Work has begun to establish a regional regulator for Citizenship by Investment (CIP) programmes in the Eastern Caribbean Currency Union (ECCU).
An Eastern Caribbean Central Bank (ECCB) release announced that the Interim Regulatory Commission (IRC) has selected Legal Drafting Consultant, Ms Lydia Elliott, to draft uniform legislation enabling the Regional Regulator’s establishment.
The complete release appears below:
The Interim Regulatory Commission (IRC) has selected Legal Drafting Consultant, Ms Lydia Elliott, to draft uniform legislation that would enable the establishment of a Regional Regulator for Citizenship by Investment Programmes (CIP/CBI) in the Eastern Caribbean Currency Union.
Ms Elliott was selected in consequence of a competitive process that followed the issuance of a Request for Proposal. She has extensive experience in the legal field, having worked in various positions across the region since 1981, including as Legal Advisor to the Eastern Caribbean Central Bank (ECCB) from 1992 to 2003. The ECCB contracted Ms Elliott to undertake this consultancy over a period of seven months, commencing 7 January 2025 and ending on 6 August 2025.
A Regional Regulator will strengthen the transparency, accountability and integrity of the CIP/CBI Programmes. It will set common standards, regulate and supervise these standards and enforce them. It will also investigate complaints; and facilitate information-sharing and engagement with regional and international stakeholders.
Ms Elliott has commenced her work in earnest. The IRC met on 28 January to receive her Inception Report, which presented her initial findings and progress on this important assignment.
The IRC endorsed her proposed approach. A critical element in Ms Elliott’s work is the necessity for broad and inclusive consultations with stakeholders. In that regard, she is expected to engage in a series of in-country consultations commencing in March 2025. Stakeholders from Government, the CIP/CBI industry and social partners will be invited to dialogues on issues relating to the establishment of the Regional Regulator. Ms Elliott will be supported on her country visits by the IRC member for that country and the ECCB. The consultation schedule will be made available in due course.
The IRC was appointed by the CIP/CBI countries to oversee the establishment of the Regional Regulator. The eight-member IRC comprises the following appointees:
- Antigua and Barbuda – Lieutenant Colonel Edward Croft (Deputy Chair)
- Commonwealth of Dominica –Francine Baron
- Grenada –Julia Lawrence
- Saint Christopher (St Kitts) and Nevis – Archdeacon Isaiah Phillip
- Saint Lucia –Evaristus Jn Marie
- CARICOM Implementation Agency for Crime and Security (IMPACS)/Joint Regional Communications Centre (JRCC) –Rufus Ferdinand
- Organisation of Eastern Caribbean States (OECS) Commission – Henith Gabriel
- Eastern Caribbean Central Bank– Governor, Timothy N.J. Antoine (Chair)
The public is welcome to share thoughts and comments on the Regional Regulator initiative via the following channels: Email: CBIRegulator@eccb-centralbank.org or WhatsApp: 1 (869) 662-3543.
