Prime Minister Hon. Philip J. Pierre met this week with European Commissioner for Internal Affairs and Migration Magnus Brunner, Prime Minister of Antigua and Barbuda Hon. Gaston Browne, Governor of the Eastern Caribbean Central Bank Timothy Antoine, OECS Director General Dr. Didacus Jules, and other officials of the European Union (EU). The meeting was convened at the EU Mission to the United Nations in New York, on the margins of the 81st United Nations General Assembly.
The discussion centred on the future of citizenship by investment {CBI} programmes following the European Commission’s request that Eastern Caribbean countries operating such programmes phase them out by June 2028.
The Prime Ministers reiterated that citizenship by investment programmes are an important source of development financing for the OECS countries that operate them. They also underscored the need for continued dialogue with the EU on a transition path forward that takes account of EU security concerns and the economic realities of the region.
Back in July of this year, The European Union issued a firm ultimatum to several Caribbean territories operating CBI programs. The EU was clear, reform or face the suspension of visa-free access to the Schengen Area for their citizens.
The warning targeted countries whose CBI programs which were identified as posing risks to Schengen security due to weak due diligence, rapid processing, and potential for abuse. The EU had called for stricter vetting and due diligence standards, higher investment thresholds, greater transparency, and alignment with international best practices on anti-money laundering and counter-terrorism financing.
Regional prime ministers, speaking at the recently held 51st Regular Meeting of the CARICOM Heads of Government, were unified in their approach to tackling issues surrounding the CBI initiative. The regional heads have since assured that they had complied with every added requirement placed on the program.