In a landmark development for the Caribbean citizenship by investment (CIP) industry, the governments of Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia have signed an agreement to establish the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA).
ECCIRA will serve as a single regional regulator overseeing the administration, due diligence, and marketing of all participating countries’ CIPs. The agreement formalizes the framework introduced in the March 2024 Memorandum of Agreement (MoA) and represents a major step toward harmonizing standards across the region’s programmes.
What ECCIRA Means for the Industry
Once in effect, ECCIRA will be responsible for setting uniform regulations and compliance standards that apply to all participating Citizenship by Investment Units (CIUs), agents, and developers. It will operate under the direction of a Council of Ministers from each member state, supported by a professional board and secretariat headquartered within the OECS region.
The Authority’s responsibilities will include:
-
Developing and enforcing consistent due diligence and eligibility standards
-
Maintaining regional registers of agents, developers, and applicants
-
Conducting audits and investigations across programmes
-
Overseeing the introduction of shared databases, compliance funds, and uniform reporting systems
-
Ensuring transparency, information sharing, and coordination among member states
Key Policy Changes for Applicants and Agents
The ECCIRA agreement introduces several important updates that will reshape how CIPs operate in the Eastern Caribbean:
-
Mandatory residency requirements: Approved applicants must now spend at least 30 days in their chosen country within five years of approval, including a minimum of five days in the first year, and participate in an integration or orientation programme.
-
Mandatory interviews: All applicants and adult dependants will undergo interviews, conducted in person or virtually, as part of the due diligence process.
-
Unified due diligence framework: All participating countries will adopt the same multi-tiered vetting process, coordinated through CARICOM IMPACS and the JRCC, with enhanced checks for higher-risk nationalities.
-
Regional pre-qualification: Agents, developers, and due diligence providers must now be regionally approved by ECCIRA before being licensed by any national unit.
-
Shared applicant database: A centralized digital database will record all approved, denied, and withdrawn applicants, ensuring full transparency and preventing repeat submissions across jurisdictions.
Implementation Timeline
The agreement will enter into force 30 days after five participating states ratify it. It may also be provisionally applied once three states declare their intent, allowing ECCIRA to begin operations ahead of full ratification.
While no fixed implementation date has been announced, the framework allows for a 90-day transition period after new regional standards are published. This means key measures such as residency, interviews, and database integration are expected to take effect throughout 2026 once ECCIRA becomes fully operational.
A Move Toward Greater Integrity and Sustainability
The creation of ECCIRA represents a significant step forward for the Caribbean’s citizenship by investment industry. By introducing a regional regulator and harmonized standards, participating governments aim to enhance international credibility, protect programme integrity, and ensure long-term sustainability for investors and member states alike.
As these changes move toward implementation, Citizens International will continue to provide guidance and clarity for prospective investors navigating the evolving CIP landscape. Do not hesitate to set up a complimentary consultation with our team for more personalized information.
FREE DOWNLOADS
