Dominica, alongside three other Caribbean nations, has recently signed a Memorandum of Understanding (MOU) aimed at strengthening their Citizenship by Investment Programs (CBIP). Dr. Terrance Drew, the Prime Minister of St Kitts and Nevis, spearheaded this initiative to demonstrate the commitment of the four countries to operate their CBIPs with integrity and adherence to best practices. The signatories of the MOU, including Antigua and Barbuda, St Kitts and Nevis, and Grenada, are all members of the Organization of Eastern Caribbean States (OECS).

The MOU, dated March 20, 2024, emphasizes the intention to increase the minimum threshold of their CBIPs to at least US$200,000 by June 30, 2024, with the goal of eliminating underselling practices. Dr. Drew lauded the agreement, highlighting the importance of responsible operation of CBIPs for the economies of the respective nations.

Under the terms of the MOU, the four countries have agreed to share information on CBIP applicants, implement enhanced transparency measures including disclosure of funds received and independent audits, establish common regulatory standards, manage program communications, regulate agents, and facilitate joint training programs for officials involved in CBIP administration.

Caribbean CBIPs have attracted scrutiny from the European Union (EU) due to concerns about potential security risks and integrity issues. EU officials convened in Dominica on January 24, 2024, to discuss these concerns with Caribbean nations. Dominica’s approach of offering citizenship at a relatively low cost and high volume has raised particular apprehensions. Consequently, the United Kingdom and Ireland have imposed visa restrictions on Dominica, citing concerns over the integrity of its CBIP and associated security risks.