Nations within the Organisation of Eastern Caribbean States (OECS) that offer Citizenship by Investment Programs (CBI) are joining forces to draft mutual legislation.
This initiative aims to address and alleviate the concerns expressed by European countries regarding the CBI schemes.
EU concerns prompt action
European Union (EU) member states, particularly those that have halted visa-free travel for nationals from certain countries, have voiced apprehensions regarding the CBI.
The CBI allows foreign investors to obtain citizenship in an OECS nation in exchange for significant economic contributions. The concerns revolve around the potential risks these programs may pose to European countries.
A united front for compliance and security
Prime Minister Roosevelt Skerrit revealed that in response to these issues, OECS countries with CBI programs, including Antigua, Dominica, Grenada, St. Lucia, and St. Kitts and Nevis, have embarked on collaborative efforts.
They aim to adopt uniform legislation and practices to enhance the integrity and security of the CBI.
These steps include standardizing application forms, harmonizing due diligence processes, and sharing relevant information among the participating nations.
Setting standards to safeguard interests
Furthermore, the OECS countries have agreed to implement a minimum price structure for their CBI programs.
This measure will prevent any nation from undercutting others, ensuring a level playing field and maintaining the value of the investment required for citizenship.
A stronger, unified approach
The culmination of these discussions was the signing of a memorandum of agreement by Prime Minister Skerrit, signaling a commitment to these unified actions.
This agreement is expected to fortify the position of OECS countries in addressing the EU’s concerns, showcasing their dedication to responsible and secure citizenship by investment practices.
This collective effort marks a significant step towards mitigating potential risks and enhancing the credibility of the CBI programs within the international community.