Four member countries of the Organisation of Eastern Caribbean States (OECS) have united in a landmark move, signing a Memorandum of Understanding (MoU) aimed at fortifying their respective Citizenship by Investment Programmes.
The agreement, signed by Antigua and Barbuda, Dominica, Grenada, and St. Kitts and Nevis signifies a concerted effort to enhance the efficacy and integrity of their respective CBIPs.
The MoU stipulates significant revisions to be implemented across these programmes by June 30, 2024.
The new changes include raising the minimum investment threshold to $200,000, enhancing transparency measures by sharing information on CBIP applicants, disclosing funds received and their use, and conducting independent financial and operational audits to ensure compliance with best practice standards.
Additionally, the MoU mandates the establishment of a regional competent authority to regulate the CBIPs, set international standards, manage communications and promotion, regulate agents, and facilitate joint training programmes and capacity-building initiatives for officials and agencies administering CBIPs.
The collaborative effort marks a pivotal moment in the region's commitment to transparency, integrity, and accountability within the realm of citizenship investment.
It also addresses marketing and promotion practices, with agreed-upon standards to prevent any disrespectful marketing of the programmes. The islands underscore that participation in these programmes entails a commitment to citizenship in the country, not just engaging in a passport scheme.
Notably, the agreement was signed virtually by the Prime Minister of these countries. The Prime Minister of St Kitts and Nevis, Chairman of OECS led the path to the signing of the MoU. He also welcomed the decision and called this move “an end to underselling, a scourge on the CBI industry in the recent past,”.
He highlighted that the four countries want to ensure the international community that they intend to operate their CBI Programmes using the exchange of best practices, due diligence processes and intelligence related to potential security of compliance risks.
Prime Minister Roosevelt Skerrit of Dominica also expressed satisfaction with the MOU, stating that it positions member countries strongly in response to past concerns. He highlighted that the agreement ensures uniformity in application forms and due diligence processes among the participating nations.
The agreement also builds upon the six principles agreed upon by the CBIP operating OECS Member States during a roundtable discussion with the United States of America in 2023.
