EU urges Caribbean nations to shut down golden passport programs or face travel restrictions

View over the clear turquoise waters of the harbor from verdant hilltop viewpoint above the village, Marigot Bay, Castries, St. Lucia.David C Tomlinson | The Image Bank | Getty ImagesA version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The European Union has given five Caribbean nations notice that they need to end their citizenship-by-investment programs or risk losing visa-free access to Europe's Schengen area by 2028. The ability to enter the 29 countries in the Schengen area can be a substantial selling point for these golden passport programs. While some immigration attorneys told CNBC that the ultimatum will likely end in a compromise, it is possible the EU will stand its ground.Currently, foreigners can obtain citizenship in one of the countries by making a qualified investment in its economy, such as buying real estate or contributing to a government fund. Passports from one of these nations allow visa-free travel to some 140 countries and territories. With costs starting around $200,000, these citizenship-by-invest...