The people in the UAE and abroad who are looking for second passport are now switching from Caribbean to Schengen countries after the former increased the rates of their citizenship through an investment program.
Despite this shift, industry insiders still maintain that Caribbean passports remain a popular choice due to their low cost and minimal requirements.
Offering visa-free access to around 150 countries, including European and Schengen regions, Caribbean passports have been witnessing a strong demand.
In an interview with Khaleej Times advisory firm Citizenship Invest, stated four Caribbean countries—Antigua & Barbuda, Dominica, Grenada, and St. Kitts & Nevis—signed a Memorandum of Agreement (MoA) in March 2024 to align their policies, including the price of their Citizenship by Investment (CBI) programs. In June this year, St. Lucia joined the agreement. All five Caribbean nations have implemented new minimum cost thresholds effective July 1, 2024.
The main reason why people want a second passport is that it gives them visa-free access. People preferred Caribbean passports as they could be obtained in six months, and it allowed them to travel visa-free to all of Europe and Schengen countries. On the other hand, the waiting period for European passports was 5-7 years, and it came with a high investment amount. But after the Caribbean nations decided to increase the new minimum cost thresholds, the cost is somewhat equivalent to investing in countries like Portugal and Spain for their passports.
The majority of people opting for second passports are high-net-worth individuals and families from Asia and Middle East countries who acquire second passports from Caribbean countries for the purpose of visa-free travel access rather than for settling down there.
