There have been some momentous changes made to the Caribbean Citizenship-by-Investment programmes. This is across Dominica, St Kitts and Nevis and Grenada. RIF Trust has been keeping a close eye on the proceedings.
As a government-approved agent with over 6,000 successful clients and their families for Residency and Citizenship by Investment, RIF Trust is a global business. They have 120+ offices around the world. Together with Latitude, they form Latitude Group and operate in more than 20 countries. They can advise their international clientele in 14 different languages.
The catalyst for CBI programme updates came following a US-Caribbean CBI roundtable. Caribbean Prime Ministers met with a US Government delegation. They agreed on six principles:
- Not to process applications from persons who have been denied from other CBI jurisdictions
- Mandatory online or in-person interviews
- Further check led by the Financial Intelligence Unit of its respective country
- Annual or every two years adults following internationally-accepted standards
- Retrieval of passports will be assisted by law enforcement
- Suspend processing applications from Russian and Belarusian applicants
On July 19th, Dominica was the first country to put these agreements into action. They announced increased due diligence and a mandatory interview for the main applicant and all dependants over sixteen years of age.
On this same day, the UK House of Commons published a Statement of Changes for their Immigration Rules. From this date, citizens of Dominica will be required to apply for a travel visa if visiting the United Kingdom.
St Kitts and Nevis Doubles Their Pricing:
St Kitts and Nevis was also quick to revolutionize their CBI programme. They announced on July 27th, 2023 that they were replacing their Sustainable Growth Fund with the Sustainable Island State Contribution.
Effective immediately, the donation option increased from US$125,000 to US$250,000 for single applicants. It now also costs US$300,000 for a couple and US$350,000 for a family of four for the Sustainable Island State Contribution.
Meanwhile, the real estate option increased from a minimum of US$200,000 to $400,000 with a seven year holding period. The private single-family home option also increased to USD$800,000.
In addition, St Kitts and Nevis also announced a series of additional changes, including:
- Due diligence fees have increased.
- Siblings and grandparents are no longer able to apply as eligible dependants.
- The minimum age for parents has increased to 65.
- Mandatory interviews are in effect including those currently in the process who have not been issued their Certificate of Registration (COR).
- Processing times have officially increased to four (4) months.
- A Certificate of Registration (COR) to be collected either in St Kitts & Nevis or at an Embassy or Consulate abroad.
- The addition of dependants for applications already being processed will no longer be allowed. Additions will only be accepted after a period of 90 days has elapsed after the primary application has been approved and the relevant COR(s) issued.
- The concept of “financial sponsorship” or a benefactor, is not supported by the Regulations. Therefore, effective immediately, “financially sponsored” applications will not be accepted by the Citizenship by Investment Unit.
Grenada Mandatory Interviews:
On August 1st, 2023, Grenada announced similar mandatory interviews for all applicants seventeen years of age and over effective September 1st, 2023.
RIF Trust anticipates that investors can expect further changes in the Caribbean to be announced over the coming months.
They recommend that applicants don’t delay and contact them today to apply for their Caribbean Citizenship before prices potentially rise for the remaining Caribbean programmes.
About RIF Trust & Latitude:
Founded in the financial heart of Dubai, RIF Trust is a leading international Residency and Citizenship by Investment advisory firm in the Middle East and Africa. In 2013, the company was born from the need to provide greater freedom to travel and expand businesses abroad for high-net-worth Individuals and their families. The name RIF Trust is inspired by the mountainous region of North Africa, a place known for its people with high moral standards and the desire to explore.
In 2018, RIF Trust merged with Latitude Consultancy Limited to expand internationally to over 20 countries, including Brazil, Canada, Cayman Islands, China, Egypt, India, Lebanon, Malaysia, Malta, Montenegro, Morocco, Nigeria, Portugal, KSA, South Korea, Turkey, UAE, UK, and the USA.
RIF Trust and Latitude are government-approved partners and authorized agents of the world’s most powerful residency and citizenship programmes, including Antigua & Barbuda, Dominica, Grenada, St Kitts & Nevis, St Lucia, and Malta. The Latitude Group employs over 100 industry professionals globally that provide clients with innovative programme solutions in the Caribbean, Europe, and North America, competitively priced services and local expertise with a global reach.