Caribbean states advance implementation of Citizenship by Investment program agreements

The Caribbean nations offering Citizenship By Investment (CBI) Programs are swiftly implementing the Memorandum of Agreement (MOA). The agreement was signed by Antigua & Barbuda, the Commonwealth of Dominica, Grenada, St. Kitts & Nevis, and St. Lucia.

Published in March 2024, the MOA aims to promote mutual cooperation, information sharing, adherence to best practices, and regulatory oversight among the signatory countries.

Effective July 1, 2024, all participating countries have agreed to set the minimum investment for any CBI option at US$200,000. This means that the minimum amount required for contributions to government funds, government projects, or private development projects in these countries will be US$200,000.

The MOA clearly states that offering discounts below the agreed minimum price is illegal.

Marketing agents, local agents, and developers with evidence of any attempts or instances of discounting are urged to promptly report them to the CBI Unit, Investment Migration Agency, or Financial Intelligence Units of the respective countries.

Regarding regional regulation, participating governments will soon appoint an Interim Regulatory Commission while awaiting the enactment of enabling legislation for a permanent regional regulator. The 7-member Interim Regulatory Commission will include representatives from each participating country, the OECS Commission, and the Eastern Caribbean Central Bank. The regional regulator’s functions will include: