Saint Lucia is among the sub-regional states actively preparing for the establishment of a Regional Regulator to oversee the operations of the Eastern Caribbean Citizenship By Investment Programs (CBI/CIP).
Following extensive consultations, the Eastern Caribbean countries offering CBI/CIP are enacting legislation to create a regional regulator, set to be implemented in September 2025 by all five Organisation of Eastern Caribbean States (OECS) member countries.
In a recent statement, Prime Minister Philip J. Pierre emphasized that there has been “no international attack” on Saint Lucia’s CIP program and outlined the robust mechanisms being introduced to guide the new structure.
“All five CBI countries have agreed to implement uniform legislation, ensuring that the regulations for CIP will apply consistently across the five member states,” PM Pierre stated at a pre-cabinet briefing, on Monday.
“There will be a Regional Regulator to effectively oversee the CIP program in all five islands,” he added.
Furthermore, he highlighted that the involvement of the Joint Regional Communications Centre’s (JRCC) represents an intensified layer of due diligence and mentioned that the legislation will explore requiring applicants to spend some time in the territory during their citizenship application process.
The Prime Minister pointed out that various countries with CIP programs have successfully implemented regulations to monitor compliant operations.
“Our goal is to ensure that the five CBI countries (OECS) operate under a unified regulatory framework, creating consistency and integrity in our programs,” he asserted.
Importantly, PM Pierre stated, “Saint Lucia’s due diligence has always been robust and will now be further strengthened. Notably, Saint Lucia was the first nation to establish a statutory board specifically for its CIP program.”
However, he clarified that Saint Lucia cannot dictate US policy, stating, “We can only collaborate to enhance transparency and accountability in our CIP program.”
The enactment of this law will usher in an unprecedented era of engagement and cooperation on these vital programs, which are essential for the fiscal and financial resilience of the member countries.
Some of the key provisions of the enabling legislation for the CBI/CIP regulator are as follows:
– The establishment and funding of the regional CBI/CIP regulator is crucial. The primary objectives of this regulator are to enhance the transparency, security, and sustainability of these vital Programmes. The regulator will issue binding standards for all CBI/CIP Units (CIUs) and all licensees participating in these Programs.
– Strong enforcement mechanisms for compliance will be implemented. The regulator will possess the legal authority to hold CIUs and licensees accountable and will publish annual compliance reports.
– Biometrics will be collected from all new applicants during the interview stage of the application process. This provision is essential for strengthening the security of these Programmes and enhancing the vetting process for all applications.
– Financial support for CARICOM IMPACS/JRCC is imperative. This support will bolster the Joint Regional Communications Centre’s (JRCC’s) capacity — both personnel and technology — to effectively vet all applicants through a centralized portal. The JRCC is central to the vetting process for applicants under the CBI/CIP Programmes; no applicant will be approved without clearance from the JRCC.
The crafting of this new law has been effectively led by an Interim Regulatory Commission (IRC), comprising members from all five CBI/CIP countries, the Organisation of Eastern Caribbean States (OECS) Commission, CARICOM IMPACS/JRCC, and the Eastern Caribbean Central Bank (ECCB).
Ms. Lydia Elliott is serving as the Legal Drafting Consultant. The work of the IRC has been rigorously overseen by the five Heads of Government of Antigua and Barbuda, Commonwealth of Dominica, Grenada, Saint Christopher (St. Kitts) and Nevis, and Saint Lucia.
The CBI/CIP countries express their firm gratitude to international partners, particularly the United States of America and the United Kingdom, for their invaluable feedback on the draft legislation provided in early July 2025.
Additionally, the CBI/CIP countries appreciate the insightful comments received from various stakeholders, including Attorneys General, Chief Parliamentary Counsel, CIUs, industry participants (both local and external), and other local stakeholders.