Saint Lucia PM discusses CBI phase-out timeline with EU officials

Prime Minister Philip J. Pierre convened with European Commissioner for Internal Affairs and Migration Magnus Brunner and other regional and EU officials at the EU Mission to the United Nations in New York during the 81st UN General Assembly this week.

The gathering examined the future of citizenship by investment programmes, following the European Commission's directive that Eastern Caribbean nations wind down such schemes by June 2028. Antigua and Barbuda's Prime Minister Gaston Browne, Eastern Caribbean Central Bank Governor Timothy Antoine, and OECS Director General Dr. Didacus Jules also participated.

Regional leaders underscored that CBI programmes generate essential revenue for OECS member states. They called for sustained engagement with the EU to develop a transition approach that balances Brussels' security requirements with the region's economic circumstances.

In July, the European Union warned Caribbean territories operating CBI programmes that citizens would lose visa-free Schengen Area access unless reforms were enacted. The EU identified security gaps including insufficient due diligence procedures, expedited processing timelines, and vulnerability to misuse.

Brussels demanded tougher vetting standards, higher minimum investment amounts, improved disclosure requirements, and compliance with global standards on combating money laundering and terrorist financing. At the 51st Regular Meeting of the CARICOM Heads of Government, regional leaders stated they had implemented all additional requirements imposed on the programmes.