Emmanuel has assured that Prime Minister Philip J Pierre will be signing the Memorandum of Agreement (MOA) that requires OECS territories to have common standards and regulations for their Citizenship by Investment (CBI) programmes.
In March 2024, Grenada, Antigua and Barbuda, Dominica, Saint Kitts and Nevis signed the MOA, which mandates that from 1st June, all territories with citizenship programmes establish terms and conditions under which they will cooperate and share information regarding their CBI programmes to enhance the integrity, security and efficiency of the programmes.
Saint Lucia did not sign the document on 20th March. However, on 23rd May, while contributing to a panel discussion during the 2024 Caribbean Investment Summit, Emmanuel said that Saint Lucia would sign the non-legally binding agreement but has yet to provide a date.
“In the first instance, we just felt that there were some areas that we wanted to be tweaked and some concessions made. And as I said in a different forum, what we were requesting is not unique to Saint Lucia. So I think we had some contracts in place that we wanted to grandfather or have some time to negotiate how we amend them,” he explained to the assembly of more than 200 CBI officials.
In Saint Lucia’s case, the government stated that it had some contractual arrangements that it would have to meet before changing the regulations of its CIP.
The MOA provides for the CBI territories to establish a regional competent authority to set standards following international requirements and best practices and to regulate the programmes. This regional competent authority is to be established or identified no later than 30 June 2024.
“Such standards shall prohibit marketing of CBIPS for granting of ‘visa-free-access’ and the use of photographs of parties’ passports in advertisements,” said the agreement.
It is worth noting that the MOA is a statement of intent and does not create legal obligations under international or domestic law.
It has a clause allowing it to be amended or terminated by unanimous consent of the parties who signed the agreement, and disputes arising from or in connection with it shall be amicably resolved through negotiations.