Bill for Regional Regulator of CBI programs reviewed at recent ECCU meeting

A recent review of the first draft of a Bill to establish a Regional Regulator for Caribbean Citizenship by Investment (CBI) Programmes represents a major step toward regional financial regulation. This important development was discussed during the Seventh Meeting of Eastern Caribbean Currency Union (ECCU) Attorneys General and Chief Parliamentary Counsel, held in Anguilla from May 7 to 9, 2025. The review process involved the legal and regulatory leadership of the five OECS Member States actively participating in the CBI programmes: Dominica, Antigua and Barbuda, Grenada, Saint Lucia, and Saint Kitts and Nevis.

A statement on the Eastern Caribbean Central Bank’s Facebook page said that the legislative achievement follows extensive cooperative efforts among the participating ECCU member states.

The initiative is grounded in the Memorandum of Agreement signed in March 2024, which aims to create a cohesive legal and institutional structure to oversee the industry. Reports are that the draft Bill, developed by Legal Drafting Consultant Lydia Elliott, was presented for scrutiny and feedback to the legal and regulatory leaders of the ECCU. Once enacted, the legislation will establish a regional regulator as a distinct legal entity.

The statement explained that the initiative is driven by the Interim Regulatory Commission (IRC), an eight-member body comprising legal, financial, compliance, and enforcement experts from the five participating states, the Eastern Caribbean Central Bank (ECCB), OECS Commission, and CARICOM IMPACS.

Ambassador Francine Baron was appointed as Dominica’s representative at the 2024 formation of this “permanent regulatory body”.

Between March and April 2025, the IRC has reportedly conducted public consultations across the member states, shared the ECCB, adding that “the draft Bill is expected to be shared with the public for comment within the next few weeks.”