The Pandemic’s unexpected arrival has driven many high-net-worth individuals (HNWIs) and their families to re-evaluate their priorities and life choices. Their need to increase mobility and access countries that can act as a safe haven has skyrocketed to the top of their wish list.
Fortunately, Citizenship by Investment (CBI) Programs like the ones in the Caribbean and Vanuatu offer swift processing times, affordable investment options, and no tax exposures. With those programs, HNWIs and their families can now quickly formulate a Plan B and obtain global mobility without the need to physically relocate, go through extensive interviews or wait years.
The need for speed:
As a result of the pandemic, HNWIs lose the luxury of time and must opt for a CBI solution with a short processing timeframe. Luckily, the Caribbean and Vanuatu programs offer some of the fastest processing times in the world.
Below outlines the minimum processing times for each Program:
- Antigua & Barbuda: 90 days
- Dominica: 60 days
- Grenada: 60 days
- St. Kitts & Nevis: 60 days
- St. Lucia: 90 days
- Vanuatu: 30-45 days
In response to the pandemic, many Caribbean countries have further reduced their processing times, adding an online application option, and waiving personal visit requirements for their passport programs.
Affordability is key during unforeseen circumstances:
Under ideal conditions, HNWIs will plan their finances ahead of time to provide themselves and their families with a more comprehensive range of CBI Program choices. With the Pandemic’s sudden impact on the global economy and local business, HNWIs need to decide on a new Plan B and forgo their prior lifestyle plans. The good news is that the Caribbean and Vanuatu present both choices and a wide range of affordable investment options.
This list illustrates the investment amounts required for each CBI Program and based on a single applicant family composition. Many starts at just USD 100,000 for the contribution option, and USD200,000 for the real estate option:
- Antigua & Barbuda: USD 100,000 (donation) / USD 200,000 (real estate)
- Dominica: USD 100,000 (donation) / USD 208,000 (real estate)
- Grenada: USD 150,000 (donation) / USD 220,000 (real estate)
- St. Kitts & Nevis: USD 150,000 (donation) / USD 200,000 (real estate)
- St. Lucia: USD 100,000 (donation)
- Vanuatu: USD 130,000 (donation)
It is to note that in most countries above, the amount of contribution will increase depending on the family composition i.e. children, spouse, parents, grandparents and/or siblings. Contact us privately for an exhaustive quotation based on your unique family composition.
Minimal tax, minimal hassle:
When changing or obtaining an alternative residency or citizenship elsewhere, tax exposure becomes a significant consideration. In most cases, taxation is based on residence and not on one’s citizenship status. In fact, only the United States of America and Eritrea currently tax on citizenship-based. HNWIs who invest in a CBI Program can therefore feel at ease, knowing that their newly acquired citizenship will have no tax exposure on their future wealth and legacy planning, unless they decide to physically relocate and spend a significant number of days in-country.
Also, it is important to highlight that Vanuatu and those Caribbean countries do not levy taxes on capital gains, wealth, or inheritance.
Overall, a Caribbean or Vanuatu passport will provide global mobility, flexibility, and access to healthcare facilities without significant tax exposure in the short and long term.
To learn more about the various Caribbean and Vanuatu CBI Programs, the benefits, and the investment options available, we recommend all those interested to discuss with immigration lawyers that will assess the options available to them based on their specific family circumstances and needs.
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