The European Union has expressed an intention to review the existing visa-free travel policy for Caribbean countries that offer citizenship by investment programs. This decision is explained by deep concerns over the potential risks of these programs to EU security and integrity.
Concerns Over Illegal Activities and Security Risks
The EU has reiterated in their official statement that the existing Caribbean citizenship investment programs could be exploited by individuals seeking to engage in illegal activities, such as money laundering, terrorist financing, and organized crime. Additionally, there are fears that these programs could be used to bypass EU immigration and security checks, potentially posing a risk to EU citizens.
The Caribbean CBI countries are facing now the same security risks allegations as Vanuatu, which was deprived of visa-free trips to the EU last year.
The countries offering CBI programs and likely to be affected by the proposed ban are Antigua and Barbuda, Dominica, St Kitts and Nevis, St Lucia and Grenada.
Despite recently enhanced due diligence process and implemented background checks. the current application process for the Caribbean passport still has loopholes according to the EU.
Consequences for Travelers
If the EU decides to revoke visa-free travel for these countries, citizens of these nations would need to apply for a visa before traveling to the EU. This could have significant implications for existing CBI programs.
In the last years the number of investors and high net worth individuals applying for the Caribbean citizenship by investment has significantly increased.
The EU has announced that it will begin discussions with the affected countries to address its concerns and explore possible solutions. The consultation process usually may take up to 6 months.
