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Caribbean countries offering citizenship by investment programs are rapidly implementing Memorandums of Understanding (MOAs). Signatories to the MOU include: Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Kitts and Nevis, and St. Lucia. See signed MOUs.
The MoU was issued in March 2024 and aims to ensure mutual cooperation, information sharing, adherence to common standards of best practices and regulatory oversight.
All countries agree that the minimum price for any CBI option shall be $200,000 starting from July 1, 2024. This means that the minimum amount payable to any government fund, government project or private development project of or to a participating country shall be $200,000.
The signatories to the MOU made it clear that it would be illegal to lower the agreed minimum price.
Market participants, marketing agents, local agents and/or developers should promptly report any evidence of attempted or actual discounting to the CBI department, investment immigration agency or financial BroadCast Unitedligence unit of the participating country.
With regard to the Regional Regulator, the participating governments will shortly appoint an Interim Regulatory Board, pending the enactment of enabling legislation for the Regional Regulator. The Interim Regulatory Board will consist of seven members drawn from the participating countries (5), the OECS Commission and the Eastern Caribbean Central Bank. The functions of the Regional Regulator include:
· Develop, publish and implement regional standards for CBI programs.
· Monitor compliance with laws, regulations and standards.
· Monitor compliance with international agreements.
· Investigate complaints.
· Facilitate information sharing and collaboration with regional and international stakeholders.
Workstreams have been developed and assigned for all provisions of the MoU. CBI countries will provide regular updates on the implementation of the MoU. For more details, please click here.
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