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UAESept. 23, 2024

UAE Residents Opt for Schengen Second Passports Amid Caribbean Price Hike

Writen by Gulf Time Media LLC

Viewed 1309 Views

In a significant shift, UAE residents and global citizens seeking second passports are increasingly turning to Schengen region countries as Caribbean nations raise the cost of their citizenship by investment (CBI) programmes. While Caribbean passports remain popular for their fast processing and relatively low requirements, the appeal of European alternatives has grown due to comparable investment levels.

Caribbean passports offer visa-free access to around 150 countries, including Europe and the Schengen region, making them a highly sought-after option. However, with recent price hikes across the Caribbean nations, more people are considering European programmes, particularly in Portugal and Spain, where the benefits of European residency and eventual citizenship are proving to be attractive.

Caribbean Nations Increase CBI Costs

As of July 1, 2024, five Caribbean countries—Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, and St. Lucia—have aligned their policies and raised the minimum investment thresholds for their CBI programmes. This follows a Memorandum of Agreement signed in March 2024 by the first four nations, with St. Lucia joining later.

Urusa Imran, Director of Business Development at Samana Group, highlighted that some Caribbean nations have more than doubled the cost of their citizenship programmes. She noted that Caribbean passports, which previously offered a fast-track solution to visa-free travel across Europe, have now become more expensive, leading investors to consider alternatives in Europe.

“The main reason for obtaining a second passport was visa-free access, especially to Europe,” Imran explained. “Now, with Caribbean CBI costs rising, the investment required is comparable to European countries like Portugal and Spain, where you can obtain citizenship with additional benefits.”

For investors from Asia and the Middle East, second passports from the Caribbean have traditionally been a popular choice, driven by the ease of obtaining visa-free travel. “Interest in the Caribbean was significant because people were gaining access to 145 countries at a very competitive rate,” said Imran.

European Alternatives Gaining Interest

With an investment amount of €500,000, individuals can now secure a Portuguese passport, which offers more long-term advantages compared to Caribbean options. Imran pointed out that many investors, especially those from Pakistan, are inquiring about second passports due to the ongoing political and economic uncertainties in their home countries.

Iñigo De Luna, CEO of Citizenship Invest, stated that while Caribbean CBI prices have risen, high-net-worth individuals (HNWIs) remain interested. The Caribbean continues to be a popular choice for investors looking for quick and affordable second citizenship options.

“Since the price adjustment was announced in March 2024, there’s been a surge in applications, particularly from UAE residents. The Caribbean CBI programmes, with over 40 years of success, continue to play a key role in the global investment landscape,” said De Luna.

He further explained that Caribbean CBIs remain highly attractive due to their fast processing—citizenship can be obtained in as little as four months with no residency or language requirements. On the other hand, European programmes are better suited for those looking for residency options with a longer-term plan.

Current CBI Rates in the Caribbean

The recent adjustments in Caribbean CBI costs, shared by Citizenship Invest, are as follows:

  • Dominica: The minimum donation has increased to $200,000 from $100,000, while the real estate requirement remains at $200,000.
  • Antigua and Barbuda: The starting price for donations has risen to $230,000 (from $130,000), and real estate investments start at $300,000 (previously $200,000).
  • Grenada: The minimum donation is now $235,000 (up from $150,000), and real estate investments begin at $270,000 (previously $200,000).
  • Saint Lucia: Donations start at $240,000 (previously $100,000), while real estate investments start at $300,000 (up from $200,000).
  • St. Kitts and Nevis: The minimum investment for a donation is now $250,000, applicable to both individual applicants and families of four, with real estate options remaining at $400,000.