Located in a part of the world that can only be described as “paradise” — the Caribbean Sea — island nations such as Antigua and Barbuda, Dominica, Grenada, and Saint Kitts and Nevis are welcoming potential expats to their beautiful countries by offering citizenship programs to acquire a second passport.
Curious as to the advantages of investing in a second passport for yourself and your family? Here are four attractive reasons to consider a second citizenship in the Caribbean.
1. To open up your world
Depending on your primary citizenship, obtaining a second citizenship in the Caribbean could do a lot when it comes to increasing your ability to travel the world. Many of the most sought-after Caribbean passports enable visa-free travel to over 130 countries, including the European Schengen countries and the UK.
Therefore, if you primarily reside in destinations such as Saudi Arabia or various countries in Africa and Asia, then having this flexibility with a passport will make it significantly more straightforward for you and your family to travel.
But it isn’t solely about the travel benefits. If you obtain citizenship in a nation that is part of CARICOM, then you will be able to reside, work and utilize the health care and education system of all the countries within the Caribbean Community.
2. To reduce your taxes
For most people, the main draw of obtaining a second Carribean citizenship has to do with the tax benefits that can come along with it. In most of the Caribbean islands, should you decide to become a tax resident, you will be greeted with no personal, worldwide income tax and no capital gains or inheritance tax in certain jurisdictions; this can be a desirable proposition for people of all income levels, but especially for those who are high earners.
If you are looking to reduce your taxes and safeguard your private wealth, then obtaining Antigua and Barbuda citizenship by investment may be an option you want to consider seriously.
Keep in mind that no matter where you decide to go, and what the means that you use to get there, you should always seek professional tax advice in both your home country and the destination country. After all, you want to ensure that all rules and restrictions are understood and complied with from the get-go.
3. To protect your family’s future
In 2018, there are plenty of countries around the world that are experiencing intense political and economic instability. The Caribbean countries are not a part of this and are generally considered one of the top choices to reside if something terrible were to occur.
Therefore, by obtaining a second Caribbean citizenship, you are taking a significant step towards protecting your family’s future, inheritance and safety. There is never anything wrong with having more than one option, and this is absolutely true when it comes to citizenships.
Furthermore, having a second citizenship enables you to diversify your investment portfolio to circumvent disproportionate reliance on the performance of one volatile asset (the most important one): your nationality.
To sum it up, by obtaining a second Caribbean citizenship, you are gifting yourself and your kin with more flexibility than the vast majority of people are able to arrange. And you will be in a position to take advantage of more opportunities to diversify your assets and portfolios, while also potentially streamlining your business operations.
4. To live in perfect weather
Not everywhere in the world can boast a pleasant climate throughout the entire year — but the Caribbean certainly can. No matter what month of the year, you can easily imagine yourself dipping your toes into crystal clear water and living your dream vacation life as your real life.
Generally, Caribbean islands such as Antigua and Barbuda enjoy a tropical climate all year round, with average temperatures remaining at around 28°C (82°F).
By obtaining a second Caribbean citizenship, such as a Grenada citizenship by investment, you can allow yourself to experience more fantastic weather in a year than you ever thought possible. And, trust us, it never gets old.
Have you ever considered obtaining a second citizenship? What interests you about the proposition? Would you have reservations? Let us know your feelings in the comments below!
Kaline Kennard is the co-founder of Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.