Business View Caribbean - June 2024

Source- https://thecaribbeannewsnow.com/ , Caribbean Need Editor, First Published June 26th, 2024 The Caribbean countries offering Citizenship By Investment Programmes are moving quickly to implement the Memorandum of Agreement (MOA). The signatories of the MOA are Antigua and Barbuda, the Commonwealth of Dominica, Grenada, St. Kitts and Nevis, and Saint Lucia. The MOA, published in March 2024, aims to ensure mutual cooperation, information sharing, adherence to common standards of best practice, and regulatory oversight. With effect from July 01, 2024, all countries have agreed that the minimum price for any CBI options shall be US$200,000. This means the minimum sum paid into any government fund, government project, or private development project in participating countries shall be US$200,000. The signatories to the MOAmake it abundantly clear that discounting the agreed minimum price is illegal. Market actors, Marketing Agents, Local Agents, and Developers who have evidence of any attempt at or instances of discounting should report the same promptly to the CBI Unit, Investment Migration Agency, or Financial Intelligence Units of the participating countries. In respect of a regional regulatory body, participating Governments will soon appoint an Interim Regulatory Commission pending the enactment of enabling legislation for the regional regulator. The 7-member CARIBBEAN COUNTRIES PRESSING FORWARD WITH THE IMPLEMENTATION OF THE MEMORANDUM OF AGREEMENT ON CITIZENSHIPBY INVESTMENT PROGRAMMES OPENING L INES Interim Regulatory Commission will be drawn from each participating country, the OECS Commission and the Eastern Caribbean Central Bank. The functions of the regional regulator will include the following: • Develop, issue and enforce regional standards for CBI Programmes. 9 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 06