Caribbean citizenship by investment programs have continuously evolved as governments have adapted their programs to meet global demand from investors, and the Caribbean luxury hotel shares investment option is the perfect example. 

The Caribbean Five citizenship programs have molded the modern citizenship by investment landscape – a construct that has been in place  – in one form or another – since antiquity.

Today, the Caribbean Five maintain their position as pioneers and industry innovators, constantly elevating their investment frameworks to attract the global HNW community for the benefit of local communities and populations.

Arguably, the biggest game changer the Caribbean Five developed came in the form of a real estate investment channel within their citizenship by investment programs. 

Caribbean governments decided to allow top-tier luxury hotels and resorts to sell ‘shares’ as approved real estate investments under the citizenship by investment program – an option that continues to this day.

However, hotel shares in luxury resorts come in different forms, so it is crucial to understand the intricacies of investing in Caribbean luxury hotel shares when deciding which citizenship by investment program is best for you and your family. 

What are hotel shares in Caribbean citizenship by investment programs?

Caribbean citizenship by investment real estate shares are only available in government-approved projects. 

Developers sell shares to investors to help fund the development of the hotel, resort, or project.

Luxury hotel shares in Caribbean citizenship by investment programs can be divided into two main categories:

  1. Actual property ownership
  2. Company share ownership

The first type, property ownership, allows investors to purchase a piece of the resort property; such as a room, suite, or villa within the resort. 

This can be fractional ownership – meaning multiple investors own part of the same unit. Or it can be full ownership, a single investor owns the entire unit. 

The investor technically owns the property but does not have managerial access to renting or using it. The investor is actually buying a cut of the profit the unit generates. 

The second type is an ownership share in the entire property – like you would find in any stock market or public company. You buy a share in the company and become eligible for dividends. 

The share itself is the asset, and in the case of Caribbean citizenship by investment programs, it is typically a ‘preferred share’ and not a standard one.

Preferred shares qualify their owners for citizenship by investment but do not grant them any administrative or executive rights, meaning that preferred shareholders do not have any authority within the resort’s hierarchy or on the property. 

However, they qualify for dividends once the resort starts turning a profit.

Sophisticated investors demand real estate options

Real estate investing is foundational to both wealth generation and generational wealth

Thus, real estate is a perfect fit as an investment channel through which to acquire a Plan B citizenship and passport. 

Combining Caribbean real estate, the region’s tourism industry, and a Plan B passport for investors looking to diversify globally through a stable, profitable asset, with multiple dimensions of ROI proved to be a stroke of genius.

When St Kitts and Nevis first introduced the option, real estate investments focused on the traditional model, such as land, family homes, etc. 

However, as Caribbean governments looked to bolster their tourism sector (by far their most important industry) they saw an opportunity to leverage the citizenship by investment program’s real estate option.

The real estate option to invest in luxury hotels shares has garnered massive demand under the Caribbean citizenship by investment programs.

Grenada, Antigua & Barbuda, and St Lucia release statistics regarding their programs, and these statistics do give an insight into the growing popularity of hotel shares as a sound investment route for a Plan B passport and citizenship.

As each country releases information on their own schedules, the most current data is discussed here – Grenada, Antigua & Barbuda, and St. Lucia.

Caribbean luxury hotel shares – Important things to consider

Investors need to keep in mind that for a share to qualify for the citizenship by investment program, it needs to first be a part of an approved project in the citizenship program. 

If the project has not obtained certification from the government, an investor will not qualify for citizenship.

This is a pivotal reason for why the first move an investor makes needs to be to partner with a seasoned and officially licensed legal team with expertise in the Caribbean programs – such as Astons.

Astons verifies through official channels every real estate option we offer for the Caribbean Five programs, guaranteeing they are certified for citizenship-based investments through Astons.

Another critical aspect to understand is that developers sell luxury hotel shares before construction begins and during the process, as shares are a way to increase the funding for the project. 

This means that if the project is still in the development or construction phase, these shares cannot and will not yield any returns in the form of dividends – your ROI vision should focus on the Plan B passport as the short-term return and dividends as a long-term return. 

Shares may not yield annual returns even at the start of operations, as dividends depend on the hotel’s performance. If the hotel does turn a profit in its first year, then preferred shareholders will be eligible for a payout.

The return framework differs from project to project, meaning they do not all operate with the same terms and conditions. 

Some hotels may offer better financial returns than others. Some may have better on-site and free stay benefits than payout percentage. And various buy-back programs are available from time to time. 

It is critically important to carefully consider the available options to create a maximized overall ROI posture to best suit you. 

Regardless of the ROI benefits, investors can sell their shares after a specific hold period expires as set within the specific program (currently averaging five years) to recoup the initial investment. 

It could be possible for investors to sell their luxury hotel shares at a higher price, but there are financial regulations and restrictions to consider, such as:

  • Standard pricing
  • Selling to another investor in the citizenship program
  • Selling it back to the developer

Each of these cases is nuanced, so the best way to understand the specifics of your situation is to work with Astons, who will guide you through the journey.

Another important thing to consider is that developers have a limited number of shares. The government gives each developer a specific quota depending on the project, funding structure, and other factors. 

The government also standardizes share pricing. Each citizenship by investment program has its regulations and the government, through the programs, determines the investment – or buy in – amounts. 

In St Kitts & Nevis, for example, the current minimum price for a share in an approved project is $400,000, while in Antigua & Barbuda, it is currently $200,000. 

Prices are always subject to change depending on the government’s updates and policy modifications.

The Caribbean Five have agreed to harmonize their programs in several significant ways – including creating a universal minimum investment requirement.

Currently, the most affordable option in the world, for $100K a family of four can acquire Caribbean citizenship and the right to secure a Plan B passport.

However, the programs are set to increase the minimum investment requirement to “at least $200K” and that is expected to take effect at some point “no later than 30 June 2024”

Each project comes with its own benefits. Some projects give shareholders a set number of free days to use the unit they have purchased as well as other on-site benefits like a members-only lounge.

Each developer creates a unique benefits list for its investors, so it is good to consider the total picture when deciding which citizenship program to invest in and which approved project is best for you.


The data in the graph below covers applications to Grenada’s citizenship by investment program from the first quarter of 2018 to the fourth quarter of 2023. 

A graph showing data about luxury hotel shares in Grenada

It is categorized into two investment options: Real estate [hotel shares] and donation options to the National Transformation Fund (NTF).

Applications leveraging the real estate option have shown a significant increase over the period, particularly noticeable from 2021 onwards, with a sharp rise in 2023.

Donation-based applications have more variability, with peaks and troughs, but generally, they show a declining trend in the number of applications, especially since the 2019 COVID events. 

The data suggests a significant shift in investor preference towards real estate investments and a clear upward trajectory for real estate applications. 

Grenada’s yearly insights:

  • 2018-2019: Initially, donation applications dominated, but by the end of 2019, real estate applications began to catch up, indicating a shift in investor preference
  • 2020-2021: Real estate applications consistently overtook donation applications, showing a strong and trending preference for property investment
  • 2022-2023: Real estate applications saw a dramatic increase, particularly in 2023, with numbers peaking at 303 applications in Q2 and remaining high throughout the year – suggesting increased demand for the real estate option

Antigua & Barbuda

The chart below provides data on the applications to Antigua’s citizenship by investment program from 2016 to 2022, segmented by investment options: 

  • Real Estate Investment
  • Business Investment
  • Donation
  • UWI Contribution (introduced in 2020) 

A graph showing luxury hotel shares in Antigua & Barbuda

Real estate investment applications started relatively high in 2016, with 47 applications, sharply increased in 2017 to 64 applications, and then dropped significantly in 2018 to 21 applications.

Post-2018, applications under the real estate option remained low in 2019 (12 applications) but started to recover in 2020 (25 applications). There were further increases in 2021 (55 applications) and then a slight decrease in 2022 (40 applications).

The Real Estate option shows a lot of movement but is on a positive recovery path post-2019 [post-COVID]. 

Despite fluctuations, real estate investment remains a significant part of the investment portfolio, suggesting ongoing interest and confidence in Antigua’s real estate option.

It should also be noted that Antigua & Barbuda’s donation and contribution options are designed to provide large families with the most affordable investment requirement in the industry. 

Thus, they have been – and remain – one of the most attractive investment channels in all of the Caribbean Five programs. 

St Lucia

The data below provides insights into the applications to St. Lucia’s citizenship by investment program per fiscal year from 2016-17 to 2021-22, segmented by investment options: National Economic Fund (NEF), Bonds, and Real Estate.

A graph showing luxury hotel shares in St. Lucia

The year of 2019-20 was a pivotal fiscal year, as for the first time, all three options were available and thus could compete for investor interest. Real estate entered the game and demonstrated a solid start. 

It should be noted, the government had announced a real estate investment channel before 2019-20 but did not approve any projects, so the option never launched.

In 2019-20, the option had 43 applications in its first year, but demonstrated strong growth over the following two years, reaching 233 by 2021-22.

The dynamic shift in 2019-20 highlights the massive demand for real estate investments within the citizenship by investment industry.

Astons – Officially licensed partner for Caribbean luxury hotel shares 

Luxury hotel shares in the Caribbean citizenship by investment programs are an excellent way for entrepreneurs, investors, and families to:

  • Obtain a second citizenship
  • Secure a Plan B passport
  • Generate ROI
  • Invest in the ultimate retirement plan
  • Gain an alternative legal identity for traveling, banking, and business
  • Recoup the initial investment after the hold period

They can also provide free annual stays and perks to level up a family’s yearly vacation experience as well. 

However, as with all investment decisions, expert insights and guidance are not only absolutely essential but non-negotiable.

This is where partnering with Astons elevates any sophisticated investor’s decision-making process.

Schedule your Free Confidential and Comprehensive Consultation today.