St Lucian Prime Minister Phillip J. Pierre has signed the Memorandum of Agreement (MoA), joining the Commonwealth of Dominica, St Kitts and Nevis and other Caribbean Citizenship by Investment (CBI) countries in a landmark move. St Lucia followed this move yesterday by reiterating the sanctity of its programme, reminding observers that citizenship cannot be undersold — and that if citizenship is undersold, it will be revoked.
MoA demonstrates adaptability, collaboration with international partners
The MoA demonstrates the importance that Caribbean CBI jurisdictions place on maintaining constant collaboration with international partners and upholding values of transparency and cooperation.
MoA signatories aim to address ongoing discussions, scrutiny and dialogue with international partners about strengthening the integrity of programmes.
The Agreement also demonstrates the adaptability of Caribbean CBI to different changes in the global and industry landscape, underscoring the importance of constant assessment and reassessment of CBI programme security and transparency.
This common effort is a landmark step in the progress towards regional cooperation, also serving as a stand-out moment in the history of investment migration.
Caribbean CBI: a record of collaboration and excellence
The effort follows on the heels of last year’s US-Caribbean Roundtable, which upheld the Six Principles agreed upon between the United States Government and the Caribbean CBI jurisdictions.
Beyond the region-wide collaboration, individual programmes continue to strengthen and consolidate their CBI regulations, as Dominica and St Kitts and Nevis have done in the past year.
Citizenship can be revoked
Responding to criticism over underselling of citizenship, Caribbean CBI jurisdictions have maintained that citizenship cannot be undersold; if it is, it will be revoked.
In response to allegations of underselling, St Lucian Deputy Prime Minister Ernest Hilaire stated that citizenship is always at the minimum price of USD 200,000, along with USD 50,000 for the administration fee. Citizenship processes must always be conducted through the proper due diligence steps.
To add to the diligence of the process, yesterday, Hilaire announced that the Citizenship by Investment Programme (CIP) will be reviewed to further enhance its integrity.
“The audit we intend to undertake will seek to review all the current processes, policies and procedures in the operations of our CIP Unit, its relationship to developers, promoters and agents and the establishment of escrow accounts, obtain recommendations to improve governance, transparency, integrity, compliance and processes,” Hilaire said.
MoA: a landmark step in standardisation
The MoA heightens scrutiny and transparency within CBI programmes, ensuring that agents are highly regulated along with regulating the promotion of programmes.
Bringing about common CBI standards, prices and regulations, the MoA also provides for joint training and dispute resolution.
Providing a mechanism for citizenship to be revoked, the MoA demonstrates the commitment of the Caribbean CBI jurisdictions to upholding the highest standards of citizenship.
St Lucia was the last signatory to the MoA; with St Lucia’s signature, all CBI countries in the Organisation of Eastern Caribbean States (OECS) are officially aligned with these principles.
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