Caribbean Trade Law and Development

Category: news

  • WTO Director General Visits Barbados

    Alicia Nicholls

    Director General of the World Trade Organisation, Roberto Azevedo, paid an official visit to Barbados this week. The Director General’s visit to Barbados comes as part of his official visit to the Caribbean. Earlier this week the Director General visited Jamaica where he met with Prime Minister Portia Simpson Miller and other senior government representatives, and gave a speech at the University of the West Indies’ Mona Campus.

    According to Barbados’ Government Information Service, Mr. Azevedo met with Barbados’ Prime Minister, the Rt. Hon Freundel Stuart and Minister of Foreign Affairs and Foreign Trade, the Hon Senator Maxine McClean.

    Barbados has been a strong and vocal supporter of the multilateral trade process. Barbados was a founding member of the WTO and has been a party to the GATT since 1967. The chairperson’s statement on Barbados’ trade policy review in January last year noted, inter alia, that members “praised Barbados’ strong support for the multilateral trading system and the role it has played in the DDA negotiations” and its open and liberal investment and trade regime.  Barbados has played a leading role in advocating for the interests of Small Vulnerable Economies (SVEs) and currently chairs the Africa, Caribbean & Pacific (ACP) group  in the WTO.

    According to a report by Barbados’ Nation News, Minister McClean and Director General Azevedo held a joint press conference at the headquarters of her ministry. During this press conference, Minister McClean is reported to have emphasised the challenges faced by small states like Barbados in the multilateral trading system and reiterated the need for a successful conclusion of the Doha Development Round.

    The future of the Doha Round has been left undecided at the WTO’s 10th Ministerial Conference in Nairobi, Kenya last December. In the Nairobi Declaration, WTO members unprecedentedly stated their disagreement on whether Doha should be ended or continued.

    Details on Director General Azevedo’s official visit to Barbados may be obtained from the official website of the Barbados Government Information Service here.

    Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read more of her commentaries and follow her on Twitter @LicyLaw.

     

  • Jamaica ratifies Trade Facilitation Agreement; WTO DG Visits Jamaica

    Alicia Nicholls

    Jamaica has become the  67th member country of the World Trade Organisation (WTO) to ratify the Trade Facilitation Agreement (TFA) on January 19th this year. Jamaica is the sixth country of the Caribbean Community (CARICOM) to have ratified the TFA. The other CARICOM countries which have already ratified are Trinidad & Tobago, Belize, Guyana, St. Lucia and Grenada.

    The TFA was concluded at the Bali Ministerial in 2013 and seeks to cut the red tape and reduce the transaction costs and delays in the movement, release and clearance of goods across borders through the harmonisation, simplification and acceleration of customs procedures.  The TFA, which the WTO predicts to increase global merchandise exports by up to 1 trillion by per year, will come into force once two-thirds of the WTO’s membership ratifies the Agreement. Earlier this month Seychelles became the 66th WTO member to ratify, while Mali this week became the 68th member and 10th African country to do so, bringing the total number of ratifications to 68.

    The announcement of Jamaica’s ratification comes on the heels of the WTO Director General, Roberto Azevedo’s official visit to Jamaica this week. Jamaica is currently the chair of the CARICOM Group in the WTO and has been very active in the WTO negotiations. In his speech at the University of the West Indies’ Mona Campus in Jamaica, Director General Azevedo lauded Jamaica’s leadership and participation in the multilateral trade process from as early as the days of GATT, particularly in light of the country’s relatively small size. The Director General will also be visiting other CARICOM countries.

    The ratification by Jamaica is a welcomed development and it is hoped more CARICOM states will follow suit. My article on the benefits of the TFA for small island developing states can be accessed here.

    The full text of the Director General’s speech in Jamaica may be accessed here.

    Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade.  You can also read more of her commentaries and follow her on Twitter @LicyLaw.

     

  • Barbados Trade Mission to visit 3 CARICOM countries

    Alicia Nicholls

    According to Nation News, Barbados will be undertaking a five-day trade mission to three countries of the Caribbean Community (CARICOM) with the aim to “uncover more opportunities for Barbadian exporters, and further enhance the development of trade relations, joint ventures and other investments which could yield economic gains for Barbados”.

    Nation News reports that the delegation will be led by Minister of Industry, International Business, Commerce and Small Business Development, the Hon. Donville Inniss, with representatives from the Barbados Investment and Development Corporation (BIDC), the Barbados Manufacturers’ Association (BMA) and the Ministry of Foreign Affairs and Foreign Trade, as well as representatives from seventeen local companies. The three countries to be visited are St. Lucia, Grenada and Guyana.

    Read more on this story at Nation News here.

    Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read more of her commentaries and follow her on Twitter @LicyLaw.

  • St Lucia’s Citizenship by Investment programme officially opens for business

    Alicia Nicholls

    As of January 1st of this year, St. Lucia’s Citizenship by Investment programme is officially open and taking applications by interested investors. Late last year, Prime Minister, The Hon. Dr. Kenny Anthony formally launched the programme at the Global Citizen Forum held in Monaco. St. Lucia joins St. Kitts & Nevis, Grenada, Antigua & Barbuda and Dominica to become the fifth Caribbean State to offer a citizenship by investment programme.

    A citizenship by investment programme (CbI) offers qualifying investors (as well as their spouse and dependents once they meet certain criteria) citizenship in exchange for an investment in a qualifying activity, for instance, investment in real estate, a special fund or government bonds. In a world of dwindling access to financial resources, a growing number of States internationally are currently offering some form of citizenship by investment programme as a way to raise much needed finance, including for development objectives.

    This phenomenon is not limited to developing countries. Several metropolitan countries such as the US and its EB-5 Immigrant Investor Programme, offer some form of citizenship by investment scheme. Other States offer residency by investment programmes, which grant the qualifying investor certain residency benefits. A Caribbean example is Barbados’ Special Entry and Reside Permit (SERP), while Spain’s Golden Visa is an international example.

    The market for second passports is growing and is an attractive option for high net worth individuals (HNWIs), particularly business persons who come from countries  whose passports are subject to visa restrictions, making it difficult to travel to, and conduct business in major markets unimpeded. For HNWIs from those few countries like the US where personal income tax is levied based on nationality as opposed to residency,  renouncing one’s citizenship and obtaining citizenship of another State through a CbI programme is also increasingly seen an attractive option.

    Some quick facts about St. Lucia’s programme

    Basic Eligibility Requirements

    • Age Limit: Under the Citizenship by Investment Act No. 14 of 2015, a person who is 18 years or over may apply for citizenship of St. Lucia.
    • Dependents: Qualifying dependents include a spouse and a child and/or parent of the applicant or of his/her spouse once the child or parent meets certain criteria provided for in the Act.
    • Net worth: The applicant must have financial resources of at least US 3,000,000

    In addition to these basic requirements, the applicant must fill out an application form, accompanied by the requisite information, documentation and fees and is subjected to due diligence checks.

    All of this will be explained by the Authorised Agent. Authorised agents are licensed by the St. Lucia Financial Services Regulatory Authority and are authorised to act on the applicant’s behalf  in relation to the application for citizenship by investment.

    Qualifying Investments: On approval of the application, the potential investor will be required to make the qualifying investment proposed in his or her application. Under Schedule 2 of the Citizenship by Investment Regulations Statutory Instrument No. 89 qualifying investments are:

    • Investment in the St. Lucia National Development Fund, with the level of minimum investment required depending on whether the applicant is applying alone, with a spouse and/or with dependents. For an applicant applying alone, the minimum threshold is US$ 200,000.
    • Investment in an approved real estate project. The minimum threshold is US$300,000.
    • Investment in an approved enterprise project. The minimum investment required depends on whether it is one or more than one applicant investing. For an applicant applying alone, the minimum investment is US$ 3,500,000 (plus no less than 3 permanent jobs).
    • Investment by purchasing Investment by purchase of non interest bearing Government bonds (5 years holding bond). For an applicant applying alone, the minimum threshold is US$ 500,000.

    Benefits of St. Lucia Citizenship

    • St. Lucia allows for dual citizenship which means the investor is not forced to renounce his or her citizenship of another State.
    • The Citizenship by Investment Board is only allowed to grant a maximum of 500 applications annually which adds an element of exclusivity.
    • A St. Lucia passport allows for visa-free travel to over 90 countries, including the Schengen Area (26 European countries), as well as visa-free travel within the Caribbean Community (CARICOM) and the  other rights of which CARICOM nationals benefit under the Revised Treaty of Chaguaramas.

    For further information on St. Lucia’s Citizenship by Investment programme, please contact the St. Lucia Citizenship by Investment Unit.

    For a general overview of CbI programmes across the Caribbean, please feel free to read my earlier article: Economic Citizenship by Investment Programmes in the Eastern Caribbean: A Brief Look.

    DISCLAIMER: Please note that the information presented in this Article is for general information only and is not intended to be, nor should it be construed as, investment or legal advice. The Author is in no way affiliated with the St. Lucia Citizenship by Investment programme or any of the relevant authorities. The information is taken from sources deemed to be accurate at the time of publication and the Author of this article accepts no liability or responsibility for any errors which may be contained herein or any actions suffered as a result of reliance on the information presented.

    Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. You can also read more of her commentaries and follow her on Twitter @LicyLaw.