Here are the key points of the Memorandum
1/ Make the processing process more transparent by disclosing statistics of the actual amount of funds received by each Caribbean CIP-operating country. It will also show how these revenues are used in the budget.
2/ Countries will exchange information about applicants.
3/ Establish common standards for the promotion of programs, as well as standards for the regulation of agents operating in the CIPs.
4/ And also, four Caribbean countries decided to establish or appoint a competent body to set standards for the operation of Caribbean Citizenship by Investment programs.
5/ Regularly conduct independent financial and operational audits to assess Caribbean programs’ compliance with best practice standards.
6/ Increase the minimum investment amount in all programs to USD 200,000 no later than June 30, 2024. Aiming to bring an end to ‘underselling’, a scourge on the CBI Industry in the recent past.
This does not mean that Caribbean citizenship by investment will become more expensive only from June of this year. It is possible that countries will implement the necessary changes sooner. Therefore, do not hesitate to apply for the Caribbean Citizenship Program. Let us recall that Saint Kitts and Nevis raised the minimum investment Contribution to the state fund in the summer of 2023 to USD 250,000, while Grenada still has a minimum investment threshold of USD 150,000, and Dominica and Antigua – from USD 100,000. Currently moment (April 1, 2024) Saint Lucia did not sign the memorandum.
