When it comes to economic prosperity, Bermuda, Cayman Islands, and the British Virgin Islands stand out as the wealthiest countries in the Caribbean region. 

These countries have a high GDP per capita income, which is a commonly used indicator to assess the average wealth and income of individuals within a country.

With their robust economies, these Caribbean nations attract high-net-worth individuals and offer a high standard of living, supported by their thriving tourism industries and modern infrastructure.

Richest countries in the Caribbean

Let's explore the wealthiest Caribbean countries and their key features:

Bermuda

Comprising 181 islands, Bermuda is among the most populous and affluent Caribbean countries among the British Overseas Territories. With a GDP per capita of $110,000 and a population of 71,000, it boasts the highest per capita income in the Caribbean.

Bermuda's economy thrives on offshore insurance and tourism, attracting a significant number of visitors each year. The country offers stunning natural beauty, picturesque landscapes, and well-developed infrastructure. Moreover, residents enjoy the advantage of no corporate tax.

The Cayman Islands

Famed as a major offshore financial hub, the Cayman Islands attract substantial foreign investment. With a diverse population representing over 100 nationalities, this British Overseas Territory has a per capita income that ranks second in the Caribbean.

The Cayman Islands, comprising Grand Cayman, Cayman Brac, and Little Cayman, are renowned for their scuba diving, snorkelling sites, and luxurious resorts. The local currency, the Cayman Islands dollar (KYD), has a fixed exchange rate of US$1.227 to 1 KYD.

Due to its favourable tax policies, including no income tax, capital gains tax, or corporation tax, the Cayman Islands is a preferred jurisdiction for numerous offshore companies in the Caribbean region.

The US Virgin Islands 

The U.S. Virgin Islands (USVI), also known as the Virgin Islands of the United States (V.I.), are a group of islands in the Caribbean Sea. They are an unincorporated territory of the United States, which means that they are under the jurisdiction of the U.S. government but are not a state.

US Virgin Islands Map

The USVI are made up of four main islands: Saint Croix, Saint John, Saint Thomas, and Water Island. They also include about 50 smaller islands and islets. The capital of the USVI is Charlotte Amalie, which is located on Saint Thomas.

The USVI are known for their beautiful beaches, lush rainforests, and friendly people. Tourism is the main industry in the USVI, and the islands attract over 2.5 million visitors each year. Other industries in the USVI include trade and commerce, and a variety of service-based businesses.

The residents of the USVI are US citizens, and they enjoy the same rights and privileges as citizens of any other state in the U.S. However, the USVI also have their own unique culture and identity.

The British Virgin Islands

The British Virgin Islands (BVI) are a group of islands in the Caribbean Sea that are a British Overseas Territory. The islands have a population of around 30,000 people and are known for their beautiful beaches, clear waters, and sailing. Tourism is the main industry in the BVI, and the islands attract over 2 million visitors each year. Other industries in the BVI include offshore financial services and agriculture. 

The BVI is made up of four main islands: Tortola, Virgin Gorda, Anegada, and Jost Van Dyke. They also include about 50 smaller islands and islets. The capital of the BVI is Road Town, which is located on Tortola.

The BVI are known for their beautiful beaches, such as Cane Garden Bay and Trunk Bay, which are considered to be some of the best in the Caribbean. The islands are also home to a number of protected areas, including the Virgin Gorda National Park and the Anegada National Reserve.

The BVI is a popular destination for yachting and sailing. The islands are also home to a number of world-class dive sites, including the RMS Rhone, a shipwreck that sank in 1867.

The residents of the BVI are British Overseas Territories citizens. Since 2002, they have also been qualified as British citizens. The BVI is also a member of the Caribbean Community (CARICOM).

The Bahamas

The Bahamas is a highly desirable tourist destination globally, comprising approximately 16 major islands. With a population of 400,000 people, this island nation boasts a thriving tourism industry and a prosperous financial sector, making it one of the wealthiest Caribbean islands. The Bahamas has a robust GDP of $12 billion.

One of the key advantages for residents of the Bahamas is its status as a tax haven. The country does not impose income tax, corporate tax, capital gains tax, or wealth tax. Moreover, alongside the flourishing tourism sector, offshore international financial services and the banking industry contribute significantly to the country's GDP.

Anguilla

Anguilla is an autonomous UK overseas territory that encompasses the main island and several surrounding islets. Renowned for its stunning coral reefs, picturesque beaches, and lush tropical forests, Anguilla entices tourists from across the globe. One of its notable advantages is its favourable tax environment, as the region imposes no capital gains, estate, profit, sales, or corporate taxes. Anguilla's main economic sectors include tourism, offshore company incorporation and management, offshore banking, captive insurance, and fishing.

While the US dollar is widely accepted and utilised in the area, Anguilla also maintains its own currency, the East Caribbean dollar.

St Martin

St. Martin is a Caribbean island divided into two parts: the French side, Saint-Martin, and the Dutch side, Sint Maarten. The island is known for its beautiful beaches, luxurious resorts, and exciting nightlife. It is a popular destination for both tourists and locals alike. 

The island's economy is heavily dependent on tourism, with over half of the population employed in the sector. The island also has a number of other industries, including agriculture, fishing, and offshore banking.

St. Martin is a great place to relax on the beach, explore the island's natural beauty, or party the night away. There is something for everyone on St. Martin.

Saint Kitts and Nevis

Situated between the Atlantic Ocean and the Caribbean Sea, Saint Kitts and Nevis is renowned for its majestic mountains, idyllic beaches, lush tropical forests, and historic sugar plantations. Following the decline of the sugarcane industry, this nation relies primarily on tourism, agriculture, and manufacturing as its main sources of income.

Saint Kitts and Nevis is a member of prominent organisations such as CARICOM, OECS, and OAS. For individuals seeking citizenship in Saint Kitts and Nevis, the country offers the Citizenship by Investment Program, which attracts affluent investors and foreign direct investment. These factors collectively contribute to making Saint Kitts and Nevis one of the wealthiest Caribbean islands.

Barbados

Barbados is an Eastern Caribbean island that is known for its beautiful beaches, botanical gardens, colonial buildings, and rich culture. The island is home to around 300,000 people and has a GDP of $5.3 billion. 

The tourism industry is the dominant force in the Barbadian economy, with nearly 40% of tourists coming from the United Kingdom, followed by the United States and Canada.

The island is also home to a number of other industries, including agriculture, manufacturing, and financial services.

Barbados is a popular tourist destination for its year-round warm weather, beautiful beaches, and vibrant culture. The island is also home to a number of historical sites, including the Garrison, a UNESCO World Heritage Site.

Here are some of the most popular tourist destinations in Barbados:

• Bridgetown: The capital of Barbados, Bridgetown is a charming city with a rich history. There are a number of historical sites in Bridgetown, including the Parliament Buildings and the National Heroes Square.

• Harrison's Cave: This cave system is one of the most popular tourist attractions in Barbados. The cave features a number of stalactites and stalagmites, as well as a number of underground lakes

• Bathsheba: This beach is known for its dramatic cliffs and crashing waves. It is a popular spot for surfing and bodyboarding.

• Oistins: This fishing village is known for its colourful houses and lively nightlife. It is a popular spot for locals and tourists alike.

Antigua and Barbuda

Situated amidst the Atlantic Ocean and the Caribbean Sea, Antigua and Barbuda is a captivating island inhabited by a population of over 96,000. Similar to other Caribbean nations, Antigua and Barbuda boasts a thriving economy primarily reliant on the tourism sector.

Through investment in real estate or government donations, foreign investors can avail themselves of the Antigua and Barbuda Citizenship by Investment Program. This program grants holders of the Antigua and Barbuda passport visa-free access to more than 140 countries worldwide.

Furthermore, the country offers favourable tax conditions to its residents. Notably, there is no income tax imposed on worldwide income in Antigua and Barbuda. According to the World Bank, the country's GDP per capita stands at $14,900 in Barbuda.

St Lucia

St Lucia encompasses breathtaking landscapes, enchanting white sand beaches, a delightful tropical climate, and a flourishing economy. The nation is renowned for its burgeoning tourism industry and provides a tranquil island lifestyle. Additionally, the St Lucia Citizenship by Investment Program offers numerous advantages.

One notable benefit is the ability to include family members in the citizenship application and enjoy visa-free travel to over 140 countries. Furthermore, residing in St Lucia exempts individuals from the obligation to pay capital, wealth, or inheritance taxes within the country.

Top 15 richest Caribbean countries, according to the World Bank

The Caribbean is home to some of the richest countries in the world, based on GDP per capita income.

Obtaining Citizenship and Residency in the Caribbean

Acquiring citizenship or residency in the Caribbean islands is a sought-after option for many individuals. The region offers several programs that enable eligible individuals to obtain citizenship or residency through investment, meeting specific criteria, or other pathways.

These programs present an opportunity for individuals to gain the rights and privileges associated with being a citizen or resident of the Caribbean islands. Benefits may include visa-free travel to various countries, favourable tax regimes, access to quality services, and participation in the vibrant Caribbean community and economy.

Here is a list of various citizenship and residency programs offered in the Caribbean islands along with their respective investment requirements:

• Bermuda: Fintech Business Work Permit / Global Entrepreneur Work Permit (GE Permit)
• Cayman Islands: Real Estate investment of $1 million
• US Virgin Islands: No specific program mentioned
• British Virgin Islands (BVI): Direct Residence by Investment (RBI) with investments ranging from $25 to $100 million
• Bahamas: Real Estate investment of BS$1.5 million
• Anguilla: Real Estate investment ranging from $400,000 to $750,000
• Turks and Caicos: Real Estate investment of $300,000
• St Martin: Real Estate investment of $500,000
• St Kitts and Nevis: Citizenship by Investment (CBI) with options of a $150,000 donation or $200,000 real estate investment
• Barbados: Investor permit with a minimum investment of $5 million
• Trinidad & Tobago: No specific program mentioned
• Panama: Real Estate investment of $300,000
• Antigua & Barbuda: Citizenship by Investment (CBI) with options of a $100,000 donation or $400,000 real estate investment
• Costa Rica: Real Estate investment of $200,000
• 15. Grenada: Citizenship by Investment (CBI) with options of a $150,000 donation or $200,000 real estate investment
• Saint Lucia: Citizenship by Investment (CBI) with options of a $100,000 donation or $300,000 real estate investment
• St Vincent: No specific program mentioned
• Dominican Republic: Real Estate investment of $200,000
• Dominica: Citizenship by Investment (CBI) with options of a $100,000 donation or $200,000 real estate investment
• Jamaica: No specific program mentioned
• Belize: Retirees program with no investment requirement mentioned
• Guyana: No specific program mentioned

Please note that the information provided is based on the data available up until September 2021, and it's always advisable to consult official sources or specialised agencies for the most up-to-date and accurate details regarding these programs.

Advantages of obtaining Caribbean Citizenship

Obtaining Caribbean citizenship offers several benefits to individuals. Here are some of the advantages associated with Caribbean citizenship:

• Visa-Free Travel: Caribbean citizenship often provides visa-free or visa-on-arrival access to numerous countries worldwide. This can greatly facilitate international travel and business opportunities.
• Investment Opportunities: Many Caribbean countries offer attractive investment opportunities, such as real estate, business ventures, and economic citizenship programs. These programs allow individuals to invest in the local economy and potentially generate income and wealth.
• Tax Benefits: Caribbean jurisdictions often provide favourable tax regimes, including low or no income tax, capital gains tax, wealth tax, and inheritance tax. This can help individuals preserve and grow their wealth.
• Security and Stability: Caribbean countries are known for their political stability, sound legal systems, and secure environments. Obtaining citizenship can provide a sense of security and stability for individuals and their families.
• Lifestyle and Quality of Life: Caribbean nations offer a relaxed and laid-back lifestyle, with picturesque landscapes, beautiful beaches, and a pleasant climate. The region is known for its hospitality, cultural diversity, and vibrant local communities.
• Access to Services: Caribbean citizens typically have access to quality healthcare, education, and social services provided by the respective countries.
• Dual Citizenship: Many Caribbean nations allow dual citizenship, enabling individuals to retain their original citizenship while enjoying the benefits of Caribbean citizenship.

It's important to note that the specific benefits and advantages may vary depending on the country and the citizenship program chosen. It's advisable to research and consult with experts or specialized agencies for detailed information on the benefits and requirements of each Caribbean citizenship program.

FAQ

Which Caribbean country has the most powerful passport for travel?

Barbados possesses the most powerful passport among the Caribbean islands in terms of mobility. With a Barbados passport, individuals can travel to over 160 countries worldwide without requiring a visa.

Which island country is the wealthiest in the world?

Bermuda stands as the wealthiest Caribbean country and one of the most prosperous island countries globally when considering GDP per capita.

Which Caribbean country has the largest economy?

According to Statista (2021), Puerto Rico and the Bahamas boast the largest economies among Caribbean countries.

What is the primary source of income in the Caribbean?

Given that most Caribbean islands are popular tourist destinations, the tourism industry serves as the primary source of income for the region.

Which Caribbean country is considered the most developed?

Trinidad and Tobago is regarded as one of the most developed countries in the Caribbean, with a notable high GDP per capita income.