Prime Ministers from Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis have signed an important Memorandum of Understanding (MoU) to improve their citizenship by investment programs (CIPs). This agreement, which will be fully implemented by June 30th, aims to better coordinate and regulate these programs.
Key Points of the Agreement
1. Investment Standards
All four countries have agreed that the minimum investment required for their CIPs will be $200,000. This amount is the net investment needed, excluding any deductions such as commissions. Any future changes to this investment amount must be unanimously agreed upon by all four countries, ensuring a consistent standard across the region.
2. Transparency and Information Sharing:
The countries will enhance the sharing of information about applicants. This builds on a previous agreement with the US Treasury. They are funding a digital portal, managed by the Joint Regional Communications Centre (JRCC) in Barbados, which will improve the transparency of program operations and track financial flows.
3. Regulatory Framework
A common regional authority will be established to set and enforce standards for these programs. These standards will be based on international best practices, ensuring the programs are well-regulated and maintain high standards of operation.
4. Security and Marketing Practices
There will be ongoing security checks on approved citizens under the CIPs to ensure their continued eligibility and integrity. Efforts will be made to retrieve canceled passports to prevent misuse.
Marketing practices will be standardized across the four countries, explicitly prohibiting misleading advertising tactics such as showcasing visa-free travel and passport images. This ensures that potential applicants receive accurate information.
Comments from Leaders
Grenada’s Prime Minister Dickon Mitchell mentioned that the agreement was the result of intense discussions. He spoke about it during the rebranding event for Grenada’s CIP, which is now called the “Investment Migration Agency Grenada.”
Saint Kitts & Nevis’ Prime Minister Terrance Drew emphasized that the MoU helps address the issue of underselling within the industry, a significant problem in his country. Underselling refers to offering citizenship for less than the agreed-upon investment amount, undermining the program’s integrity.
Saint Lucia’s Absence
Saint Lucia, led by Prime Minister Philip J Pierre, did not join this agreement. This absence is believed to be due to ongoing commitments with Caribbean Galaxy, a developer known for controversial funding practices. These practices allow investments below the established rate while still appearing compliant, which may conflict with the new agreement’s standards.
This new agreement marks a significant step towards more regulated and transparent citizenship by investment programs in the Caribbean. It promises to enhance the integrity and effectiveness of these programs, ensuring they operate fairly and transparently, benefiting both the participating countries and the applicants.