Common Industry Standards for Caribbean Investment Migration Programmes

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Common Standards for Caribbean Investment Migration Programmes

The price to become a Grenadian citizen is increasing. As of June 30, 2024, the net minimum price for investing in Grenadian citizenship through its investment migration programme is increasing to $200,000. The same applies for the Caribbean investment migration programmes of Antigua & Barbuda, the Commonwealth of Dominica, and St. Kitts & Nevis.

In a move to strengthen the integrity, efficiency, and security of the regional investment migration programmes, the prime ministers of four of the Caribbean islands with investment migration programmes, have signed a historic memorandum of understanding (MOU) that will standardise elements of their programmes.

The most critical client facing change to be implemented is the increase of the net minimum investment amount. According to the MOU, the parties “agree further that the minimum investment threshold shall represent the actual amount of funds received and applied towards the applicant’s qualification under the CBIP, and not the gross amount of funds paid by an applicant from which deductions including the payment of commissions, are made.” The final effect of the requirement on the respective gross investment amounts for each investment option in the different programmes, has yet to be defined.

Additionally, to enhance the security of programmes and safeguard against future threats from bad actors, individuals who invest in any of the investment migration programmes of the four countries will be subject to post-naturalisation screening. The duration for which the intended screening will occur has yet to be disclosed by the governments and may not be disclosed altogether.

Other key elements referenced in the MOU include the implementation of a regional regulatory entity to establish best practices for the region in accordance with international standards; the sharing of information among the programmes, such as the disclosure of the funds received by the programmes and their respective uses; the creation of transparency standards; and the regulation of the marketing communications used by Marketing Agents. All of these initiatives must be implemented before the June 30, 2024, deadline.

Noticeably missing as a signatory to the MOU is St. Lucia, the other Caribbean country with an investment migration programme. Little has been mentioned about the country’s failure to sign the MOU, or its intention to sign it in the future.

To review the entire MOU and its substantive details, please click here.

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