Opinion of the Editor
As of 2018, there are five countries in the Caribbean offering citizenship through property investment. St Kitts is the oldest CBI program and St Lucia is the newest in the region.
In 2017, after being hit by the Hurricane, the Caribbean CIPs cut prices almost to half, with St Kitts leading the way introducing HRF for $150K, Antigua slashing donation option to $100K, Grenada to $150K (single applicant).
The prices for real estate option remained the same during that time (no cuts) for all the Caribbean CIPs.
In 2018, the twin island of St Kitts and Nevis becomes the first country among the Caribbean CIPs to cut prices for real estate option.
St Kitts and Nevis
On March 29, St Kitts and Nevis published Citizenship by Investment (Amendment No 2) Regulations, which was published in the official gazette 18 of 2018, specified reducing the minimum investment to $200K, to qualify for citizenship.
According to CIU St Kitts,
The minimum real estate investment required by law is US$200,000 (resalable after 7 years) or US$400,000 (resalable after 5 years) for each main applicant.
Again, St Kitts becomes the first country among CIPs to cut prices for real estate option by 50% to just $200,000 but under the condition that property must be held for 7 years. St Kitts also cut Government fee by 30% for real estate applications.
Antigua and Barbuda
Antigua as of now has the most expensive real estate investment requirement of $400,000 of all the CIPs. On 14th May 2018, in a memo to all CIP Stakeholders, informed the Cabinet has made changes to the CIP legislation. Introducing the Limited Time Offer (LTO) until 31 Oct 2018 for Real Estate. The minimum real estate investment remains the same at $400K, but jointly $200K per person allowed. This offer is not permanent and only time limited. No prices cut for real estate option by Antigua.
According to CIP Antigua
To qualify for citizenship under the real estate option, the government requires applicants to make an investment in designated, officially approved real estate with a value of at least US$ 400,000 plus the payment of government processing fees and due diligence fees. In addition, two or more applicants who have executed a binding sale and purchase agreement may apply jointly for citizenship by investment provided that each applicant contributes the minimum investment of US$ 400,000.
Antigua received 217 citizenship applications for real estate as of Q2 2017.
There are currency 46 officially approved real estate development projects in Antigua and Barbuda
Commonwealth of Dominica
Dominica real estate investment requirement stands at $200,000 and no changes proposed by the Citizenship Unit. According to Dominica CBIU
An investment in designated real estate with a value of at least USD 200,000.
As of now Dominica CBIU has approved 6 property developments for citizenship.
Grenada
Grenada has the second most expensive real estate investment requirement of $350,000. No price cuts for real estate proposed as of now. According to CBI Grenada
Applicants opting for the approved project (real estate) route must invest at least USD 350,000. They must keep the real estate for at least three years following the grant of citizenship.
There are 16 property developments approved by CBI Grenada for citizenship program. Grenada received 28 real estate applications for 2018 and 108 applications in 2017 and 65 applications for 2016.
Saint Lucia
Saint Lucia’s Citizenship by Investment Program was launched in December 2015. The investment requirement for real estate stands at $300,000 and no changes were proposed. According to CIP Saint Lucia only one real estate development has been approved for citizenship.
We believe price cuts of CIPs under real estate option, will encourage more foreign investors to invest in real estate and will drive growth in the construction sector (creating more jobs) and will boost the Caribbean real estate market.
Will the price cuts happen with other Caribbean CIPs for real estate? We will wait and see!
