Caribbean Passports Will Become More Expensive Starting June 30th
Kenley Henderson
In March 2024, four out of the five Caribbean countries offering citizenship by investment programs signed a Memorandum of Agreement. This document aims to enhance the integrity of and reduce risks associated with these programs, as well as to establish regional standards. The Memorandum is expected to take effect on June 30th, 2024.
The Memorandum of Agreement, or the MoA, was created and signed by St Kitts and Nevis, Antigua and Barbuda, Dominica, and Grenada.
By signing the document, these countries affirmed their commitment to enhancing cooperation between their CBI units and developing their programs in accordance with international standards.
Key points of the Memorandum of Agreement
The investment threshold is the area that will experience the most significant changes. As agreed by the countries, by June 30th, 2024, the minimum investment amount for all CBI programs in the Caribbean region must increase to $200,000. Currently, citizenship in Dominica and Antigua and Barbuda can be obtained for just $100,000.
Additionally, the countries specified that $200,000 must be the actual amount of funds received by the country, rather than the total amount paid by the applicant. Commissions and fees must not be included in this sum.
Information sharing and transparency standards is another area targeted for improvement. The countries will share information about all investors applying for citizenship. This will help prevent applicants with negative backgrounds from exploiting different jurisdictions. To facilitate this change, a special digital portal accessible to all parties will be created.
Additional measures of exploiting transparency include disclosure of program revenues and conducting independent audits to assess compliance of CBI programs with international standards.
Enhancing Due Diligence is considered the most crucial step towards mitigating risks and increasing security. The countries agreed to develop a common approach to due diligence procedures, application denials, and interviews with applicants.
All individuals who obtain Caribbean passports by investment will undergo post-approval screening to identify any security risks or scams that could occur during the citizenship acquisition process.
Working with agents must be improved and common standards for communications and promotions of CBI programs must be established. This will eliminate any underpricing and discounts and ensure that only the most qualified agents offer services to investors.
Participation of St Lucia in the Memorandum of Agreement
St Lucia remained the only country in the region that did not join the Memorandum of Agreement in March 2024.
Later, the country’s authorities confirmed their intention to sign the document. According to a statement from the country’s CEO, St. Lucia will proceed with signing once it has addressed its internal organisational issues.
