Embracing Regional Integration: The Benefits of Being a Mercosur or Caricom Citizen

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One factor of investment migration that is often overlooked is regional integration. The EU is the most common example of regional integration, a bloc of nations that have united under one economic roof and employed freedom of movement and political alliance to create an entire realm of possibilities for its citizens. But the EU isn't the only regionally integrated entity in the world; two others, which are often overlooked but are tied in directly with investment migration, also offer possibilities to investors and prospective global citizens - MERCOSUR in LatAm and Caricom in the Caribbean. LatAm has various interesting residence programs that can put an investor on the path to becoming a citizen of Mercosur through naturalization. Programs in Paraguay, Uruguay, and others are easily achievable and come with a host of benefits, and for those who meet the criteria, they can lead to citizenship in a short time. The Caribbean countries of Antigua & Barbuda, Dominica, Grenada, St Kitts & Nevis, and St Lucia all have citizenship by investment programs, allowing investors to become Caricom citizens within the span of a few months in exchange for an affordable investment.

What Are MERCOSUR and Caricom?

Mercosur, which stands for the Southern Common Market, is a regional economic integration organization in South America. It was established in 1991 with the signing of the Treaty of Asunción by Argentina, Brazil, Paraguay, and Uruguay. Venezuela joined Mercosur later but was suspended in 2016. The primary objectives of Mercosur include promoting economic cooperation, integration, and development among its member states. Caricom, short for the Caribbean Community, is a regional organization that promotes economic integration and cooperation among its member states in the Caribbean. It was established in 1973 with the signing of the Treaty of Chaguaramas. Caricom seeks to create a common market and community for its member states, fostering economic development and regional stability.

Caricom members state:

  • Antigua and Barbuda
  • The Bahamas
  • Barbados
  • Belize
  • Dominica
  • Grenada
  • Guyana
  • Haiti
  • Jamaica
  • Montserrat (a British Overseas Territory)
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Vincent and the Grenadines
  • Suriname
  • Trinidad and Tobago

The Benefits Of Being A MERCOSUR or Caricom Citizen

MERCOSUR's and Caricom's main objectives are to develop its members' economic and social environments through open collaboration. Citizens of member states can benefit from that in the following ways:

  1. Enhanced Global Mobility

Citizens of MERCOSUR and Caricom can enjoy freedom of movement within the union. By becoming a citizen of either bloc, a person will gain enhanced mobility, being able to access other member states without having to apply for a visa.

  1. Business Opportunities

The economic nature of geopolitical unions is the most significant aspect of the conglomeration. MERCOSUR citizens can utilize this enhanced economic freedom by opening businesses in other member states. This would allow a Paraguayan, for example, to easily set up a business in Brazil and conduct unhindered business between the two countries. Combining business and global mobility will allow people to maximize their profit while structuring their tax burden accordingly. In the previous example, a Paraguayan who has a business in Brazil can still reside in Paraguay for most of their time, paying an overall lower tax while benefiting from the Brazilian market. Caricom also has a similar effect. Caricom citizens have simplified routes to opening a business and obtaining a work permit in other Caricom member states. Since the number of members is high, this opens massive business opportunities, especially for those who want to establish a corporate dynasty within the region.

Access To Social Factors

Another important issue is how easily union citizens can access other members' services such as healthcare, education, and more. By having enhanced global mobility and a member status, citizens of MERCOSUR or Caricom can potentially access healthcare and education facilities at better rates and with greater ease. This not only leads to a better living standard but also considerable savings for global citizens who want to be able to get the best service or product they can. Having a MERCOSUR or Caricom citizenship opens up the doors not only to one country but to the rest in their union. To learn more about regional integration and how to utilize it through investment migration, contact us today.