(StVincenttimes)- A draft agreement between the Caribbean Five, Antigua and Barbuda, Dominica, Grenada, Saint Kitts & Nevis, and Saint Lucia, proposes the creation of a regional regulatory authority to oversee citizenship by investment (CBI) programmes.
The proposal, dated July 1, 2025, outlines plans to introduce mandatory residency requirements, annual limits on approved applications, and uniform administrative standards. The authority would monitor compliance, enforce rules, and coordinate policy across participating jurisdictions.
The 92-article Agreement Establishing the Eastern Caribbean Citizenship by Investment Regulatory Authority (EC CIRA) represents the most ambitious attempt yet to coordinate regional CBI oversight following years of international pressure from the United States Treasury and European Union.
The most transformative provision requires all new citizens to maintain “being physically present within the territory of the Participating State for an aggregate of at least thirty days during or up to any of the first five calendar years after the date of the grant of the certificate of citizenship or naturalisation.”
This marks the first time Eastern Caribbean states (except Antigua & Barbuda) would impose binding residency obligations across their programmes.
The requirement extends beyond mere physical presence. Applicants must “participate in a mandatory integration programme” encompassing civic education about “the laws, history, and constitutional principles of the Participating State” and cultural orientation activities.
Failure to comply could result in administrative fines “not exceeding ten per cent of the value of the qualifying investment” and potential passport revocation.
The agreement establishes a quota system whereby “the Board shall recommend to the Council a maximum number of applicants who may be granted citizenship by investment in each Participating State in a financial year, based on an annual assessment of global demand, economic impact, national absorptive capacity and reputational risk.”
States would report monthly to the new regulatory authority on approvals granted.
This represents a departure from the current market-driven approach, where Caribbean states compete for applicants. The caps aim to prevent “over-commercialisation” of citizenship and preserve passport value through controlled supply.
