100,000+ Caribbean CBI Passports Since 2014, Rich EU Data Set Reveals

The European Union Commission’s seventh report under the Visa Suspension Mechanism marks a watershed moment for the Caribbean citizenship by investment (CBI) industry.

Saint Kitts & Nevis and Dominica emerged as the region’s dominant citizenship by investment providers overall.

Saint Kitts & Nevis issued 35,577 CBI passports (citizenships) between 2015 and 2022.

Dominica granted 34,596 passports in just five years (2018-2022), adding 9,539 in 2023 and 5,484 in the first half of 2024.

The EU report lists data from 2014 onward for Antigua & Barbuda and Grenada, as well as data from 2015 onward for Dominica, Saint Kitts & Nevis, and Saint Lucia.

During those timeframes, the five programs received 59,258 applications in total, resulting in at least 100,269 passport issuances up until the first half of 2024.

Saint Lucia, which received 7,315 applications between 2015 and May 2024, has not disclosed its total passport issuance numbers.

Saint Lucia’s program application numbers increased by 1,520% from an annual average of 252 between 2015 and 2022 to 4,076 in 2023.

This surge is the sharpest expansion in the region’s history. The first half of 2024 witnessed a slight decline, as Saint Lucia registered 1,226 applications.

Grenada’s program received 2,297 applications in 2023 as Russian investors, barred from other Caribbean programs following Russia’s invasion of Ukraine, turned to the country’s CIP.

While all five Caribbean jurisdictions officially suspended applications from Russian and Belarusian nationals after the invasion, Grenada continued processing approximately 2,300 pending Russian applications into 2024.

Applications fell to 138 in the first half of 2024 after Grenada aligned itself with other jurisdictions in banning Russian applicants.

Saint Kitts & Nevis saw applications drop sharply after doubling its minimum investment requirements in July 2023.

Applications plummeted to 98 in the first half of 2024 from 1,987 in 2023.

The government implemented reforms to address this decline, announcing lower prices in July and October 2024 for contribution and real estate options, respectively.

Antigua & Barbuda steadily grew, averaging 413 applications annually between 2014 and 2022.

The country’s program received 685 applications in 2023 and 739 in the first half of 2024, showing consistent growth.

Dominica’s program proved resilient amid critical changes and challenges. Despite losing UK visa-free access in July 2023, the first half of 2024 application numbers (2,981) point to exceeding the 2023 total (4,068).

Caribbean citizenship programs recorded 2,233 rejections across varying timeframes.

Dominica rejected 810 applications from 2019 to mid-2024, while St. Kitts & Nevis denied 743 applications between 2015 and mid-2024. Grenada registered 297 rejections from 2015 to mid-2024.

Antigua & Barbuda rejected 204 applications between 2014 and mid-2024, and Saint Lucia denied 179 applications from 2015 to early 2024.

The data reveal that applicants primarily come from countries whose nationals need visas to enter the EU.

Between 2023 and 2024, major applicant source countries included Iran (1,918 applications), China (1,099), Syria (747), Iraq (425), Nigeria (308), and Lebanon (149).

EU-Caribbean Collaboration

The relationship between the EU and the Caribbean jurisdictions has entered a new phase of enhanced cooperation.

According to the report, the five Caribbean nations have demonstrated "increased awareness of the need to strengthen their due diligence and security screening systems" while showing openness to implement substantial improvements alongside their international partners.

The European Commission said it would continue cooperating closely and monitoring reform implementation in the five Eastern Caribbean countries.

Article 8(2)(d) of the Visa Regulation guides this oversight, enabling the EU to activate visa suspension mechanisms if programs present "an increased risk or imminent threat to public policy or internal security of Member States."

The Commission will adapt its assessment framework once it introduces the revised visa suspension mechanism.

However, it affirms that the Commission's assessment will continue to take "due account of the overall relations between the EU and the third countries concerned as well as the overall political context."