Know the best places to invest in the Caribbean
The Caribbean is a magnet for investors from various parts of the world. With 23 countries and different investment options to choose from, the region is perfect for people looking to expand their portfolios.
Investing in the Caribbean, though, does not only allow you to own a business or property or shares in a company. Here, several countries offer Citizenship by Investment Programs or CIPs, a pathway that you can take to become a citizen of one of the nations here.
Some of the countries that offer this program are Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and St. Lucia. Among these pathways, the Antigua and Barbuda Citizenship by Investment Program is one of the most popular among foreign investors and retirees.
Where to Invest in the Caribbean
Since there are 23 countries and territories in the Caribbean, deciding where to invest can be challenging. However, you can narrow down your list by taking note of each nation’s economy.
Countries with a strong economy and has stable finances provide more reliable, successful investments than those with weaker capitals or an unsound financial system. As such, investing in such nations can prove to be a smart and fruitful move for you.
The economic size and growth of a county are measured through their Gross Domestic Product or GDP and Gross National Product or GNP. Other indicators also include employment and inflation rates.
In terms of these indicators, these countries have the best, most robust economies in the Caribbean, making them the best places to invest in right now:
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1. Bermuda
This country has 181 islands, the largest of which is the Main Island, which is often called Bermuda.
Bermuda has one of the world’s highest GDP per capita for years. Its largest economic sectors are offshore insurance and tourism.
This Caribbean country has always been a popular destination for tourists from different parts of the globe. Bermuda attracts over half a million visitors every year, the majority coming from North America.
The country’s main attractions are its pink sand beaches and clear blue ocean waters. Its most popular tourist spots are Horseshoe Bay Beach, Tobacco Bay Beach, Long Beach, St. George, and Hamilton.
Aside from its robust and steady economy, Bermuda has no corporate taxes, an excellent perk for both local and foreign investors.
2. Antigua and Barbuda
Although this country is not the largest in terms of geographic size, it is always on the list of top countries for investments.
Tourism is Antigua and Barbuda’s most lucrative sector. The country is known for its numerous beautiful beaches, which draw thousands of tourists every year.
Investment banking, financial services, and manufacturing also contribute to the country’s GDP.
Additionally, Antigua and Barbuda has one of the highest foreign direct investment ratios in the Caribbean. It is also poised to be one of the strongest economies in the region in the coming years.
As mentioned, Antigua and Barbuda also offers the CIP route to foreign investors. By donating to the government the required amount or investing in a property or business, you can be a citizen of this country and obtain a second passport.
Through its Antigua residency program, you won’t have to pay your capital gains, estate, inheritance, wealth, and worldwide taxes.
With a growing economy and the opportunity to have a second passport, which is one of the most powerful in the world, Antigua and Barbuda is one of the best countries to invest in right now.
3. Saint Kitts and Nevis
Another twin-island nation, Saint Kitts and Nevis also has a stable economy that relies on tourism. Its most famous destinations include Cockleshell Bay, Frigate Bay, Pinney’s Beach, Wingfield-Phillips Rain Forest Nature Trail, and Brimstone Hill.
In addition to tourism, its economy is also fueled by agriculture and light manufacturing industries.
Saint Kitts and Nevis also has a citizenship by investment program, which is the oldest pathway of this kind in the world. Because of this, the country has long been a favorite among foreign investors.
The country’s GDP always ranks in the top 10 in the Caribbean, making it one of the highest and steady in this region.
4. Dominica
The Nature Isle of the Caribbean is rich in both natural attractions and resources. In the past years, the country has been working hard to introduce fiscal reforms, and as a result, its economy has now grown and is expected to improve more in the coming years.
Tourism is also the primary sector supporting Dominica’s economy. Morne Trois Pitons National Park, Cabrits National Park, Champagne Reef, Trafalgar Falls, and Papillote Tropical Gardens are some of the most visited destinations in Dominica.
But aside from tourism, offshore services, construction, and agriculture also play important roles in the country’s economic growth and stability.
Additionally, Dominica also has a citizenship by investment program, which is granted to foreigners investing in real estate or a donation to the government fund.
5. Grenada
The Spice Island’s main economic driver is tourism. With several beautiful beaches, scenic seaside villages, lush rainforests and mountains, and thriving plantations, Grenada is a favorite destination of nature-loving tourists.
Its most visited spots include Grand Anse Beach, Annandale Falls, Grand Etang National Park and Forest Reserve, Moliniere Bay, and Morne Rouge Bay.
As the Spice Island, Grenada is also a leading exporter of different spices, such as nutmeg and mace. The country also exports bananas, cocoa, chocolate, fruits, fish, and vegetables.
Investing in tourism, agriculture, and export-related businesses in Grenada is a smart move since aside from being part of its growing economy, you can also be a citizen through its CIP routes.
6. Saint Lucia
Another Caribbean country that is teeming with natural beauty and wildlife, Saint Lucia also has an economy that stands out in the region and attracts investors from across the globe.
Saint Lucia’s economy is fuelled by its services, industry, agriculture, and tourism sectors. Its manufacturing area is considered the most diverse in the Eastern Caribbean region.
The country also manages to maintain a low inflation rate every year, a feat that not many nations in the Caribbean can claim.
However, its offshore banking and tourism industries are the country’s primary sources of revenue, which attracts foreign businesses and investments.
Saint Lucia’s well-known attractions include Anse Chastanet Marine National Park, Marigot Bay, Mount Soufriere, Pigeon Island National Park, and Rodney Bay.
Many of the Caribbean countries have the best, strongest economies in the world. If you are looking to expand your portfolio overseas, set your sights on the different nations here.
AUTHOR BIO:
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship, residency and investment into the Caribbean, North America, and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.
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