Draft Legislation for a Regional CBI/CIP Regulatory Body Released for Public Consultation

The Eastern Caribbean strides towards enhanced transparency and accountability in its Citizenship by Investment Programs (CIPs), commonly known as CBI programs, by unveiling draft legislation for a regional regulatory body. This move signifies a concerted effort to address international scrutiny and bolster the credibility of these programs, which offer citizenship in exchange for investment. The proposed Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) will standardize regulations and enforcement across participating nations, fostering a more unified and robust CIP landscape. The publication of the draft legislation initiates a crucial public consultation period, inviting feedback from stakeholders and the wider community to refine the framework before its implementation. This collaborative approach underscores the commitment to building a sustainable and reputable CIP system.

The draft legislation, a product of extensive consultations involving governments, industry stakeholders, international partners, media, and civil society, represents a significant milestone in the region’s pursuit of CIP reform. Led by the Interim Regulatory Commission (IRC), the consultations, facilitated by Legal Drafting Consultant Ms. Lydia Elliott, gathered diverse perspectives to inform the development of the proposed regulatory framework. This inclusive process aims to ensure that the ECCIRA effectively addresses the needs and concerns of all parties involved, fostering a balanced and well-informed approach to CIP oversight. The public comment period, which extends until July 16, 2025, provides a critical opportunity for further input and refinement, ensuring that the final legislation reflects the collective wisdom of the region.

The establishment of ECCIRA is a pivotal step towards harmonizing CIP regulations across the Eastern Caribbean, creating a level playing field and enhancing the overall integrity of these programs. By implementing uniform standards and enforcement mechanisms, ECCIRA aims to mitigate risks, enhance due diligence processes, and promote greater transparency. This regional approach will not only strengthen the individual CIPs of participating nations but also bolster the collective reputation of the Eastern Caribbean as a destination for reputable investment migration. The collaborative nature of this initiative, involving multiple jurisdictions and stakeholders, demonstrates a shared commitment to building a sustainable and trustworthy CIP ecosystem.

The IRC, composed of prominent representatives from Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, along with representatives from CARICOM IMPACS/JRCC, the OECS Commission, and chaired by the Governor of the Eastern Caribbean Central Bank, spearheads this transformative initiative. The diverse composition of the IRC ensures a comprehensive understanding of the unique challenges and opportunities presented by CIPs in each jurisdiction. The leadership of the IRC, combined with the expertise of the legal consultant and the input gathered during the consultation process, has laid a strong foundation for the development of robust and effective regional regulations.

The public is strongly encouraged to actively participate in the consultation process by reviewing the draft legislation and submitting their feedback. This open dialogue is vital for shaping the future of CIPs in the Eastern Caribbean and ensuring that the regulatory framework effectively addresses the concerns of all stakeholders. The IRC has provided multiple channels for submitting feedback, including email and WhatsApp, making it accessible to a wider audience. This commitment to transparency and public engagement reinforces the region’s dedication to creating a CIP system that is both sustainable and ethically sound.

The Eastern Caribbean’s proactive approach to CIP reform, through the establishment of ECCIRA and the transparent consultation process, signals a new era of accountability and enhanced credibility for these programs. By embracing regional collaboration and engaging with stakeholders, the Eastern Caribbean is taking decisive steps to solidify its position as a responsible and attractive destination for investment migration. This initiative not only addresses existing concerns but also lays the groundwork for a more sustainable and resilient CIP framework, contributing to the long-term economic development and stability of the region. The success of this endeavor hinges on the continued engagement of all stakeholders in shaping the future of CIPs in the Eastern Caribbean.