Caribbean countries pressing forward with citizenship by investment programmes
The Caribbean countries offering Citizenship by Investment Programmes are moving quickly to implement the Memorandum of Agreement (MOA). The signatories of the MOA are Antigua and Barbuda, the Commonwealth of Dominica, Grenada, St. Kitts and Nevis, and Saint Lucia. The MOA, published in March 2024, aims to ensure mutual cooperation, information sharing, adherence to common standards of best practice, and regulatory oversight.
With effect from July 01, 2024, all countries have agreed that the minimum price for any Caribbean Basin Initiative (CBI) options shall be US$200,000. This means the minimum sum paid into any government fund, government project, or private development project in participating countries shall be US$200,000.
The signatories to the MOA make it abundantly clear that discounting the agreed minimum price is illegal.
Market actors, marketing agents, local agents, and developers who have evidence of any attempt at or instances of discounting should report the same promptly to the CBI Unit, Investment Migration Agency, or Financial Intelligence Units of the participating countries.
In respect of a regional regulatory body, participating governments will soon appoint an Interim Regulatory Commission pending the enactment of enabling legislation for the regional regulator. The seven-member Interim Regulatory Commission will be drawn from each participating country, the OECS Commission and the Eastern Caribbean Central Bank. The functions of the regional regulator will include: develop, issuing and enforcing regional standards for CBI Programmes; monitoring compliance with legislation, regulations and standards; monitoring compliance with international agreements; investigating complaints; facilitating information sharing and engagements with regional and international stakeholders.
Work streams have been developed and assigned for all articles of the MOA. The CBI countries will provide periodic updates on its implementation.
