Legislative Changes Proposed to Strengthen OECS Citizenship by Investment Program


The St. Lucia government yesterday said it has made suggestions to governments in the sub-regional Organisation with Eastern Caribbean States (OECS) with Citizenship by Investment programs (CBI) to further strengthen a regional agreement they have signed recently.

Prime Minister Phillip J Pierre in a statement said that Castries has proposed legislative changes to address change of name requests and that this has been agreed to by the leaders of the other countries.

Apart from St Lucia, the other OECS countries with a CBI program are Antigua and Barbuda, Dominica, Grenada, and St. Kitts-Nevis.

Under the CBI program, foreign investors are granted citizenship of the country in return for making a substantial investment in the socio-economic development of those countries.

Pierre said that after careful review and extensive discussions with stakeholders and other OECS leaders with CBI programs, St. Lucia agreed to sign the Memorandum of Agreement (MOA) already signed by other OECS CBI countries.

He said the MOA calls for pricing, information sharing and transparency standards, regulation, security screening and framework as well as the regulation, dispute resolution, amendment and termination.

Pierre said over the last year, the Citizenship by Investment Unit here has instituted all six principles agreed to with the United States government.

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