Caribbean prime ministers discuss Citizenship by Investment prices

St. Lucia’s Prime Minister Allen Chastanet arrives during the 23rd Conference of the Parties (COP) climate talks in Bonn, Germany, Wednesday, Nov. 15, 2017.
Associated Press / Martin Meissner, File

Reports in Dubai, United Arab Emirates, on Sunday say some Caribbean prime ministers discussed Citizenship by Investment Prices after recent devastating hurricanes.

Beacon — a major conference and exhibition organizer that operates out of Hong Kong, Melbourne and London, running events globally — said that Dominica was impacted significantly by Hurricane Maria, a category 5 storm leaving behind a trail of devastation and over 50,000 people displaced.

Earlier this month, Beacon said Prime Minister Roosevelt Skerrit gave the opening address at the Investment Immigration Summit East Asia in Hong Kong.

“What we would like to recognize is that literally days after the hurricane, our Citizenship by Investment (CBI) program was back on the road,” Beacon quoted Skerrit as saying. “While we were receiving 200-plus miles wind, stakeholders were processing applications because we were able to advance our program to ensure that we utilize technology to enhance the effectiveness and efficiency of our program.”

When asked about whether Dominica will follow St. Kitts and Antigua in the recent controversial reduction of its CBI program prices, Beacon said Skerrit replied: “The government of Dominica has not taken any decision in respect to this matter.

“What I would like to see though, for the long-term benefit of the program, is for there to be a base price for all the categories within our programs, based on a gentlemen agreement that we shouldn’t go below a particular price point,” Skerrit said.

Beacon said Prime Minister Allen Chastanet of St. Lucia also made an appearance at the Investment Immigration Summit in Hong Kong.

When interviewed by the Investment Migration Insider, Beacon said, “he confirmed that St. Lucia will be accepting other currencies as part of their CIP program, and are looking at the possibility of getting their domestic bank, Bank of St. Lucia, to open a branch in Dubai as part of the IFC.”

The Industry Foundation Classes (IFC) data model is intended to describe building and construction industry data.

“Chastanet hopes to have it up and running before the end of the year, if not, by early January,” Beacon said. “They will be looking at accepting the Euro and the Yen first, and possibly Bitcoin.”

Beacon said the investment migration industry is now looking towards the Middle East and North African region and hoping to tap into the potential of this market.

It said the sister event of the Hong Kong Summit, the 4th Annual Investment Immigration Summit MENA (IIS MENA), is coming to Dubai on Feb. 25-27, 2018.

Beacon said the conference and exhibition will offer the latest and most comprehensive information on investment immigration programs from around the world including the US, European Union, Canada, the Caribbean, Australia and the Pacific Islands.

“It will showcase the latest content offerings for the local Middle East market, focusing on the alternative pathways to migration,” Beacon said.

It said other key topics at the summit include the Common Reporting Standard (CRS) that the Paris-based Organization for Economic Co-operation and Development (OECD) developed in 2014; the latest trends for outbound investment migration in the MENA region; how to effectively manage and utilize dual citizenship; the relationship between wealth management, tax planning and citizenship by investment; addressing the global perception of citizenship-by-investment program;, and new investment programs entering the market.

Beacon said the two-day summit will provide a platform for MENA migration agents along with High Net Worth representatives from the region, who have interests in overseas investment and migration opportunities, and are looking to secure a better future via the Citizenship by Investment and/or permanent residency options.

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