The history of the Caribbean is one of the interchanges of global peoples. In today’s post-2020 landscape, its stronghold of citizenship by investment can lead that story into a new era of globalisation based on choice and the free movement of capital. Yet, in order to keep not only these programmes afloat but also keep the region poised to lead, I believe it is more essential than ever for the Caribbean to remain the neutral trade winds of the world. This means being the safe haven for everyone, not just the few; not just Western interests, nor just Eastern, nor just the wealthy and elite but a place where the world can achieve financial and lifestyle objectives through a robust professional services industry and all the optionality that the industry provides.
Antigua & Barbuda’s citizenship by investment programme is among the basket of citizenships that are often under scrutiny by governing bodies such as the European Commission, the OECD, the IMF, the World Bank, and many more. We understand that the offshore industry has grown and matured long past the stages of novelty or nefariousness. What has happened instead is that the Caribbean is seen by so many as a valuable, safe, familiar option for expanding travel mobility (through strong passports), company formation (through attractive incentives for business owners), banking, tax management, real estate assets, and so much more.
This reputation must stay earned, and there are several calls to action that I have:
1. Stay open to all nationals. It is my firm belief that the path to world peace is complex but surely not helped through discrimination against regular folks’ nationalities, backgrounds or personal affiliations. Stay open. Do business with everyone who comes to your jurisdiction in good faith. Do not take sides in conflicts that you have no role in. The Caribbean mustn’t cut off its nose to spite its face when it comes to citizenship applications or any other service.
The issue of sanctions is a heated one regarding ethics and the ability to do business cross-border with countries whose policies one might disagree with. I say then: think for a second, more deeply about what the purpose of Caribbean citizenship by investment is. The entire goal of this industry is to give individuals more freedom from their state and be able to choose a new nationality based on a set of clear due diligence guidelines.
Why, then, would preventing ordinary people from getting a second citizenship to avoid this undue scrutiny be a bad thing? Perhaps someone does not even live in a source country that is seen as “problematic”, and Caribbean citizenship gives them a perceived relative neutrality that they desire to travel and do business globally.
I believe it is more essential than ever for the Caribbean to remain the neutral trade winds of the world. This means being the safe haven for everyone, not just the few; not just western interests, nor just eastern, nor just the wealthy and elite.
Antigua & Barbuda, along with other countries offering Caribbean citizenships and the industry at large, must continue to advocate for the freedom of this industry to stay open, come rain or shine. Many investors are counting on this mobility option. The EU, the US, the UK, China, Russia – whoever the major power in question is – will always have something to say about what smaller nations do with their policy. Fortunately, Antigua & Barbuda is a sovereign state that can decide its own destiny.
2. Stay multipolar. The Caribbean has always had one foot in every world: a mix of Amerindian and island history; the Afro-Caribbean experience; British, Dutch, French, Portuguese and Spanish influences; the existing partnerships with major players such as Brazil and Venezuela and the continental Caribbean (Belize, Suriname, Guyana, etc.); the historical roles of Chinese and Indian tradespeople; and the ongoing global connections that shape the region today.
Do not overly align with any one power bloc in your discourse. Be willing to see what each sociopolitical actor can bring to the table while still holding true to key values and partnerships. Multipolarity means competition and choice on all fronts. It also means not overly putting one’s foreign policies ‘in one basket’ to avoid being excessively reliant on the movements of any one external government or institution.
Do business with everyone who comes to your jurisdiction in good faith. Do not take sides in conflicts that you have no role in.
This multipolarity outreach of the Eastern Caribbean States can be studied through visa-free access. More countries are receiving visa-free access to more-difficult-to-access countries like China, Russia, or the UAE and the greater Middle East and South Asian region. This is a good thing for everyone. When Caribbean passports are stronger and do more for travel and building the global profile of investor clients, interests improve for all citizens in question, both native-born and those who have citizenship through CBI.
3. Stay consistent at what you are good at – and deliver a reliable product. There is a good reason that Caribbean countries have the most successful citizenship by investment programmes, and it’s not simply because of Schengen access, as I wrote in my last article. Investors know they can come to a country like Antigua & Barbuda and get full citizenship with a quick turnaround and a standardised process. They also know they can avoid onerous taxation, do business with global clients, and vacation or work remotely in a peaceful and idyllic English-speaking setting.
My take? Stay good at what you are good at. Don’t over-promise. There is no need to compare with Singapore, try to be another Dubai, or lose the heirloom hands-on experience of a smaller country. There is no need for Caribbean citizenship to attempt to replace European or American investment migration programmes.
Caribbean citizenship by investment can be inspired by various motives:
1 – A quintessential Plan B – using the passport as a backup residency option in addition to another nationality. COVID-19 taught us that not only is it a good idea to have a contingency plan, but it’s actually also a must-have for the savvy investor. The Caribbean is consistently good at delivering the world’s most valuable Plan B, which is full unrestricted citizenship.
2 – A core travel document focus – common for investors coming from countries with significantly less visa-free access. Still, to this day, Antigua & Barbuda regularly tops the first quartile of all passports globally with consistent access to Europe, the Commonwealth, and unique sweet spots like South Africa, which offer excellent lifestyle opportunities outside the traditional scope.
3 – or, more and more, a Plan A in itself – i.e., investors who choose to live in their newfound home country of Caribbean citizenship or even base themselves there part-time. We are seeing this trend with everything from crypto experts, to work-from-home types, to retired individuals seeking peace, to even families who see the benefits of a full-time residence in a warm and welcoming country.
There is a product for every buyer. There is a use case for every jurisdiction. Own the strengths, own the product, and own the experience.
With these core concepts in mind, Antigua & Barbuda can be a leader in a global-scale competition for not only financial capital but also human talent and global leadership. The Caribbean wins by being the safe haven for everyone.
Brian Greco
Is a consultant, traveller and advocate of free movement and the investment migration industry based in Istanbul, Turkey. He focuses on investigating new possibilities for expanding one’s lifestyle in global cities, especially in frontier markets. Brian is a believer in the power of citizenship by investment to expand economies and promote choice.