CASTRIES, St. Lucia, CMC – The Organisation of Eastern Caribbean States (OECS) Commission says its member states which offer Citizenship By Investment(CBI) Programmes are moving with alacrity to implement a Memorandum of Agreement (MOA) that will better manage the initiative.
Under the CBI program, foreign investors are provided with citizenship in return for making a substantial investment in the socio-economic development of the islands.
Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis, and St. Lucia are the OECS member countries with CBI programs. According to the OECS statement, all the countries are signatories to the MOU.
“The MOA published in March 2024 aims to ensure mutual cooperation and information,” the Commission said, noting that with effect from July 1st this year, all countries have agreed that the minimum price for any CBI options shall be US$200,000.
“This means the minimum sum paid into any government fund, government project, or private development project of, or in participating countries shall be US$200,000. The signatories to the MOA make it abundantly clear that discounting the agreed minimum price is illegal,’ the statement said.
It said the market actors, marketing agents, local agents, and or developers “who have evidence of any attempt at, or instances of discounting should report same promptly to the CBI Unit, Investment Migration Agency or Financial Intelligence Units of the participating countries.”
It said that, regarding a regional regulatory body, the participating governments will soon appoint an Interim Regulatory Commission pending the enactment of enabling legislation for the regional regulator.
It said the seven-member Interim Regulatory Commission will be drawn from each participating country, the OECS Commission, and the Eastern Caribbean Central Bank (ECCB).
According to the statement, the functions of the regional regulator will include:
- Developing.
- They are issuing and enforcing regional standards for CBI programs.
- We are monitoring compliance with legislation, regulations, and standards, as well as monitoring compliance with international agreements and investigating complaints.
It will also facilitate information sharing and engagements with regional and international stakeholders. The statement said that the CBI countries will provide periodic updates on the implementation of the MOA.
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