When it comes to travel, leisure, or business opportunities, few places rival that of the Caribbean. Caribbean countries typically top the leader board as a preferred vacation destination.
But, did you know beyond being a robust tourism market, the Caribbean also boasts strong business opportunities? And that you can apply and have a dual citizenship here?
Photo: Caribbean life / The Art of Travel Partners
In today’s world, a second passport is beneficial. Not only does it open doors, but it also gives you options for how you travel and conduct business. Having second citizenship in the Caribbean is an insurance policy, providing security for your assets and your future.
A second citizenship has become an increasingly popular way to enjoy the ease of travel and operating a profitable lifestyle or online business.
Today, we’ll discuss the whys and hows of getting a Caribbean second passport as a wise lifestyle and financial move. But first of all, let’s begin with the basics.
What is dual citizenship?
For most, the concept of dual citizenship may seem foreign. By definition, dual citizenship, sometimes called dual nationality, means being a legal citizen of two countries.
In some situations, this can happen automatically, for example, when children are born in a specific country to foreign parents.
In this instance, dual citizenship is achieved through a specialized legal process. This includes obtaining a second passport in the Commonwealth countries of the Caribbean through a Citizenship by Investment Program.
For affluent travelers, Citizen by Investment programs can also provide access to a secure line of protection to safeguard your family’s private wealth.
Benefits of a Caribbean second passport
Obtaining a second citizenship provides numerous benefits. Besides receiving a passport from both countries, being a dual citizen includes benefits and privileges such as:
- Visa-free travel
- Lifestyle in a tropical paradise
- Investment opportunities
- Business opportunities
- Wealth preservation
- Access to the finest offshore schools
- Access to either country’s social services
How to Get a Caribbean Second Passport
Dual citizens are also afforded the ability to work in both countries without a permit or visa and vote in either one.
A second passport can give you and your family certain economic and educational advantages in addition to mobility benefits that make the Caribbean one of the most advantageous second citizenship destinations.
Obtaining a second passport
The traditional journey to acquiring a second passport can be long and arduous.
Not only can it take many years, but it can also be very expensive, with years of physical residency required. The costs of obtaining a second passport will vary, but often include legal and professional fees and government fees.
Dual citizenship through naturalization
The conventional route to obtaining a second passport is done through naturalization. Most countries will provide a means to acquire dual citizenship by applying for residency.
Applicants must then spend a certain amount of time, usually many years, in the country they apply to.
While this is the ideal option for many, eligibility through naturalization will vary significantly by each country. Residency options may change frequently as they are subject to the laws of supply and demand.
Countries facing an economic recession or that have increased demand may have a much greater barrier to entry. This application process is often intensive, expensive, and time-consuming.
Citizenship by Investment
In the Caribbean, legislation exists to make it easier to obtain dual citizenship.
Citizenship by Investment programs are the fastest option for obtaining a second passport. For qualified applicants, dual citizenship can be granted in as little as 90 days, with little or no residency required.
Affluent individuals applying for a second passport through an economic citizenship program can do so via specific investments. An individual would be required to meet a particular set of criteria, as well as different degrees of residency and investment.
There are different available channels for applying for Citizenship by Investment; this can be done by investing in a luxury property, making a donation to the government, and in some jurisdictions, investing in a business.
In return, applicants are provided immediate and tangible rewards and financial and personal security.
The value/benefit ratio of the Caribbean passports is one of the best in the world: relatively low cost and low processing time, little or no residency, and excellent travel and tax structuring benefits, versus years of residency and high cost for the U.S., Canada, and European programs.
Related: World Travel Planner
Why become a Caribbean Citizen?
As a dream vacation destination for many, the Caribbean has always been a paradise and region for international culture. With uncertainty in the current geopolitical climate, obtaining a second passport might just be the best investment you and your family could make.
Kaline Kennard is the co-founder of Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.