In a landmark move, the heads of government from the Eastern Caribbean States participating in Citizenship Investment Programs (CIP) have signed a comprehensive regulatory agreement. This agreement aims to enhance the integrity, transparency, and sustainability of their Citizenship by Investment (CIP) initiatives. The agreement establishes a regional supervisory authority to oversee and standardize CIP operations across five member nations: the Commonwealth of Dominica, Antigua & Barbuda, Grenada, St. Kitts & Nevis, and St. Lucia.
The Organization of Eastern Caribbean States (OECS) reported that this initiative results from extensive regional and international consultations involving key stakeholders from the CIP industry and global partners such as the United States, the United Kingdom, and the European Commission. Over the past two years, these nations have engaged in dialogues to reaffirm the importance of CIP revenues in supporting the economic stability of small island economies.
Core elements of the reform include the creation of the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) by October 2025, which will centralize supervision of all CIP activities. The reforms also introduce mandatory biometric data collection for new applicants and stricter residency criteria. Enhanced vetting processes will be supported by the CARICOM IMPACS Joint Regional Communications Centre (JRCC), with expanded personnel and technological capabilities financed through CIP revenues.
Transparency and responsibility will be bolstered through binding standards for national CBI/CIP units and licensed agents, annual compliance reports, and regional registers to track applicants and licensees. Enforcement measures include administrative fines and penalties for non-compliant entities, with potential license revocation for severe breaches.
A minimum investment threshold of US$200,000 has been established to maintain the credibility of CIP programs and ensure funding for infrastructure projects, climate resilience initiatives, and social development programs. The reform process has been driven by international dialogues, including US-Caribbean Roundtables and engagements with the UK, US, and European Commission.
International partners have recognized that dismantling CIP programs would severely impact small island developing states, which rely on these revenues for fiscal stability, climate resilience, and pandemic recovery. The involved governments are committed to ensuring their CIP initiatives meet the highest global standards of transparency and accountability. ‘These reforms demonstrate their commitment to safeguarding global security while preserving a legitimate development tool essential for their nations’ survival and prosperity,’ concluded the OECS release.