Caribbean Nations Appoint Interim Regulatory Commission for Citizenship by Investment Programmes
In a significant move toward strengthening the governance of Citizenship by Investment (CIP/CBI) programs across the Caribbean, five nations offering these programs—Antigua and Barbuda, Dominica, Grenada, St. Kitts & Nevis, and St. Lucia—have appointed an Interim Regulatory Commission (IRC). This marks a critical step in fulfilling the objectives outlined in the Memorandum of Agreement (MOA) signed in March 2024, which emphasizes the need for a regional regulatory body to oversee these programs.
The creation of this regulator aims to establish a unified set of standards that align with international best practices, ensuring greater compliance, transparency, and credibility for the CIPs. Once formally enacted through legislation in each participating country, the regional CIP/CBI regulator will play a crucial role in overseeing the compliance and monitoring of the investment programs.
The Interim Regulatory Commission (IRC)
The IRC consists of an eight-member team, with representatives from each of the participating countries and key regional organizations, such as the Organisation of Eastern Caribbean States (OECS) Commission and the Eastern Caribbean Central Bank (ECCB). The appointed members are professionals from diverse fields, including law, economics, finance, audit, compliance, and law enforcement. The following individuals have been selected to lead the IRC:
- Lieutenant Colonel Edward Croft (Antigua and Barbuda – Deputy Chair)
- Ambassador Francine Baron (Commonwealth of Dominica)
- Ms. Julia Lawrence (Grenada)
- Archdeacon Isaiah Phillip (St. Kitts & Nevis)
- Mr. Evaristus Jn Marie (Saint Lucia)
- Mr. Rufus Ferdinand (CARICOM IMPACS/JRCC)
- Mr. Henith Gabriel (OECS Commission)
- Mr. Timothy Antoine (ECCB – Chair)
Role and Immediate Tasks of the IRC
The IRC will act as a technical working group tasked with creating the blueprint for the regional regulator. It will oversee the preparation of the enabling legislation needed to establish the regulatory body and lead public consultations on this framework. The IRC will operate until the formal Board of the regional regulator is appointed.
This initial phase lays the foundation for a comprehensive governance structure that will enhance the transparency and compliance of CIP/CBI programs across the region. The IRC held its first meeting on September 24, 2024, marking the beginning of this transformative journey.
What This Means for Caribbean CIP/CBI Programs
The creation of the regional CIP/CBI regulator is a forward-thinking initiative aimed at bolstering the integrity of these programs, which are vital economic drivers for the participating countries. By implementing a consistent set of standards and monitoring practices, the ‘Caribbean Five’ seek to strengthen the global perception of their CBI programs and ensure long-term sustainability.
The regional regulator is expected to be established by the second half of 2025, bringing with it enhanced credibility and regulatory oversight. For investors, this development is a positive signal that the Caribbean remains committed to upholding the highest standards in its citizenship by investment offerings.
Stay tuned as Citizens International continues to provide updates on this pivotal development in Caribbean CBI programs. As always, our experienced team is here to guide you through the latest changes and help you navigate your path to second citizenship – set up a free consultation today.
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