The Caribbean international locations which provide Citizenship By Funding Programmes are transferring with alacrity to implement the Memorandum of Settlement (MOA).
The signatories of the MOA are: Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Kitts and Nevis and Saint Lucia.
The MOA which was revealed in March 2024 goals to make sure mutual cooperation, data sharing and adherence to frequent requirements of greatest apply, and regulatory oversight.
With impact from July 01, 2024, all international locations have agreed that the minimal value for any CBI choices shall be US$200,000. This implies the minimal sum that can be paid into any authorities fund, authorities challenge or personal improvement challenge of, or in collaborating international locations shall be US$200,000.
The signatories to the MOA make it abundantly clear that discounting of the agreed minimal value is unlawful.
Market actors, Advertising and marketing Brokers, Native Brokers and or Builders who’ve proof of any try at, or cases of discounting ought to report similar promptly to the CBI Unit, Funding Migration Company or Monetary Intelligence Models of the collaborating international locations.
In respect of a regional regulatory physique, collaborating Governments will quickly appoint an Interim Regulatory Fee pending the enactment of enabling laws for the regional regulator. The 7-member Interim Regulatory Fee can be drawn from every of the collaborating international locations (5), the OECS Fee and the Jap Caribbean Central Financial institution. The features of the regional regulator will embody to:
- Develop, concern and implement regional requirements for CBI Programmes.
- Monitor compliance of laws, rules and requirements.
- Monitor compliance with worldwide agreements.
- Examine complaints.
- Facilitate data sharing and engagements with regional and worldwide stakeholders.
Work streams have been developed and assigned for all articles of the MOA. The CBI international locations will present periodic updates on the implementation of the MOA.
