In a significant move to enhance the integrity and transparency of Citizenship by Investment Programs (CIPs) in the Caribbean, the Eastern Caribbean Currency Union (ECCU) has appointed legal consultant Lydia Elliott to draft legislation for a new regional regulatory body. This initiative aims to standardize and supervise CIPs across member nations, ensuring robust oversight and adherence to international best practices.

Appointment of Lydia Elliott

Following a competitive selection process, the ECCU selected Lydia Elliott for a seven-month consultancy role extending through August 2025. With a legal career spanning over four decades in the Caribbean, including a tenure as Legal Advisor to the Eastern Caribbean Central Bank from 1992 to 2003, Elliott brings a wealth of experience to this pivotal project.

Mandate of the New Regulatory Body

The forthcoming regional regulator will be tasked with establishing and enforcing uniform standards across all participating CIPs. Its primary objectives include enhancing transparency, ensuring accountability, and upholding the integrity of the programs. Additionally, the regulator will be responsible for investigating complaints and facilitating engagement among stakeholders, thereby fostering a cohesive and trustworthy investment environment.

Progress and Collaborative Efforts

In January, Elliott presented her preliminary findings to the Interim Regulatory Commission (IRC), an eight-member body comprising representatives from CIP jurisdictions and regional organizations. The IRC endorsed her proposed approach, which emphasizes broad and inclusive consultations. This collaborative effort builds upon the Memorandum of Agreement signed in March 2024 among Caribbean CIP jurisdictions and subsequent discussions with the U.S. Treasury Department.

This initiative reflects the Caribbean’s commitment to bolstering the credibility and sustainability of its Citizenship by Investment Programs, ensuring they continue to attract reputable investors while adhering to stringent regulatory standards.