Caribbean Citizenship by Investment programs about to change their ways after signing historic Memorandum in the end of March 2024. The four founding countries of investment citizenship programs in the Caribbean region – St. Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda – have published a document on regulating processes and operating standards.
Previously, the European Union, based on potential security risks for itself, has repeatedly announced its intentions to deprive countries with existing citizenship-by-investment programs from visa-free entry. And so, Antigua and Barbuda, Grenada, Dominica, St. Kitts and Nevis decided to stand together and reassure the international community that they, as OECS (Organization of Eastern Caribbean States) member countries with citizenship by investment programs, will do their job more transparent.
Here are the key points of the Memorandum
1/ Make the processing process more transparent by disclosing statistics of the actual amount of funds received by each Caribbean CIP-operating country. It will also show how these revenues are used in the budget.
2/ Countries will exchange information about applicants.
3/ Establish common standards for the promotion of programs, as well as standards for the regulation of agents operating in the CIPs.
4/ And also, four Caribbean countries decided to establish or appoint a competent body to set standards for the operation of Caribbean Citizenship by Investment programs.
5/ Regularly conduct independent financial and operational audits to assess Caribbean programs’ compliance with best practice standards.
6/ Increase the minimum investment amount in all programs to USD 200,000 no later than June 30, 2024. Aiming to bring an end to ‘underselling’, a scourge on the CBI Industry in the recent past.
This does not mean that Caribbean citizenship by investment will become more expensive only from June of this year. It is possible that countries will implement the necessary changes sooner. Therefore, do not hesitate to apply for the Caribbean Citizenship Program. Let us recall that Saint Kitts and Nevis raised the minimum investment Contribution to the state fund in the summer of 2023 to USD 250,000, while Grenada still has a minimum investment threshold of USD 150,000, and Dominica and Antigua – from USD 100,000. Currently moment (April 1, 2024) Saint Lucia did not sign the memorandum.
Caribbean citizenship. Real estate option
It is important that Caribbean programs so far plan to increase the minimum investment only for one of the options – a non-returnable investment in a government fund. Nothing has been announced regarding the option to purchase real estate in projects authorized for CBI. For example, for obtaining Antiguan citizenship you may invest in the already built Hodges Bay resort and even take advantage of the pay back option from the developer. Fully secured fractional share in the Hodges Bay project for USD 200,000. Or you can buy a share in the luxury Intercontinental hotel under construction in Grenada for entering its CBI. Share in a brand hotel from USD 220,000.
The international company Apex Capital Partners is a licensed agent for all of the Caribbean Citizenship by Investment programs mentioned above.
