OECS Media Launch — The Caribbean international locations providing Citizenship By Funding Programmes are shifting rapidly to implement the Memorandum of Settlement (MOA). The signatories of the MOA are Antigua and Barbuda, the Commonwealth of Dominica, Grenada, St. Kitts and Nevis, and Saint Lucia.
The MOA, revealed in March 2024, goals to make sure mutual cooperation, info sharing, adherence to widespread requirements of finest 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 paid into any authorities fund, authorities challenge, or personal growth challenge in collaborating international locations shall be US$200,000.
The signatories to the MOA make it abundantly clear that discounting the agreed minimal value is against the law.
Market actors, Advertising and marketing Brokers, Native Brokers, and Builders who’ve proof of any try at or situations of discounting ought to report the identical promptly to the CBI Unit, Funding Migration Company, or Monetary Intelligence Items 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 shall be drawn from every collaborating nation, the OECS Fee and the Japanese Caribbean Central Financial institution. The features of the regional regulator will embody the next:
- Develop, situation and implement regional requirements for CBI Programmes.
- Monitor compliance with laws, laws and requirements.
- Monitor compliance with worldwide agreements.
- Examine complaints.
- Facilitate info 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 its implementation.
