Caribbean CIPs Have Issued 100,000+ Passports Since 2014, EU Report Reveals

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Investment Migration This Week

Summaries prepared by James Nuveen

To address a decline in foreign investment, with applications dropping from NZ$1 billion to just NZ$176 million annually, New Zealand's Active Investor Plus Visa program is undergoing significant revisions. James Hall says the government plans to remove the English language requirement and introduce new investment options. New Zealand seeks to contrast with Australia’s closure of its investor immigration program and attract investors who bring more than just capital. 

Montenegro's terminated Citizenship by Investment Program (CIP) processed 423 applications in 2023, granting citizenship to 701 individuals, predominantly Russians nationals. Amid increasing scrutiny from the European Commission, the Montenegrin government has committed to revoking citizenship for sanctioned individuals and processing remaining applications with high security standards. The report underscores similar concerns with North Macedonia's "special economic" citizenship provision for which they’ve received five applications, emphasizing rigorous background checks to prevent visa procedure circumvention.

The European Union Commission's seventh report on Citizenship by Investment (CBI) programs reveals significant insights into Caribbean nations' passport issuance, with St Kitts & Nevis and Dominica leading the region with over 70,000 issued passports between 2015 and 2024. The five Caribbean jurisdictions collectively processed 59,258 applications, with notable fluctuations such as St Lucia's 1,520% application surge in 2023 and St Kitts & Nevis's sharp decline in 2024. The EU maintains close collaboration with these countries, emphasizing due diligence and security screening systems.

San Marino offers a business-friendly environment characterized by a streamlined tax system, reduced bureaucracy, and attractive tax incentives, says Valentino Coletto. With benefits including a 17% corporate tax rate, tax exemptions, and significant deductions for investments, special tax regimes attract new companies, startups, and businesses from specific industries like maritime and technology. Despite its population of 33,000, San Marino has incorporated over 5,000 companies and attracts daily commuters from Italy.

Kazakhstan launched the Neo Nomad Visa program for remote workers who can prove a $3,000 monthly income, while Kyrgyzstan created a digital nomad framework to promote technological innovation. Moreover, the Italian Ministry of Interior issued new citizenship by descent procedures, specifically addressing cases involving ancestors who acquired foreign citizenship before 1975 and impacting how consular and municipal applications are processed. Finally, St Kitts & Nevis has waived apostilled documents for Chinese citizenship applicants.

Following the European Union's suspension of its visa waiver privileges, Vanuatu's Citizenship by Investment Program (CIP) is projected to generate approximately US$60 million in revenue for 2024, a slight decrease from 2023's US$68 million. Despite the EU's sanctions, which initially raised concerns about the program's viability, Vanuatu's CIP has demonstrated resilience and contributed an average of 18% to government revenue in the first half of 2024. The program may face new challenges with Nauru's Citizenship by Investment Program potentially creating direct competition in the Pacific region.

Turkey's Citizenship by Investment (CIP) program has drawn significant attention. Former Interior Minister Süleyman Soylu defended its integrity by highlighting that 40,000 applications generated $15 billion in investments and stringent security measures that prevent criminals from obtaining citizenship. Soylu strongly refuted allegations of crime organization leaders gaining Turkish citizenship, asserting that the law prevents granting citizenship to individuals with criminal records and that multiple international agencies conduct vetting of applicants.

Graph of the Week