The European Union has demanded that five Caribbean countries suspend their citizenship-by-investment programs within two years, warning that visa-free travel could otherwise be revoked, Report informs, citing The Washington Post.
The countries concerned are Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia.
Under the existing programs, foreigners can obtain citizenship of these countries by investing more than $200,000 in their economies, buying real estate or making a direct payment to the state budget. Such passports provide visa-free access to more than 140 countries.
According to the newspaper, authorities in all five countries received letters from the EU in June stating that new European Union rules allow visa-free travel to be suspended for countries operating such programs. The Caribbean states were given until June 1, 2028, to phase out the schemes.
The five Caribbean countries have issued more than 100,000 investment passports in total. Obtaining such citizenship does not require applicants to be physically present in the country.
Sources told The Washington Post that the programs have been criticized over the risk that they could be used for money laundering and avoiding criminal liability.