Rich Americans flee to the Caribbean as they swap COVID-19, the election and US citizenship for a winter working remotely in the sun
- Business has been booming in recent months for citizenship advisers, government agencies and real estate developers in several Caribbean islands
- COVID-19, remote working and election fears are causing a US exodus
- Applications for citizenship on Caribbean islands such as St Kitts and Nevis are surging as the rich invest in second and third homes
- Others are taking advantage of the 12-month ‘Welcome Stamp’ initiative launched by Barbados in July, where remote workers can enjoy a long-term stay
- More than 1,100 have so far applied for the scheme
- Meanwhile people with dual nationality are ditching their US citizenship
- A total of 5,816 Americans gave up citizenship in the first half of 2020 – double the number of people in the whole of 2019
Rich Americans are fleeing to the Caribbean as they swap COVID-19, fears around the upcoming election and even their US citizenship for a winter working remotely in the sun.
Business has been booming in recent months for citizenship advisers, government agencies and real estate developers in several Caribbean islands including Grenada, Dominica, Barbados and St Kitts and Nevis.
Applications for citizenship and visas for Caribbean islands are surging as people take advantage of the 12-month ‘Welcome Stamp’ initiative launched by Barbados in July, which encourages remote workers to enjoy a long-term stay in the sun.
More than 1,100 have so far applied for the scheme and a similar offering in St Kitts and Nevis is also witnessing a surge in interest.
This comes as stark data reveals a growing number of people with dual nationality are ditching their American citizenship and turning their backs on the nation for good.
With the pandemic rumbling on, no clear sign of a vaccine and many workplaces switching to a more permanent working from home model, there has been a mass exodus out of the US’s biggest cities such as New York and New Jersey to more rural states such as Vermont and Oregon in recent months.
But the wealthy are jetting off even further afield, packing up for a long-term stay on a paradise Caribbean island.
The shift to home working and the escalating tensions surrounding the upcoming November election have created a melting point where people want to escape US soil altogether, industry insiders told Forbes.
Mohammed Asaria, whose Range Developments is developing a new luxury Six Senses resort in Grenada, said Americans are fleeing because they want to ‘hide it out’ from the election.