CASTRIES, St. Lucia, CMC – The Organisation of Eastern Caribbean States (OECS) Commission, Friday, said that after months of extensive consultations, member countries that offer Citizenship By Investment Programmes (CBI/CIP) are on the cusp of enacting legislation to establish a regional regulator.
It said that this new law will be enacted in September 2025 by all five of the countries involved, namely Antigua and Barbuda, St. Kitts-Nevis, St. Lucia, Dominica, and Grenada.
The OECS Commission stated that the enactment of this law will lead to an intense and historic period of engagement and cooperation on these programmes, which are vital to the fiscal and financial stability and resilience of these member countries.
Under the CBI/CIB, the five countries offer citizenship to foreign investors in return for making a substantial investment in the socio-economic development of these countries.
According to the Commission some of he engagements included the inaugural US-Caribbean Roundtable that resulted in the signing of an agreement on six principles between Washington and the five CBI/CIP countries in February 2023, as well as the signing of a Memorandum of Agreement (MOU) among the CBI/CIP l government leaders in March and June last year.
The Commission mentioned several key developments, including a meeting with European Union officials in January last year in Dominica, the introduction of a minimum price of US$200,000 for all CBI/CIP programmes from July 2024, and a roundtable with the US, the United Kingdom, and the EU last August in Grenada.
It was reported that another roundtable took place in London in January this year, and there was also an engagement with the US and UK in April this year in Antigua.
Throughout these engagements and dialogue, all partners have recognised that CBI/CIP programmes provide a legitimate service and have assisted in the survival of our member countries by providing revenues that are invaluable for funding major infrastructural and development projects, and for building resilience. “
The OECS Commission said that the economic importance of these programmes “cannot be overstated, particularly considering the existential threat to our vulnerable small island states – emanating from the climate emergency – and the onslaught of recent adverse external shocks such as the pandemic and the ongoing war in Ukraine.
“It has been accepted that dismantling these programmes would severely compromise the prospects and prosperity of these countries, triggering a plethora of negative social consequences,” the OECS Commission added.
It stated that the CBI/CIP countries have strongly reaffirmed their commitment to a collective fight to safeguard their respective financial systems against threats from illicit finance flows, including money laundering, fraud, terrorist financing, and proliferation financing.
According to the OECS Commission, some of the key provisions of the enabling legislation include the establishment and funding of the regional CBI/CIP regulator.
“The key objectives of the regulator are to help enhance the transparency, security, and sustainability of these vital Programmes. The regulator will issue binding standards on all CBI/CIP Units (CIUs) and all licensees involved with these programmes,” the OECS Commission said, adding that there is now the collection of biometrics for all new applicants.
“Biometrics will be collected at the time of the interview, which is part of the application process. This provision is intended to enhance the security of these programmes by further strengthening the vetting process of all applications.”
There will also be financial support for the Caribbean Community (CARICOM) Implementing Agency for Crime and Security (IMPACS) and the Joint Regional Communication Centre (JRCC).
“This will strengthen the Joint Regional Communications Centre’s (JRCC’s) capacity to continue to provide vetting of all applicants via a central portal. The JRCC plays a central role in the vetting process for all applicants under the CBI/CPI Programmes. No applicant is approved without clearance from the JRCC,” the OECS Commission added.
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