In a groundbreaking move aimed at fortifying the integrity and security of Caribbean Citizenship / Citizenship By Investment Programs (CBIPs), several member states of the Organization of Eastern Caribbean States (OECS) have come together to sign a Memorandum of Agreement (MOA). This Caribbean citizenship price floor agreement, marked by the signatures of the Prime Ministers of involved nations, signifies a pivotal step towards cooperation and information sharing amongst participating countries.
The signatories, including Antigua & Barbuda, the Commonwealth of Dominica, Grenada, and Saint Kitts & Nevis, have committed to fostering collaboration in the vetting process of CBIP applicants. The primary objectives of this MOA are to uphold international standards, enhance due diligence procedures, and ensure that only qualified individuals gain Caribbean citizenship through investment.
Key provisions of the MOA Caribbean citizenship price floor agreement include:
Harmonization of Investment Threshold:
The parties have agreed to increase and standardize the minimum investment threshold to US$200,000 by June 30, 2024.
Information Sharing and Transparency:
A digital portal will be established to facilitate the exchange of information on CBIP applicants, subject to privacy laws. Enhanced transparency measures, including financial disclosures and independent audits, will also be implemented.
Regulation:
A regional competent authority will be assigned or established to regulate CBIPs in accordance with international best practices.
Security Screening and Framework:
Additional security measures, such as due diligence assessments and cooperation in retrieving cancelled passports, will be undertaken.
Regulation of Agents and Marketing:
Common standards will be set to regulate agents and prohibit misleading marketing practices.
Joint Training and Capacity Building:
Collaborative training programs will be initiated to enhance the capabilities of officials administering CBIPs.
Dispute Resolution:
Disputes arising from the MOA will be resolved through negotiation between the parties.
This historic agreement, while not legally binding, represents a significant commitment by the signatory nations to enhance the transparency, security, and efficiency of their CBIPs. By working together, these countries aim to ensure that their citizenship programs remain robust and trustworthy while attracting legitimate investment to bolster their economies.