All five CBI offering Caribbean jurisdictions have amended their minimum investment thresholds to comply with the arrangements agreed in a Memorandum of Agreement.
Meeting the deadline of June 30, Antigua and Barbuda, Dominica, Grenada, Saint Lucia, St Kitts and Nevis updated their legislations, announcing an investment equivalent to or more than USD 200,000 under their donation options.
As part of the MOA signed earlier in March this year, these countries had agreed that the minimum price to qualify for CBI to be not less than US$200,000, effective from July 01, 2024.
The MOA aims to ensure cooperation, information sharing and committing to the common standards of best practices, and regulatory oversight.
The signatories to the MOA made it very clear that discounting the agreed minimum price would be unethical. The main aim of the agreement was to increase transparency and collaborate to tackle the problem of cost-cutting.
This MOA has been proved historic as it decided to increase the minimum investment threshold, bolster the due diligence process and share the date of applicants so all the nations can move forward together.
St. Kitts and Nevis has acted as the stalwart in leading the signing of MOA this year. Notably, St Kitts and Nevis became the first CBI offering country to increase their minimum investment even months before the actual MOA came into place.
St Kitts and Nevis has amended their CBI Programme in July last year and announced a new minimum investment threshold of USD 250,000.
The St. Kitts and Nevis CIU remained at the forefront of pioneering change. By proactively adapting to market dynamics and regulatory developments, the unit continued to set new standards to promote transparency, efficiency, and investor satisfaction.
Also, the St. Kitts and Nevis Prime Minister Dr. Terrance Drew was the first one to push other member states to sign the MOA and bringing others to come together to frame common practices to make the CBI programmes better and more efficient.
The Government also raised the profile of the Sustainable Island State Contribution (SISC), making it a more viable option for legitimate candidates.
Following this, the island of St. Kitts and Nevis have set an amount of US$250,000 for single applicant and US$350,000 for the main applicant and up to three dependants. However, for under 18 additional applicants – US$50,000 each and for over 18, an additional US$75,000 for each will be applicable.
In the real estate investment option for the Citizenship by Investment Programme, the contribution is US$400,000, the highest among the five islands.
The fees charged by the government for the main applicant are US$25,000, for spouse a sum of US$15,000 and for dependant under 18 – US$10,000 and for dependant that is 18+ it will be US$15,000.
Dominica, another OECS member state, has also issued its new Gazetted Regulations revealing its new price thresholds that will come into effect from 1 July 2024.
Under the Economic Diversification Fund (EDF), Dominica has increased the minimum investment threshold for the single applicant to US$200,000, as earlier it was US$100,000.
The contribution of US$250,000 for the main applicant and up to three dependants has been decided by the Dominica CBIU.
According to the new changes, the applicant with additional dependant of under 18 will have to invest US$25,000, while it will be US$40,000 contribution for those with dependant of over 18.
The real estate investment for the CBI stands at US$200,000, and the government fees for the single applicant in Dominica will be US$75,000.
For the main applicant and up to three dependants, it will increase by US$25,000 and will be set at US$100,000.
Grenada, being the first island to issue its new Gazetted Regulations showcasing its new price thresholds effective 1 July 2024.
Under the Donation option, the contribution Grenada has decided for the single applicant is US$235,000 and for the main applicant and up to three dependants the investment decided is US$235,000 (excluding parents under 55 + siblings).
In terms of additional dependants, the main applicant with additional child or parent aged 55+ will have to pay US$25,000 each. On the other hand, for an applicant with parents under the age of 55, the investment of US$50,000 has been decided by the unit.
In the same scenario, the applicant with siblings will have to contribute US$75,000 to qualify for the Citizenship of Grenada.
For the real estate option, changes have also been made through which the investment of US$350,000 has been set for the investor. For a minimum of two investors, the contribution of US$27,000 each will be paid.
Additionally, the amendments made by the Grenada were in the government fees and now it will be US$50,000 in case of main applicant and up to three dependants (excluding parents under 55 and siblings).
While the contribution of US$25,000 has been set for each additional parent 55+ or child and each parent under 55 will have to pay US$50,000. Furthermore, an applicant with each sibling will be charged with the fee of US$75,000.
Antigua and Barbuda have also issued a memorandum advising of its increased price thresholds to come into effect once it gazettes its new regulations, proposed for 30 July 2024.
In donation options, the contribution of US$230,000 will be made by Single applicant to qualify for the CBI of Antigua and Barbuda. The investment will remain similar for the applicant with up to three dependants.
The donation for additional dependants in terms of family of 5 or more will be US$245,000. Also, the Processing fees for the family of 4 will be US$30,000 and the applicant with additional dependants will have to invest US$10,000.
The real estate investment in Antigua and Barbuda will be at the minimum investment threshold of US$325,000 and the government fees for the family of 4 will be US$30,000 and in case of additional dependants – US$10,000 each will be asked for.
Also, Antigua and Barbuda have shared the additional price amendments; UWI has been increased to US$300,000 which is inclusive of processing fee.
Saint Lucia, being the last one to sign the MOA has also issued a statement confirming its increased investment thresholds that will also be effective from 1 July 2024.
Comparing the price to other islands Saint Lucia under National Economic Fund will now charge a single applicant an amount of US$240,000 and a similar amount if the application has one main applicant and up to three dependants.
The contribution for an applicant with additional dependants, under the age of 18 years will be US$10,000 each and if the dependent is 18+, US$20,000 each will be required. Also, no processing fees will be applicable.
The real estate investment option has several updates, US$300,000 being set as the investment price. However, the government fees for the single applicant are set at US$30,000. The main applicant and spouse will have to pay US$45,000 as government fees, and similarly for each qualifying dependant with the age of 18 or above, it will be US$10,000 and for each under 18 it will be US$5,000.
But for the applicant applying with a spouse and more than four dependants Saint Lucia will charge the government fees of US $10,000.
Saint Lucia has also approved the enterprise option at US$250,000, and the National Action Bond at US$300,000 remains unchanged in the additional price amendments.
All the amendments by the OECS jurisdictions are aimed at enhancing the credibility and integrity of the Citizenship by Investment Programmes. It will now prove to be defining and historic under the Citizenship by Investment Regulation 2024.
