To explore the Caribbean and EU second citizenship, we compare the best options for investors with Zlata Erlach, Head of the Austrian office at Immigrant Invest. 

Immigrant Invest is a consulting company that specialises in investment migration services and assists individuals and families in obtaining residency or citizenship through investment programs.

Obtaining a second citizenship is an attractive option for high-net-worth individuals seeking greater mobility, business opportunities, and security. With various programs available, especially in the Caribbean and the European Union, it can be challenging to choose the best option.

What Are the Key Features of Second Citizenship Programs?

Second citizenship programs allow individuals to acquire citizenship in another country by investment, providing benefits such as visa-free travel, business opportunities, and tax advantages. These programs are particularly popular in the Caribbean and the EU due to their diverse offerings and strategic advantages.

The Caribbean offers several well-established programs known for their efficiency and affordability. The EU, on the other hand, provides access to a larger market and greater travel flexibility but often requires a higher investment and has longer processing times. However, not a single EU country offers citizenship directly by investment — only through a residence permit.

What Do Caribbean Second Citizenship Programs Offer? 

Caribbean citizenship programs offer diverse opportunities for investors, including a variety of investment options, a relatively fast-track obtaining process, and visa-free travel to more than 140 countries. 

Investors can apply for citizenship in the following countries:

1. Antigua and Barbuda.
2. Dominica.
3. Grenada.
4. St Kitts and Nevis
5. St Lucia.

All five countries have recently signed the Memorandum of Agreement (MoA), agreeing to set a unified minimum investment requirement of $200,000 for obtaining citizenship. Previously, investment thresholds varied.

Investors can obtain citizenship in Caribbean countries through various investment options, including real estate purchases, financial contributions, government bond purchases, and business or infrastructure investments.

With the investment threshold now standardised, choosing citizenship should be based on the specific advantages each program offers. For example, Grenada’s citizenship can open up an opportunity to obtain an E-2 US business visa, which is not available to all nationalities, while Dominica’s citizenship grants visa-free access to China. 

How to acquire EU second citizenship and its benefits

European citizenship can be obtained after securing a residence permit, which can be acquired by participating in the investment program. 

Each country has different conditions and timeframes for acquiring residency and citizenship:

1. In Malta, citizenship can be obtained in 1 or 3 years after fulfilling all investment requirements and passing thorough due diligence checks. 
2. Portugal offers citizenship after 5 years of residency, with a minimal stay requirement of at least seven days per year. 
3. In Cyprus, citizenship can be acquired after 5 years of meeting investment requirements and maintaining continuous residency. 
4. Greece allows for citizenship after 7 years, provided the individual resides in the country for at least 183 days per year. 
5. In Spain, citizenship can be granted after 10 years of residency.

The investment requirements also vary. Malta is the most expensive option, with a minimum investment requirement of €690,000. Spain requires a minimum investment of €500,000 in real estate, while Cyprus is more affordable, with a minimum investment of €300,000 in real estate. Portugal and Greece are the most affordable options, both with minimum investment requirements starting at €250,000.

The benefits of EU citizenship are extensive. It grants the right to live and work anywhere within the EU, including access to high-quality educational institutions and often reduced tuition fees for studying in any EU country. Additionally, all mentioned countries except Spain allow dual citizenship. 

While waiting for citizenship, residents of all countries except Cyprus can travel freely within the Schengen Area, which includes 29 European countries.

How do Caribbean and European investment programs compare based on key criteria?

Investment thresholds. Caribbean programs are generally more affordable, with investments starting at $200,000. In contrast, EU programs often require higher investments, ranging from €250,000 in Greece, Portugal, and Italy to over €700,000 in Malta.

Processing time. Caribbean citizenship programs offer quicker processing times, often within six months. Obtaining EU citizenship takes much longer, at least 12 months in Malta and five to ten years in other countries. 

Travel benefits. Caribbean citizenship provides visa-free travel to many countries, but EU citizenship offers more extensive travel benefits, including the right to live and work in any EU member state. 

Residency requirements. Many Caribbean programs have minimal or no residency requirements with a completely remote process, making them ideal for those who prefer not to relocate. Obtaining EU citizenship often requires some form of residency, although this can be minimal in some cases, like the Portugal Golden Visa.

Economic stability and opportunities. The EU offers access to a large, stable market and numerous business opportunities, which can be a significant draw for investors. The Caribbean, while offering fewer economic opportunities, provides favourable tax regimes and a relaxed lifestyle.

How can one choose the most suitable citizenship by investment program?

When deciding between Caribbean and EU second citizenship, consider your investment capacity, desired travel benefits, and long-term goals. The Caribbean offers quick and cost-effective solutions with excellent mobility, while the EU provides broader economic opportunities and greater travel freedom.

Carefully assess each investment program’s requirements, benefits, and potential returns on investment to determine the best fit for your needs. For detailed guidance and assistance, contact Immigrant Invest to explore your options further.