Five Eastern Caribbean States with Citizenship by Investment (CBI) programmes have collectively committed to six CBI principles presented by the United States as a consequence of the historic US-Caribbean Roundtable on Citizenship by Investment held in St. Kitts and Nevis in February.
This was announced on the website of Investment Migration Council, the global platform for investment mobility, in a press release.
The six agreed-upon principles are as follows:
1. Collective agreement on treatment of denials: Not to process applications from persons whose applications have been denied in another CBI jurisdiction, by proactively sharing information on denials.
2. Interviews: Conduct interviews with applicants, whether virtual or in person.
3. Additional checks: Each jurisdiction will run checks on each application with the Financial Intelligence Unit of its respective country.
4. Audits: Audit the Programme annually or every two years in accordance with internationally accepted standards.
5. Retrieval of passports: Request law enforcement assistance to retrieve revoked/recalled passports.
6. Treatment of Russians and Belarusians: Suspend processing applications from Russians and Belarusians. Four jurisdictions have already suspended applications and Grenada which processes applications from Russians and Belarusians with enhanced due diligence will suspend processing new applications from Russia and Belarus from March 31, 2023.
According to the statement, the United States acknowledged that the CBI Programmes provide a legitimate service and have contributed to the survival of the participating economies by generating revenue, especially in light of the existential threat to small island states posed by the climate emergency and the onslaught of recent adverse external shocks, such as the ongoing conflict in Ukraine.
It was acknowledged that dismantling these programs would significantly harm the prosperity and prospects of the countries, producing a multitude of negative social effects domestically and perhaps leading to an increase in crime and other disorders.
Both sides reaffirmed their dedication to a joint effort to protect their respective financial systems from dangers presented by criminal actors.
Together, the five governments committed to six CBI principles recommended by the United States, some of which had been proactively accepted by the OECS states as part of their risk management framework to improve and protect the integrity of their CBI Programmes.
In addition, both parties agreed to conduct a technical discussion over the following four to six months to examine the implementation status of the six agreed-upon principles.
In addition, the OECS States sought more discussion on the US Government’s risk management framework for the EB-5 Immigrant Investor Program as it relates to the processing of applications from Russians at this next meeting.
In light of these agreements, the CBI States recommended that the United States Government assist a comparable engagement with the European and British governments based on the six agreed-upon principles.
Both parties reaffirmed their commitment to continued constructive dialogue that takes into account the unique conditions and requirements of small nations.
Prime Minister of Antigua and Barbuda Gaston Browne, Prime Minister of Dominica Roosevelt Skerrit, Prime Minister of Grenada Dickon Mitchell, Prime Minister of St. Kitts and Nevis Dr. Terrance Drew, and Prime Minister of Saint Lucia Philip Pierre were there.
The Governor of the Eastern Caribbean Central Bank, the Director General of the Organisation of Eastern Caribbean States, and a delegation of the United States Government led by the Deputy Assistant Secretary of the United States Department of the Treasury were also present.
