Caribbean Citizenship by Investment, St Lucia set to sign MOA

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In March 2024, the Prime Ministers of Antigua and Barbuda, Dominica, Grenada, and St Kitts and Nevis convened to sign a Memorandum of Agreement (MOA). This was a best practice understanding to standardize investment migration in the Eastern Caribbean, including establishing a new Citizenship by Investment in the Caribbean threshold. In a boost for the unity of Caribbean Citizenship by Investment, St Lucia looks like it will commit to the MOA too.

Citizenship by Investment in St Lucia, the Back Story

St Lucia was the last of 5 Organisation of Eastern Caribbean States members to launch a Citizenship by Investment Programme. Although legalized by the Citizenship by Investment Act (Act No. 14 of 2015), the programme did not come into effect until January 1, 2016. Initially, the lowest-priced investment to gain citizenship was $200,000.

$200,000 became $100,000 in 2017. This donation to the National Economic Fund remains the most popular St Lucia Citizenship by Investment option. An official memo signed by McClaude Emmanuel, CEO of the St Lucia Citizenship by Investment Unit, February 2024 brought a new Infrastucture option, again with a $100,000 threshold.

By April 2024, the word on the Caribbean Citizenship grapevine was that St Lucia would add its signature to the MOA by the end of the month. Approaching the end of May, St Lucia has still not done so. Although this resolve looks like bringing about a union sooner rather than later according to McClaude Emmanuel’s public pronouncements regarding Prime Minister Philip J Pierre.

What McClaude Emmanuel Said

“I can assure everyone that I have spoken to the Prime Minister and we will sign the agreement,” declared McClaude Emmanuel. Speaking on Thursday, May 23, 2024, he describes the stumbling blocks: “In the first instance, we just felt there were some areas we wanted to seek clarity.”

“What we were requesting was not unique, we wanted to facilitate the processing of Russian applications on our files.” “We had some contracts that we wanted to grandfather into the new agreement.”

The Latitude Take on St Lucia Developments

Our Man in the Caribbean, Christopher Willis, is cognizant of the importance of a united stand: “Although there are differences between the 5 Caribbean Citizenship by Investment Programmes, there are more similarities. With the future of the Caribbean investment migration industry at stake, countries have to work together to address common issues.”

“St Lucia was the last of the 5 Eastern Caribbean nations to offer Citizenship by Investment,” continues Willis. “They look like being the last signatory to this MOA too. The key detail is that they join their neighbouring islands, so as to maintain harmony in the Caribbean and preserve the sustainability of the CBI Programmes.”

Working Out Which Caribbean Citizenship Is Right For You

Although St Lucia’s impending signature will establish a new minimum investment across the Eastern Caribbean of $200,000, individual elements of the different programmes may appeal over others. Plus, you should apply before the price increases by Sunday, June 30, 2024. So, don’t delay and contact Latitude Group today.