The idea of citizenship by investment was first conceived in the twin-island Federation of St Kitts and Nevis, which launched the first programme in 1984. Since then, the number of citizenship by investment programmes has grown steadily, and so has the demand for second passports among high-net-worth families.
There are subtle differences between economic citizenship and citizenship by investment, and one should not be mistaken for the other. Many people also confuse golden visas with citizenship.
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Economic citizenship isn’t citizenship by investment.
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A golden visa doesn’t give you a passport and is not citizenship by investment.
Economic Citizenship
Economic citizenship can be obtained by foreigners who take part in a country’s economy and later naturalise under its ordinary citizenship laws. This can take many years and usually requires full integration, language skills and so on.
Citizenship acts may or may not permit dual citizenship.
Citizenship by Investment
Citizenship by investment programmes grant citizenship, usually within a few months to a year, to foreign investors who make a pre-defined qualifying investment, such as a contribution to a government fund, approved real estate or a business. Countries pass dedicated citizenship by investment laws, and the funds raised are used for social welfare and economic development projects.
All five Caribbean programmes allow dual citizenship, but your home country may not. India, for example, does not allow dual citizenship: an Indian citizen who acquires another citizenship ceases to be an Indian citizen.
Economic Residency
Economic residence programmes offer temporary or permanent residence, often with a path to citizenship after several years of residence. Qualifying investments include real estate, government bonds and job-creating business capital. Golden visas are a well-known example of such residence by investment (RBI) programmes.
Dominica Citizenship by Investment
The Commonwealth of Dominica has run its citizenship by investment programme since 1993. Dominica is known as the ‘Nature Island of the Caribbean’ for its rainforests, hot springs and national parks. The Commonwealth of Dominica should not be confused with the Dominican Republic.
After Hurricane Maria devastated Dominica in 2017, the CBI programme helped fund housing, hotels, tourism and agriculture projects that helped the island recover, including resorts such as Kempinski and Hilton.
Dominica is a member of the Caribbean Community (CARICOM) and the Commonwealth of Nations.
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Economic Diversification Fund: USD 200,000 for a main applicant, or USD 250,000 with up to three dependants
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Approved real estate from USD 200,000, plus a government fee of USD 75,000 (main applicant alone) or USD 100,000 (with up to three dependants), held for at least three years
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A mandatory interview for every applicant aged 16 or over
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No requirement to live in Dominica before or after citizenship is granted
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Spouse, children and dependent parents over 65 can be included
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Dual citizenship permitted by Dominica
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Processing of about 3 to 4 months to approval in principle, plus 3 to 6 weeks to naturalisation
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A UK visa has been required since 19 July 2023, and since 1 January 2026 Dominican nationals face a partial suspension of US visa issuance under US Presidential Proclamation 10998
Antigua and Barbuda Citizenship by Investment
Antigua and Barbuda launched its Citizenship by Investment Programme (CIP) in 2013. It offers four routes: a contribution to the National Development Fund (USD 230,000, whatever the size of the family), approved real estate (from USD 300,000, held for five years), a business investment (USD 1,500,000 for a sole investor, or USD 5,000,000 in a joint investment with at least USD 400,000 from each investor) and the University of the West Indies Fund (USD 260,000 for a family of six or more, including processing fees). Government processing and due diligence fees apply on top.
Antigua has long been called the ‘heart of the Caribbean’ because of how easily you can connect to the rest of the world from there. The islands are known for their 365 beaches and clear turquoise waters. Antigua and Barbuda is a member of the United Nations, the Commonwealth, CARICOM and the Organization of American States (OAS). Antigua is popular for its many luxury resorts and its tourism industry.
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A Caribbean second passport for the whole family: spouse, children and dependent parents can be included
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New citizens must spend at least five days in Antigua and Barbuda during the first five years after citizenship
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Dual citizenship permitted by Antigua and Barbuda
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The application can be made from your country of residence
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Visa-free travel to the UK with an ETA, and to the Schengen Area for short stays
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An oath or affirmation of allegiance is required
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Since 1 January 2026, Antigua and Barbuda nationals face a partial suspension of US visa issuance under US Presidential Proclamation 10998
St Kitts and Nevis Citizenship by Investment
Saint Kitts has a population of around 40,000, most of whom are of African descent. English is the main language, and residents call themselves Kittitians.
St Kitts and Nevis is the birthplace of citizenship by investment and has run the world’s oldest programme since 1984. Today it offers four routes: the Sustainable Island State Contribution (USD 250,000 for a main applicant or a family of up to four), approved developer real estate (from USD 325,000), private real estate (USD 325,000 for a condominium or USD 600,000 for a single-family home), both held for at least seven years, and the Public Benefit Option (USD 250,000).
Until 2017, foreigners were required to contribute USD 250,000 to the Sugar Industry Diversification Foundation (SIDF). In October 2017, after the hurricanes, St Kitts offered a reduced contribution of USD 150,000 under a temporary Hurricane Relief Fund, which was later replaced by the Sustainable Growth Fund. The Sustainable Island State Contribution replaced the Sustainable Growth Fund in July 2023.
Applications typically take 120 to 180 days to reach approval in principle.
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The longest-running citizenship by investment programme in the world
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A mandatory interview for every main applicant; dependants aged 16 or over may also be interviewed
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Main applicants must be 18 or over; unmarried, substantially supported children aged 18 to 29 and parents aged 55 or over can be included
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Visa-free travel to the UK with an ETA, and to the Schengen Area for short stays
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No residence requirement, but citizens who obtained citizenship through the programme must enrol in the national biometric enrolment programme by 31 July 2027
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No personal income, inheritance or gift tax
Grenada Citizenship by Investment
Grenada’s National Transformation Fund costs USD 150,000 for a single applicant and USD 200,000 for a main applicant with a spouse or a family of four, plus USD 25,000 for each additional dependant beyond a family of four. Approved real estate costs USD 220,000 in projects approved under that option, or USD 350,000 in other approved projects, plus a USD 50,000 government fee. Grenada is the only one of the five Caribbean CBI countries with an E-2 investor treaty with the United States, in force since 3 March 1989.
Grenada, known as the ‘Isle of Spice’, is one of the most beautiful islands in the West Indies, with rugged mountain peaks, hidden bays, spice estates and lush rainforests. It has striking scenery, wonderful beaches and a warm climate all year. Its beaches are lovely, with white or golden sand, palm trees and the delicate scent of the island’s spices. Carriacou and Petite Martinique are dependencies of Grenada.
The Citizenship by Investment Programme began in August 2013, when the Grenadian Parliament passed Act No. 15 of 2013, allowing foreign nationals to acquire Grenadian citizenship through a qualifying investment.
The Grenada Citizenship by Investment Committee (CBIC) is the government body that processes applications. The CBIC assesses each application in accordance with the Grenada Citizenship by Investment Act, 2013, and then makes recommendations to the Minister, who has the final say on whether to approve, deny or delay the grant of Grenadian citizenship.
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The lowest single-applicant contribution of the five Caribbean programmes (USD 150,000)
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Grenada’s CIU states that there is no requirement to live in Grenada before or after citizenship is granted
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Visa-free travel to the UK with an ETA, and to the Schengen Area for short stays
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Not affected by the US entry restrictions in Presidential Proclamation 10998
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Grenadian citizens can apply for the US E-2 investor visa; each applicant’s eligibility is decided by the US consulate
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Spouse, dependent children and dependent parents can be included
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Dual citizenship permitted by Grenada
St Lucia Citizenship by Investment
Saint Lucia’s Citizenship by Investment Programme was established by the Citizenship by Investment Act No. 14 of 2015 and opened to applicants in January 2016. The Saint Lucia National Economic Fund is a special fund set up under the Act to receive qualifying contributions, which are used for purposes approved by the Cabinet as part of the national development plan. Anyone applying for citizenship by investment in Saint Lucia must do so through an authorised agent.
Saint Lucia became independent on 22 February 1979, and many of its people live in and around the capital, Castries. Saint Lucia is famous for ‘The Pitons’, two volcanic peaks listed as a UNESCO World Heritage Site and linked by a ridge called Piton Mitan. The Pitons are perhaps the most photographed feature on the island; the larger is Gros Piton and the other is Petit Piton. Rodney Bay is known for its acclaimed restaurants, offering a variety of cuisines, while the quieter surroundings of Soufrière cater more to independent travellers and adventure seekers. Saint Lucia has attracted foreign business and investment, especially in offshore banking and tourism, its main source of income.
Saint Lucia offers a quality of life with modern facilities and services, world-class restaurants and hotels, and prime real estate. Tourism is the island’s largest industry and its main source of foreign exchange, followed by agriculture. Saint Lucia also has the distinction of having the highest number of Nobel laureates per capita in the world.
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Four routes: the National Economic Fund (USD 240,000 for an applicant alone or with up to three qualifying dependants), the National Action Bond (USD 300,000 plus a USD 50,000 administration fee), approved real estate (from USD 300,000) and enterprise projects
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An interview is required for applications since 1 September 2023
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No residency requirement
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The CIP says most applications are processed well within its 90-day guideline
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A UK visa has been required since 5 March 2026; Saint Lucians can still visit the Schengen Area visa-free for short stays
None of these five passports gives visa-free access to Canada, and the EU can now suspend visa-free travel for countries that run citizenship by investment programmes, so Schengen access may change. To compare these programmes for your family, speak to XIPHIAS Immigration’s Dubai team on +971 52 727 5101 or email [email protected].