Caribbean Citizenship Prices Soar: Four Countries Set to Increase to $200,000 by June 30, 2024

investment-threshold-blog
  • 5 minutes
  • Mar 28, 2024

Over the years, Caribbean countries have offered citizenship by investment programs (CIPs) as a means to attract foreign investors. These programs have been successful in stimulating economic growth and providing opportunities for individuals seeking a second passport. Recently, four out of five Caribbean CIPs, namely Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis, signed a memorandum of understanding (MoU) to integrate and enhance their programs. This article explores the implications of the MoU, the key areas of cooperation, and the potential future of Caribbean CIPs.

Harmonizing Investment Thresholds

One of the significant aspects of the MoU is the harmonization of the minimum investment thresholds for the four CIPs. By June 30th, 2024, the countries aim to establish a common investment sum of US$200,000 as the minimum requirement for citizenship. This unified approach ensures consistency and eliminates the possibility of underselling, which has been a concern in the industry. It is important to note that any future changes to the minimum investment must be unanimously adopted by all four countries.

The MoU further clarifies that the US$200,000 investment threshold represents the actual amount of funds received and applied towards an applicant’s qualification under the CIP, rather than the gross amount of funds paid. This distinction takes into account deductions, including the payment of commissions, ensuring transparency in the program.

Enhancing Information Sharing and Transparency

Transparency and information sharing are crucial elements in maintaining the integrity of citizenship by investment programs. As part of the MoU, the four signatory countries commit to establishing a digital portal in collaboration with the Joint Regional Communications Centre (JRCC) in Barbados. This portal will facilitate the exchange of information among the countries, enhancing cooperation and ensuring the integrity of the programs.

Additionally, the countries pledge to enhance program transparency by disclosing details around program revenues and disbursements. This commitment aligns with the “six CBI principles” agreed upon by all five Caribbean CIPs in their accord with the US Treasury, further strengthening the region’s reputation in the industry.

Establishing a Regional Competent Authority

To regulate and standardize the programs, the four countries have agreed to establish a common regional competent authority by June 30th, 2024. This authority will set standards in accordance with international requirements and best practices. The establishment of a unified regulatory body ensures consistency and streamlines the oversight of Caribbean CIPs.

Strengthening Security Screening and Passport Retrieval

In addition to the existing vetting procedures, the MoU signatories commit to cooperating on post-approval screening of CBI citizens and the retrieval of canceled passports. This collaboration aims to enhance the security measures within the programs and maintain a high level of due diligence. By working together, the countries can effectively identify and address any potential risks or concerns.

Regulating Agents and Marketing Practices

The MoU also addresses the regulation of agents and marketing practices. The signatory countries agree to establish common standards for agent regulation, ensuring that the individuals representing the programs meet the necessary qualifications and adhere to ethical guidelines. Furthermore, the parties prohibit the use of misleading practices in marketing, such as the promotion of “visa-free access” or displaying photos of passports in advertisements. These measures aim to protect applicants and maintain the credibility of the programs.

The Exclusion of Saint Lucia

While four out of five Caribbean CIPs signed the MoU, Saint Lucia’s Prime Minister Philip J Pierre did not participate.

The Future of Caribbean CIPs

The signing of the MoU marks a significant step towards closer integration and cooperation among Caribbean CIPs. By harmonizing investment thresholds, enhancing information sharing and transparency, establishing a regional competent authority, and regulating agents and marketing practices, the countries are working towards a more unified and robust program structure.

This collaboration is expected to strengthen the reputation of Caribbean CIPs and attract more foreign investors. The consistent investment threshold of US$200,000 provides clarity and eliminates the risk of underselling. Additionally, the enhanced transparency measures and standardized regulations contribute to the overall integrity and credibility of the programs.

The four signatory countries have demonstrated their commitment to improving their CIPs. It remains to be seen how Saint Lucia’s decision will impact its standing in the industry and whether it will eventually join the integrated efforts of its Caribbean counterparts.

Conclusion

The signing of the MoU between Antigua & Barbuda, Dominica, Grenada, and Saint Kitts & Nevis signifies a significant milestone in the evolution of Caribbean CIPs. The harmonization of investment thresholds, enhanced information sharing and transparency, establishment of a regional competent authority, and regulation of agents and marketing practices demonstrate a united front in improving the programs.

As the collaboration progresses, Caribbean CIPs are likely to witness increased interest from foreign investors who value the stability, security, and benefits of acquiring a second citizenship in the region. The future of Caribbean CIPs looks promising, with a more streamlined and cohesive approach that will continue to contribute to the economic development of the participating countries.

Additional Information: The MoU is expected to bring an end to underselling and promote a more standardized and transparent approach to Caribbean CIPs. The commitment to a US$200,000 price floor ensures that investors receive the full value of their investment, eliminating any potential discrepancies in the process.

As experts in the field, we strongly advise you to consider investing in a second citizenship now, before prices rise starting from June 30th, 2024.

At Bluemina, we always strive to keep you informed about everything related to second citizenship and permanent residency programs. Bluemina is your first, reliable, and closest choice