All Five Caribbean CIP nations have signed Memorandum of Agreement (MOA), to ensure mutual cooperation, information sharing and adherence to common standards of best practice, and regulatory oversight. St lucia became the latest country to sign MOA on Jun 3, 2024. With effect from July 01, 2024, all countries have agreed that the minimum price for any CBI options shall be US$200,000.
Discounting Illegal
The signatories to the MOA make it abundantly clear that discounting of the agreed minimum price is illegal. Market actors, Marketing Agents, Local Agents and or Developers who have evidence of any attempt at, or instances of discounting should report same promptly to the CBI Unit, Investment Migration Agency or Financial Intelligence Units of the participating countries.
Regional Regulator
A regional regulatory body, participating Governments will soon appoint an Interim Regulatory Commission pending the enactment of enabling legislation for the regional regulator. The 7-member Interim Regulatory Commission will be drawn from each of the participating countries (5), the OECS Commission and the Eastern Caribbean Central Bank.
According to OECS press release
The functions of the regional regulator will include to:
- Develop, issue and enforce regional standards for CBI Programmes.
- Monitor compliance of legislation, regulations and standards.
- Monitor compliance with international agreements.
- Investigate complaints.
- Facilitate information sharing and engagements with regional and international stakeholders.
