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New Citizenship by Investment in the Caribbean Threshold in 2024
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4 out of the 5 Organisation of Eastern Caribbean States (OECS) members who offer a Citizenship by Investment (CBI) Programme have signed a Memorandum of Agreement (MOA). They are Antigua and Barbuda, Dominica, Grenada, and St Kitts and Nevis. Among other things, this will introduce a new Citizenship by Investment in the Caribbean minimum threshold.
Standardizing Citizenship by Investment in the Caribbean
On Wednesday, March 20, 2024, Antigua and Barbuda, Dominica, Grenada, and St Kitts and Nevis leaders came together virtually to sign this MOA. There was no representative from St Lucia. The 4 Prime Ministers agreed to fix the CBI threshold to be at least $200,000 by Sunday, June 30, 2024.
Currently, the minimum investment you can make in Antigua and Barbuda, Dominica, and, indeed, St Lucia CBI is $100,000. To get Grenada Citizenship by Investment, you must make a capital outlay of at least €150,000. The minimum CBI threshold in St Kitts and Nevis, however, is $250,000.
The 4 countries also committed to:
- Share details about applicants
- Implement enhanced transparency such as disclosing funds received by Citizenship by Investment Units and how they use the proceeds
- Assign or establish a regional competent authority to ensure the 4 OECS members meet international requirements of the EU and US
- Set up common standards to communicate and promote Caribbean CBI
- Regulate agents offering access to applying for Citizenship by Investment in the Caribbean
- Introduce joint training for officials and agencies administering the CBI programmes
Explaining Their Signatures
Roosevelt Skeritt, Prime Minister of Dominica, is keen to restore the visa-free access the country’s passport holders lost to the UK in 2023 and Ireland in 2024.
He claims that the MOA is yet another statement of intent as “Dominica has taken some very comprehensive measures to allay and to set aside the concerns of the European Union and other parties who we engage in on this matter.”
The MOA will “ensure that all our due diligence processes are the same, to ensure the more sharing of information among ourselves with regards to the programme.”
St Kitts and Nevis Prime Minister Dr Terrance Drew is the present OECS Chairman. He is unequivocal about the power of the MOA: “This move will show the world that our four nations are responsible and serious about operating investment migration programmes that respect the rule of law, are sustainable and do not offend the interests of our brothers and sisters in the international community.”
The RIF Trust View of the MOA
Our Man in the Caribbean is Chris Willis. “It’s refreshing to see the Caribbean Citizenship by Investment countries working together,” notes Willis. “Of course, it’s in their best interests to do so as they face common external forces in the EU and US.”
“Although they compete to attract CBI applicants to their respective shores, this MOA ushers in a new era of even greater transparency and cooperation, which is overdue and necessary for the sustainability of these programmes. This approach is very welcome and we look forward to more developments and hopefully the inclusion of St Lucia so that all five are properly aligned.”
How to Secure Citizenship by Investment in the Caribbean
You cannot apply for Caribbean Citizenship by Investment directly. Turn to an investment migration specialist you can trust to guide you through the process every step of the way. So, don’t delay and contact RIF Trust today.