Uniform Caribbean rules 02/07/2019

OECS members are working on to unify their citizenship by investment programmes. St Kitts, Dominica, Antigua, Grenada, and St Lucia may have similar application forms and a joint oversight committee. 

Five from the seven founding members of the Organisation of Eastern Caribbean States (OECS) launched successful citizenship by investment programmes. St Kitts and Nevis started the modern “citizenship in exchange for an investment” industry in 1984.   

“In respect to the CIP/CBI, in addition to agreeing  on moving with uniform legislation, uniform application forms and the setting up of the oversight committee which would assist in auditing our programme, reviewing our programme from time-to-time and making recommendations on how to continue to strengthen our programme,” said Roosevelt Skerrit, the prime minister of Dominica. 

The various Citizenship by Investment Units will receive their training and diplomas from the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) staff. 

The citizenship by investment programmes bring direct and fast capital in the Caribbean countries, and the revenues from the passport schemes help the paradise island nations’ budgets. The future oversight committee would include representatives from the Regional Communications Centre (JRCC), the Eastern Caribbean Central Bank, and the OECS Commission.

 There is another exciting development, because Nestor Alfred, head of the ST Lucia CBIU unit, revealed that the Caribbean countries would also share the due diligence information. “When one island denies an application, that information will be shared with all of the other islands,” said Alfred in Genova.

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