In a significant move, the five Caribbean nations offering citizenship by investment—Antigua and Barbuda, Dominica, Grenada, St Lucia, and St Kitts and Nevis—signed a comprehensive Memorandum of Understanding (MoU). This agreement aims to integrate critical elements of their programs by 30 June 2024.
Outlined in the MoU are various domains wherein the four programs pledge collaboration, with particular emphasis on:
- Pricing: An agreement was reached to standardize the minimum investment across all four programs to $200,000 by 30 June 2024. Government fees and commissions related to applications are excluded from the newly standardized minimum investment.
- Transparency: In accordance with six CBI principles outlined by the US Treasury, all five Caribbean CBI countries share information. However, the four parties to the MoU, in collaboration with the Joint Regional Communications Center (JRCC) in Barbados, have pledged to enhance transparency regarding revenue generated and funds allocated by the programs.
- Regulations: A Caribbean CBI regulator will be established to ensure compliance with international standards and best practices.
- Due diligence: Besides adhering to standards established by the US Treasury concerning vetting, signatories have committed to collaborating on post-approval screening procedures for CBI citizens, including retrieving revoked passports.
- Agent regulations: Authorized agents will be restricted from using certain marketing terminology, including “visa free access,” and will be subject to other rules regarding the promotion of CBI programs.
In his official announcement regarding the rebranding of Grenada’s CIU to “Investment Migration Agency Grenada,” Prime Minister Dickon Mitchell mentioned his involvement in extensive discussions with other OECS member states, ultimately leading to the MoU’s signing.
Prime Minister Terrance Drew of St Kitts and Nevis, addressing the new standardized minimum investment of $200,000, emphasized that the MoU seeks to resolve underselling and financial inconsistencies that had previously drawn criticism across CBI programs in the Caribbean compared to European citizenship programs.
The St Lucia government, which announced the country’s commitment to the MoU on 3 June 2024, proposed additional measures to enhance the country’s program and strengthen the regional agreement, including:
- Changes to address change-of-name requests
- An annual new citizenship quota
- A minimum net worth for applicants
- Holding escrow accounts in St Lucia or individual islands
- Revamping the application process so that only licensed promoters can submit applications to local authorized agents, accompanied by a mandatory due diligence report for each applicant
What this Means for Future Caribbean CBI Applicants
- A greater understanding of investment requirements: Establishing a standardized Caribbean investment amount clarifies the financial obligations required by each citizenship program.
- Increased confidence: Expanding transparency, due diligence, and regulation increases confidence in the legitimacy of dual citizenship and the stability of investments.
- Clearer marketing: Tighter control over how Caribbean passport programs are marketed and promoted leads to better-informed decisions.
- Ongoing security and compliance: Continued cooperation on security and compliance post-approval ensures the long-term credibility of the second citizenship obtained.
Overall, the MoU represents a concerted effort to unify and strengthen the Caribbean citizenship by investment landscape, offering a more secure, transparent, and reliable pathway for individuals seeking to invest in Caribbean citizenship.
Why use Global Citizen Solutions?
Global Citizen Solutions is a multidisciplinary firm offering bespoke residence and citizenship solutions in Europe and the Caribbean. In a world where the economy and politics are unpredictable, having a second citizenship opens up opportunities and creates flexibility for you and your family.
So, why work with Global Citizen Solutions to obtain Caribbean citizenship?
- Global approach by local experts: We are corporate members of the Investment Migration Council, with local expertise in all five Caribbean CBI programs.
- 100 percent approval rate: We have never had a case rejected and will offer you an initial, free-of-charge, due diligence assessment before signing any contract.
- Independent service and full transparency: We will present to you all the investment options available, and all expenses will be discussed in advance, with no hidden fees.
- An all-encompassing solution: A multidisciplinary team of immigration lawyers, investment specialists, and tax experts will take into consideration all your and your family's mobility, tax, and lifestyle needs.
- Confidential service and secure data management: All private data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
