Are the Caribbean's wealthy new
ST GEORGE'S, Grenada, (Thomson Reuters Founda-tion) Investing in the tropical Mount Cinnamon Resort in Grenada, with its white sand beaches, buys more than a slice of paradise - it comes with citizenship and a passport with visa-free entry to almost 130 countries.
Few who take up the offer may ever visit their new homeland but for cash-strapped Caribbean states such as Grenada, "citizenship by investment" is a lucrative way to bankroll development and smart hotels, while chipping away at huge debts.
Grenada is one of a growing list of countries, including four others in the Caribbean, cashing in on a booming industry that offers citizenship or residency in return for investment as more people look for political and economic safe havens.
But the trend is also sparking concerns over global security and illicit financial activities, especially as small nations cut the price of citizenship as competition heats up and disasters hit their economies, boosting the need for fast funds.
Grenada's Prime Minister Keith Mitchell said his country had gained massively since starting a programme in 2014 whereby people can acquire citizenship for an investment from $150,000.
Applications rose 50 percent in 2017, according to a budget statement. "It's bringing in an enormous amount of money, and it's helping us to reduce our debt burden in a very serious way," said Mitchell, whose government is using 40 percent of citizenship revenues to pay off its debts.
"It's making a significant contribution to the solutions to the problems in our country," he told the Thomson Reuters Foundation in a recent interview. Saint Kitts and Nevis, Dominica, Antigua and Barbuda, and Saint Lucia are also tapping into the global citizenship market estimated by international advisory firms at $2 billion a year.
All those countries' passports allow visa-free travel to the European Union.
But moves by several Caribbean nations to cut the price of citizenship late last year after hurricanes ravaged the region in September has raised concerns about the practice.
A string of scandals - including Iranians trying to evade sanctions, caught with Saint Kitts passports - has flagged the need to tighten checks and regulation otherwise countries in these schemes could see the money dry up, experts say.
"For those engaged in illicit finance or other forms of illegal activity, the new passport gives them, partially speaking, a new identity," said Emanuele Ottolenghi, a senior fellow at U.S.-think tank Foundation for Defense of Democracies. That raises a potential "conflict of interest between the duty to do due diligence and the desire to leverage these programmes for revenue" on the part of governments, he noted.
Government officials from Saint Kitts and Antigua were not available to comment, despite repeated requests.
Nationals of China and the Middle East are the biggest buyers of Caribbean citizenship, often sought by wealthy individuals seeking ease of travel or a "plan B" enabling a sharp exit for political reasons, said industry experts. Various European nations including Britain, S well as New Zeala the United States h more expensive s which require reside low cost of Caribbe moted at internation tised in glossy in-fli the islands apart fro
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'RAINY DAY'
For some countri agro processing displays, titled UNCAPPED at the Sophia Exhibition Centre and the Providence Stadium, respectively. The events provided product exposure as well as one-off markets for scores of vendors offering a range of jams, jellies, wines, food seasonings and condiments. Critically, the UNCAPPED events allowed for the testing of local labeling and packaging standards against manufactured goods imported from the Caribbean and North America.
Product promotion apart, UNCAPPED also facilitated the coming together between vendors as support institutions including commercial banks and small business lending agencies.
Last Friday’s display space outside Republic Bank was occupied by local condiment manufacturer UMAMI and the beverage company INAVA whilst the remaining companies scheduled to display their products during the current month are Natural Rainforest Honey, Kingdom Apiary, Mel’s Products (Condiments) WAD Network (jams, jellies,