The Five Caribbean CIP nations have setup a “Interim” regional regulator (IRC), to set common standards, monitor and regulate the CIP Programmes in the Easter Caribbean OECS nations, in accordance with international best practices, as per the Memorandum of Agreement signed 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.
The full establishment of regional CIP/CBI regulator will be established in the second half of 2025
Tasks
The main tasks of 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.
Members
The IRC is made up of 8 member panel, made up of ECCB chairman , IMPACS agency, OECS, and five CIP nations. 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.
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.