Caribbean Citizenship Revenue Boosting Local Economies

When we look at investment migration, the main focus is usually on the benefits that a second residency or passport will bring to the investor. The prospect of having visa free travel and the security of a second citizenship is of course a huge deciding factor for many, but it is interesting to consider how your investment may also benefit the country you choose.

Earlier this month at the Investment Migration Forum in Geneva, ministers and government representatives revealed how citizenship by investment revenue is positively boosting the economy of each respective island offering such programmes. St Kitts and Nevis, Dominica, Antigua and Barbuda, St Lucia and Grenada are all currently offering a CBI programme and the number of real estate applications and CBI revenues received in 2018 was at a record high. Anguilla also launched its residency investment programme in Geneva.

St Kitts is the longest standing programme, running since 1984, and has generated upwards of $700 million during this time. Latest figures show that St Kitts CBI funds equate to a staggering 45% of the government’s total revenue. When considering individual Real Estate options, one of our top selling projects in St Kitts has generated over $68 Million in CBI revenue in the last few years. Furthermore, 1,000 jobs were created during the construction phase, and since the hotel has opened, 350 full-time employees have been hired with 93% of these being local citizens.

Another of our most popular hotel investments in Dominica has generated $40 million in CBI revenue, created 750 construction jobs and 250 full-time hotel jobs. It also supports local businesses and has 45 local subcontractors involved in the hotel’s operations.

Both of the above case studies are excellent examples of the positive effects such programmes can have on a challenging economic climate. Following a spate of hurricanes in the last few years, Citizenship Investment has provided a much needed life line to these countries and helped the states bounce back, bringing jobs and prosperity across the islands.

We urge investors who are considering the Real Estate route to ensure they are investing in not only a secure project but one which will positively impact the local economy. La Vida undertakes due diligence on all developers we work with and therefore only recommend the most stable and established projects to our investors. For a consultation with one of our experts, please get in touch.