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Caribbean Countries’ Citizenship by Investment MOA
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Earlier in June 2024, we broke the news to you about St Lucia pledging its commitment to a Caribbean Citizenship by Investment Memorandum of Agreement. This saw St Lucia Prime Minister, Hon. Philip J Pierre add his signature to that of those of the heads of states of the other Caribbean countries offering Citizenship by Investment.
Now the Organisation of Eastern Caribbean States (OECS) has brought out a media release that reiterates its 5 members will abide by a July 1, 2024 implementation date.
What Happens on July 1, 2024?
The minimum price for any of these Caribbean countries’ CBI options will be set at $200,000. This relates to the National Development Fund in Antigua and Barbuda, Economic Diversification Fund in Dominica, National Transformation Fund in Grenada, and National Economic Fund in St Lucia.
Investors will have to commit at least €200,000 to the Sustainable Island State Contribution in St Kitts and Nevis too, along with any qualifying real estate purchases.
July 2024 should also see the creation of a Interim Regulatory Commission (IRC). There will be members from each of these 5 Caribbean countries. In addition, OECS Commission and Eastern Caribbean Central Bank representation will increase the number of members to 7. The role of this IRC will be to:
- Cultivate and maintain regional standards across the 5 Caribbean countries’ Citizenship by Investment Programmes
- Regulate legal compliance
- Ensure compliance with international agreements
- Review grievances
- Make information sharing and participation of regional and international stakeholders easier
The Latitude View on Caribbean CBI Developments
Christopher Willis is Our Man in the Caribbean. He sees the OECS media release as further evidence of these Eastern Caribbean countries working together. “More than ever before,” asserts Willis, “the 5 Caribbean CBI countries are collaborating rather than competing against each other.”
“The appointment of an IRC emphasizes the commitment of Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia to continue the momentum of the Memorandium of Agreement.”
How to Obtain Caribbean Citizenship by Investment in 2024
Bear in mind that Caribbean Citizenship by Investment is currently available at €100,000. You have until the end of June 2024 to apply through an investment migration specialist such as Latitude Group. So, don’t delay and contact us today.