Saint Vincent and the Grenadines have begun developing a Citizenship by Investment (CBI) program. This country has become the last member of the Organisation of Eastern Caribbean States (OECS) without such a program. The union also includes Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, as well as dependent territories such as Montserrat, Anguilla, and the British Virgin Islands.
The idea of creating the program began to take shape after the New Democratic Party won the elections last month. The former prime minister, who served for 24 years, consistently rejected proposals to launch it.
What to Expect?
The details and terms of the program are not yet known. However, questions remain as to whether Saint Vincent and the Grenadines will adhere to the $200,000 minimum threshold established by the Caribbean Five under the Memorandum.
It is likely that they will, as the government of Saint Vincent and the Grenadines has stated its intention to follow the best practices in the region. Moreover, recently all countries of the “Five” (and possibly Saint Vincent will join) created a single program regulator — ECCIRA, headquartered in Grenada.
Will Saint Vincent Implement the Program?
This decision depends not only on internal factors but also on external ones. As we reported earlier, the European Union has already introduced a mechanism to revoke visa-free access for countries with Citizenship by Investment programs. For countries like Saint Kitts, Saint Lucia, or Grenada, which have had programs for a long time and continuously improve requirements, the EU is likely to be more lenient. For “newcomers,” the decision may be stricter.
A Saint Vincent passport provides visa-free access to 140 countries, including the Schengen Area and the United Kingdom.
