Caribbean nations have been slashing the sums of money wealthy foreigners need to pay to apply for their citizenship-by-investment programmes, in a bid to mitigate the impact of covid-19 on their economies.
Newswire Bloomberg reported that the countries are so strapped for cash that they are offering discounts to try and raise money.
Some of the region’s biggest industries, namely tourism and hospitality, have been badly hit by the coronavirus, global lockdowns and subsequent travel restrictions.
The first to reduce prices was the twin-island nation of St Kitts and Nevis, lowering the scheme’s cost by 23%, from $195,000 (£154,426, €172,509) to $150,000.
Not just a local initiative
Other islands that took similar steps include Dominica, Antigua, Bermuda, St Lucia and Grenada which are offering even cheaper deals, some for as little as $100,000.
St Lucia prime minister Allen Chastanet said: “The current crisis has caused many business owners to realise that they can operate remotely and there is no need to be in a big city.
“St Lucia’s broad bandwidth, education options, direct flights to the US and London all enable global access to the rest of the world.”
But this is not a phenomenon that stops at the Caribbean islands.
Immigration lawyers believe the UK itself could turn to its Tier 1 Investor Visa scheme to raise the money needed to pay for the covid crisis, which has already cost the British government around £300bn ($378bn, €335bn).
And considering that the Brexit transition period is set to expire at the end of 2020, with a different immigration system coming into force, many high net worth individuals will look at the UK programme, as the country still remains attractive.
