Four OECS nations sign MOU to increase minimum investment threshold under CBI

In a move towards greater transparency and collaboration, four Caribbean nations within the Organization of Eastern Caribbean States (OECS) have signed a Memorandum of Understanding (MOU) to enhance their Citizenship by Investment Programmes (CBIPs).

The signing ceremony, conducted virtually, saw leaders from Antigua and Barbuda, Dominica, Grenada, and St Kitts and Nevis coming together to commit to stricter regulations and cooperative efforts within the industry.

Key changes include raising the minimum investment threshold to USD 200,000, with a deadline set for June 30, 2024.

This decision follows concerns raised by international entities regarding the pricing and integrity of such programmes. The MOU aims to address these concerns by promoting transparency and accountability.

Under the agreement, the four nations pledge to share information on CBIP applicants, disclose funds received through CBIPs, and establish a regional authority to regulate and set international standards for the programmes.

The move signifies a proactive step towards ensuring fairness and credibility in the CBIPs offered by these OECS nations, reflecting their commitment to responsible governance and adherence to best practices.

While highlighting this collaboration, Prime Minister of St Kitts and Nevis and Chairman of the OECS, Dr Terrance Drew, said that it will help in exchanging best practices while enhancing due diligence processes and enabling sharing intelligence on potential security or even compliance risks. PM Drew lauded his fellow Prime Ministers for recognising that Citizenship by Investment Programmes are very significant for the region as a whole, which is why it was their duty to act responsibly.

He also said that this strategic move would show the world that the four Caribbean countries are responsible and serious about operating investment migration programmes which respect the rule of law and are sustainable.

While emphasising the purpose of the MOU, PM Drew said that he strives to provide a framework for partnership and information sharing among the four OECS Member States in relation to the country’s CBI Programmes.

Meanwhile, it is also being said that as the Caribbean countries move forward with implementing such stringent measures, this MOU marks a major milestone in the evolution of their CBI Programme.