In late September 2025, five Eastern Caribbean nations, Antigua & Barbuda, Dominica, Grenada, St. Kitts & Nevis, and St. Lucia formally signed an agreement to establish a regional regulatory authority to oversee their respective Citizenship by Investment (CBI) or Citizenship Investment Programs (CIP). The new body, called Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), is designed to bring consistent rules, stronger oversight, and greater confidence in how these programs operate.
Under the agreement, participating states will enact national legislation by October 2025 to legally empower ECCIRA. The regulatory authority will set binding standards for all CBI units and licensees, enforce compliance, publish annual reports, and maintain uniform procedures across jurisdictions. Crucially, it will facilitate cross-border communication, data sharing, and common vetting practices.
One of the more significant measures introduced is mandatory biometric collection from all new applicants at interview stage, plus biometric renewal requirements for existing passport holders. This step is intended to tighten identity verification and reduce fraud risk.
Another key provision is a residency requirement for approved applicants. While previous CBI models often granted citizenship without the need for physical presence, the new framework will require some genuine connection to the nation, such as a minimum stay. This measure is intended to ensure that new citizens maintain a real link to their country of citizenship.
Financial integrity is also in focus. ECCIRA will empower enforcement mechanisms to hold CBI units and licensees accountable. It can impose sanctions, revoke licenses, and demand audits. The regulatory authority is also expected to coordinate with CARICOM’s Joint Regional Communications Centre (JRCC) to tighten vetting and financial controls.
At the operational level, ECCIRA will be headquartered in Grenada, with regional offices in the other member states to monitor compliance locally. The agreement includes 92 detailed articles covering all facets of regulation from licensing to reporting.
This regulatory shift marks a turning point: rather than each island state operating its CBI program in isolation, they now agree to a shared institutional framework intended to raise credibility, reduce risk, and make programs more consistent in quality.
Global Pressure and the Push for Reform
The creation of ECCIRA also reflects the growing international scrutiny surrounding Caribbean citizenship programs. Over the past two years, the United States, the United Kingdom, and the European Union have urged regional governments to enhance transparency, harmonize due diligence procedures, and prevent potential misuse of CBI programs. In early 2025, U.S. officials warned that countries failing to meet security benchmarks could face visa restrictions. This warning followed a U.S.–Caribbean roundtable where the participating nations reaffirmed their commitment to the Six CBI Principles, focusing on biometric screening, data sharing, and regular audits.
For Caribbean economies that depend on CBI revenue to support infrastructure and social development, meeting these expectations has become vital. The creation of ECCIRA is both a response to this global pressure and a forward-looking step to keep regional programs credible, compliant, and sustainable in the long run.
Why the Regulator Matters: Balancing Growth and Credibility
Creating ECCIRA addresses several persistent challenges in the citizenship-by-investment sector. First, it reduces regulatory arbitrage where one country relaxes standards to attract more investment, undermining its neighbors. A unified regulator discourages a “race to the bottom.”
Second, it strengthens due diligence and vetting. With biometric collection, shared databases, and coordinated enforcement, ECCIRA can more effectively filter out dubious applications, money laundering, or other illegal uses.
Third, standardization helps with market trust. High-net-worth investors and institutional stakeholders prefer jurisdictions where rules are predictable, strict, and enforced. A credible regulatory body helps maintain investor confidence and protects the reputation of CBI programs from external criticism.
Fourth, the regulatory authority can act as a center of expertise developing best practices, auditing performance, training local staff, and ensuring accountability among agents, governments, and intermediaries.
Because Grenada will host ECCIRA’s headquarters, it occupies a central role in shaping the regional direction. How well it enforces standards, handles compliance, and delivers transparency will influence perceptions of all participating CBI programs.
Looking Ahead: A Defining Moment for Caribbean CBI
The establishment of ECCIRA marks more than just administrative reform, it signals a new era for Caribbean investment migration. By aligning their standards under one regulatory umbrella, the participating nations are demonstrating that economic opportunity and compliance can coexist. The coming months will reveal how efficiently the authority functions once legislation is enacted across all member states and how effectively it enforces the uniform standards it promises.
If implemented as envisioned, ECCIRA could become a model for other regions where citizenship and residency programs intersect with global mobility and financial transparency. For the Caribbean, this step is about moving from competition to cooperation and building a system that protects both credibility and long-term stability.
