Caribbean Nations to Double “Golden Passport” Prices Amid Global Scrutiny

Caribbean Nations to Double "Golden Passport" Prices Amid Global Scrutiny 2

In a significant move to address international concerns, four Caribbean countries have agreed to increase the minimum price for their “golden passports” to $200,000, starting June 30. This decision, which effectively doubles the current rates in some instances, aims to tighten the citizenship-by-investment (CBI) programs that have been under the microscope by the US and the European Union. The changes are a direct response to allegations that these programs could be exploited for circumventing immigration controls and aiding criminal activities.

The CBI programs have been a major economic lifeline for the participating Caribbean nations, generating over $579 million annually and accounting for a substantial portion of their national revenue. However, the potential misuse of these passports, which offer visa-free access to several countries including the EU and the UK, has prompted calls for stricter regulation. The five Caribbean nations with CBI programs have granted citizenship to an estimated 88,000 individuals, attracting significant interest from Chinese, Russians, and Nigerians, among others.

In addition to raising the prices, the Caribbean nations involved in the agreement—Dominica, Grenada, St. Kitts and Nevis, and Antigua and Barbuda—have pledged to enhance program transparency, engage in financial audits, and foster information sharing among them. These measures aim to mitigate the EU’s concerns regarding the CBI programs’ integrity.

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