CBI Scrutiny is Increasing
Citizenship by Investment programs, promoted primarily by small Caribbean islands and Vanuatu, face increased scrutiny. Last week we told how the UK ended visa-free access for Dominica and Vanuatu. The EU previously blocked visa-free access for Vanuatu.
This week the Prime Minister of St Vincent claimed that all Caribbean nations have been given an ultimatum. End CBI programs or have Schengen visa-free access blocked. The UK has already indicated that it will stop visa-free access to the Caribbean nations that have Citizenship by Investment schemes later this year.
St Vincent Prime Minister Ralph Gonsalves has long been opposed to CBI programs. On Monday, he said that at a recent meeting of OECS country Prime Ministers and the European Commission, the Caribbean nations were told by EU representatives that “It’s not a matter of if”. The removal of visa-free access is definitely happening.
Citizenship by Investment Passports Could be Revoked
This will likely lead to many more CBI passports being revoked in the coming months. It may mean that future passport renewals for those who bought Caribbean passports become more difficult, more expensive, or impossible. I have long said that these Caribbean nations will cancel every CBI passport eventually. The same thing happened when the same Caribbean and Pacific islands sold bank licenses to generate revenue. They took the money and then canceled every single one. They are not to be trusted.
St Kitts Responds by Increasing Prices and Scrutiny of Applicants for CBI Program
St Kitts has already responded by doubling the price of its CBI program and making it more difficult to obtain. An interview is now mandatory for all applicants. A St Kitts passport will now cost $250,000 for a single applicant. The due diligence fee has been increased to $10,000 too.
Other Caribbean CBI countries will inevitably follow St Kitts. It remains to be seen if these moves will change the direction of travel for the EU and the UK.
The death of CBI programs will gravely affect the economies of the countries promoting them. Some small countries generate a significant portion of their revenue from CBI programs. This is revenue that won’t be easily replaced.
Don’t Buy a CBI Passport
Anyone still thinking of purchasing a CBI passport should think again. The risks of visa-free access to major countries being stopped and your citizenship being revoked after they take your money are just too high.
There are plenty of better options for those prepared to put in the time to get a second citizenship. There are other programs where you can still get instant citizenship when you buy real estate. Turkey’s CBI program is a much better option than the Caribbean programs. The visa-free access may not be as good, but Turkey is a big country and can’t be bullied so easily by the EU, the US, and the UK. You also get a real property worth the value you spend on it.
While the allure of Caribbean Citizenship by Investment (CBI) programs may seem attractive due to their visa-free access to major countries, the inherent risks should not be overlooked. There is a significant possibility of losing this privileged access and even having the citizenship revoked post-purchase. Furthermore, there are viable alternatives to such high-risk investments.
For instance, Turkey’s CBI program offers a safer bet with real estate purchases leading to instant citizenship. It may not offer as extensive visa-free travel. However, the country’s stature provides more stability against potential diplomatic bullying. Lastly, resources such as Second Passport Blueprint can assist you in exploring more reliable routes towards acquiring second citizenships that ensure protection of your privacy and assets.
Your Questions on Citizenship by Investment Answered
What are Citizenship by Investment (CBI) programs?
Citizenship by Investment programs are programs promoted primarily by small Caribbean islands and Vanuatu that allow individuals to obtain citizenship in exchange for making a significant investment in the country.
What is the current situation regarding Citizenship By Investment programs?
CBI programs are facing increased scrutiny, with the UK ending visa-free access for Dominica and Vanuatu. The Prime Minister of St Vincent claimed that all Caribbean nations have been given an ultimatum to end CBI programs or have Schengen visa-free access blocked.
How will the potential end of CBI programs impact passport renewals?
If CBI programs come to an end, it may mean that future passport renewals for those who bought Caribbean passports become more difficult and expensive.
How has St Kitts responded to the potential end of CBI programs?
St Kitts has already responded by doubling the price of its CBI program and making it more difficult to obtain. An interview is now mandatory for all applicants, and a St Kitts passport will now cost $250.,000
What risks should be considered before purchasing a CBI passport?
Anyone still thinking of purchasing a CBI passport should consider the risks of visa-free access to major countries being stopped and the possibility of citizenship being revoked after the investment is made.