Most high-net-worth individuals and investors are seeking second citizenship these days because of the opportunities and freedoms it brings. There are several credible Caribbean CBI programs available, out of which Dominica and St. Lucia are two of the most popular programs, both competing for your investment. So, how do you know which of these CBI programs is right for you?
Brief Idea (Subtopics Covered)
- Caribbean CBI Benefits
- The Dominica CBI Program Overview
- St. Lucia CBI Overview
- Dominica vs. St. Lucia: Comparison.
- Conclusion
Benefits of Caribbean CBI Programs:
- Enhanced Global Mobility: A Caribbean passport allows you to visit more than 140 countries either without a visa or by visa upon arrival. This includes the Schengen Zone in Europe.
- Tax Advantages: Almost all the Caribbean countries provide a favorable taxation system; there are no taxes on wealth, inheritance, or even capital gains.
- Political and Economic Security: These citizenships are advantageous because you can be safe in another country during political or economic turmoil in your home country. It’s like an insurance policy.
- Business Opportunities: If you have a Caribbean passport, you can do business and invest in the Caribbean and gain access to markets around the world due to fewer visa restrictions.
- Legacy Planning: A Caribbean CBI program enables you to pass on the rights and benefits of citizenship to future generations.
Dominica Citizenship by Investment Program Overview:
Dominica’s citizenship program boasts a rather simple application process, and it is one of the quickest and most affordable options for people interested in obtaining citizenship by investment. To get citizenship, an investor has to contribute at least $100,000 for a single applicant, to the government fund, which is non-refundable; or invest in the pre-approved real estate of at least $200,000 value.
St. Lucia Citizenship by Investment Program Overview:
St. Lucia’s Citizenship by Investment Program is for investors who want an easy path to a Caribbean passport and gain the above-mentioned opportunities. This program has more varied opportunities for investment, adapted to a large number of potential investors. There are government consolidated fund contributions (for a single applicant the amount is at least USD 100,000) and approved real estate development (the amount of investment is at least USD 300,000), St. Lucia also offers investment in the approved national bonds of the state (the minimum amount is USD 600,000). Real estate investment is suitable for investors who wish to have a wider variety of investments apart from citizenship.
Dominica vs. St Lucia: A comparison
Here are some key factors you should consider when choosing between the two programs CBI programs:
- Investment Options: Dominica has less complicated options for investment, such as the option to contribute to the government funds and real estate investment. While St. Lucia; adds more diversification by including its government bonds in its program.
- Processing Time: In general, Dominica seems to take less time in the processing of applications when compared to St Lucia.
- Visa-Free Travel: These two programs entitle their holder to visa-free or visa on arrival to more than 140 countries. Nonetheless, only Dominica offers visa-free access to China and Russia. St. Lucia can’t offer these options.
- Cost: Regarding the price, for single applicants, it is Dominica’s program that would be more affordable. However, St. Lucia is more cost-effective if you want your dependents to have citizenship as well.
Conclusion:
The information above is to get you started on the right path. Overall which CBI program is suitable for you depends on your priorities and circumstances. You need to take into consideration your financial capacity, investment preferences, your preferred processing time, and your travel goals.