OECS Nations unite to strengthen integrity of Citizenship by Investment Programmes

The Organization of Eastern Caribbean States (OECS) has recently signed an agreement to establish a regional regulatory authority, enhanced security and due diligence, with an aim to transform the future of their Citizenship by Investment (CBI) programmes across the Caribbean regions that provide investment options.

Signed between the heads of the five Eastern Caribbean states - Antigua and Barbuda, the Commonwealth of Dominica, Grenada, St Kitts and Nevis and Saint Lucia, to improve their Citizenship by Investment (CBI) programmes. The newly structured reforms are envisioned to strengthen transparency, integrity and sustainability across the region.

These small island nations heavily relied on revenues from CBI programmes that contribute significantly to the economies to ensure national development, climate resilience and social welfare. The new reforms highlight the government's commitment to global security.

Key Reforms

Establishment of a Regional Regulator - A major component of the reforms is the introduction of the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), by October 2025. It will oversee activities associated with CBI across the member states. ECCIRA will set uniform standards, report on compliance, and put in place more robust enforcement systems.

Enhanced Security and Due Diligence - Security measures will also be increased. Biometric data will be collected from all new applicants during the interview, and even the past applicants need to submit biometric information during the renewal of their passports. Also included in the reforms are more rigorous residency and genuine link requirements for approved applicants. Vetting will be done using CARICOM’s Joint Regional Communications Centre, which will receive new resources and funding from CBI revenues.

Transparency and Accountability - Transparency measures are another big component of the reforms. Annual reports on compliance and enforcement actions will be published for the public, along with binding standards for all CBI units and licensed agents. A regional register will be maintained which will track applicants, developers, and licensees’ activities to prevent mis-use of the system.

Compliance and Enforcement - The new structure also introduced tougher enforcement measures. Non compliance will be penalized by way of administrative fines and penalties on CBI Units and licensees. In more serious cases, approvals or licenses may be revoked for refusal to comply or for failing to fulfil the terms of the contract.

Economic Sustainability and Resilience - In order to achieve economic stability, the governments put in place a minimum foreign investment of $200,000. This will improve the credibility of the programmes, and will support the development of national infrastructure projects, climate action, and social programs.

Safeguarding development and global trust

The reforms are a result of in-depth discussions with the United States, United Kingdom and European Commission. Several consultations took place in Dominica (January 2024), Grenada (August 2024), London (January 2025), and through US-Caribbean roundtables (2023 and 2024). Input was also received from industry professionals, financial officials and civil society.

International partners have acknowledged that ending CBI programmes would cause harm to these economies. For many small states, CBI revenue was a key element in their COVID-19 recovery and protection against climate related shocks.