Eastern Caribbean CIP Nations Form Interim Regulatory Commission

The Five Eastern Caribbean CIP nations have setup a Interim regional regulator (IRC), will set standards for, and regulate the Programmes in accordance with international best practices and will monitor and report on compliance.  The establishment of a regional regulator is a key provision in the Memorandum of Agreement (MOA), which was published in March 2024. 

The IRC held its first meeting on 24 September 2024. Its immediate tasks are to oversee the preparation of the enabling legislation and to facilitate public consultation ahead of enactment of this legislative framework.  The regional regulator will be a separate legal entity and will be housed outside of the ECCB.

“At this stage, it is anticipated that the regional CIP/CBI regulator will be established in the second half of 2025.”
– ECCB Press Release

The IRC is made up of 8 member panel, its immediate tasks are to oversee the preparation of the enabling legislation and to facilitate public consultation ahead of enactment of this legislative framework.  The IRC will serve as a technical working group charged with fully developing the plans for the regional regulator and for its implementation. It will operate until the first Board of the regional regulator is appointed. 

Panel

IRC panel members not directly involved in the administration or promotion of Citizenship by Investment Programmes and are drawn from diverse fields including law, economics, finance, audit, compliance and law enforcement. 

1. Antigua and Barbuda – Lieutenant Colonel Edward Croft (Deputy Chair)
2. Commonwealth of Dominica – Ambassador Francine Baron 
3. Grenada – Ms Julia Lawrence 
4. Saint Christopher (St Kitts) and Nevis – Archdeacon Isaiah Phillip
5. Saint Lucia – Mr Evaristus Jn Marie
6. CARICOM Implementation Agency for Crime and Security (IMPACS)/Joint Regional Communications Centre (JRCC) – Mr Rufus Ferdinand
7. Organisation of Eastern Caribbean States (OECS) Commission –  Mr Henith Gabriel
8. Eastern Caribbean Central Bank (ECCB) – Mr Timothy Antoine (Chair)

The Regional regulator is tasked with:

• Develop, issue and enforce regional standards for CBI Programmes.
• Monitor compliance of legislation, regulations and standards.
• Monitor compliance with international agreements.
• Investigate complaints.
• Facilitate information sharing and engagements with regional and international stakeholders.