By NAN Contributor
News Americas, LONDON, England, Thurs. Oct. 18, 2018: A major global organization that fights against corruption is urging the European Union, (EU), to review its visa free agreements with Caribbean jurisdictions that offer citizenship and visa-free Schengen travel via Citizenship by Investment Programs, (CPIC).
Transparency International, in a report issued Wednesday, urged the EU to consider following Canada’s lead by suspending the visa waiver for Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia.
These Caribbean countries offer a fast-track route to citizenship, with a significantly low investment requirement and an extremely fast processing time.
TI called the CPIC programs, “golden visa schemes” in its report “European Getaway: Inside the Murky World of Golden Visas.”
The organization, in its report, said “the opacity of these programmes compounds the risks” since “Caribbean countries publish limited information about due diligence checks carried out during the application process.”
“There is also limited information regarding the number of applications received and rejected,” the report states. “None of the countries publish the names of individuals granted citizenship, thus preventing public scrutiny. … Weak due diligence processes and lax control can result in security and reputational risks not only to the countries running these programmes, but also to all countries and regions with which they have visa-free agreements, including the European Union.”
TI urged the EU to review the agreements or encourage governments to set high due diligence and integrity standards.
“Ultimately, if the EU is not confident in the ability of these schemes to identify and reject high-risk applicants, it should consider following Canada’s lead by suspending the visa waiver to golden visa schemes outside the EU,” the report added.
Caribbean Citizenship Investment Offers
ANTIGUA AND BARBUDA
Minimum investment: US$100,000 for a family of up to four people
Timeframe: 90 to 120 days
Visa-free Travel: 149 countries
Key countries: EU Schengen area, UK, Hong Kong, Singapore,
Residence requirement: Minimum period of 5 days during the first five years when the investment must be maintained.
DOMINICA
Minimum investment: US$200,000 for a family of four people
Timeframe: 90 days
Visa-free Travel: 120 countries
Key countries: EU Schengen Area, UK, Hong Kong, Singapore
Residence requirement: None
GRENADA
Minimum investment: US$150,000
Timeframe: 90 days
Visa-free Travel: 141 countries
Key countries: EU Schengen area, UK, China; E-2 Investor Visa treaty with the US, allowing Grenadian nationals the opportunity to enter and work in the US.
Residence requirement: None
KITTS AND NEVIS
Minimum investment: US$150,000 single applicant + US$25,000 for a spouse and US$10,000 for each additional dependent
Timeframe: 60 days accelerated process available
Visa-free Travel: 151 countries
Key countries: EU Schengen Area, UK (6 months), Hong Kong, Singapore,
Residence requirement: None
LUCIA
Minimum investment: US$190,000 for a family of four people
Timeframe: 90 days
Visa-free Travel: 142 countries
Key countries: Schengen area, UK, Hong Kong, Singapore
Residence requirement: None
