The CBI industry has seen a number of developments in 2020 – many of which were catalysed by the onset of the COVID-19 pandemic. CBI programmes across the globe have implemented changes to investment thresholds, family eligibility, and documentary requirements, while some programmes underwent, or are set to undergo, complete overhauls.
This post maps some of the major changes introduced in the Caribbean in the first three quarters of 2020.
The Antigua and Barbuda CBI Programme
In March, Antigua and Barbuda kicked off a flurry of changes when it implemented a new real estate sub-option, allowing one main applicant and any number of family members to invest a minimum of US$200,000 in real estate – bringing the total number of real estate sub-options to three.
Subsequent changes included standardising Government Fees across all investment options, making its University of the West Indies Fund option more attractive to larger family structures, and implementing a Limited Time Offer which reduced Processing Fees for the post-citizenship addition of dependent children.
Most recently, in light of COVID-19-related travel restrictions, Antigua and Barbuda temporarily suspended its requirement for successful applicants to spend a minimum of five days in the country within five years of receiving citizenship. The suspension is effective until 31 August 2021. Similarly, successful applicants need not take the Oath of Allegiance in Antigua and Barbuda or in any of its Embassies, High Commissions, or Consulates until such date.
The St Lucia CBI Programme
In the second quarter of 2020, St Lucia gazetted the Citizenship by Investment (Amendment) Regulations, 2020 and the Citizenship by Investment (Amendment) Act, 2020.
The Regulations implemented a Limited Time Offer for the purchase of non-interest-bearing government bonds made before 31 December 2020. The Regulations also made contributions to the National Economic Fund cheaper for families by reducing minimum investment amounts for applicants applying with a spouse, and applicants applying with a spouse and two other dependants.
The Act also introduced a number of family-friendly changes by making it easier to include dependent children and dependent parents in an application and allowing the inclusion of minor siblings subject to the fulfilment of certain requirements. The Act also removed the five-year time limit on the post-citizenship addition of newborn children and new spouses.
The St Kitts and Nevis CBI Programme
In quarter three, St Kitts and Nevis introduced a Limited Time Offer under which families of up to four may apply under the Sustainable Growth Fund for US$150,000. Previously, a typical family of four – composed of a father, mother, and two minor children – was expected to contribute US$195,000. The Limited Time Offer expires on 15 January 2020.
The Dominica CBI Programme
On 29 July, Dominica gazetted the Dominica Citizenship by Investment (Amendment) Regulations, 2020. The Regulations implemented a number of major changes encompassing dependants, investment costs, and post-citizenship additions.
Firstly, family eligibility was significantly expanded. Notably, the Regulations permit the inclusion of siblings under the age of 25, subject to the fulfilment of certain conditions, and make it easier to include adult children, parents, and grandparents. Additionally, adult children, parents, grandparents, and siblings are now permitted to show ‘substantial’ rather than ‘full’ support, and such support can be by either the main applicant or the main applicant’s spouse.
The Regulations also implemented lower contribution amounts under the Economic Diversification Fund (EDF) option for spouses and families of four (excluding siblings), and specified EDF contribution amounts and real estate Government Fees for siblings.
Additional changes included a significant expansion of the scope of post-citizenship additions and amendments to documentary requirements.
How can I find out more?
If you wish to receive tailored advice as to which CBI programme is suitable for you, please contact CS Global Partners.