{"id":137725,"date":"2024-10-10T04:56:58","date_gmt":"2024-10-10T04:56:58","guid":{"rendered":"https:\/\/www.migrateworld.com\/blog\/post\/\/"},"modified":"2025-04-04T07:04:26","modified_gmt":"2025-04-04T07:04:26","slug":"caribbean-countries-establish-interim-regulatory-commission-for-cbi","status":"publish","type":"post","link":"https:\/\/www.migrateworld.com\/en\/blog\/post\/caribbean-countries-establish-interim-regulatory-commission-for-cbi\/","title":{"rendered":"Caribbean Countries Unite to Create Interim Regulatory Framework for CBI Programs"},"content":{"rendered":"

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 <\/span>Citizenship by Investment programs<\/span><\/a>, setting standards, ensuring compliance, and addressing related issues.<\/span><\/p>\n

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:<\/span><\/p>\n

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  1. Denial Agreement:<\/b> Applicants denied by one CBI program cannot apply to others.<\/span><\/li>\n
  2. Mandatory Interviews<\/b>: All applicants must undergo interviews as part of the application process.<\/span><\/li>\n
  3. Enhanced Background Checks<\/b>: Additional checks will be conducted by each country’s Financial Intelligence Units.<\/span><\/li>\n
  4. Suspension of Applications<\/b>: Applications from Russian and Belarusian nationals are currently halted.<\/span><\/li>\n<\/ol>\n

    The final two principles, focusing on audits and reclaiming revoked passports, are in development and expected to be finalized soon.<\/span><\/p>\n

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    Appointees of the Interim Regulatory Commission (IRC)<\/h2>\n

    The IRC consists of eight members with expertise in law, economics, finance, audit, compliance, and law enforcement:<\/span><\/p>\n

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    1. Antigua and Barbuda<\/b> \u2013 Lieutenant Colonel Edward Croft (Deputy Chair)<\/span><\/li>\n
    2. Commonwealth of Dominica<\/b> \u2013 Ambassador Francine Baron<\/span><\/li>\n
    3. Grenada<\/b> \u2013 Ms. Julia Lawrence<\/span><\/li>\n
    4. Saint Kitts and Nevis<\/b> \u2013 Archdeacon Isaiah Phillip<\/span><\/li>\n
    5. Saint Lucia<\/b> \u2013 Mr. Evaristus Jn Marie<\/span><\/li>\n
    6. CARICOM\/IMPACS<\/b> \u2013 Mr. Rufus Ferdinand<\/span><\/li>\n
    7. Organisation of Eastern Caribbean States (OECS)<\/b> \u2013 Mr. Henith Gabriel<\/span><\/li>\n
    8. Eastern Caribbean Central Bank (ECCB)<\/b> \u2013 Mr. Timothy Antoine (Chair)<\/span><\/li>\n<\/ol>\n

      This commission will serve until a permanent regulatory body is appointed and will be responsible for laying the groundwork for the region\u2019s future CBI governance.<\/span><\/p>\n

      ALSO READ: Visa Free Countries for St Kitts Passport Holders<\/a><\/p>\n<\/div>\n

      Strengthening CBI Programs for the Future<\/h2>\n

      The creation of the IRC is a vital step in ensuring that the Caribbean\u2019s 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.<\/span><\/p>\n

      Price increases across all CBI jurisdictions further demonstrate the region\u2019s 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:<\/span><\/p>\n