The European Union may reconsider visa-free access for several Caribbean countries that operate Citizenship by Investment (CBI) programs. According to regional authorities, the European Commission has sent official letters to the governments of Antigua and Barbuda, St Kitts and Nevis, Dominica, Grenada, and Saint Lucia, requesting that they gradually phase out their Citizenship by Investment programs by 1 June 2028.
If these countries refuse to close their programs, the EU may suspend their visa-free access to the Schengen Area. However, this does not mean that visa-free travel or the programs themselves will be terminated immediately. The European Commission has proposed a 24-month transition period, while Caribbean governments continue negotiations with EU authorities.
One of the first leaders to comment publicly was the Prime Minister of Antigua and Barbuda, Gaston Browne. According to him, the Citizenship by Investment program remains one of the country’s main sources of non-tax revenue, and the government is not prepared to agree to its closure without discussions on possible compensation. For small island states, this is a particularly significant issue: in some years, CBI revenue accounted for as much as 36.6% of GDP in Dominica and around 22% of GDP in St Kitts and Nevis.
Why This Matters for Investors
Visa-free access to the Schengen Area has long been one of the main advantages of Caribbean Citizenship by Investment programs. The possibility of changes to the current regime means investors should consider not only the current benefits of a passport but also its long-term stability.
Over recent years, the European Union has steadily increased its scrutiny of Citizenship by Investment programs. Initially, the focus was on the quality of Due Diligence procedures, verification of applicants’ source of funds, security screening, and the exclusion of individuals subject to sanctions. Requirements then became more stringent, with Caribbean countries strengthening their vetting procedures, introducing mandatory biometric data collection and in-person attendance, and increasing minimum investment thresholds from the previous US$100,000 to at least US$200,000.
However, these measures have not been sufficient. Following the entry into force of the EU’s revised visa suspension mechanism, the very existence of a Citizenship by Investment program may now be regarded as an independent ground for reconsidering visa-free access. This represents a significant shift in the EU’s approach: rather than requiring further improvements to program governance, it is now effectively calling for the gradual termination of such programs.
Negotiations Continue
At this stage, no final decision has been made. By September 2026, Caribbean countries are expected to introduce additional measures, including further strengthening applicant screening procedures, excluding individuals subject to EU sanctions, and implementing several other requirements. Nevertheless, the central issue remains unchanged: the European Union ultimately expects these programs to be phased out, rather than simply subject to additional reforms.
Should the programs be discontinued, this is not expected to affect individuals who have already obtained citizenship. Instead, only the acceptance of new applications would cease. However, many observers believe that the more likely scenario is not the closure of the programs themselves but the suspension of visa-free access to the Schengen Area. In that case, the consequences would affect all holders of the relevant Caribbean passports, including both investors and native citizens.
For investors, these developments highlight that the strength of a passport depends not only on its current visa-free access but also on the long-term political stability of the program behind it. As a result, long-term certainty, regulatory stability, and alternative mobility solutions are becoming increasingly important factors when selecting an investment migration program.
An Alternative Strategy for Access to the Schengen Area
Against the backdrop of growing uncertainty surrounding Caribbean programs, European residence by investment programs are attracting increasing attention. One of the most popular options is the Greece Golden Visa, which grants a renewable five-year residence permit provided the qualifying investment is maintained.
The program allows applicants to include their spouse, children under the age of 21, and parents, subject to the program’s eligibility requirements. Greek residence permit holders may travel throughout the Schengen Area in accordance with the applicable rules and have the right to reside in Greece. The most popular investment option is the purchase of real estate, with minimum investment thresholds ranging from €250,000 to €800,000 depending on the type and location of the property.
If you are considering obtaining Greek residency through investment, contact the experts at Astons. We will advise you on the current program requirements, eligibility criteria, and the most suitable strategy for your individual circumstances.
