Updated: Feb 22, 2022
The business world is witnessing a surge in the number of High Net-worth Individuals looking for a Caribbean passport. And that's why today, the Caribbean recovery is majorly influenced by these individuals and private equity.
Most countries have citizenship by investment Program - all that differs is the time and price to secure it. One must go through all the research and base their decision according to the requirements and budget.
Where Are the Wealthy Moving These Days?
Without a doubt, it's the Caribbean islands - Caribbean passports that offer visa-free travel to nearly 140 to 160 countries.
Let's look at the secrets that make this region so attractive.
A Strong Economic Bounce-Back
The Caribbean is a tourist-dependent region, and it remains one of the most prominent destinations in the world. And yet, it's situated in the eye of the storm.
Hurricanes have passed through with high frequency and intensity. Some of them are utterly destructive for tourist operators. But many have adapted to the bitterness of rising again from the ashes.
COVID-19 impact may have been even more significant to these regions. It struggled with border closures, flight cancellations, and a near-fall of the cruise-ship market. The human impact of the virus affected tens of thousands.
A report by the Caribbean Tourism Organization shows a drop in tourism arrivals in 2020 compared to 2019. The decline was estimated to be at 65%, the biggest in the region.
Despite these challenges, more and more HNWIs are eyeing the region. It makes one wonder what secret lies here. One of the reasons is the region's quick adjustment to situations.
Experts indicate that Caribbean countries were quicker to implement measures for the pandemic. Tourists returned faster compared to other destinations, and it outperformed many other parts of the world, which experienced even steeper drops.
Such a strong economy would attract different investors, and it's one of the reasons why HNWIs come here.
The Caribbean enjoys some of the highest levels of Foreign Direct Investment (FDI) globally.
Many of its economies have FDI to GDP ratios above 10%.
Although the 2008 financial crisis significantly reduced its FDI flow, the region has witnessed a considerable recovery recently. It's still one of the significant economic destinations around.