Citizenship by investment programs in the Caribbean: an examination of the economic and political impacts

Abstract

After Malta decided to offer its citizenship “for sale” in 2013, interest in the topic of citizenship by investment (CBI) programs suddenly peaked. However, long before Malta, Caribbean states have been “selling” their citizenship as well. Employing a case study methodology, which takes as its case a “family of nations” –i.e. the five Caribbean countries running CBI programs—, this paper unpacks the conditions which foster the implementation of CBI programs and discusses their ability to support economic development. It also examines how third parties (e.g. foreign governments) see citizens of CBI-granting countries, contending that external political costs, stemming from a concern of threats posed through possible misuse of these countries’ citizenship, may outweigh the economic benefit.