CASTRIES, St. Lucia – Heads of governments within the Organisation of Eastern Caribbean States (OECS) with a Citizenship by Investment (CBI) programme, say they have signed an agreement to further strengthen the integrity, transparency, and sustainability of the programme.
The leaders of the five countries, namely, Antigua and Barbuda, Dominica, Grenada, St. Lucia and St. Kitts and Nevis, say the establishment of a regional regulatory authority is part of the reforms that were developed through extensive regional and international consultations with CBI industry stakeholders and international partners such as the United States, United Kingdom and the European Commission.
The CBI provides for foreign investors being granted citizenship of the five countries in return for making a substantial investment in their socio-economic development.
A statement issued by the St. Lucia-based OECS Commission said that over the past two years, the five OECS member countries have engaged in intensive dialogue with global partners and have agreed to the adoption of region-wide principles that reaffirm the legitimacy and necessity of CIP revenues to small island economies.
It said that the participating countries will enact the enabling legislation to establish the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) by October this year and that “this body will oversee all CBI/CIP activities, ensuring uniform standards, rigorous oversight, and compliance across participating States”.
In addition, the reforms allow for the mandatory biometric data collection from all new applicants at the time of interview.
“Biometric data collection for previously approved applicants at the time of passport renewal.
Stronger residency and genuine link requirements for approved applicants. Comprehensive vetting supported by the CARICOM IMPACS Joint Regional Communications Centre (JRCC), with expanded personnel and technology capacity funded by CBI/CIP revenues.”
The statement said that binding standards for all national CBI/CIP Units and licensed agents will be implemented along with annual public reports on compliance and enforcement actions.
It said regional registers of applicants, licensees, and developers to prevent abuse of the system as well as administrative fines and penalties on CBI/CIP Units and licensees and the revocation for non-compliance and non-performance of contractual obligations
The five countries have also agreed to a region-wide minimum investment threshold of US$200,000 ensuring the programmes remain credible while continuing to fund critical infrastructure, climate resilience, and social development initiatives.
“International partners have recognized that dismantling CBI programmes would devastate the economies of small island developing states, which depend on these revenues for fiscal stability, resilience against climate shocks, and post-pandemic recovery.
“The governments are united in ensuring that their Citizenship by Investment Programmes meet the highest standards of international transparency and accountability. These reforms demonstrate their commitment to safeguarding global security while preserving a legitimate development tool that is indispensable to the survival and prosperity of their nations,” the OECS statement added.
