The Caribbean passport trade is a lucrative business, with five islands selling citizenship to foreign nationals for staggering sums of money. According to a report by the European Commission, Antigua and Barbuda, Grenada, St Kitts and Nevis, St Lucia, and Dominica have issued 88,000 passports between them. The prices start at $100,000 in Antigua, and the numbers are significant: Dominica has issued 34,500 passports, while St Kitts and Nevis has issued 36,700.
The problem is that although these nations claim to have carried out due diligence in investigating the backgrounds of passport applicants, the process is anything but transparent, few applicants are rejected, and there are fears that people associated with tax evasion, organized crime, terrorism, or spying may be obtaining these golden passports.
Golden visas have gained traction in Caribbean islands, especially those heavily dependent on tourism and foreign direct investment. Advocates argue that CBIs can stimulate economic growth, create jobs, and benefit local economies and infrastructure. However, critics argue that these schemes have turned EU citizenship and residency rights into a luxury good, accessible only to those with enough money.
Some of the new "citizens" have never visited their new "home", and the sale of passports has surged after 2015 when citizens of several Caribbean states were given permission to travel to most EU member states for 90 days a year without a visa. St Kitts reached agreement on visa-free travel with the EU in 2009, and overall, the EU has visa-free travel agreements with 60 countries.
Caribbean passports are valuable because they allow visa-free travel to 130 countries, including the UK and many European states – a prize for wealthy elites from Russia, China, and the Middle East. The EU commission is proposing to overhaul regulations, saying it is concerned golden passports could be enabling the "infiltration of organized crime, money laundering, tax evasion, and corruption".
Conclusion:
The Caribbean passport trade raises significant concerns about transparency, corruption, and national security. While some argue that CBIs can stimulate economic growth and create jobs, others argue that they have turned EU citizenship and residency rights into a luxury good, accessible only to those with enough money. The EU commission’s proposal to overhaul regulations is a step in the right direction, but more needs to be done to ensure that these schemes are not exploited by corrupt interests.
FAQs:
-
Why do people want to buy Caribbean passports?
Caribbean passports offer visa-free travel to 130 countries, including the UK and many European states, making them attractive to wealthy elites from Russia, China, and the Middle East. -
Who can buy Caribbean passports?
The Caribbean islands sell citizenship to foreign nationals, with prices starting at $100,000 in Antigua. -
Are the passport applicants vetted properly?
The process is not transparent, few applicants are rejected, and there are fears that people associated with tax evasion, organized crime, terrorism, or spying may be obtaining these golden passports. -
What are the benefits of the passport trade?
The passport trade is a significant source of revenue for some Caribbean islands, helping to support hospitality, infrastructure, banking, and youth development projects. -
Are the passports being used for electoral manipulation?
Some countries require a period of residency before granting voting rights, while others might not offer them at all to golden visa holders. This has led to controversy in the Caribbean where there have been allegations of using citizenship by investment for electoral manipulation.