Four of five Caribbean countries with CBI programs, namely Antigua and Barbuda, Grenada, Dominica, Saint Kitts & Nevis, signed a memorandum of understanding (MoU) to set the minimum threshold to $200,000 and collaborate on specific aspects. Saint Lucia set aside. The new obligations will come into force on July 1, 2024.
Apart from price increase, the agreement covers information exchange, implementation of best practices, security risks, regulatory aspect, due diligence, etc.
Thus, the MoU reflects the following spheres among other areas:
Pricing
The parties are due to increase the minimum investment threshold to $200,000 no later than June 30, 2024.
Information Sharing and Transparency Standards
The parties agreed to share information and programs and implement transparency measures.
Regulations
The parties agreed to regulate the programs by creating a regional authority, that will establish standards with respect to the best international practices.
Security Screening
The countries committed to implement Due Diligence and cooperate with each other on security processes.
Regulation of Agents, Marketing & Promotion of CIP
The parties agreed to set common standards in order to manage communication processes and promote CBI programs.
Saint Lucia is not party to the agreement, which means that the price under St. Lucia’s program will be available from $100,000.
Experts at One World consider that now is the best time for clients to benefit from the current rules, before the changes take effect. You can get a free consultation from one of our experts on Caribbean programs that are available today and choose the best option.
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