The Caribbean nations offering Citizenship by Investment (CBI) Programmes are swiftly implementing the Memorandum of Agreement (MOA). Signed by Antigua and Barbuda, the Commonwealth of Dominica, Grenada, St. Kitts and Nevis, and Saint Lucia, the MOA was published in March 2024.
It seeks to ensure mutual cooperation, information sharing, and adherence to common standards of best practice and regulatory oversight. Starting July 1, 2024, all signatory countries will set the minimum investment for any CBI option at US$200,000. This applies to contributions to government funds, government projects, or private development projects within participating countries.
The MOA explicitly prohibits discounting this minimum price. Market actors, marketing agents, local agents, and developers must report any instances or attempts at discounting to the CBI Unit, Investment Migration Agency, or Financial Intelligence Units of the participating nations. An Interim Regulatory Commission will soon be established, consisting of representatives from the five participating countries, the OECS Commission, and the Eastern Caribbean Central Bank. This seven-member body will operate until enabling legislation for the regional regulator is enacted.
The regional regulator’s duties include developing and enforcing regional standards for CBI programmes, monitoring compliance with legislation and international agreements, investigating complaints, and facilitating information sharing with regional and international stakeholders. The CBI countries will provide periodic updates on the MOA’s implementation.
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