Caribbean nations continue to lead in citizenship by investment (CBI) programs, which have increasingly attracted investors due to their continual refinement and modernization to meet international standards.

A major recent development in this area is the Memorandum of Agreement (MOA). We now reflect on its impact since its implementation and how CBI programs across the region are adapting to these new shared commitments.

Understanding the MOA and Its Significance

In March 2024, five Caribbean countries— Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia —signed a joint agreement to bring structure and sustainability to their CBI programs. This marks the most significant reform in over a decade.

Key Introductions of the MOA:

  • Unified Investment Thresholds: A minimum investment of $200,000 is now required across all countries.
  • Enhanced Due Diligence: Mandatory applicant interviews and comprehensive third-party background checks have been instituted.
  • Collaborative Oversight: Real-time sharing of applicant data among CBI jurisdictions.
  • Responsible Marketing: Agencies are prohibited from marketing visa-free access or displaying passport images.

Notable Outcomes

Since the MOA took effect in July last year, impressive results have been observed:

  • Dominica issued 5,484 passports in the first half of 2024.
  • Saint Lucia processed 1,226 applications, maintaining its growth momentum with a 1,520% surge in 2024.
  • Antigua & Barbuda received 739 applications, indicating robust demand despite stricter screenings.
  • Grenada processed 1,314 applications, showcasing efficiency, transparency, and higher-quality approvals.
  • Saint Kitts, which raised its minimum investment to $250,000 in late 2023, set a precedent with a focus on long-term sustainability.

Implications for Investors

  • Increased Trust: Aligning standards and enhanced due diligence reduce risks and enhance global credibility.
  • Greater Clarity: Standardized requirements across programs facilitate comparison and selection.
  • Enhanced Stability: Transparent oversight protects both investors and the enduring viability of the programs.

These new regulations ensure that your second passport in the Caribbean provides the long-term freedom, security, and peace of mind you desire.