Latest / IMI Podcasts / June 30th Caribbean Price Hike Deadline "Is A Bit Tight," Says Influential CBI Agent

Transcript

June 30th Caribbean Price Hike Deadline "Is A Bit Tight," Says Influential CBI Agent · IMI Podcasts

• 0:00
  SPEAKER_00: This episode first appeared as an article titled June 30th Caribbean Price Hike Deadline is a bit tight, says Influential CBI agent, and authored by Mustafa Daly on IMIDAily.com.
• 0:14
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• 0:42
  SPEAKER_00: In it, they all agreed on raising the minimum investment threshold to at least$200,000 come June 30, 2024.
• 0:51
  SPEAKER_00: 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 U.S.
• 1:02
  SPEAKER_00: RRR.
• 1:02
  SPEAKER_00: At Global Citizen Week Cairo 2024, IMI's Ahmad Abbas questioned Patrick Peters, CEO at Client Referrals, about the upcoming Caribbean CBI price increases and the degree to which he believes regional leaders will actually follow through on their MOA plans.
• 1:22
  SPEAKER_00: Listen to the full interview with Patrick Peters now.
• 1:34
  SPEAKER_02: Let's talk about the craving MOA.
• 1:36
  SPEAKER_02: After seven years of serious attempts at CBI regional harmonization, we finally have an end product.
• 1:43
  SPEAKER_02: Why do you think it took them this long?
• 1:45
  SPEAKER_02: What was the catalyst, the driver that pushed them to finally put pen to paper?
• 1:50
  SPEAKER_01: One thing that I always say about industry, it's incredibly dynamic, it's ever-changing, and it's relatively new.
• 1:57
  SPEAKER_01: And so, you know, 35 years roughly.
• 2:00
  SPEAKER_01: And so it's normal that throughout its maturation process, the industry will change, will evolve.
• 2:06
  SPEAKER_01: And I think that this MOA is just part of that evolution.
• 2:10
  SPEAKER_01: I don't see it as taking so long.
• 2:12
  SPEAKER_01: I think the CIUs have been operating their programs independently and doing the best they can.
• 2:18
  SPEAKER_01: And it's been great to be a part of that and seeing that progress.
• 2:23
  SPEAKER_01: And this MOA just feels like a logical next step.
• 2:26
  SPEAKER_01: And so I think the catalyst of that, yes, pressure from international partners, external governments that have kind of that are trying to help them take that next step.
• 2:39
  SPEAKER_01: Definitely it was a catalyst, but the CIUs themselves and the governments themselves and each of the prime ministers want to go ahead with that.
• 2:47
  SPEAKER_01: And as the industry, we're all excited about it.
• 2:49
  SPEAKER_01: I think the future is quite bright if we move forward with this.
• 2:52
  SPEAKER_02: The MOA, by its nature, is not binding.
• 2:54
  SPEAKER_02: What do you think the odds are that everybody will actually fall through and raise prices on June 30th?
• 3:00
  SPEAKER_01: I think the odds are good that they follow through on the MOA and the intention of increasing the price and performing or coming together on the due diligence practices.
• 3:12
  SPEAKER_01: The timeline, though, is a bit tight.
• 3:14
  SPEAKER_01: I think if we look at it logically from a, you know, not only just creating new laws and getting them approved by cabinet, but even just each CIU working independently on brainstorming how they want to structure the new pricing and the other investment options and the government fees.
• 3:32
  SPEAKER_01: There's a lot to digest there.
• 3:34
  SPEAKER_01: There's a lot to come up with internally and then work together again as the CIUs to come out with something uniform.
• 3:41
  SPEAKER_01: And so I think that whole idea starting now of them creating what they want for the long term, then they'll have to pass it into each respective country's laws.
• 3:53
  SPEAKER_01: So if we look at it logically, a June 30th deadline is a little bit tight for the new pricing and the new things to be online.
• 4:02
  SPEAKER_01: Um, but I think the odds are very good that they will happen at some point this year.
• 4:06
  SPEAKER_02: Okay, and you said uniform, and I want to touch on that.
• 4:09
  SPEAKER_02: So Caribbean programs are already quite similar in terms of framework, processing times, and pricing.
• 4:15
  SPEAKER_02: And this MOA should standardize them a bit more, make them a bit more similar than they are.
• 4:20
  SPEAKER_02: How do you think that will affect competition in the CBI market in the Caribbean?
• 4:25
  SPEAKER_01: I think it will elevate everything.
• 4:27
  SPEAKER_01: I think prices coming up, due diligence being a bit stringent, them being a little bit more restrictive or picky on real estate projects.
• 4:37
  SPEAKER_01: I think the quality of the industry, its promoters, its applicants, everything will rise.
• 4:42
  SPEAKER_01: I think we can compare it to the tide that lifts all boats.
• 4:46
  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:50
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• 4:57
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