THE FIVE EAST CARIBBEAN REPUBLICS THAT SIGNED THE MEMORANDUM OF AGREEMENT ON CBI-CIP WILL NOT BE ABLE TO COMPLY BY JUNE 30 DEADLINE

It now appears that there is little or no chance that the five East Caribbean states that have CBI/CIP passport sale programs will be unable to fulfill their obligations under the Memorandum of Agreement that they signed before the stated deadline date of June 30, 2024. The Memorandum, which is seen as bringing needed reform to the CBI process, and which resulted from European and American pressure, provides that all CBI programs will charge the same fee (USD$200,000) for their economic citizenship & passport programs. A scandal over unauthorized and reduced passport fees has tainted the industry with fraud and corruption charges, and the Memorandum is designed to bring uniformity throughout the region. It also provides for certain additional reforms.

Apparently, according to media reports from the area, none of the five states which are required to charge the stated minimum fee,beginning next week, have enacted legislation to authorize this change, although the deadline date has been known since March 2024. Additionally, no work has been started on a regulatory commission, which is designed to enforce the terms of the memorandum and remedy violations, and no commission members appointed.

Unless and until the five CBI states take action to comply with the Memorandum's terms and conditions, all CBI/CIP activity will grind to a complete halt next week. Given the close attention that is being paid to Caribbean CBI programs, in the aftermath of the filing of the RICO Complaint against alleged illegal activity in St. Kitts & St. Lucia, swift action to conform these programs to the Memorandum must be initiated, forthwith, and with total transparency, if the industry wishes to rehabilitate itself.