OECS nations unite to strengthen CBI, minimum investment thresholds increased

In a landmark move aimed at enhancing transparency, the five OECS countries offering the Citizenship by Investment Programme have increased their minimum investment amounts to equal to or more than USD 200,000.

These countries including Antigua and Barbuda, Dominica, Grenada, Saint Lucia and St Kitts and Nevis took this bold step to tackle cost cutting.

[caption id="attachment_72797" align="aligncenter" width="1068"] OECS nations unite to strengthen CBI, minimum investment thresholds increased[/caption] St. Kitts and Nevis was the first to implement the increased minimum threshold back in July 2023, following which the other countries followed the suit.

The development came soon after the leaders of these five countries came together to sign a Memorandum of Agreement in March this year.

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Under the new investment threshold, Saint Lucia increased the investment amount to USD 240,000, a whooping USD 140,000 increase from the cost of investment. Meanwhile, Antigua and Barbuda raised to USD 230,000, Dominica to USD 200,000, Grenada to USD 235,000, and St. Kitts and Nevis remained at USD 250,000.

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The MOU clearly stated that the signatories will increase the minimum contribution amount for each investor within the set deadline of June 30, 2024.

[caption id="attachment_72791" align="aligncenter" width="2048"] Memorandum of Agreement signed by OECS leaders[/caption]

Not only this, but the CBI offering jurisdictions also collaborated to share the information of applicants, establish regional competent authority to set standard with other arrangements as stated in the agreement.

The MOU signatories also agree to cooperate on post approval screening of CBI citizens, and on the retrieval of canceled passports.

DOWNLOAD THE FULL MOA HERE

Notably, this significant MOA aims to protect the integrity and enhance the transparency of the overall CBI Programmes of these island nations.

Changes to the overall investment amounts in 5 OECS countries

Dominica

The Citizenship by Investment Unit (CBIU) of Dominica announced the changes to its minimum investment amount as effective from July 1, 2024.

According to the information, the minimum investment amount to the Economic Diversification Fund has now been raised to USD 200,000.

Under the real estate, the investment amount stands at USD 200,000 while the new government fees for each applicant is USD 75,000.

[caption id="attachment_72792" align="aligncenter" width="1600"] Minimum EDF contribution requirements[/caption]

Meanwhile, the amount for the main applicant and up to three qualifying applicants has been raised to USD 250,000 and for any additional dependant under the age of 18, it is USD 25,000 and for over the age of 18 is USD 40,000.

St Kitts and Nevis

In July 2023, St. Kitts and Nevis took a giant leap in its CBI Programme and unveiled a series of significant changes to its investment options. This not only included the raised investment amount but also the replacement of the ‘Sustainable Growth Fund’ with the ‘Sustainable Island State Contribution.’

The country set an example and became the first to implement the principles proposed by the European Union to make the Citizenship by Investment Programme more effective and secure for the entire global community.

It is to be noted that the minimum contribution under the SISC was announced to be USD 250,000, while the investment for the main applicant and a spouse stood at USD 300,000.

Additionally, for the main applicant and one dependant, the amount was raised to USD 300,000, while for the main applicant, spouse, and one or two dependants, it was USD 350,000.

For each additional dependant under the age of 18, the amount is USD 50,000 and for the ones aged 18 or above, the amount was set to USD 75,000.

[caption id="attachment_72793" align="aligncenter" width="1109"] Minimum SISC requirements[/caption]

Meanwhile, for real estate option, the minimum investment was increased to USD 400,000 with a property holding period of seven years.

Not only this, but the government of St. Kitts and Nevis along with the CIU unit mandated the interviews for all applicants aged 16 or above to ensure the legitimacy of the investors.

The due diligence fee was also increased to USD 10,000 for the main applicant and USD 7,500 for each additional dependant.

Saint Lucia

The CIP Saint Lucia announced that the investment to its National Economic Fund had been raised to USD 240,000 from USD 1,00,000, setting the standard for its CBI Programme.

In addition to this, the investment amount for each additional qualifying dependent under the age of 18 stood at USD 10,000 and for the ones aged 18 or above, it is USD 20,000.

For a newborn child of a citizen who is 12 months of age or above, the main applicant has to invest USD 5000 while for a spouse of a citizen, it is USD 35,000. The investment amount for the qualifying dependents of a citizen other than a spouse has been set at USD 25,000.

[caption id="attachment_72794" align="aligncenter" width="798"] Investment in the National Economic Fund[/caption]

Antigua and Barbuda

The cost of investment for the Citizenship by Investment Programme of Antigua and Barbuda under the donation and real estate option has also been increased.

It was announced that a contribution of USD 230,000 has been set for the main applicant, and the same amount is for a family of 1 to 4 under the NDF option. For a family size of 5 or more, the minimum threshold has been increased to USD 245,000.

[caption id="attachment_72795" align="aligncenter" width="897"] Investment in Antigua and Barbuda CBI[/caption]

The processing fee for the family of 4 stands at USD 30,000 while for each additional dependants, the amount is USD 10,000.

The investment in the real estate option has been raised to USD 325,000 with the government fees for a family of four being USD 30,000 and for each additional dependant, the amount is USD 10,000.

Grenada

The Citizenship by Investment Unit of Grenada was the 2nd to follow the suit after St. Kitts and Nevis as it announced changes to its CBI Programme on June 28, 2024. The unit said that investors will now have to contribute a minimum amount of USD 235,000 to be part of the country’s CBI programme under the fund option.

This increase was for the National Transformation Fund as well as for the Real Estate Investment option.

Under the NTF, the amount for each additional dependents has been set at US$25,000/US$50,000 while for a sibling it is US$75,000.

[caption id="attachment_72796" align="aligncenter" width="1073"] Investment for Grenada CBI[/caption]

Meanwhile, for the approved project investment under Section 11 in Grenada, the investment amount has been set at US$270,000 for a single applicant or a family of up to four. The government contribution amount has been raised to USD 50,000 while for each additional dependents, the amount has been set a US$25,000/US$50,000 and for a sibling, it is US $75,000.