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Golden Passports fuelling Caribbean economies, says Astons

Citizenship by investment fuelling Caribbean economies to the greatest extent.

Countries in the Caribbean are among those experiencing the greatest economic boosts from citizenship by investment (CBI) programmes, according to Astons, the international experts on residency and citizenship through investment.

Astons analysed the estimated annual revenue generated by eight of the most prominent citizenship by investment programmes and what this equates to as a percentage of each nation’s annual GDP.

In Dominica, a small land mass nicknamed the “Nature Island of the Caribbean”, the yearly revenue from its CBI revenue makes up a staggering 31% of the country’s annual Gross Domestic Product (GDP).

The country’s programme nets Dominica $171.74 million, compared to a yearly GDP of $554.18 million.

Similarly the nearby Saint Kitts & Nevis and Granada both see a strong boost, with revenue making up 25.3% and 11.8% of their respective GDPs.

Wealthy residents of nearby countries like the United States of America have long been drawn to the Caribbean thanks to its warm climate, friendly pace of life and tax benefits.

Rest of the World

With other larger countries CBI programmes have less of an obvious economic impact, as Turkey’s revenue from its CBI programme accounts for just 0.6% of its GDP.

The programme nets the country far more revenue than the other smaller countries, at £4.53 billion, but this compares to an annual GDP of £819.05 billion.

One country where the impact of CBI is comparable to Caribbean nations is Vanuatu, which sits east of Australia. This is an island nation where revenue makes up 11.5% of its annual GDP.

Immigration Expert for Astons USA, Alena Lesina, commented: “Citizenship by investment can be seen as controversial, but it’s rarely acknowledged how programmes have such a profound economic benefit to these countries. This is particularly the case with Caribbean nations like Dominica, Saint Kitts & Nevis, as well as Grenada, who are profiting from investors willing to spend big from neighboring powerhouse nations like the United States. For high-net worth users of such schemes the benefits are a no brainer. It’s about securing a luxury lifestyle at the fraction of the cost of doing so in their home country, as well as benefiting from potential tax benefits in sunnier climes overseas.”

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