Caribbean Nations Move Toward Joint CBI Regulator After Productive US Treasury Roundtable 

The five Eastern Caribbean countries offering Citizenship by Investment (CBI) programs are making significant strides toward forming a regional regulatory body. This development follows the third US-Caribbean Roundtable on CBI, held in Grenada on August 29, 2024. The Organisation of Eastern Caribbean States (OECS) announced that the meeting was productive, with notable progress toward implementing the six core CBI principles agreed upon in early 2023.

Establishing a Regional CBI Regulator

The key outcome of the roundtable was the decision to appoint an Interim Regulatory Commission to lay the groundwork for a regional CBI regulatory body. The new regulator, set to oversee the CBI programs in Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, and St. Lucia, will be responsible for setting standards, ensuring compliance, and enforcing corrective measures when necessary.

Governor Timothy N.J. Antoine of the Eastern Caribbean Central Bank, who co-chaired the meeting alongside US Treasury Acting Deputy Assistant Secretary Warren Ryan, emphasized the region’s commitment to fully implementing the six CBI principles. Four of these principles have already been executed, which include:

1. A collective agreement to deny applicants who have been rejected by one Caribbean CBI program from applying to another.
2. Mandatory interviews for all applicants.
3. Additional checks via each country’s Financial Intelligence Unit.
4. The suspension of CBI applications from Russian and Belarusian nationals.

The remaining two principles, focused on conducting audits and retrieving revoked passports, are in progress and expected to be completed soon.

Stronger CBI Programs for the Future

These steps mark a collective effort by the ‘Caribbean Five’ to reinforce the integrity and security of their CBI programs, in alignment with the goals outlined in the Memorandum of Agreement (MoA) signed in March 2024. The creation of a unified CBI regulator represents a major step toward ensuring these programs remain competitive while addressing global concerns about transparency and risk management.

The OECS further emphasized that Caribbean nations are “resolute” in their efforts to enhance CBI risk management and appreciate the support from the United States Treasury. This move is seen as a significant step in bolstering the region’s CBI programs, which continue to be a vital part of the Caribbean’s economic landscape.

The latest developments also come on the heels of recent price increases across all Caribbean CBI programs, underscoring the region’s commitment to maintaining a high standard while ensuring long-term sustainability.

Looking Ahead

As the region moves closer to formalizing a joint CBI regulatory body, potential applicants and investors should expect continued enhancements aimed at improving program transparency and security. With the implementation of these initiatives, the Caribbean remains an attractive destination for individuals seeking second citizenship, offering robust opportunities for investment and global mobility.

Stay tuned as Citizens International provides further updates on these key changes and how they might affect your investment decisions. We encourage you to set up a free consultation with our team today to help you navigate these evolving opportunities in Caribbean citizenship by investment programs.