Five Eastern Caribbean countries signed an agreement establishing the region’s first unified citizenship by investment regulatory body, marking the culmination of two years of negotiations driven by international pressure over program security and transparency.
The Organization of Eastern Caribbean States (OECS) announced Monday that heads of government from Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia have committed to enacting legislation by October 2025 to establish the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA).
The new body will oversee all citizenship by investment (CBI) activities across participating states, implementing uniform standards and compliance measures.
The agreement represents the latest milestone in Caribbean efforts to address mounting pressure from the United States, United Kingdom, and European Union over program integrity. These nations generate billions in revenue from citizenship programs that have faced criticism over perceived security gaps and inconsistent oversight.
The regulatory authority will establish offices across participating islands and hire staff to monitor compliance with the 92-article agreement. Grenada will serve as the headquarters for the new regulatory body. Grenadian Prime Minister Dickon Mitchell made the announcement during the opening of the new IMA Grenada offices.
Enhanced Security Measures
The new regulatory framework introduces mandatory biometric data collection for all new applicants during interviews, and existing passport holders must provide biometric data upon renewal. The agreement strengthens residency requirements and expands the capacity of the CARICOM IMPACS Joint Regional Communications Centre, funded through CBI revenues.
ECCIRA will maintain regional registers of applicants, licensees, and developers while publishing annual compliance reports. The authority gains power to impose administrative fines and revoke licenses for non-compliance, addressing longstanding concerns about inconsistent enforcement across jurisdictions.
The reforms follow intensive dialogue through US-Caribbean Roundtables in 2023 and 2024, European Commission consultations, and stakeholder meetings with industry professionals and civil society groups conducted between March and August 2025.
Economic Pressures Drive Reform
International partners “have recognized that dismantling CIP programs would devastate the economies of small island developing states, which depend on these revenues for fiscal stability, resilience against climate shocks, and post-pandemic recovery,” according to the OECS statement.
The agreement maintains the US$200,000 minimum investment threshold established in 2024, ensuring programs “remain credible while continuing to fund critical infrastructure, climate resilience, and social development initiatives.”
These reforms address escalating pressure from major powers. The United States is considering travel restrictions on four Caribbean CBI countries, while the United Kingdom revoked visa-free entry for Dominica. The European Union has proposed legislation allowing suspension of visa-free travel for countries operating citizenship programs.
Implementation Timeline
The October 2025 deadline requires parliamentary approval across all five sovereign jurisdictions before ECCIRA gains binding authority. The agreement specifies that the regulatory body becomes operational “on the thirtieth day following the date of deposit of the fifth instrument of ratification.”
However, industry professionals anticipate a more realistic timeline. Daisy Joseph-Andall, Partner at Joseph Rowe Law, notes that “this is only the first step in the process; now, each individual government needs to draft and enact the necessary legislation before its Parliament for the regulations to have the force of law.” She expects that “from all indications, the ECCIRA should be operational in early 2026.”
Even though she has doubts over the timeline, Joseph-Andall believes the agreement “demonstrates a consensus among Governments of all five Eastern Caribbean island nations that the CBI business “has legs, and this longevity is a very positive sign for our industry.”
Nick Stevens, CEO of NTL Trust, expects that there “are likely to be more changes in the short term as the jurisdictions adapt and implement new rules,” but he highlights the silver lining, arguing this will “increase stability in the long term.”
He also commends the location of the regulatory authority’s headquarters, saying Grenada is an “excellent base”, speculating that they chose it “as it has an active and well-regulated CIP.”
Industry experts had previously noted implementation challenges, with some questioning whether all governments will maintain support if business volumes decline. The agreement includes provisions allowing countries to withdraw with six months’ notice, balancing regional coordination against national sovereignty concerns.
