New regional CBI draft legislation now open for public feedback

In recent times, the Caribbean’s CBI industry has become a scrutinized topic, with many countries and international bodies raising concerns over access restrictions and regulatory scale-back measures.

In response to this changing global landscape, the Interim Regulatory Commission (IRC) has unveiled draft legislation aimed at establishing a unified regional authority to oversee Citizenship by Investment Programmes (CBI/CIP) across the Eastern Caribbean–The Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA).

A recent Eastern Caribbean Central Bank  media statement said that the initiative marks a pivotal step toward “the ongoing effort to strengthen the transparency, accountability, and integrity of CBI/CIP.”

In the statement, it was also announced that the proposed legislation, now accessible on the ECCB website, is open for public feedback until July 16, 2025.

This development follows extensive consultations conducted within participating countries during March and April 2025, led by the IRC. Sessions engaged a wide spectrum of stakeholders—including government officials, industry representatives, international partners, media outlets, and social organizations—to gather diverse perspectives that informed the drafting process.

The Legal Drafting Consultant, Ms. Lydia Elliott, and the IRC played a key role in shaping the legislative framework based on this inclusive dialogue with regional representatives, such as  Francine Baron, selected to serve on the IRC on behalf of Dominica.

According to the ECCB, the establishment of ECCIRA  aims to standardize and oversee the industry under a common legal structure. Once operational, this regional regulator will be responsible for enforcing uniform standards and ensuring industry compliance across member states.

The IRC was appointed by the Heads of Government of the five nations hosting CBI/CIP programmes to lead this initiative. The commission comprises eight members, including representatives from each participating country, regional agencies, and the Eastern Caribbean Central Bank (ECCB). Apart from Dominica, the roster includes:

– Antigua and Barbuda – Lieutenant Colonel Edward Croft (Deputy Chair)
– Grenada – Ms. Julia Lawrence
– Saint Kitts and Nevis – Archdeacon Isaiah Phillip
– Saint Lucia – Mr. Evaristus Jn Marie
– CARICOM Implementation Agency for Crime and Security (IMPACS)/Joint Regional Communications Centre (JRCC) – Mr. Rufus Ferdinand
– Organisation of Eastern Caribbean States (OECS) Commission – Mr. Henith Gabriel
– Eastern Caribbean Central Bank (ECCB) – Governor Timothy Antoine (Chair)

Adding that the push for regional oversight via ECCIRA aims to address these issues by creating a more transparent and credible framework, the IRC urges the public and stakeholders to review and comment on the draft legislation.

Feedback can be submitted via email at [email protected] or through WhatsApp at 1 (869) 662-3543.

The commission expressed gratitude to all contributors and stated that it looks forward to receiving valuable input to refine the proposed legal structure.