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Jamaica working to develop citizenship-by-investment program
JAMPRO, Jamaica’s trade and investment promotion agency, has confirmed that the Simpson-Miller administration is in the process of developing a citizenship-by-investment program.
The new initiative, is designed to attract wealthy foreign business people to make a sizable investment in the island-nation.
According to Claude Duncan, the vice-president for investment and promotion at JAMPRO, discussions regarding the citizenship-by-investment program were well advanced.
While the cost of citizenship-by-investment has not be declared by the Simpson-Miller administration, based on other territories with similar programs, the cost could range from US$250,000 to US$500,000.
Similar to programs in neighboring Caribbean islands-nations such as St. Kitts & Nevis, St Lucia and Antigua & Barbuda, Jamaica will seek to attract investors with the benefit of residency. However, rather than ask for cash or the purchase of real estate as the other countries have done, Jamaica will tie the purchase of citizenship with investment projects.