Moustafa Daly
Cairo
At Global Citizen Week Cairo 2024, IMI’s Ahmad Abbas questioned Patrick Peters, CEO at ClientReferrals, about the upcoming Caribbean CBI price increases and the degree to which he believes regional leaders will actually follow through on their MoA plans.
Among the most significant shakeups in the industry this year is the recent signing of an MoA among four out of five Caribbean nations. In it, they all agreed on raising the minimum investment threshold to at least US$200,000 come June 30th, 2024. The MoA also entails other steps that aim to standardize the industry in the region and address the security concerns of partners such as the EU and the US.
“I think it will elevate everything; prices coming up; due diligence being a bit stringent; being pickier on real estate projects – all of this will raise the quality of the programs,” said Peters.
“This MoA is a logical next step. The catalyst here is pressure from international partners trying to help these programs take that next step. But the CIUs themselves want to go ahead with [these reforms], and as an industry, we’re all excited about it,” he added.
Peters maintains optimistic that the MoA, when enacted, will take the industry to new heights. “This MoA is part of the [industry’s] evolution,” said Peters. But he also cautions that the timeframe set for enacting the MoA may be “a bit tight.”
Watch the full interview with Patrick Peters below:
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