By Caribbean News Global contributor
CASTRIES, St Lucia – The Caribbean countries which offer Citizenship By Investment Programmes are moving with alacrity to implement the Memorandum of Agreement (MOA). The signatories of the MOA – now include Party E. – Saint Lucia – (cip-memorandum-of-agreement 758 party E ) according to a recent OECS Media release.
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)?
St Lucia announces ‘it has decided’ to sign the Caribbean CIP – MOA: No particulars given
The original signatories of the MOA are Antigua and Barbuda, Commonwealth of Dominica, Grenada, St Kitts and Nevis.
– Related: Memorandum-of-Agreement-CBIP-20-March-2024
“The MOA which was published in March 2024, aims to ensure mutual cooperation, information sharing and adherence to common standards of best practice, and regulatory oversight,” the OECS reiterated. “With effect from July 01, 2024, all countries have agreed that the minimum price for any CBI options shall be US$200,000. This means the minimum sum that will be paid into any government fund, government project or private development project of, or in participating countries shall be US$200,000.”
According to the OECS Media release – ‘Caribbean Countries are pressing forward with the implementation of the MOA’:
“The signatories to the MOA make it abundantly clear that discounting of the agreed minimum price is illegal.
“Market actors, marketing agents, local agents and or developers who have evidence of any attempt at, or instances of discounting should report same promptly to the CBI Unit, Investment Migration Agency or Financial Intelligence Units of the participating countries.”
The OECS Media release continued:
“In respect of a regional regulatory body, participating governments will soon appoint an Interim Regulatory Commission pending the enactment of enabling legislation for the regional regulator. The 7-member Interim Regulatory Commission will be drawn from each of the participating countries (five), the OECS Commission and the Eastern Caribbean Central Bank. “
The functions of the regional regulator will include to:
- Develop, issue and enforce regional standards for CBI Programmes;
- Monitor compliance of legislation, regulations and standards;
- Monitor compliance with international agreements;
- Investigate complaints;
- Facilitate information sharing and engagements with regional and international stakeholders.
“Workstreams have been developed and assigned for all articles of the MOA. The CBI countries will provide periodic updates on the implementation of the MOA,” concluded the OECS Media release.