St. Lucia Set to Sign MOA for Unified OECS Citizenship by Investment Standards, Confirms CEO McClaude Emmanuel

McClaude Emmanuel, CEO of the St. Lucia Citizenship by Investment Unit, has assured that Prime Minister Philip J. Pierre will sign the Memorandum of Agreement (MOA) aimed at establishing common standards and regulations for Citizenship by Investment (CBI) programs across OECS territories.

In March 2024, Grenada, Antigua and Barbuda, Dominica, and St. Kitts and Nevis signed the MOA. This agreement mandates that, starting June 1, all territories with CBI programs will cooperate and share information to improve the integrity, security, and efficiency of their programs.

St. Lucia did not sign the MOA on March 20. However, on May 23, during a panel discussion on “Resilience: Strengthening the Adaptability and Sustainability of Caribbean Investment Migration” at the 2024 Caribbean Investment Summit, Emmanuel confirmed St. Lucia's intent to sign the non-legally binding agreement but did not specify a date.

The summit, held from May 22-24 at the Radisson Conference Centre, gathered over 200 participants.

The MOA outlines that the five participating CBI territories will establish a regional competent authority by June 30, 2024, to set standards in line with international requirements and best practices, and to regulate the programs. It also stipulates common standards for the regulation of agents, marketing, and promotions, including prohibiting the marketing of CBI programs for “visa-free access” and the use of passport photographs in advertisements.

The agreement is a statement of intent and does not create legal obligations. It can be amended or terminated by unanimous consent of the signatories, and any disputes will be resolved through negotiations.