Eastern Caribbean Reviews Draft Bill for Regional Regulator to Oversee CBI Programmes

The Government has confirmed that the first draft of the Bill to establish a Regional Regulator for CBI (Citizenship by Investment) programmes in the Caribbean has been reviewed by attorneys general and Chief Parliamentary Counsel from the five participating OECS Member States. The review took place during the Seventh Meeting of ECCU Attorneys General and Chief Parliamentary Counsel held in Anguilla from 7th to 9th May, 2025.

This legislative development is a major step toward the formal creation of a Regional Regulator for CBI, a move designed to improve compliance, transparency, and international credibility across the region’s CBI programmes. The draft legislation was developed by Legal Drafting Consultant Lydia Elliott and scrutinised for legal and operational refinement.

The draft Bill follows the commitments made in the March 2024 Memorandum of Agreement signed by Antigua and Barbuda, Dominica, Grenada, Saint Lucia, and Saint Kitts and Nevis to harmonise and regulate their CBI operations through a unified legal and institutional framework. Once enacted by each country, the Bill will formally establish the regional regulator as a separate legal entity responsible for a wide range of oversight functions.

These include issuing regional CBI policies, licensing agents and marketers, approving due diligence frameworks, auditing national CBI Units, maintaining a public register of licensees, and deterring misleading or unethical practices.

The move is being led by the Interim Regulatory Commission (IRC)—an eight-member panel made up of legal, financial, compliance, and enforcement professionals drawn from the five ECCU countries, the Eastern Caribbean Central Bank (ECCB), the OECS Commission, and CARICOM IMPACS. The IRC has conducted recent public consultations across the five states, engaging with government bodies, opposition parties, civil society, and the wider public to ensure broad-based input into the reform process.

Attorney-General Garth Wilkin, who participated in the discussions, hailed the initiative as the culmination of a historic reform process that began in December 2022 when Saint Kitts and Nevis launched pioneering efforts to reposition its CBI sector.

“This draft legislation represents the culmination of a historic reform effort that began in December 2022, when St. Kitts and Nevis took bold, first-in-region steps to reposition the CBI industry for sustainability, credibility, and resilience,” said Wilkin. “With the regional regulator now in sight, we are closing the loop on those reforms. This is a governance safeguard for the future of our economic security and our reputation on the global stage.”

Attorney-General Wilkin reiterated that St. Kitts and Nevis remains steadfast in its commitment to a legitimate, transparent, and internationally respected CBI framework. The establishment of the Regional Regulator reflects the region’s collective resolve to modernise this important economic instrument and build a resilient, reputable industry in alignment with global standards.

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