An IMGW News Editorial
For several Caribbean nations, Citizenship by Investment (CBI) programmes are more than policy – they’re economic scaffolding. Countries like Dominica, Saint Kitts and Nevis, and Antigua and Barbuda derive up to 40% of GDP from these programmes, according to political sociologist Dr Kristin Surak, who spoke to IMGW in a wide-ranging interview1.
“Caribbean states face low productivity (46% of OECD average), high debt (78.8% of GDP), and modest GDP growth (1.4%)”
These revenues can deliver outsized macroeconomic effects, particularly in microstates. Yet Surak cautions that their sustainability depends heavily on external factors—especially the global value of the passport. “People are not merely getting passports; they’re getting citizenship,” she explains, “but the value depends on what citizenship gets you outside that country.” This geopolitical tethering leaves CBI-heavy economies exposed to external shocks and EU scrutiny.
Surak identifies four primary motivations driving investor interest: immediate mobility, “Plan B” risk hedging, lifestyle options, and business access. Most applicants, she notes, do not seek integration but rather access – to markets, treaties, and safety nets.
This makes the industry precarious. “If one reads, for example, the reports from the IMF, they are very concerned about sudden stop effects and what happens if this revenue stream dries up,” Surak told IMGW1.
The OECD–IDB Caribbean Development Dynamics 2025 report underscores this point. Caribbean states face low productivity (46% of OECD average), high debt (78.8% of GDP), and modest GDP growth (1.4%)2. While CBI revenues soften these gaps, they cannot substitute long-term reforms.
Fortunately, the region possesses genuine assets. It holds 10% of the world’s coral reefs, 45% of fish species, and huge untapped potential in sustainable tourism and renewable energy. Tourism already accounts for 25.4% of GDP, and regional integration remains underused: intra-Caribbean trade is just 6.7% of the total.
“investment migration may still have a place – but Caribbean nations must plan for life beyond it”
Surak stresses that programme design is pivotal: “There are ways to organise a programme that are better than others… If the money is being abused, then it’s a problem.” She notes that countries can earmark CBI inflows for public welfare, infrastructure, or targeted industries. When managed well, these programmes can be development tools. When not, they risk becoming crutches.
Ultimately, investment migration may still have a place—but Caribbean nations must plan for life beyond it. The challenge ahead is clear: leverage what remains of golden passport revenues to build green, resilient economies from within.
𝑭𝒖𝒓𝒕𝒉𝒆𝒓 𝑹𝒆𝒂𝒅𝒊𝒏𝒈:
- Caribbean Development Dynamics 2025 report: OECD iLibrary PDF
- Full IMGW Interview with Dr Kristin Surak: imglobalwealth.com/articles/passport-to-prosperity
