Dominica and Neighbors Agree on US$200,000 Floor for Citizenship Investments

RasTa Joe 27th March, 2024

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Prime Minister Roosevelt Skerrit recently unveiled a collaborative effort among countries in the Organization of Eastern Caribbean States (OECS) that operate Citizenship By Investment (CBI) Programs, aiming to address and alleviate concerns put forth by the European Union and other international partners. This development was shared during a press conference, marking a significant step towards regional cooperation in this area.

In response to EU inquiries and after a direct engagement with EU officials earlier in the year, Dominica, along with its OECS counterparts, has embarked on a path of comprehensive reform. These reforms are designed to harmonize the legislative framework, standardize application processes, unify due diligence protocols, and facilitate greater information sharing between the participating nations. A noteworthy initiative includes establishing a minimum price benchmark for the CBI programs to prevent undercutting among the member states.

This unified approach is further solidified through the signing of a Memorandum of Understanding (MOU) among Dominica, Antigua & Barbuda, St Kitts & Nevis, and Grenada. The MOU, signed on March 20, 2024, represents a pledge by these nations to uphold the integrity of their CBI programs through best practice exchanges, meticulous due diligence, and risk management strategies.

Prime Minister of St Kitts & Nevis, Dr. Terrance Drew, emphasized the commitment to elevating the minimum investment threshold for CBI programs to at least US$200,000 by mid-2024. This move, aimed at strengthening the programs’ credibility, showcases the collective resolve to address international concerns while ensuring the CBI initiatives remain attractive and secure.

Prime Minister Skerrit highlighted the proactive steps taken by Dominica to directly address the EU’s specific worries, such as issues around name changes by CBI applicants, showcasing the nation’s commitment to transparency and security. He reaffirmed the belief that these coordinated actions not only respond to the EU’s challenges but also position the participating OECS countries on firmer ground in the global arena.

The region’s evolving strategy is a responsive and unified regional effort to safeguard the economic benefits of CBI programs while adhering to international standards and expectations.