Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia have signed an agreement to establish the first regional regulatory body for citizenship by investment programs.

The new body is called ECCIRA (Eastern Caribbean Citizenship by Investment Regulatory Authority). Its headquarters will be located in Grenada.

Why Was It Created?

The agreement is the result of two years of negotiations and growing international pressure. The US, the UK, and the EU have repeatedly criticized Caribbean programs for security gaps and the lack of common standards.

The UK has already revoked visa-free access for Dominica’s citizens.

The EU has debated legislation that would allow suspending visa-free travel for countries with citizenship programs if they fail to tighten controls.

For the Caribbean Five, this is a serious challenge: the programs bring in billions of dollars and make up a significant share of their economies.

  • In Dominica, revenues from the program accounted for about 36.6% of GDP in 2022/23.
  • In St. Kitts and Nevis in 2023 — 22% of GDP.
  • Between 2017–2021, the country received up to 65% of GDP from its citizenship program.

The closure of these programs, or even a sharp drop in demand, would be catastrophic for small island economies, especially after the pandemic and amid climate risks.

What Will It Change First?

  • All new applicants will undergo biometrics during their interview.
  • Passport holders will have to provide biometrics upon renewal.
  • ECCIRA will have the authority to maintain unified registries of applicants, agents, and developers, publish reports, impose fines, and revoke licenses.
  • The role of CARICOM IMPACS — the regional security agency — will be strengthened, with funding coming from CBI revenues.

What Will Stay the Same?

The minimum investment threshold remains unchanged: $200,000 (the 2024 decision still applies).

By October 2025, all five countries must ratify the agreement in their parliaments. Only then will the new body have real authority.

The Caribbean is shifting its policy — from competition between programs to cooperation. This signals a willingness to work under unified standards and respond to EU and US requirements. For investors, this means greater stability and predictability of the programs, although conditions will likely become more stringent.