Oct
09

Caribbean Exchange: Invest in Property and Get Citizenship

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With lending still tight in the Caribbean, several island nations are embracing an unorthodox method of financing resort and villa projects: selling citizenship.

The Caribbean vacation-home market has seen an uneven recovery from the downturn. Sales volumes and prices for existing homes are rising in larger markets and those with direct flights to the U.S. But new construction of resorts and for-sale villas remains hobbled, especially in smaller nations eschewed by most conventional lenders.

One solution for islands such as St. Kitts, Nevis, Grenada and Antigua has been to grant citizenship to qualified investors who agree to spend several hundred thousand dollars buying home lots or investing in hotel projects there.

The infusions help the islands get tourist destinations constructed. The investors, for their part, receive Caribbean passports.

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    Categories : National News

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