How to Obtain Tax Residency in the Caribbean’s 5 Citizenship by Investment Programs
Becoming a tax resident of another jurisdiction with a favorable tax regime is not only an effective way of reducing personal tax liabilities, but a quintessential method for optimal tax planning and maximizing your financial freedom. One of the best regions in the world to do this is in the Caribbean – and one of the best ways to qualify for tax residency is through the world’s Top 5 citizenship-by-investment programs.
Become a Tax Resident through Citizenship-by-Investment
The Caribbean comprises a multitude of island nations, five of which offer citizenship-by-investment (CBI). These are Dominica, Antigua & Barbuda, St Kitts & Nevis, St Lucia and Grenada.
Citizenship is granted in all cases without residency requirements (with the exception of Antigua & Barbuda which requires applicants to visit the island for a minimum of 5 days within 5 years of becoming a citizen). In addition, you will not need to ever visit the islands to complete the process and obtain a passport. Another advantage to obtaining citizenship is the opportunity to obtain tax residency in any one of these tax favorable nations and receive considerable tax benefits for those who wish to reduce their personal tax burdens.
Tax residency is not conferred immediately upon successful application of citizenship (with the exception of St Kitts & Nevis) and individuals must comply with certain criteria set by each jurisdiction to obtain official tax residency status. It should also be noted that while the Caribbean does offer a lower tax jurisdiction with attractive tax advantages, this does not exempt those from their tax obligations in their home countries. It is important to create a tax planning strategy with local and international tax experts to minimize global tax liabilities while remaining compliant.
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