EU Meetings with Caribbean on CBI

European Union officials, along with the Union’s Head of Visa Policy and its representative in Barbados, are currently engaged in discussions with all Caribbean countries participating in Citizenship by Investment (CBI) programs. The focus of these meetings, as disclosed by local sources familiar with the discussions, includes the future of visa-free Schengen travel, EU concerns regarding CBI programs, and related issues.

The meetings are being held at the Intercontinental Dominica Cabrits Resort, where discussions have already taken place with Dominica, Saint Kitts & Nevis, and Grenada. Subsequent meetings are scheduled with Antigua & Barbuda and Grenada later this week. Participants include heads of Caribbean CBI Units (CIUs) and several attorneys general from the respective countries. These dialogues are described as preliminary and exploratory.

The EU has conveyed that while there is currently no immediate threat to visa-free Schengen access for citizens of the Caribbean Five, the revocation of such privileges could be a potential consequence if the EU’s concerns regarding the region’s CBI programs are not addressed.

Of particular concern to the EU are issues related to national security and immigration risks associated with granting citizenship to individuals who may pose risks to Europe. Additionally, the EU expressed apprehension about the low-cost/high-volume model of CBI programs adopted in recent years, which they argue has been further complicated by irregular discounting schemes.

Specifically, the EU referenced concerns over developer Caribbean Galaxy’s past projects in Saint Kitts, which have led to legal disputes, as well as their recent acquisition of CBI units in Saint Lucia.

In response to inquiries, Michael Martin, the head of Saint Kitts & Nevis’ CIU, confirmed his participation in the meetings and characterized them as informative and constructive. Regarding concerns about discounting, Martin noted that no definitive statements were made and speculated that a report might be issued after the meetings.

Another Caribbean program head declined to comment on ongoing discussions due to their sensitive nature.

During discussions with Dominica, EU representatives suggested that Caribbean programs consider raising their prices significantly to achieve similar CBI revenues from a smaller volume of applications.

Furthermore, the delegation expressed dismay over Grenada’s acceptance of Russian applicants (discontinued last year), suggesting potential diplomatic repercussions. There were also indications that other Caribbean CBI programs may have accepted Russian applicants despite public announcements to the contrary.

EU representatives acknowledged the importance of CBI programs to the economies involved and emphasized that any drastic changes to visa policies would be considered only if deemed necessary from a security perspective.

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EU Visa regime Changes: Impact Analysis

he European Commission has prepared a report on the mechanism for suspending the visa regime for citizens of certain third countries.

Particular attention is given to the section on Vanuatu and countries in the Eastern Caribbean region, where citizenship-by-investment programs, also known as “golden passports,” are actively being implemented.

There is a possibility that unpopular measures may be proposed for individual countries. It is important to note that the report does not include the results of recent assessments of these programs (for example, an assessment was conducted in Vanuatu in September).

Decision-making process: (for information) the decision to suspend visa-free regimes with third countries is made by the Council on the Commission’s recommendation.

Full text you can find via this link.

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