OECS Heads of Government agree on unified response to EU CBI concerns

Prime Minister of the Commonwealth of Dominica, Dr Roosevelt Skerrit, hosted the Heads of Government of the Eastern Caribbean states operating Citizenship by Investment (CBI) programmes. The meeting was convened to discuss recent developments affecting the programmes, including the implications of the European Union's revised visa suspension mechanism.

During the meeting, led by PM Roosevelt Skerrit and other leaders from across the Eastern Caribbean Region discussed the implications of the recent communication from the European Commission. The regional leaders talked about what the communication from European Union would mean for the economic resilience, sustainable development, and long-term prosperity of the countries involved in the discussion. 

They deliberated on what could be the appropriate response to the communication from the organisation. During the meeting, all the attending Prime Ministers reaffirmed their commitment to working with the European Union and highlighted that they understand the importance of maintaining the highest standards of security, transparency, integrity, and good governance in the operation of Citizenship by Investment programmes.  

Over the last few years, the Citizenship by Investment Programmes of all the participating nations have undergone significant reforms. The governments have improved transparency, strengthened due diligence and implemented rigorous regional standards to ensure the programmes’ robustness.  

The meeting also talked about the establishment of the Eastern Caribbean Citizenship by the Investment Regulatory Authority. The heads of government collectively called this a major advancement in regional governance and oversight. 

As a part of the meeting, the OECS Heads of Government discussed the significance of the Citizenship by Investment Programmes in the economic prosperity of the OECS states which participate in the operations.  

They highlighted that the funds from the Citizenship by Investment Programmes have helped the nations significantly. Supported by these funds, the nations have been able to make investments in several areas including in climate resilience, disaster recovery, infrastructure, housing, healthcare, education, and fiscal stability.  

As such, these funds have helped the nations reduce their dependence on unsustainable borrowing. As such, the five heads of states claimed that if any changes are expected to be made in the programme, the economic realities of the nations affected should also be taken into consideration.  

The heads of the government have announced that any changes to the CBI programme should account for safeguards for the OECS member states in terms of economic stability, developmental gains and alternative sources of sustainable financing.  

The heads of states have expressed their willingness to continue engaging with the European Union. Heads of Government have agreed to pursue a coordinated programme of diplomatic engagement with the institutions of the European Union and the governments of Member States.  

The heads of states have announced by the means of a statement that they have agreed to undertake a high-level mission to Brussels. As a part of this mission, the heads of states hope to engage directly with the President of the European Commission, the President of the European Council, the High Representative of the Union for Foreign Affairs and Security Policy. 

The government also promised to explore practical and mutually beneficial solutions to the issues identified by the European Union. They committed to strengthen the longstanding partnership between the European Union and the Eastern Caribbean.   

The head of states highlight the importance of preserving economic stability and development gains achieved through Citizenship by Investment programmes. As such any decisions made in this direction, discussions must relate to the states getting opportunities for enhanced development cooperation, strategic investment partnerships, climate resilience financing, economic diversification initiatives. 

The leaders said that they believe responses to this situation should be developed through genuine partnership. The changes and improvements which are suggested should align with both the legitimate policy objectives of the European Union and the legitimate development needs of small island developing states.