Caribbean Nations Unite to Strengthen CBI Programs with New Regional Regulator
Caribbean nations have taken a major step toward enhancing transparency and accountability in their Citizenship by Investment Programs (CIPs). A new regional regulatory body is being established to oversee and standardize CIP operations across participating nations. This initiative aims to ensure high standards, improve due diligence, and strengthen international credibility.
To lead the development of this regulatory framework, legal expert Lydia Elliott has been appointed as the Legal Drafting Consultant. With over 40 years of experience in legal advisory roles, including serving as Legal Advisor to the Eastern Caribbean Central Bank (ECCB), Elliott is expected to create a unified and effective governance structure for CIPs in the region.
The Memorandum of Agreement (MOA) has been signed by the following Caribbean nations, committing to the formation of this regional regulatory body:
- Antigua and Barbuda
- Commonwealth of Dominica
- Grenada
- Kitts & Nevis
- Lucia
The Interim Regulatory Commission (IRC)
An eight-member Interim Regulatory Commission (IRC) has been established to oversee the formation of the regional regulator. The commission members are:
- Lieutenant Colonel Edward Croft (Antigua and Barbuda – Deputy Chair)
- Ambassador Francine Baron (Commonwealth of Dominica)
- Julia Lawrence (Grenada)
- Archdeacon Isaiah Phillip (St. Kitts & Nevis)
- Evaristus Jn Marie (Saint Lucia)
- Rufus Ferdinand (CARICOM IMPACS/JRCC)
- Henith Gabriel (OECS Commission)
- Timothy Antoine (ECCB – Chair)
Role and Immediate Tasks of the IRC
The IRC’s primary role is to develop a robust regulatory framework that will:
- Establish common standards for CIPs across participating nations.
- Monitor compliance and investigate complaints to ensure integrity.
- Facilitate information-sharing and collaboration among member countries and international partners.
- Enhance due diligence and transparency to maintain trust with global stakeholders.
What This Means for Caribbean CIP/CBI Programs
For Caribbean CIPs to remain sustainable in the face of growing scrutiny from foreign partners like the US and the EU, this regulatory approach is essential. By establishing consistent guidelines, the region may improve its reputation, draw in top-tier investors, and guarantee the long-term sustainability of the program.
How UNO Capital Assists
At UNO Capital, we closely monitor these developments and their impact on investors seeking second citizenship. A standardized regulatory framework will not only enhance the credibility of Caribbean CIPs but also provide greater security for investors. Our expert team is here to guide you through the latest changes and help you in securing your second citizenship. Contact us today.
