Caribbean Nations Selling Second Passports Are Slashing Prices
- Cash-strapped islands lower prices on citizenship programs
- Wealthy people can skirt visa rules on their home countries
Caribbean nations are so strapped for cash after the pandemic hammered their tourism industries that they have begun dangling deep discounts on the passports they sell to wealthy foreigners.
Many of the islands in the region have long offered “citizenship-by-investment” programs as a way of supplementing the hard currency they pull in from tourism. With their hotels and white-sand beaches now almost entirely empty, this unconventional business has suddenly taken on a much greater importance.