OECS strengthens Citizenship by Investment Programmes with new regional regulatory authority

Caribbean: A unified move towards the future of Citizenship by Investment Programmes (CBI) in the Eastern Caribbean has been made as the Heads of States of Caribbean five have announced to have signed an agreement to further secure and enhance the integrity, transparency, and sustainability of CBI by creating a regional regulatory body.

According to a press release from the Organisation of Eastern Caribbean States (OECS), the agreement was signed by the five Member States including Antigua and Barbuda, the Commonwealth of Dominica, Grenada, St Kitts and Nevis, and Saint Lucia to oversee Citizenship by Investment operations across the region.

OECS shared that over the past two years, extensive talks between the five Member States and global partners including the CBI industry stakeholders and international partners such as the United States, United Kingdom and the European Commission have been held. During which discussions on ways to adopt a region-wide set of  principles that will reaffirm the legitimacy and necessity of CBI revenues to the small island economies.

Upon their extensive discussions, an agreement was reached having vital provisions that will further improve the programmes. The key provisions include: Establishment of a Regional Regulator, Enhanced Security and Due Diligence, Transparency and Accountability, Compliance and Enforcement and Economic Sustainability and Resilience.

New authority established to oversee CBI Programmes

The new regulatory body, named the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) is set to be launched by October 2025. This body will oversee all CBI activities and ensure that standards are consistent, oversight is rigorous, and compliance is upheld across all participating States.

Enhanced security and screening for applicants

The second key provision discussed was enhanced security and due diligence that will involve compulsory biometric data collection from all new applicants of the programme at the time of the interview, while for previously approved applicants, the biometric data collection will be done at the time of passport renewal.

In order to ensure transparency and accountability a binding requirement has been made for all national CBI Units as well as licensed agents in order to avoid misuse of the system.

Penalties and revocation for non-performance

For enforcement and compliance administrative penalties and fines are to be imposed on CBI Units and licensees for revocation for non-performance and non-compliance with contractual terms.

New minimum investment threshold set

To promote economic sustainability and resilience of the Organisation of Eastern Caribbean States (OECS), a region wide minimum investment of US$200,000 has been adopted, to ensure that the programmes remain credible while continuing to fund critical infrastructure, climate resilience, and social development initiatives in the Caribbean.

Inputs taken from international partners to develop CBI reforms

The official release also mentioned that the reforms are a result of a continuous constructive dialogue that has been taking place between OECS and its international partners including the US, EC, and the UK.

Furthermore other stakeholders include consultations with industry professionals, Attorneys General, Financial Secretaries and civil society who have all come to agree that dismantling of the CBI programmes would devastate all the small island states that are still developing and depend on the revenue of the programmes for fiscal stability, resilience against climate shocks, and post-pandemic recovery.

Caribbean Five aims to maintain trust and transparency

Therefore the governments have united to ensure that their Citizenship by Investment Programmes meet the highest standards of international transparency and accountability.