and processing fees.
A St. Kitts & Nevis passport offers visa-free travel to 132 countries and territories including to all EU Schengen countries including Switzerland, UK and Ireland. It usually takes 6 months to receive the passport after the investment is made and it is valid for 10 years. No residency or visitation is required to maintain citizenship.
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