Changes in the 5 Caribbean programs after the MoA: increased minimums and enhanced monitoring
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A great deal of uncertainty has been around since we first heard of the MoA between Eastern Caribbean states with citizenship by investment (CBI) programs. In and of itself the requirement of aligning the minimum investment threshold meant an increase in some of the programs. Enhanced follow-up and the commitment to promote information sharing and cooperation are also key points in the agreement.
Three months later it's time to implement these conditions. Where is Saint Kitts? Where is St Lucia standing in this new stage of affairs? The stipulated date to implement changes was June 30th and since the very beginning of July, some of these are already impacting the best CBI programs and their applicants.
For those readers who know what is CBI and, most importantly, its meaning, it's vital to understand what to expect.
Where is St Lucia standing after the MoA
As we've explained on other occasions, Saint Lucia, home to one of the best CBI programs, did not sign the agreement initially. Alleging that they needed time to analyze the implications, they finally signed on June 3rd and kickstarted a new stage in the country's CBI (citizenship by investment) history.
As a result, the country launched an official communication informing the increase of the minimum investment threshold from $100,000 to $200,000 as stipulated in the MoA. This applies to all forms of investments or donations across the signing countries.
Saint Lucia citizenship by investment: CBI program and its new numbers
Saint Lucia presented an important window of opportunity during that transitional period, a fact that we at Mundo could not emphasize enough. Now the game is changing again for one of the best CBI programs. The minimum donation is $200,000 for an individual, $240,000 for a family of four, 35,000 for the spouse, and 25,000 for other qualifying dependents.
Furthermore, the real estate option also increased to $300,000 allowing any number of applicants, while the enterprise investment, with an applicant and only three dependents, is available for $250,000. It’s worth noting that these numbers don’t include the fees and costs.
The Eastern Caribbean countries align their efforts to maintain their CBI Citizenship by investment programs’ reputations
Changes in the citizenship by investment (CBI) programs go beyond money and investment. The key element of the MoA is to ensure aligned cooperation between the five Caribbean jurisdictions which have some of the best CBI programs in the world.
In line with this, the St Kitts government established a Continuing International Due Diligence Unit with the intention of monitoring citizens derived from the CBI (citizenship by investment). With this as an efficient tool, it will be possible to ensure that the citizens maintain the required ethical standards for St Kittians and Nevisians.
The unit will be established in Europe and, among other things, will help to engender confidence in Saint Kitts's international partners. Nonetheless, this scrutiny will start way before citizenship is granted, that is, since the start of the application.
Among other things, the MoA binds the signing parties when it comes to applying due diligence on applicants that were already approved. Furthermore, it stipulates equal treatment for all applicants, improving the exchange of information and establishing a common price floor to keep the industry safe and fair.
The agreement is closely connected to the Six CBI (citizenship by investment) Principles that all Five countries agreed with the United States Treasury. Moreover, it aims to maintain an excellent image before other international authorities.
What is CBI and how to understand it in our days
If we wonder where is Saint Kitts or where is St Lucia we can say that probably among the best CBI programs. But what is CBI really? What are we talking about when discussing citizenship by investment (CBI)?
These programs appeared for the first time in the 80s and constituted an innovation in the residency and citizenship sector. Although detractors argue that selling passports is immoral, CBIs are not about that. They simply provide a quicker path to a second citizenship as an alternative to traditional naturalization methods which are lengthy and flooded with bureaucracy.
On the other hand, by investing or donating money the applicant doesn't get citizenship automatically, instead, he or she becomes eligible, which is an entirely different situation.
If there were doubts about the transparency of the programs, the recent changes are nothing but a blessing. Certainly, stronger communication and a firmer commitment to due diligence through a unified framework help maintain the security of the programs and the countries in question.
Where is Saint Kitts in all of this? The Federation is already setting up a specific unit to follow up on applicants after they are granted citizenship thus maintaining the country's reputation abroad and their good terms with global partners. Furthermore, this serves as an example for future applicants showing what's expected of them after approval.
Access the best CBI programs with Mundo
We are happy to present Mundo, an online publication for the global investor, the perpetual traveler, and everyone who wants to fulfill their financial dreams. Mundo is the face of a solid network of partners and experts who are always ready to offer top-notch services.
Through our experts and advisors, we can recommend the best CBI programs in the Eastern Caribbean, Vanuatu, and Europe.
A whole new set of possibilities is available with different tools across various jurisdictions. We've written plenty of content about Panama residency, corporate services in Canada, Nevis, and the US, bank accounts in Puerto Rico, and reliable investment opportunities in separate sectors.
Write to us and meet your Mundo expert to find the right solution that fits your needs.
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$170,000
$2,500,000
$350,000
$1,400,000
$395,000
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