My Least Favorite Caribbean Citizenship in 2022

Summary

In this video, Andrew Henderson, founder of Nomad Capitalist, discusses the Caribbean citizenship by investment programs, highlighting his least recommended option: Antigua and Barbuda. While acknowledging the program's affordability for families, he critiques its inefficiencies, disorganized policies, and bureaucratic delays. He contrasts Antigua's program with other Caribbean options like Saint Kitts and Nevis, which offer quicker, more streamlined processes. Henderson emphasizes that second citizenship should be part of a broader strategy, with each individual's needs and goals influencing the best choice for them. Despite the issues, he notes that Antigua remains a valid option for certain situations.

Takeaways

• 😀 Andrew Henderson, the founder of Nomad Capitalist, discusses the various Caribbean citizenship by investment programs and shares his least recommended option.
• 😀 Just because a program is least recommended doesn't mean it's bad—different situations may warrant different choices.
• 😀 Many individuals are overly focused on following what others do (e.g., Americans gravitating towards St. Lucia), but this may not always be the best fit for their needs.
• 😀 Antigua and Barbuda is the least recommended Caribbean citizenship by investment option at the moment due to inefficiencies in the process.
• 😀 Antigua's program has had issues with bureaucracy, like requests for the same documents multiple times, and delays in processing.
• 😀 The Antigua program also has a lack of clear communication on policy changes, especially when it comes to nationality bans (e.g., Russians, Ukrainians, and Belarusians).
• 😀 Antigua is also the only program that requires individuals to visit the country during the first five years for passport renewal.
• 😀 Saint Kitts and Nevis is often preferred for those in a hurry as it offers a faster and more efficient process, despite being more expensive.
• 😀 A Caribbean second citizenship can be a valuable addition to a portfolio, offering diversification and various benefits like tax advantages and visa-free travel.
• 😀 Having multiple citizenships (even three) is increasingly seen as important for diversification in today's rapidly changing global environment.
• 😀 Andrew emphasizes that the best citizenship option depends on individual circumstances, and his recommendations are based on efficiency, cost, and personal experiences.

Q & A

Why does the speaker recommend against the Antigua and Barbuda citizenship by investment program?

The speaker recommends against Antigua and Barbuda's citizenship program primarily due to inefficiency in processing, lack of consistency in policy, and disorganization in document handling. This has resulted in frustration during the application process, which has made the program less favorable for the speaker.

What are the reasons the speaker mentions for recommending a second citizenship?

The speaker emphasizes that a second citizenship offers freedom from being 'owned' by one country, provides options for tax planning, and gives the opportunity for greater diversification. It also opens up additional visa-free travel options.

What is the minimum investment amount required for Antigua and Barbuda's citizenship by investment program?

The minimum investment for Antigua and Barbuda's citizenship by investment program is $130,000 for a family of four. This includes a $100,000 donation plus a $30,000 processing fee.

How does the speaker describe their personal experience with the Antigua and Barbuda program?

The speaker describes their experience with Antigua and Barbuda's program as frustrating due to inefficiency and a lack of consistency in document requests and policy changes. They mention multiple instances of being asked for the same documents and significant delays in processing.

What alternative citizenship programs does the speaker mention as being more efficient?

The speaker mentions St. Kitts and Nevis as a more efficient program compared to Antigua and Barbuda. They note that St. Kitts and Nevis has a faster processing time and is generally more efficient, despite being more expensive.

What additional requirement does Antigua and Barbuda's program have compared to the other Caribbean citizenship programs?

Antigua and Barbuda requires applicants to spend at least five days in the country during the first five years to renew their passport. This is an additional requirement not present in the other four Caribbean citizenship programs.

Why does the speaker think it's important to evaluate all citizenship options rather than just choosing the cheapest?

The speaker stresses the importance of evaluating the full range of benefits and the efficiency of the process when choosing a citizenship by investment program. While cost is a factor, it should not be the only consideration, as delays or inefficiency in processing could lead to greater frustration and potential losses.

What is the speaker's view on changing their opinion about Antigua and Barbuda's program?

The speaker acknowledges that their opinion may change over time as the situation evolves. They are open to adjusting their stance if the Antigua and Barbuda program becomes more efficient and consistent in the future.

Does the speaker believe Antigua and Barbuda's citizenship program is a bad choice for everyone?

No, the speaker clarifies that Antigua and Barbuda's citizenship program is not a bad choice for everyone. It may still be worthwhile for some individuals, particularly those with larger families or specific tax planning needs, but they should be aware of the program's inefficiencies.

How does the speaker suggest handling the application process for Antigua and Barbuda's program?

The speaker suggests working with professionals or consultants to manage the day-to-day bureaucracy involved in Antigua and Barbuda's program. This can help alleviate some of the frustrations caused by the program's inefficiencies and delays.