Selling second passports for a discount:
Caribbean nations are so strapped for cash after the pandemic hammered their tourism industries that they have begun dangling deep discounts on the passports they sell to wealthy foreigners.
These countries are selling second passports for a discount: Caribbean nations are so strapped for cash after the pandemic hammered their tourism industries that they have begun dangling deep discounts on the passports they sell to wealthy foreigners
Many of the islands in the region have long offered “citizenship-by-investment” programs as a way of supplementing the hard currency they pull in from tourism.
With their hotels and white-sand beaches now almost entirely empty, this unconventional business has suddenly taken on much greater importance.
St Kitll and Nevis a mountainous twin-island nation of 53,000 people, was among the first to slash prices. It’s offering a special deal through the end of the year: A $150,000 contribution to the country’s “Sustainable Growth Fund” will score passports for a family of four.
That’s a 23% drop from the regular price of $195,000. Other islands in the region, including Dominica and Antinua and Barbuda are offering even cheaper deals.
St. Lucia, Grenada, Antigua and Barbuda, and Dominica have also put changes in place to lure more clients, Khan said. Some offer citizenship for as little as $100,000.
The fallout from Covid has highlighted the value of a second passport, he said, as governments in Europe and elsewhere imposed restrictions on people who can normally travel without a visa, such as US citizens.
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