Truth about Caribbean citizenship discounts: what they will really cost you

Caribbean citizenship by investment programmes have been exploited through illegal discounts and financial schemes, including unauthorised price reductions, hidden incentives, and creative financing options that violate official regulations.

Vladlena Baranova,

Head of Legal & AML Compliance Department, CAMS, IMCM

Grenadian authorities have already rejected eight applicants tied to illegal discounting schemes, and another rejection is imminent. 

Additionally, one individual who already got approved for citizenship is now at risk of losing it because authorities found clear proof that they received an illegal discount.

Loans or credit-based investments. Caribbean citizenship programmes require applicants to commit their own funds fully. An investigation in Grenada uncovered that some agents promoted citizenship investments financed through unofficial credit arrangements, allowing investors to pay in instalments or take out loans.

Investigations have revealed that a developer with a registered office in Grenada provided $100,000 loans to applicants to finance their investment, a direct violation of CBI regulations. Citizenship programmes require full, upfront investment, and any form of loan arrangement is strictly prohibited.

However, there is a legal way of sponsorship, where an individual or the sole shareholder of a company can sponsor the applicant, provided the investment is made from the company’s account.

While the relationship between the sponsor and the applicant must be confirmed with an official letter, the legality of the sponsor’s funds is more important than the nature of the relationship, ensuring full compliance with CBI regulations.

Undisclosed side agreements. Some developers engage in unauthorised financial arrangements, making secret deals that reduce the actual investment amount or fail to fulfil their obligations. These agreements put applicants at risk as they fall outside the legally approved investment framework.

Vladlena Baranova,

Head of Legal & AML Compliance Department, CAMS, IMCM

Another developer flagged for fraudulent practices, was identified for failing to comply with financial regulations. Applicants had already paid deposits for their citizenship applications, but the developer stopped responding, leading to serious concerns about the legitimacy of their operations. 

The Investment Migration Agency, IMA, has now taken action and is investigating the situation.

Rejection of citizenship application. Authorities rigorously review every application, conducting enhanced Due Diligence to detect unauthorised financial arrangements. Applicants involved in illegal discounts, cashback schemes, or credit-based investments risk immediate rejection.

Once an application is denied due to an illegal scheme, reapplying can be difficult, if not impossible, as such cases are flagged in government records. In the event of rejection, the applicant will be permanently ineligible to apply for any of the Caribbean CBI programs, as the refusal is recorded across all participating countries.

Revocation of citizenship. Even if an applicant initially succeeds in obtaining citizenship, any later discovery of an illegal financial arrangement can result in citizenship revocation. Governments routinely conduct post-citizenship audits, and violating the investment requirements can lead to passport cancellation.

Project decertification. Governments can decertify real estate projects that engage in unauthorised financial schemes, meaning they are no longer eligible for the CBI programme. If a project is stripped of its certification, investors may lose their application status, investment funds, and the right to obtain citizenship.

Potential lawsuits, fines, and reputational damage. Applicants working with blacklisted agents risk not only losing their investment but also being permanently ineligible for Caribbean citizenship.

Agents and developers offering illegal discounts can face heavy fines, civil lawsuits, and blacklisting, making it impossible for them to operate within the investment migration industry.

Thomas Anthony,

IMA Chief Executive Officer

As Grenada’s IMA, we have reinforced our commitment to strict enforcement, stating that any agent engaging in illegal discounting will face licence revocation and permanent bans. We closely monitor and take action against agents, developers, and promoters involved in unauthorised discounting, imposing sanctions and blacklisting where necessary.

Upholding the highest ethical standards, IMA commits to ensuring all stakeholders within the investment migration ecosystem fully comply with programme regulations.

Engaging in fully legal and government-approved CBI programmes ensures long-term security, protects your investment, and eliminates risks of rejection or revocation. While unauthorised discounts or financial schemes might seem attractive, the consequences far outweigh any short-term benefits.

1. Guaranteed citizenship approval. Applicants who follow official investment requirements and work with licensed agents have a significantly higher chance of approval. Governments conduct strict Due Diligence, and any involvement in illegal schemes leads to immediate rejection.

2. Protection of your investment. Illegal schemes may involve an approved developer with fraudulent practices or an agent who makes promises they cannot fulfil. By investing through authorised channels, applicants ensure their funds go into secure, government-approved projects, minimising financial risk.

3. Long-term stability and access to global benefits. Caribbean CBI programmes offer visa-free travel, tax benefits, and business opportunities, but only for those who comply with legal investment requirements.

A legally obtained passport ensures peace of mind and full access to these benefits without the risk of revocation.

Caribbean CBI Programmes are available in Grenada, Dominica, St Lucia, St Kitts and Nevis, and Antigua and Barbuda.

Often referred to as the Caribbean Five, these programmes rank among the top five on the global CBI Index. Since 2014, they have received 59,258 applications, resulting in at least 100,269 passport issuances by the first half of 2024.

Grenada’s CBI Programme rules are outlined in SRO. 15 of the Grenada Citizenship by Investment Amendment Regulations №2/2024. Through the programme, Grenada approved 16,933 passports in total, maintaining full compliance with regulations and without engaging in illegal discount schemes.

Investors can choose between two options:

1. Non-refundable contribution to the National Transformation Fund of at least $235,000.

2. Government-approved real estate purchase of at least $270,000.

Applicants are allowed to sell their properties five years after obtaining a passport.

Family members can join the investor and obtain Grenada citizenship. A spouse, children under 30, parents, grandparents, and siblings over 18 can be included in the application.

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Dominica’s CBI Programme requirements are outlined in SRO. 8 of the Citizenship by Investment Amendment Regulations №2/2024. In the first half of 2024, Dominica issued 5,484 legal passports to investors.

To qualify for citizenship, applicants must fulfil one of the investment options:

1. Make a non-refundable contribution to the Economic Diversification Fund of at least $200,000.

2. Buy property worth at least $200,000.

Those who invest in real estate can resell their share after 3 to 5 years, allowing them to recover their investment.

Main applicants can include family members, such as spouses, children under 30, parents and grandparents over 65.

St Lucia’s CBI Programme rules are outlined in Citizenship by Investment Amendment Regulations №2/2022. Since its launch in 2015, St Lucia has processed 7,315 applications for its CBI programme.

The following investment options are available:

1. Non-refundable contribution to the National Economic Fund of St Lucia — $240,000+.

2. Bonds purchase — $300,000+.

3. Real estate purchase — $300,000+.

4. Business investment — $1,000,000+.

Real estate investors can legally sell their shares after 5 years, recovering their initial investment.

A spouse, children under 30, parents over 55, and siblings under 18 can also become St Lucia citizens.

St Kitts and Nevis’s CBI Programme legal basis is contained in Part II, § 3 (5) of the Citizenship Act, 1984 and the Saint Christopher and Nevis Citizenship-by-Investment Regulations. St Kitts and Nevis issued 35,577 passports through its CBI programme between 2015 and 2022.

Investors can choose between three options:

1. Non-refundable contribution to the Federal Consolidated Fund — $250,000+.

2. Investing in Approved Public Benefit Projects — $250,000+.

3. Real estate purchase — $325,000+.

CBI real estate investors can legally exit their investment after 7 years, reclaiming their invested capital.

Investors can obtain passports with their family members, including a spouse, children under 25, and parents over 55.

Antigua and Barbuda CBI Programme rules are outlined in Citizenship by Investment Amendment Regulations №50/2024. By July 2024, Antigua and Barbuda had issued 662 legal passports through the programme.

Four investment options are available:

1. Non-refundable contribution to the National Development Fund — $230,000+.

2. Donation to a higher education institution of at least $260,000 for a family of 6 or more people.

3. Real estate purchase — $300,000+.

4. Business investments — $400,000+.

After holding real estate for 5 years, applicants can sell their share and retrieve their investment legally.

Family members eligible for the programme include a spouse, children under 30, parents and grandparents over 55, and siblings.

1. Some developers and agents may violate Caribbean CBI Programme regulations by offering applicants unauthorised discounts, cashback schemes, or financing options.

2. In Grenada, one developer was involved in illegal financial schemes, leading to the investigation regarding rejection of eight citizenship applications and the revocation of one approved citizenship.

3. Authorities are blacklisting non-compliant developers and agents, revoking licences, and strengthening oversight to protect the integrity of CBI programmes.

4. Immigrant Invest, a licensed agent, strictly follows government regulations, offers no unauthorised discounts, and supports clients throughout the entire CBI application process.

5. Caribbean CBI programmes are available in Grenada, Dominica, St Lucia, St Kitts and Nevis, and Antigua and Barbuda.