Update: Please check the recent improvements related to the MoA and the Caribbean Five in this article: https://ntltrust.com/news/industry-updates/post-moa-comprehensive-update-on-the-caribbean-cbis/
In a significant move towards enhancing the integrity and sustainability of the Citizenship by Investment Programs (CIPs), five Caribbean nations signed a Memorandum of Agreement (MOA) in March 2024. This MOA, which set a deadline of June 30, 2024, for the implementation of new regulations, has led to a series of announcements from the participating countries in the past week, each detailing their commitment to the agreed-upon changes.
New regulations and investment requirements
St. Kitts and Nevis acted last year, and following suit, Grenada and St. Lucia declared the commencement of their changes. Notably, Grenada’s new regulations include extending passport validity from five to ten years, simplifying the renewal process for its citizens.
On the same day, Dominica released a press statement detailing its new regulations, and Antigua and Barbuda affirmed their commitment to the MOA’s stipulations, while also requesting a grace period until the end of July to fully implement all new measures.
New investment amounts now start above the threshold of US$ 200 000. In particular, minimum investment amounts for donation route are:
Dominica – changes effective from 1st July:
- US$ 200 000 for a single applicant
- US$ 250 000 for a family of up to four members
Antigua & Barbuda – changes effective from 1st of August:
- US$ 230 000 for a single applicant plus three additional family members
Grenada changes effective from 1st of July:
- US$ 235 000 for a single applicant plus three additional family members
St Lucia – changes effective from 1st of July:
- US$ 240 000 for a single applicant plus three additional family members
St Kitts and Nevis – changes effective from 2023:
- US$ 250 000 for a single applicant
- US$ 350 000 for a family of up to four members
Real estate option amounts start at:
- Dominica: US$ 200 000
- Antigua and Barbuda: US$ 235 000
- Grenada: US$ 350 000
- St Lucia: US$ 300 000
- St Kitts and Nevis: US$ 400 000
Implications for the Citizenship by Investment industry
The collective action of these nations underscores a unified effort to strengthen due diligence processes, thereby preserving the privilege of citizenship and safeguarding against illegal activities that could undermine the programs, the countries, or other applicants. Alongside the increased investment amounts, the introduction of higher government fees aims to bolster the programs’ financial contributions to the respective economies. However, it’s important to note that due diligence, processing, and interview fees remain unchanged. The signing of MOA is not only about the change in investment amounts, it is just a part of the larger picture that is all about safeguarding programs and keeping them at the highest standards. With the higher investment amounts and tighter regulations this Pan – Caribbean agreement will ensure the reliability and reputation of the Caribbean programs. NTL Trust is here to help you understand and navigate all changes and update you with new information about Caribbean programs and what these changes mean for your particular case.
Transition period for ongoing applications
The changes have also raised questions about the fate of applications currently in process. Antigua and Barbuda will implement the new regulations starting August 1, 2024, providing a short buffer for applicants. Similarly, St. Lucia has granted a one-month grace period, allowing ongoing applications to be processed under the old regulations until July 31, 2024.
These developments signify a pivotal moment for the Caribbean CIPs, as they balance the need for economic benefits with the imperative of maintaining high standards of integrity and security. Prospective applicants and stakeholders in the citizenship by investment industry will need to adapt to these new requirements, ensuring compliance and leveraging the opportunities these programs continue to offer.
