Sunday, June 23, 2024
spot_img
HomeCBI ProgramsCaribbeanSt Lucia announces ‘it has decided’ to sign the Caribbean CIP –...

St Lucia announces ‘it has decided’ to sign the Caribbean CIP – MOA: No particulars given

  • When will/has Saint Lucia signed the MOA; and by whom?
  • ‘Saint Lucia proposes changes to the CIP programme’ – after the fact.

By Caribbean News Global fav

CAP ESTATE, St Lucia – A June 3, 2024 statement attributed to Philip J Pierre, Prime Minister and Minister for Finance, Economic Development and Youth Economy and Minister for Justice and National Security, stated: ‘Saint Lucia proposes changes to the CIP programme’ did not answer the pertinent questions and appropriateness of time:

When will/has Saint Lucia signed the Citizenship by Investment Program(CBIPs) Memorandum of Agreement (MOA)?

The Memorandum of Agreement (MOA) was signed on 20 March 2024 by the Prime Ministers of Antigua and Barbuda, Dominica, Grenada and Saint Kitts and Nevis. Saint Lucia withheld signature of the document.

– Related: Memorandum-of-Agreement-CBIP-20-March-2024

Previously Prime Minister advised that St Lucia is not opposed to Caribbean CIP document  – We hope to sign the Memorandum of Agreement once it becomes possible. I have a responsibility to protect our mission of ‘Putting People First.’” 

Mc Claude Emmanuel, chief executive officer of the St Lucia Citizenship by Investment Unit, said, last month: “Prime Minister Philip J Pierre will be signing the Memorandum of Agreement (MOA) that requires OECS territories to have common standards and regulations for their Citizenship by Investment (CBI) programmes.”

The government of Saint Lucia June 3, 2024, statement said: “The government of Saint Lucia announces that it has decided to sign the Memorandum of Agreement (MOA) already signed by other OECS CIP countries.”

Saint Lucia proposes changes to the CIP programme-June 3, 2024

The simple meaning determines ‘to make a choice about (something); to make up one’s mind.’

The clarity of the moment requires public information when will/has Saint Lucia signed the MOA; and who signed on behalf of Saint Lucia?

It is standard operating procedure to have full disclosure, and in the interest of transparency and accountability, from a government of “substance”!

Moreover, the statement issued June 3, 2024, continued: In addition to signing this memorandum, Saint Lucia has made further suggestions to strengthen this regional agreement, including proposing legislative changes to address change of name requests. This has been agreed to by the other heads of government.”

St Lucia made ‘further suggestions’ – after the fact

While the statement interestingly does not mention and/or reference the ministry for Tourism, Investment, Creative Industries, Culture and Information, directly responsible for Saint Lucia’s CIP, the omission is instructive – considering:

“After consultations are completed with regional governments and other partners, the government of Saint Lucia will suggest further strengthening of the CIP programme.

These would include:

  1. An annual quota;
  2. A net worth for applicants;
  3. Escrow accounts to be held in Saint Lucia or [in] the individual islands;
  4. “A requirement that only licensed promoters will be allowed to submit applicants to local authorized agents and these promoters will have to submit a due diligence report on each applicant.”

The statement further illustrated that: “Over the last year the Citizenship by Investment Unit in Saint Lucia has instituted all six principles agreed to with the United States government.”

The Prime Minister’s statement diligently reiterated four known instructional (requirements) particulars and announced two expectations.

Instructional particulars

  1. February 15, 2023 – Ban on applicants from Russians and Belarusians;
  2. September 4, 2023 – implemented applicant interviews;
  3. September 4, 2023 – Vetting of all applicants through the local Financial Intelligence Authority;
  4. January 2020 – Sharing of denials with the Joint Regional Communication Centre (JRCC).

    Expectations …

  1. An operational review of the programme by an international consultancy firm [which] will commence shortly: and,
  2. The Saint Lucia CIP Unit will seek international support with the recovery of revoked passports.

The integrity of CIP

The government of Saint Lucia is up against (4. Regulation) MOA June 30, 2024, a deadline that requires “Parties to assign or establish a regional competent authority to set standards in accordance with international requirement and best practices and to regulate the programs.”

Other factors influencing Caribbean CIP include EU regulators and the legislative vote in July 2024.

The government of Saint Lucia, however, identifies that “CIP Unit publishes an annual report that is tabled in parliament, which includes audited financial statements” and “the fee structure for different options are published in the official Gazette.”

St Lucia was recently implicated in CBI RICO lawsuit filed in US Federal Court. 

Separate and apart from this matter as filed, which carries huge implications of national concern, the government of Saint Lucia, June 3, 2024 statement says it “remains committed to maintaining and reinforcing the integrity of its CIP programme with a transparent and accountable process that delivers tangible benefits to all Saint Lucians.”

Common standard

Meanwhile, a June 3, 2024 statement by four leaders of the opposition of the Organization of Eastern Caribbean States (OECS) reaffirming the value and integrity of the Citizen Investment Programs in the OECS – call for one common standard,” overseen by an independent regulatory authority, to ensure the continued success and credibility of our programs.”

Time is running out. Caribbean CIP is at the crossroads. Leaders on both sides of the aisle can observe the prerequisites of introspection, transparency, and accountability.

The CIP games of gamesmanship are over! Political shadiness is futile! The dice has been cast!

@GlobalCaribbean  fav

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

BVI – UN Refugee Agency strengthens ties

By Government of the British Virgin Islands TORTOLA, BVI - The British Virgin Islands (BVI) and United Nations High Commissioner for Refugees (UNHCR) have pledged...

Global News