On Monday, June 3rd, Prime Minister Pierre announced that Saint Lucia decided to sign the regional Citizenship by Investment Memorandum of Agreement.
“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 June 3rd.
In a media statement, the OECS Commission stated that member-states offering CBI programmes have decided to regularise their provisions come July 1st 2024.
“With effect from July 01, 2024, all countries have agreed that the minimum price for any CBI options shall be US$200,000. This means the minimum sum that will be paid into any government fund, government project or private development project of, or in participating countries shall be US$200,000.”
In respect of a regional regulatory body, participating Governments will soon appoint an Interim Regulatory Commission pending the enactment of enabling legislation for the regional regulator. The 7-member Interim Regulatory Commission will be drawn from each of the participating countries (5), the OECS Commission and the Eastern Caribbean Central Bank. The functions of the regional regulator will include to:
- Develop, issue and enforce regional standards for CBI Programmes.
- Monitor compliance of legislation, regulations and standards.
- Monitor compliance with international agreements.
- Investigate complaints.
- Facilitate information sharing and engagements with regional and international stakeholders.
Saint Lucia first introduced Citizenship by Investment in 2015 which boasts USD200,000 as a minimum investment and a cap of 500 applicants per year and shows proof of a minimum net worth of USD3 million. All these requirements were removed by Allen Chastaent in 2017 in order to make the programme “more competitive”.