Saint Lucia has expressed its support for the Citizenship by Investment Programme (CBIP) Memorandum of Agreement (MOA) signed by other Eastern Caribbean nations.
A Saint Lucian authority stated the island will sign the agreement “later this month (April 2024) in the first instance and/or once it becomes possible,” complying with a June 30th deadline.
“Saint Lucia’s signature to the CBIP-MOA later this month (April 2024) in the first instance and/or “once it becomes possible” will comply with 30 June 2024 deadline to help strengthen integration, enhance integrity, security and efficiency, address partners’ concerns to international standards and best practices, and deepen the Organisation of Eastern Caribbean States (OECS), jurisdictions,” said the Saint Lucian authority.
This agreement aims to strengthen regional integration, enhance security and efficiency, and address partner concerns regarding the CBI program.
The agreement outlines several key points:
- Sharing best practices and due diligence processes
- Setting a minimum investment threshold of USD$200,000
- Information sharing on applicants
- Enhanced transparency through financial disclosure
- Conducting independent audits
- Establishing a regional authority to set standards
- Setting common communication and promotion standards
- Regulating agents
- Conducting joint training programs for CBI administrations
Prime Minister Philip Pierre will provide a comprehensive explanation on the future of the Citizenship by Investment Programme in a policy statement on April 23, 2024.
