Four Caribbean CBI nations agree to increase minimum investment to USD200,000, signs MOU

The four OECS jurisdictions offering Citizenship by Investment Programmes have agreed on increasing the minimum investment threshold to USD 200,000 and signed the Memorandum of Understanding (MOU) on Wednesday for the same.

Four Caribbean CBI nations agree to increase minimum investment to USD200,000, sign MOU
Four Caribbean CBI nations agree to increase minimum investment to USD200,000, sign MOU

Caribbean: The four OECS jurisdictions offering Citizenship by Investment Programmes have agreed to increase the minimum investment threshold to USD 200,000 and signed the Memorandum of Understanding (MOU) on Wednesday for the same.

The nations, including Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis participated in the signing ceremony which was conducted virtually and pledged to enhance the transparency and integrity of the CBIPs.

Through the MOU, the leaders of the four nations agreed to adopt stricter regulations for the programmes and the decision to increase the investment amount was one of the steps. The deadline for the step is set for June 30, 2024.

The MOU was signed to address the concerns raised by international entities regarding underselling and integrity of the CBI programmes. The leaders have agreed to work to increase accountability and competitiveness which has been a challenge in the CBI industry.

The four nations have stressed on adopting stricter measures regarding the security and transparency of the programme while fostering collaboration and cooperative efforts. The MOU marked the efforts of these nations to raise the standards of the scrutiny aspects of the programmes.

Under the agreement, the four nations have agreed to a range of commitments, including the sharing of information on CBIP applicants. These steps are aimed to enhance the transparency and effectiveness of the CBIPs.

In order to enhance transparency, the MOU agreed to disclose funds received by CBIs and establish a regional authority. It also stated the need to conduct independent financial and operational audits to ensure compliance with best practice standards.

The agreement also mentioned that the nations will establish common standards for managing communication and promotion related to the programme, aiming to ensure consistency and clarity. They also agreed to set unified regulations for agents of the CBIPs and facilitate joint training programs to streamline processes and maintain integrity.

The MOU also mentioned that there is a need for capacity-building initiatives for officials and agencies that are involved in CBIP administration to enhance skills and knowledge.

The agreement has established according to the six principles established adopted in March 2023 by all the OECS nations offerings CBI Programme during the roundtable discussion with the United States.

Prime Minister of St Kitts and Nevis– Dr Terrance Drew who is currently chairing the OECS lauded these four juridictions and said that the MOU will foster the best practices, due diligence processes. He highlighted that the collaboration will provide a framework for cooperation among the OECS member states.

PM Drew added that the move will showcase the seriousness of the four nations in operating investment migration programmes that respect the rule of law, are sustainable and do not offend the interests of the international community.

PM Drew added that the aim of the MOU is to enhance the accoutability and integrity of the programme and tackle the concerns raised by the international community about the scrutiny of the CBIPs.

The signing of the agreement showcased the efforts of the Caribbean nations towards ensuring the fairness and credibility in the CBIs offered by these OECS nations. The MOU will prioritize the transperancy and cooperation, aiming to foster confidence in investors and maintain their reputations of the programmes.