Prime Minister Dickon Mitchell has signed a Memorandum of Understanding (MOU) that will assign or establish a competent regional authority for members of the Organisation of Eastern Caribbean States (OECS) with a Citizenship by Investment Programme (CBI).
The CBI allows for countries to provide citizenship to foreign investors in return for making a substantial investment in the socio-economic development of these islands.
The MOU also allows for a cap regarding the minimum investment threshold in the CBI to US$200,000.
“The parties agree to assign or to establish a regional competent authority to set standards in accordance with international requirements and best practices and to regulate the programmes. This regional competent authority is to be established or identified no later than June 30, 2024,” according to the MOU, which was signed on March 20.
Last week, Dominica’s Prime Minister Roosevelt Skerrit said OECS member countries with a CBI programme are developing mutual legislation so as to meet the concerns raised by European countries.
Skerrit said many EU countries, especially those that have agreed to suspend visa-free travel for countries whose nationals are exempt from the visa obligation when travelling to the Schengen area, have raised issues linked to the CBI.
