The Honourable Prime Minister, Dr Terrance Drew, has applauded the leaders of Antigua & Barbuda, the Commonwealth of Dominica, and Grenada for joining forces with the Federation of St Kitts and Nevis in executing an historic Memorandum of Agreement to strengthen the Citizenship By Investment Programmes (CBIPs) in those OECS Member States.
Prime Minister Dr Drew has commented that “the four small island developing states who signed this Memorandum have committed to increase and harmonize the minimum investment threshold of their CBIPs to an investment sum of at least US$200,000 no later than June 30, 2024, and more importantly, to bring an end to ‘underselling’, a scourge on the CBI Industry in the recent past.
“We have therefore agreed that the minimum investment thresholds for our CBIPs shall represent the actual amount of funds received and applied towards an applicant’s qualification under our respective CBIPs, and not the gross amount of funds paid by an applicant from which deductions, including the payment of commissions, are made.”
The four OECS Member States have also agreed to:
- share information on CBIP applicants;
- implement enhanced transparency measures such as the disclosure of funds received by CBIPs, the use of the proceeds of CBIs and to conduct independent financial and operational audits to assess CBIs compliance with best practice standards;
- assign or establish a regional competent authority to set standards in accordance with international requirements and best practices and to regulate the CBIPs;
- establish common standards to manage the communications and promotion of the CBIPs;
- establish common standards for the regulation of agents operating in the CBIPs; and
- facilitate joint training programs and capacity-building initiatives for their respective officials and agencies involved in the administration of CBIPs.
The Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has expressed his satisfaction with this historic agreement, stating that it will help to ensure the sustainability and credibility of the Citizenship by Investment Programmes in the OECS Member States.
