Memorandum of Agreement between Saint Lucia News and The Voice

OECS member countries offer Citizenship by Investment Programs (CBIP) subject to the signature of the Prime Minister listed below.

WHEREAS the Parties wish to establish terms and conditions for cooperation and sharing of information on their Citizenship by Investment Programs (CBIPs) in order to enhance the integrity, security and efficiency of these programs;

Whereas the Parties recognize the benefit of mutual assistance and cooperation in the vetting of applicants to ensure that only qualified and legitimate individuals obtain citizenship by investment;

WHEREAS, the Parties commit to adhere to international standards and best practices in the management and operation of the CBIP;

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the parties agree as follows:

1. Purpose and Scope

The purpose of this Memorandum of Understanding (MOA) is to provide a framework for cooperation and information sharing between the Parties regarding their CBIPs. This includes, but is not limited to, exchanging best practices, due diligence processes, and BroadCast Unitedligence related to potential security or compliance risks.

2. Pricing

The two parties agreed to raise and unify the minimum investment threshold for CBIP to an investment of Two Hundred Thousand U.S. Dollars (US$200,OOO) no later than June 30, 2024.

The parties agree that any subsequent changes to the minimum investment threshold shall be subject to the unanimous consent of both parties.

The Parties further agree that the minimum investment threshold shall represent the actual amount of funds received by the applicant and used to qualify under the CBIP, rather than the total amount of funds paid by the applicant, including the payment of commissions.

3. Information Sharing and Transparency Standards

The Parties agree to share information on CBIP applicants, as agreed to at the October 2023 meeting of CBIP officials and U.S. Treasury officials in Miami, Florida, (subject to the laws and regulations of their respective jurisdictions regarding privacy and data protection). This process will be facilitated through the implementation of a digital portal accessible to authorized parties, which will be established at the Joint Regional Communications Center (JRCC). The Parties commit to provide the necessary financial resources to support the JRCC in carrying out this work.

The parties also agreed to implement transparency-enhancing measures, such as disclosing to Parliament the funds received by the CBIP and the use of CBIP proceeds, and conducting independent financial and operational audits to assess whether the CBIP adheres to best practice standards.

4. Regulation

The two sides agree to designate or establish a regional authority to set standards and regulate the Project in accordance with international requirements and best practices. The regional authority shall be established or determined by June 30, 2024.

5. Security Review and Framework

In addition to the CBIP commitments already agreed with the United States and implemented by both parties, these include:

• Reach mutual agreement on the finality of the rejection

• Interview applicants

• Use of the Parties’ financial BroadCast Unitedligence units or equivalent national entities to conduct checks on applicants

The parties also pledged to:

• Implement due diligence assessment procedures after CBIP citizens are approved by CBIP; and o Collaborate with each other and international partners to recover cancelled passports of CBIP citizens.

6. Agent supervision; project marketing and promotion

The two sides agree to establish common standards to govern the dissemination and promotion of the CBIP. These standards should prohibit the marketing of the CBIP for the purpose of “visa-free entry” and the use of passport photos of both sides in advertising.

The two sides also pledged to establish common standards through statutory rules and orders to regulate agents operating in central investment schemes.

VII. Joint Training and Capacity Building

The two sides agree to provide joint training programs and capacity building initiatives for their respective officials and agencies responsible for managing the EU-China Investment Project (CBIP). This is aimed at enhancing the necessary knowledge, skills and capabilities to effectively manage and protect EU-China Investment Projects in accordance with the provisions of this Agreement.

8. Dispute Resolution

Any disputes arising out of or in connection with this MOU shall be settled by the parties through friendly negotiations.

9. Modification and Termination

This Memorandum may be amended or terminated by mutual consent of both parties. A party may terminate its participation in this Memorandum by giving written notice to the other party.

10. Legal Effect

This Memorandum of Understanding is a statement of intent and does not create any legal obligations under international or domestic law. This Memorandum of Understanding does not constitute a legally binding agreement and is not enforceable in any court.

IN WITNESS WHEREOF, the parties hereto have executed this Memorandum of Agreement as of the date above written.