As the Caribbean region progresses through significant transformations in Citizenship by Investment Programs (CIPs), several nations have introduced pivotal changes following the Memorandum of Agreement (MoA) signed by the OECS territories. This strategic update encompasses recent modifications in Dominica, Saint Lucia, and Antigua and Barbuda, reflecting each nation’s commitment to harmonizing investment thresholds and streamlining the application processes.
Regional Harmonization of Investment Standards
The MoA has established a unified minimum investment threshold of $200,000 across the OECS member states, a move that aims to enhance the integrity and sustainability of their respective CIPs.
Dominica
Dominica’s Citizenship by Investment Unit has updated its investment thresholds effective July 1, 2024. The new minimum investments are:
- Economic Development Fund (EDF):
- Single applicant: $200,000
- Main applicant with up to three dependents: $250,000
- Additional dependants under 18: $25,000 each
- Additional dependants 18 or older: $40,000 each
The real estate minimum remains at $200,000. The government fees for the main applicant and up to three dependents are set at $100,000, with additional fees for each dependent under 18 or over 18, aligning with $25,000 and $40,000, respectively.
Saint Lucia
Effective July 1, 2024, Saint Lucia will adjust its qualifying investment prices:
- National Economic Fund:
- An applicant with up to three qualifying dependents: $240,000
- Each additional dependent under 18: $10,000
- Each additional dependent over 18: $20,000
- The newborn child of a citizen aged 12 months or below: $5,000
- Spouse of a citizen: $35,000
- Other qualifying dependents: $25,000
- Real Estate:$300,000 for the applicant and any dependents, plus applicable fees.
- Approved Enterprise Project: Applicant with up to three qualifying dependents: $250,000 plus fees.
These adjustments reflect Saint Lucia’s commitment to the regional MoA and aim to streamline and enhance the attractiveness of its CIP.
Antigua and Barbuda
Antigua and Barbuda is committed to the MoA with an adjusted implementation timeline:
- National Development Fund (NDF):$230,000 for a family of 1 to 4$245,000 for a family of 5 or more
- University of the West Indies Fund (UWI):$300,000
- Real Estate:$325,000
These figures reflect the nation’s dedication to aligning with regional standards while accommodating local legislative timelines.
Caribbean MoA Implementation and Compliance
Each nation has outlined specific documentation and procedural requirements to ensure compliance and efficiency. These include detailed lists of required documents for application, suggested methods for fee payments, and deadlines for submissions to meet the new regulations. The focus is on transparency, due diligence, and ensuring that all applications adhere to the heightened security and investment standards.
Navigating New Horizons
The updates across Dominica, Saint Lucia, and Antigua and Barbuda represent a significant shift towards more structured and secure investment migration practices in the Caribbean. These changes intend to enhance the long-term viability of the CIPs, bolster economic stability, and attract responsible global investments. Apex Capital Partners remains at the forefront, offering expert guidance to navigate these changes effectively, ensuring investors can capitalize on the opportunities the harmonized CIP frameworks provide.
