Golden Visas Gaining Popularity Among Wealthy Americans
In recent times, “golden” visas have caught the attention of affluent Americans. It seems that many are exploring second citizenship as a sort of safety net against global instability. Ironically, while demand surges, U.S. authorities are tightening measures against countries offering these programs, citing potential security hazards.
U.S. officials assert that the citizenship-by-investment (CBI) initiative allows individuals from restricted nations to acquire new passports, effectively bypassing U.S. travel and financial restrictions. In a proclamation dated December 16, President Trump reinstated an Executive Order aimed at restricting entry from certain foreign nationals, particularly highlighting programs in Dominica, Antigua, and Barbuda where residency and vetting requirements are more lenient.
The proclamation indicates, “Foreign nationals from countries subject to travel restrictions may circumvent these barriers by purchasing a CBI from a second country without such restrictions, obtaining a passport, and then applying for a U.S. visa.” This raises some eyebrows, of course. U.S. law enforcement and the State Department have expressed concerns over CBI programs, pointing to risks such as individuals concealing their identities or assets to sidestep travel constraints.
Those applying for a “golden passport” merely need to be present in the country for five days within five years of gaining citizenship.
The Citizenship by Investment Unit (CIU) in Antigua and Barbuda oversees all applications for this program. According to their guidelines, anyone pursuing a “golden passport” only needs to spend five days in the country within the first five years. It’s striking how little is required, right? Holding a golden passport typically grants holders visa-free or visa-on-arrival access, and applicants from over 140 countries, including those in the Schengen area, can obtain dual citizenship while retaining their original nationality.
On top of that, Antigua and Barbuda offer various tax perks — there’s no personal income tax, no capital gains tax, and no inheritance tax. Citizenship can be retained for life. However, a study from the Organized Crime and Corruption Reporting Project (OCCRP) revealed that around 7,700 individuals have gained Dominican citizenship, including some with connections to criminal activities in places like Russia and Iran.
“The onus is on all parties, including service providers, to conduct their own thorough due diligence before onboarding a client,” a statement emphasized.
Dominican Prime Minister Roosevelt Skerritt recently acknowledged these issues, asserting that the nation has improved its CBI laws to enhance background checks and financial transparency. He stressed that Dominica values its longstanding relationship with the United States and remains committed to regional security.
Mo Bennis from Arton Capital noted some surprise at Antigua’s public stance, mentioning that the country has raised its vetting standards significantly. “This shifts the responsibility onto stakeholders to perform adequate due diligence during client onboarding,” he added.
Bennis described this evolution in border control policies rather than a sign of Antigua falling short, especially considering that similar golden visa programs operate in the U.S. and Europe.
