Antigua, Dominica, Grenada and Saint Kitts signed the MOA on 20th March 2024 are the other islands which have already signed the MOA.
The Memorandum called for common standards and procedures in the following areas:
- Information Sharing and Transparency Standards
- Regulation
- Security Screening and Framework
- Regulation of Agents; Marketing & Promotion of Programs
- Joint Training and Capacity Building
- Dispute Resolution
- Amendment and Termination
At the time, Saint Lucia did not sign the agreement, citing conflicting contractual obligations with CBI applicants. Back in March, Prime Minister Pierre said while he was not opposed to signing the document, Saint Lucia had to prioritise the applications currently in its system.
By June 3rd, Pierre announced, the government was in a position to sign the MOA.
“After careful review and extensive discussions with stakeholders and other OECS Heads of Government with CIP programmes, the Government of Saint Lucia announces that it has decided to sign the Memorandum of Agreement (MOA) already signed by other OECS CIP countries,” explained PM Pierre on Monday.
Pierre adds that Saint Lucia has also made suggestions to ensure the strengthening of CBI regional programmes. This Memorandum is not legally binding, however, Saint Lucia has already enacted laws subject to the memorandum’s provisions.
For instance, Saint Lucia is the only CBI-offering OECS country which offers in-person interviews for applicants and has three-step due diligence procedures.
“In addition to signing this Memorandum, Saint Lucia has made further suggestions to strengthen this regional agreement, including proposing legislative changes to address change of name requests. This has been agreed to by the other Heads of Government.”
Over the last year the Citizenship by Investment Unit in Saint Lucia has instituted all six principles agreed to with the United States Government
- From February 15, 2023 - ban on applicants from Russians and Belarusians.
- From September 4, 2023 - implemented applicant interviews.
- From September 4, 2023 - vetting of all applicants through the local Financial Intelligence Authority.
- From January 2020 - sharing of denials with the Joint Regional Communication Centre (JRCC).
- An operational review of the programme by an international consultancy firm which will commence shortly.
- The Saint Lucia CIP Unit will seek international support with the recovery of revoked passports.
Additionally, the Saint Lucia CIP Unit publishes an Annual Report that is tabled in Parliament, which includes audited financial statements.