Dominica and other OECS countries that participate in Citizenship By Investment Programmes are actively working to put into effect the Memorandum of Agreement (MOA) in a concerted effort to strengthen the integrity of these programs and ensure their solid foundation.
The MOA was signed by Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and Saint Lucia.
Published in March 2024, the MOA aims to promote mutual cooperation, information sharing, and adherence to common best practices and regulatory oversight standards. Commencing from July 1, 2024, all signatory countries have agreed that the minimum investment amount for any Citizenship By Investment option will be set at US$200,000.
This means that the minimum sum to be invested in any government fund, government project, or private development project within the participating countries will be US$200,000. The MOA emphasizes that discounting the agreed minimum price is illegal, and market actors, marketing agents, local agents, and developers are encouraged to promptly report any evidence of attempts to offer discounts to the respective CBI Unit, Investment Migration Agency, or Financial Intelligence Units of the participating countries.
Furthermore, the release highlighted plans for the establishment of an Interim Regulatory Commission, comprising seven members drawn from each of the participating countries, the OECS Commission, and the Eastern Caribbean Central Bank. The Interim Regulatory Commission will work towards developing, issuing, and enforcing regional standards for the CBI Programmes, as well as monitoring compliance with legislation, regulations, and international agreements, investigating complaints, and facilitating information sharing and engagements with regional and international stakeholders.
The release mentioned that work streams have been developed and assigned for all articles of the MOA, and periodic updates on the implementation of the MOA will be provided by the participating CBI countries.
Dis MOU was supposed to be signed and official by June 30…………but with all de talk dem man was not ready as de full group …….it had to come down to push and shove!!!!!!!!
Greed dat cause dat!
Is de MOU a public document that de public will have access to?
De Interim Regulatory Commission…only now?????????
Should we even have any faith in you guys policing yourselves?
Is all you dat have our name in dat mess.
After Monfared, Allison Madueke, etc etc..Galaxy, MMC……….Caricom didn’t see de need for an independent regulatory commission.
We know all you don’t give a dam about us ……..WE DE ORDINARY PEOPLE…..IS NOT US DAT BUYING DE PASSPORT!
All you running like little mice to follow instructions before de economies crash…..sweating around de collar trying to reach de bus before de door close
I wonder if this MOU will be shown to the public, or kept secret like the MOU with China?
MOAs and MOUs are not legally binding. The problem with the CIP program is CORRUPTION. If the monies collected from this scheme were equitably and transparently used to benefit all the citizens, and there were fewer unsavory dealers, there would be smoother sailing.
The CIP programs was initially construed to obtain money for the benefit of the citizenry by raising the living standards in these countries. The trouble is the politicians who were entrusted to manage the scheme instead of using the money because they love people, they love money and use the people.