EU urges Caribbean nations to phase out citizenship-by-investment programmes

The European Union has given five Caribbean nations — Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia — until June 1, 2028, to gradually phase out their citizenship-by-investment programmes.

Failure to do so could result in their citizens losing visa-free access to the Schengen Area, The Washington Post reports.

The programmes allow foreign nationals to obtain citizenship in exchange for investments starting at $200,000, either through real estate purchases or direct contributions to national development funds. Holders of these passports currently enjoy visa-free access to more than 140 countries worldwide.

European Commission data show that more than 100,000 passports have been issued under the schemes since their inception, with a significant share granted to citizens of countries that normally require visas to enter the European Union.

The leaders of the five Caribbean states have said they intend to formulate a joint response and send a high-level delegation to Brussels for negotiations. They stressed that investment migration is a legitimate economic policy tool.

According to the International Monetary Fund, revenues generated by the programmes accounted for an average of 6.5 per cent of GDP in the participating countries between 2019 and 2023. In Dominica, the figure reached 30 per cent of GDP in 2022.

By Jeyhun Aghazada