Starting June 30, the cost of golden passports in Dominica, Grenada, St Kitts and Nevis and Antigua and Barbuda will be at least US$200,000, which in some instances is double the current rate.
The new changes come amid concerns by the European and United States regulators that the Citizenship-by-investment schemes are involved in irregular affairs, thus urging the countries that run such programs to terminate them as soon as possible, VisaGuide.World reports.
In addition, the four Caribbean states will also close loopholes that permit golden passports to be sold at a discount.
In Saint Lucia, where golden passports sell for US$100,000, no new changes to the program will be applied after the country did not sign the agreement.
Among the Caribbean territories, St Kitts and Nevis has the oldest CBI program with golden passports’ prices at US$250,000. However, St Kitts and Nevis Prime Minister Andrew Drew said that selling passports at discounted rates is “a scourge on the CBI industry” for sapping government revenues and leads to unfinished projects.
Security Concerns Mounted as EU Uncovered 88,000 ‘Golden Passports’ Sold by Caribbean States
Golden Passport Programs, known as Citizenship-by-Investment schemes give wealthy internationals the opportunity to acquire citizenship in countries that run such schemes, in exchange for financial investment.
However, European and United States regulators have often expressed concerns of their involvement in illicit acts such as money laundering, tax evasion and corruption, and can serve as a gateway for criminals.
According to the Organisation for Economic Co-operation and Development, the programmes may help criminals “perpetrate massive frauds and launder proceeds of crime and corruption reaching into the billions of dollars.”
A report from the Guardian provided last year revealed that five Caribbean states: Antigua and Barbuda, Grenada, St. Kitts and Nevis, St. Lucia, and Dominica , have collectively issued 88,000 golden passports, including those from Russia, Iran and China.
According to a report published by the European Commission, Dominica issued 34,500, St Kitts and Nevis issued 36,700 passports.
In a request to the European Parliament for new laws, the commission stated that the EU should have the possibility to suspend the visa exemption for countries operating CIP programs.
The EU should have the possibility to suspend the visa exemption for a third country that chooses to operate an investor citizenship scheme whereby citizenship is granted without any genuine link to the third country concerned.
However, the Prime Minister of Dominica, Roosevelt Skerrit, last year defended the program stressing that the program is similar to the green card of the US, which gives permanent residency rights.