April 18, 2024
Amidst the backdrop of regional collaboration, Saint Lucia has...
Amidst the backdrop of regional collaboration, Saint Lucia has pledged its unwavering support for the Citizenship by Investment Programme (CBIP) Memorandum of Agreement (MOA), aligning itself with fellow Eastern Caribbean nations in a concerted effort to enhance the efficacy and integrity of the program. In a decisive move, Saint Lucia intends to formally endorse the agreement within April 2024 or at the earliest feasible opportunity, in accordance with the June 30th deadline. This strategic alignment underscores Saint Lucia’s dedication to fostering regional integration, bolstering security measures, and addressing pertinent concerns surrounding the CBI program.
Outlined within the MOA are several pivotal initiatives aimed at fortifying the framework of the CBI program:
- Facilitating the exchange of best practices and implementing rigorous due diligence protocols
- Establishing a USD$200,000 minimum investment threshold to ensure financial viability
- Enhancing information sharing mechanisms to expedite applicant evaluation processes
- Promoting transparency through comprehensive financial disclosures
- Conducting thorough independent audits to uphold accountability and trust
- Creation of a regional authority tasked with setting and enforcing stringent standards
- Establishing common communication and promotion standards to amplify program visibility
- Regulating agents involved in the CBI process to maintain ethical standards
- Conducting joint training programs aimed at enhancing the proficiency of CBI administrations regionally
Anticipation mounts as Prime Minister Philip Pierre is slated to deliver a comprehensive policy statement on April 23, 2024, offering insights into the future trajectory of the Citizenship by Investment Programme and affirming Saint Lucia’s commitment to regional cooperation in this pivotal endeavor.
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