HIGH NET WORTH INDIVIDUALS IN THE CARIBBEAN IS INCREASING
According to the Royal Bank of Canada (RBC) Caribbean newsletter, the number of high net worth individuals in the Caribbean countries is reported to be increasing. The reason is because this programmes incentivize real estate investment and offers residency permits and citizenship in the Caribbean countries like: Saint Kitts & Nevis, St. Lucia, Antigua & Barbuda, Dominica and Grenada.
The International Monetary Fund (IMF) mention in a working paper that Saint Kitts & Nevis presented the first Citizenship by Investment program 30 years ago, and offered immediate citizenship to immigrant investors. These programs has changed the island’s economy in recent years, and as a result Caribbean countries such as: Antigua and Barbuda, Dominica and Grenada have launched their own Citizenship by Investment programs.
It is estimated that Antigua & Barbuda as well as St. Kitts and Nevis passports provide visa-free travel to more than 130 countries and territories including all 26 European countries in the Schengen zone. Meanwhile, Dominica and Grenada passports provide visa-free travel to 111 countries and territories including those in the Schengen zone.
Fortune Magazine said that applicants for the Caribbean citizenship include wealthy Chinese entrepreneurs seeking to flee from concerns about their Government’s anti-corruption drive, or seeking to provide an international education for their children. Also wealthy Russians commonly cite the desire to avoid the growing suppression of dissent, the expropriation of businesses, and high organized crime in their country. Growing number of Arab citizens, unsettled by instability and US embargos or sanctions, and a significant number of US entrepreneurs seeking to escape the US’ ever widening tax net, have also been applying.