CASTRIES, St. Lucia, CMC -Opposition leaders from the four Organisation of Eastern Caribbean States (OECS), where the Citizenship by Investment Programme (CBI) forms part of their socio-economic development policy, have reiterated their support for the initiative.
In a joint statement, the Opposition Leaders from St. Lucia, St. Kitts-Nevis, Grenada, and Antigua and Barbuda said they acknowledge the meaningful contribution that the CBI “has made and continue to make to the economic strength and resilience of our respective economies.”
Under the CBI, foreign investors are granted citizenship of the islands in return for making a significant contribution to the socio-economic development of these countries.
On Monday, the St. Lucia government said it has suggested to the governments in Dominica, Grenada, St. Kitts-Nevis, and Antigua and Barbuda that they further strengthen the regional agreement they signed recently.
In a statement, Prime Minister Phillip J Pierre said that Castries has proposed legislative changes to address change of name requests and that the leaders of the other countries have agreed to this.
Pierre said that after careful review and extensive discussions with stakeholders and other OECS leaders with CBI programs, St. Lucia agreed to sign the Memorandum of Agreement (MOA) already signed by other OECS CBI countries.
He said the MOU calls for pricing, information sharing, transparency standards, regulation, security screening, framework, regulation, dispute resolution, amendment, and termination.
In their statement, the Opposition Leaders said the region and the Small Island Developing States (SIDS), in particular, have needed help finding sufficient funding to build and sustain economic resilience.
They said the CBI programs “have been instrumental in providing critical resources for budgetary support, capital programs, investment, and infrastructure improvement, significantly when external shocks such as climate change, global wars, supply chain disruptions, and global recessions have adversely affected us.
“We recognize that our CBI programs also benefit from the mutual trust established between our region and key international partners, including CARICOM, the European Union, Canada, the United Kingdom, the United States, and other countries that grant us visa-free access.
“We acknowledge the importance of this trust and the shared responsibility it entails. We understand that maintaining the integrity of our borders is as crucial as safeguarding theirs.”
But they said that in light of recent developments surrounding the CBI programs and the increased international scrutiny, “we express our strong support for the collective call for all participating countries to sign and enforce the Memorandum of Agreement and to adhere to one common standard, overseen by an independent regulatory authority, to ensure the continued success and credibility of our programs.”
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