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Four of the five Caribbean countries with Citizenship by Investment Programs (CIPs) — Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis — have signed an MoU to integrate and harmonize significant aspects of their CIPs by June 30th. The agreement sets a harmonized investment minimum of US$200,000, demands transparency in actual funds received for qualification, and mandates unanimous agreement for future changes to this minimum.
The countries will also adhere to a regional standard of information sharing, enhance program transparency, and establish a common regulatory body aligned with international standards. They have committed to funding a digital portal for applicant information sharing with the JRCC in Barbados.
Further cooperation includes standardized post-approval security screening, retrieval of canceled passports, and regulation of agents. The MoU also addresses marketing practices, specifically banning misleading representations of program benefits.
The Prime Ministers of Grenada and Saint Kitts & Nevis expressed commitment to these changes, emphasizing an end to the undercutting of investment prices, which had been a challenge in the past.
Saint Lucia, the fifth Caribbean CIP jurisdiction, was notably absent from the agreement, attributed to existing commitments with a developer known for funding escrow accounts in ways that permit lower than official rate investments while maintaining the appearance of meeting the $200,000 threshold. Saint Lucia has been approached for a statement on their non-participation in the MoU.
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