BASSETERRE, St. Kitts, CMC – The Interim Regulatory Commission (IRC) has published the draft legislation for the establishment of a regional regulator for the Citizenship by Investment Programmes (CBI/CIP) being operated in five countries of the Organisation of Eastern Caribbean States (OECS).
Antigua and Barbuda, Dominica, Grenada, St. Lucia, and St. Kitts and Nevis all operate a CBI/CIP programme through which foreign investors are granted citizenship in return for making a substantial investment in the socio-economic development of the island.
But the programme has come under criticism from Europe and the United States as a means of providing passports to persons who are either involved in money laundering, tax evasion, or terrorist activities.
The IRC, which is chaired by the Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, and includes representatives from the Trinidad-based Caribbean Community (CARICOM) Implementation Agency for Crime and Security (IMPACS)/ Joint Regional Communications Centre (JRCC) and the St. Lucia-based OEC Commission, said that the draft legislation for the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) is available on the ECCB’s website for public comment until July 16 this year.
According to the IRC, the completion and publication of the draft legislation “is a significant milestone in the ongoing effort to strengthen the transparency, accountability and integrity of CBI/CIP”.
It stated that once operationalised, the ECCIRA will regulate and supervise the industry through a uniform law and common standards.
The draft legislation was completed following a series of in-country consultations, led by the IRC, from March to April 2025. The consultations involved the IRC and Lydia Elliott, the legal drafting consultant, engaging a broad set of stakeholders, including government, the CBI/CIP industry, international partners, the media, and social partners.
“The engagements provided critical feedback to guide the preparation of the draft legislation,” said the IRC, which was appointed by the heads of government of the five countries.
The IRC said it is inviting “all and sundry to provide feedback on the draft now offered for public comment”.