INTRODUCTION
The Heads of Governments from St. Kitts, St. Lucia, Grenada, Antigua, and Dominica have come together to formalize a Memorandum of Agreement (MOA). This agreement underscores their commitment to setting a minimum investment threshold of US$200,000 by June 30, 2024, within their CIP's. Alongside this pivotal decision, they have also implemented new pricing policies, which take effect starting today. These developments mark a crucial step forward in shaping the landscape of citizenship by investment across these Caribbean nations.
KEY ADJUSTMENTS
| Country | Program | Previous Contribution | New Contribution |
|---|---|---|---|
| Dominica | Economic Diversification Fund (EDF) | $100,000 | $200,000 |
| Real Estate Investment | $200,000 | $200,000 | |
| Antigua and Barbuda | National Development Fund (NDF) | $100,000 | $230,000 |
| Real Estate Investment | $200,000 | $325,000 | |
| St. Kitts and Nevis | Sustainable Island State Contribution (SISC) | $125,000 | $250,000 |
| Real Estate Investment | $200,000 | $400,000 | |
| Grenada | National Transformation Fund (NTF) | $150,000 | $235,000 |
| Real Estate Investment | $220,000 | $270,000 | |
| St. Lucia | National Economic Fund (NEF) | $100,000 | $240,000 |
| Real Estate Investment | $200,000 | $300,000 |
* Other government fee may apply, please reach out to us for a proper quotation.
WHY ARE THESE CHANGES BEING MADE?
Caribbean CIP's face pressures from the United States and Europe primarily concerning:
- Tax Evasion and Money Laundering: Scrutiny to prevent these programs from being used for illicit financial activities.
- Visa-Free Access: Concerns about border security and the potential for individuals with dubious backgrounds to gain unrestricted access.
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Impact on Immigration Policies: Influence on global mobility and immigration regulations, prompting scrutiny from EU and US policymakers.
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Diplomatic Relations: Potential strains due to concerns over due diligence, transparency, and conflicts of interest involving high-profile applicants.
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Regulatory Reform: Pressure to enhance regulations, due diligence procedures, and transparency to meet international standards.
CONCLUSION
The recent adjustments to CIP's in the Caribbean mark a significant milestone in the region's economic strategy and global engagement. As nations continue to navigate the post-implementation phase, careful evaluation of outcomes and strategic planning will be essential to sustain the benefits derived from these programs.
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