The Caribbean five nations, Antigua and Barbuda, Commonwealth of Dominica, Grenada, St Kitts and Nevis and Saint Lucia, are all set to reform their CBI programmes to maintain highest standard Investment Migration. A regional regulatory authority, with these five nations as member states, is being created to oversee the developments in CBI Programmes
The creation of the regional regulatory authority has been under consideration for several months. All five nations offering CBI Progammes are dedicated towards maintaining uniformity in regulations. The five nations have announced that they will be implementing several new rules for the improvement of the programmes.
The investment migration sector in the Caribbean will be regulated with ironclad rules in the region. The regulatory authority will be responsible for regulating a developer involved in the development, promotion, or management of approved real estate or other qualifying projects.
The officials have shared the nations will be developing, adopting and implementing uniform standards. These regulations will be responsible for governing the eligibility, documentation and the due diligence process for CBI Applicants.
The standards will align with relevant national, regional and international best practices and obligations. The standards will include:
(a) minimum eligibility criteria
(b) prohibited categories of applicants, including persons under national, regional and international sanctions or watchlists
(c) disqualifying circumstances, including prior convictions, or incomplete disclosure
(d) certified identification and travel documents
(e) police clearance certificates from all relevant jurisdictions
(f) financial statements and verifiable proof of the lawful source and transfer of funds
(g) declaration of tax residence, tax status and compliance statement
(h) medical certificates and declarations of dependants
(i) statutory declarations and required supporting evidence
(j) any other documentation deemed necessary by the Authority to verify the eligibility, integrity and security risks posed by applicants.
The Caribbean five, who have agreed to comply with the directives of the regional regulatory authority will incorporate the revised standards into their administrative procedures and systems.
The nations have also promised to comply with a mandatory cap on the number of applicants who will be granted citizenship within a country in a single financial year. This decision will be taken in consideration of based on an annual assessment of:
- Global demand
- Economic impact
- National absorptive capacity
- Reputational risk.
The council will determine and approve the maximum number of applicants to be granted citizenship in each Participating State in a financial year. The association will also issue guidelines on the allocation of the approved maximum number amongst the Participating States.
The member states have to make sure that their approval process does not result in the granting of citizenship in excess of the annual maximum amount that the country has been allocated.
The association has further asserted that it is mandatory for these applicants to live in the nation which has granted them citizenship for an aggregate of 40 days up to or during the first five calendar years from getting Citizenship of the country.