On Tuesday, June 3, 2024, Prime Minister Philip J. Pierre of Saint Lucia announced the signing of the Caribbean Memorandum of Agreement (MOA), aimed at standardizing minimum investment requirements in citizenship programs and enhancing information security and communication. This agreement includes the four Caribbean nations of Saint Kitts and Nevis, Dominica, Antigua and Barbuda, and Grenada. The four nations signed the MOA back in March, while Saint Lucia requested additional time before joining, out of respect for its local developers’ contracts and to discuss certain legal obligations.
Saint Lucia proposed several enhancements to the agreement, including imposing annual quotas on applicants, setting a minimum net worth requirement, and establishing an escrow account on the island. These proposals are part of a broader strategy to boost Saint Lucia’s economy, attract more foreign investments, maintain program integrity, and prevent potential misuse.
These new measures will be implemented in collaboration with international partners to ensure compliance with the highest possible standards. The Caribbean agreement’s measures are expected to take effect by the end of June for programs in Saint Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda, including raising the minimum investment to $200,000, double the current amount, and will apply to Saint Lucia’s program in the coming months.
Last year, Saint Lucia’s Citizenship by Investment Unit implemented all six principles agreed upon with the United States government, including banning applicants from Russia and Belarus, conducting interviews with applicants, and reviewing all files through the local Financial Intelligence Unit, thereby enhancing the program’s quality and international standing.
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