Upcoming Price Increases for Investment Programmes in Four Caribbean Citizenships
A Memorandum of Agreement (MoA) has been signed by four of the five members of the Organization of Eastern Caribbean States (OECS) that offer Citizenship by Investment (CBI) programs. These nations are St. Kitts and Nevis, Dominica, Grenada, and Antigua & Barbuda. The establishment of a new minimum threshold for CBI Programs in the Caribbean is one of the major modifications described in this agreement.
The New Minimum Standardized Investments
The implementation of a US$200,000 minimum investment requirement is scheduled to come into effect no later than June 30, 2024.
Why a Minimum Investment Threshold?
In order to promote uniformity and transparency for potential applicants, the goal is to establish a single standard that harmonizes investment levels for each Caribbean region.
A significant turning point in the development of CBI Programs throughout the Caribbean is the choice to establish a minimum investment criterion.
In the past, each nation has different investment requirements. As a result, different candidates were required to make different financial commitments. The absence of consistency subsequently led to a “race to the bottom” in the sector and a pricing war. This not only made it difficult for investors to compare the programs, but it also gave rise to questions about the programs’ legitimacy.
Benefits of Minimum Investment Threshold
- Transparency and Data Sharing: All parties agree to share data on applicants, funds and compliance through a digital shared portal in line with best practices.
- Regulation: A regional competent authority is being established to enhance standards in line with international requirements and best practices for regulation.
- Security: Common protocols for security checks and due diligence requirements are established, including application interviews.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
GET IN TOUCH WITH US
Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
