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CARIBBEAN COUNTRIES PRESSING FORWARD WITH THE IMPLEMENTATION OF THE MEMORANDUM OF AGREEMENT ON CITIZENSHIP BY INVESTMENT PROGRAMMES

CARIBBEAN COUNTRIES PRESSING FORWARD WITH THE IMPLEMENTATION OF THE MEMORANDUM OF AGREEMENT ON CITIZENSHIP BY INVESTMENT PROGRAMMES

OECS Media Release

The Caribbean countries which offer Citizenship By Investment Programmes are moving with alacrity to implement the Memorandum of Agreement (MOA). The signatories of the MOA are: Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Kitts and Nevis and Saint Lucia. (See signed MOA below.)

The MOA which was published in March 2024 aims to ensure mutual cooperation, information sharing and 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 CBI options shall be US$200,000. ​ This means the minimum sum that will be paid into any government fund, government project or private development project of, or in participating countries shall be US$200,000.

The signatories to the MOA make it abundantly clear that discounting of the agreed minimum price is illegal.

Market actors, Marketing Agents, Local Agents and or Developers who have evidence of any attempt at, or instances of discounting should report 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 7-member Interim Regulatory Commission will be drawn from each of the participating countries (5), the OECS Commission and the Eastern Caribbean Central Bank. The functions of the regional regulator will include to:

  • Develop, issue and enforce regional standards for CBI Programmes.
  • Monitor compliance of legislation, regulations and standards.
  • Monitor compliance with international agreements.
  • Investigate complaints.
  • Facilitate 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 the implementation of the MOA.

CIP- Memorandum of Agreement.pdf 4 MB
Loverly Anthony Head of Communications, Organisation of Eastern Caribbean States
OECS Communications Unit Organisation of Eastern Caribbean States

 

 

Economic Development Regional Integration
About The Organisation of Eastern Caribbean States

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The Organisation of Eastern Caribbean States (OECS) is an International Organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance among independent and non-independent countries in the Eastern Caribbean. The OECS came into being on June 18th 1981, when seven Eastern Caribbean countries signed a treaty agreeing to cooperate with each other while promoting unity and solidarity among its Members. The Treaty became known as the Treaty of Basseterre, so named in honour of the capital city of St. Kitts and Nevis where it was signed. The OECS today, currently has eleven members, spread across the Eastern Caribbean comprising Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St Vincent and The Grenadines, British Virgin Islands, Anguilla, Martinique and Guadeloupe. 

The Organisation of Eastern Caribbean States
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Saint Lucia