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Caribbean Countries’ CBI exemplify unification, signs agreement

By Caribbean News Global fav

TORONTO, Canada – On January 29, 2024, Caribbean News Global (CNG) article entitled ‘ Caribbean Countries’ CBI are yet again under EU scrutiny advised:

“The five Caribbean CBI countries that are committed to CBI in the region should organize as a bloc (syndicate, alliance) – Caribbean CBI countries – focused on the collective dimensions, benefits, risk factors and prospects for growth and development.

“The results may very well provide the much-needed highly productive and mutually beneficial engagements that deliver safeguards to the prosperity of Caribbean CBI countries.”

On 20 March 2024 the prime ministers of Antigua and Barbuda, Dominica, Grenada and Saint Kitts and Nevis, signed the Citizenship by Investment Programme (CBIP), Memorandum of Agreement (MOA).

On, or before June 30, 2024,The parties agree to increase and harmonize the minimum investment threshold of the CBIPs to an investment sum of US$200,000 and a regional competent authority established or identified to set standards in accordance with international requirements and best practices and to regulate the programs.”

St Lucia stands-out

“I believe that the best way to do so is through collective and coordinated regional action. As it relates to the Citizenship by Investment Programme [CIP], Saint Lucia is fully supportive of the agreement signed by the OECS CIP countries.

In fact, we have implemented all but one provision. Some of the provisions are already provided for by the laws of Saint Lucia.

On the matter of pricing, we have contractual arrangements in place which will have to be observed or government will face potential legal action.

We hope to sign the Memorandum of Agreement once it becomes possible. I have a responsibility to protect our mission of ‘Putting People First.’”

Citizenship Investment Programme (CIP) – 2024/2025 estimates of revenue and expenditure, reports:

In the projected outturn for this year (2023/2024) the CIP contributed to revenue of $45M as compared to the approved estimates of $90M (2023/2024).

The reason for the difference between the approved estimates and projected outturn 2023/2024 is due to an increase in demand for the real estate option rather than donations that go directly into the National Economic Fund or government bond options.

    • $64.1 million was received by the National Economic Fund.

From that amount, $45 million was transferred directly into revenue. The balance is available for use according to the objectives of the Fund.

    • In addition, $39.5 million was received from Bonds but is included in bond financing this year.

This year, a further $17.4 million was used to fund security, healthcare, social development, and infrastructure development.

In reality, CIP contributed to the economy of Saint Lucia – $121 million in 2023/2024.

    • For this year 2024/2025 it is projected that the CIP will contribute directly to revenue $75 million.
    • Audited financial statements will be made available to the House as stipulated by law.

During the policy statement on April 23, 2024:

 “I will provide a comprehensive explanation of the future of the Citizenship by Investment Programme,” said Prime Minister Philip Pierre.

@GlobalCaribbean  fav



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