In the sun-drenched Eastern Caribbean, real estate listings are no longer solely focused on turquoise waters and tranquil lifestyles. Increasingly, they come with an additional offering: a second passport. Political turbulence and social anxieties in the United States are driving a surge in interest in citizenship-by-investment (CBI) programs, offered by five island nations — Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia.
These CBI schemes, starting at $200,000, allow foreigners to obtain citizenship through property investment. The passports grant visa-free access to up to 150 countries, including the UK and the Schengen zone. With no capital gains or inheritance taxes — and in some cases, no income tax — the Caribbean’s offerings have become increasingly attractive to high-net-worth individuals. Importantly, none of the schemes require applicants to renounce their existing citizenship.
In Antigua, the effect has been immediate and dramatic. Nadia Dyson, a local real estate agent, says U.S. citizens now make up the majority of buyers. “This time last year, buyers were mostly after lifestyle,” she said. “Now, almost 70% are coming for citizenship.” Although Antigua’s program has no residency requirement, Dyson notes some clients are choosing to relocate permanently, citing a growing number of full-time settlers.
Henley & Partners, a global advisory firm, reports a 12% increase in Caribbean CBI applications since late 2024, with Americans leading the surge. Other applicants commonly come from Ukraine, Nigeria, Turkey, and China. According to the firm’s Dominic Volek, most U.S. applicants see the second citizenship as a form of insurance amid rising domestic tensions. Only 10-15% actually relocate, he says, but many want a backup option — and a more neutral passport for global travel.
Interest in CBI programs from U.S. citizens began during the pandemic when travel restrictions disrupted the jet-set lifestyle. Subsequent spikes followed the 2020 and 2024 U.S. elections. Henley & Partners has expanded rapidly in response, growing from zero to eight offices across major U.S. cities, with more in the pipeline.
Yet the programs remain controversial. Critics argue they commodify national identity. When Antigua first floated the idea in 2012, protests erupted. “People felt we were selling our identity,” recalls former Speaker Gisele Isaac. Even today, leaders like Prime Minister Ralph Gonsalves of St Vincent and the Grenadines oppose CBI, saying citizenship should not be a marketable product.
International watchdogs have raised red flags. The European Commission is reviewing whether such programs undermine visa-free travel agreements, and the U.S. has expressed concerns over tax evasion and financial crime risks. Caribbean leaders, however, insist they have strengthened oversight. Measures include mandatory interviews, enhanced due diligence, and a regional regulator to ensure transparency.
Despite the scrutiny, the economic impact of these programs is undeniable. In Dominica, CBI revenues have exceeded $1 billion since 1993, funding essential projects like hospitals. In Antigua, Prime Minister Gaston Browne credits the program with pulling the country back from the brink of bankruptcy. Today, passport sales contribute as much as 30% of GDP in some islands.
Alternatives to property investment include one-time donations to national development funds. In Antigua, $260,000 to the University of the West Indies also qualifies applicants. Amid growing international pressure, the region’s commitment to reform and regulation may be the key to ensuring the programs’ survival — and continued economic lifeline for these small island nations.
