Second passport system helps tiny islands grow

The Citizen By Investment (CBI) programme heavily promoted in parts of the Eastern Caribbean is so successful that it is has become an integral part of the receiving island’s economy.

Homes for sale in the Eastern Caribbean no longer just show bewitching beaches and a laid-back lifestyle to woo buyers. More property listings are offering a passport too – and political and social volatility in the US is helping to fuel an upsurge in interest.

Five of the region’s island nations – Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia – offer such citizenship by investment from as little as $200,000.

New home owners can also get a passport that grants the holder visa-free access to up to 150 countries including Europe’s Schengen area, and for all but Dominica, to the UK too.

For the wealthy, the islands’ absence of taxes such as capital gains and inheritance, and in some cases on income too, is another major draw. And all five of the region’s schemes allow buyers to retain their existing citizenship.

In Antigua, estate agents are struggling to keep up with demand, says Nadia Dyson, owner of Luxury Locations. “Up to 70% of all buyers right now are wanting citizenship, and the vast majority are from the US,” she told the BBC. “We don’t talk politics with them, but the unstable political landscape [in the US] is definitely a factor.”