Updated: 4 April 2025, 07:04 am
|||Recently, representatives from Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, and US officials convened to establish an Interim Regulatory Commission (IRC). This regional body is tasked with overseeing Citizenship by Investment programs, setting standards, ensuring compliance, and addressing related issues.
Co-chaired by Timothy N.J. Antoine, Governor of the Eastern Caribbean Central Bank, and Warren Ryan, Acting Deputy Assistant Secretary of the US Treasury, the meeting emphasized the region’s commitment to improving CBI programs by implementing six core principles. Four of these principles have already been established:
- Denial Agreement: Applicants denied by one CBI program cannot apply to others.
- Mandatory Interviews: All applicants must undergo interviews as part of the application process.
- Enhanced Background Checks: Additional checks will be conducted by each country’s Financial Intelligence Units.
- Suspension of Applications: Applications from Russian and Belarusian nationals are currently halted.
The final two principles, focusing on audits and reclaiming revoked passports, are in development and expected to be finalized soon.
Appointees of the Interim Regulatory Commission (IRC)
The IRC consists of eight members with expertise in law, economics, finance, audit, compliance, and law enforcement:
- Antigua and Barbuda – Lieutenant Colonel Edward Croft (Deputy Chair)
- Commonwealth of Dominica – Ambassador Francine Baron
- Grenada – Ms. Julia Lawrence
- Saint Kitts and Nevis – Archdeacon Isaiah Phillip
- Saint Lucia – Mr. Evaristus Jn Marie
- CARICOM/IMPACS – Mr. Rufus Ferdinand
- Organisation of Eastern Caribbean States (OECS) – Mr. Henith Gabriel
- Eastern Caribbean Central Bank (ECCB) – Mr. Timothy Antoine (Chair)
This commission will serve until a permanent regulatory body is appointed and will be responsible for laying the groundwork for the region’s future CBI governance.
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Strengthening CBI Programs for the Future
The creation of the IRC is a vital step in ensuring that the Caribbean’s CBI programs maintain their integrity and remain competitive on the global stage. This initiative aligns with the Memorandum of Agreement (MoA) signed in March 2024, aimed at enhancing governance, preventing money laundering, and addressing terrorist financing risks within CBI programs. Support from the Organization of Eastern Caribbean States (OECS) and the US Treasury has been instrumental in advancing these objectives.
Price increases across all CBI jurisdictions further demonstrate the region’s commitment to ensuring the long-term sustainability of these programs, which remain crucial to the Caribbean’s economic landscape. Below are the five CBI programs in the Caribbean, along with links for more information on each program and their new prices:
- Antigua and Barbuda Citizenship by Investment Program
- Dominica Citizenship by Investment Program
- Grenada Citizenship by Investment Program
- Saint Kitts and Nevis Citizenship by Investment Program
- Saint Lucia Citizenship by Investment Program
Conclusion:
The Caribbean nations are making substantial progress in enhancing the transparency, compliance, and governance of their CBI programs through the Interim Regulatory Commission. By focusing on clear standards and risk management, these countries not only strengthen their programs but also provide investors with confidence in a secure and reliable investment environment. This collaborative effort promises long-term benefits for both the region and global stakeholders.
Stay updated on the latest developments in Caribbean CBI programs. Our experienced team is ready to guide you through the changes and help you on your path to second citizenship. Set up a free consultation today!
Frequently Asked Questions
1. Who are the key participants in establishing the IRC?
Representatives from Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, Saint Lucia, and US officials have come together to form the IRC.
2. Why is the establishment of the IRC important?
The IRC is crucial for ensuring that Caribbean CBI programs remain competitive globally while maintaining high standards of integrity and transparency.
3. What are the main objectives of the IRC?
The IRC aims to enhance governance, prevent money laundering, and address terrorist financing risks within CBI programs in the Caribbean.
4. What challenges do CBI programs face that the IRC aims to address?
CBI programs face challenges related to governance, transparency, and the potential for money laundering and terrorist financing, which the IRC seeks to mitigate.
5. What role does the US Treasury play in the establishment of the IRC?
The US Treasury has provided support and guidance to Caribbean nations in their efforts to strengthen CBI programs and enhance governance standards.
