In March 2024, several other Caribbean nations, including Antigua and Barbuda, Saint Kitts and Nevis, Dominica, and Grenada, signed a Memorandum of Agreement.
In May 2024, St Lucia already confirmed their intention to sign the agreement at the Caribbean Investment Summit.
One of the main goals of the MoA was to unify the CBI programs in the Caribbean. St Lucia is the last to join; however, according to the MoA itself, the country will have to apply new rules no later than June 30th.
In a recently published statement, St Lucian PM indicated that the country also proposes additional changes for other Caribbean CBI units to consider.
Here’s what to expect apart from the investment amount being up to $200,000:
1. Introduction of annual quotas for investors. St Lucia considers that limited opportunity will ensure the safety of the country, as well as prevent abuse by Russian or Belarussian applicants.
2. Stricter Due Diligence checks. As part of the MoA agreement, St Lucia is to check investors even more thoroughly than they do now.
3. Savings required. Applicants may need to demonstrate savings in a bank account — the exact amount is currently unknown and is to be discussed.
4. Escrow accounts must be held in Saint Lucia. This is also to ensure general safety since off-island escrow accounts were considered inappropriate.
5. Mandatory interviews for candidates. St Lucia has already made interviews part of the Due Diligence check, but now, to unify the procedure, these interviews would be shared between all MoA countries, as well as with other applicants' information.
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