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The Interim Regulatory Commission (IRC) has published the draft legislation for the establishment of a regional regulator for Citizenship by Investment Programmes (CBI/CIP) – the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA).

The draft legislation is available on the ECCB website for public comment until 16 July 2025.

The completion and publication of the draft legislation is a significant milestone in the ongoing effort to strengthen the transparency, accountability and integrity of CBI/CIP.

Once operationalised, the ECCIRA will regulate and supervise the industry, through a uniform law and common standards.

The draft legislation was completed following a series of in-country consultations, which were led by the IRC, over the period March to April 2025.

The consultations saw the IRC and the Legal Drafting Consultant, Ms Lydia Elliott, engage a broad and inclusive set of stakeholders – from Government, the CBI/CIP industry, international partners, the media and social partners.

The engagements provided critical feedback to guide the preparation of the draft legislation.

The IRC was appointed by the Heads of Government of the five countries with CBI/CIP Programmes, to oversee the establishment of a regional regulator.

The eight-member IRC comprises the following appointees:

1. Antigua and Barbuda – Lieutenant Colonel Edward Croft (Deputy Chair)

2. Commonwealth of Dominica – Ms Francine Baron

3. Grenada – Ms Julia Lawrence

4. Saint Christopher (St Kitts) and Nevis – Archdeacon Isaiah Phillip

5. Saint Lucia – Mr Evaristus Jn Marie

6. CARICOM Implementation Agency for Crime and Security (IMPACS)/Joint Regional Communications Centre (JRCC) – Mr Rufus Ferdinand

7. Organisation of Eastern Caribbean States (OECS) Commission – Mr Henith Gabriel

8. Eastern Caribbean Central Bank (ECCB) – Governor Timothy Antoine (Chair)

The IRC wishes to thank all persons who have contributed to shaping the legal framework and now invites all and sundry to provide feedback on the draft now offered for public comment.

Feedback should be submitted via the following channels:

Email: CBIRegulator@eccb-centralbank.org or WhatsApp: 1 (869) 662-3543.

Sevilla, Spain – 2 July 2025 – Antigua and Barbuda took center stage on the third day of the Fourth International Conference on Financing for Development (FFD4), as Prime Minister the Honourable Gaston Browne delivered impassioned and visionary statements that positioned Small Island Developing States (SIDS) at the forefront of the global development agenda.

In a packed side event titled “Financing Development in a Climate-Challenged World: Debt Sustainability Support Service (DSSS),” Prime Minister Browne delivered the keynote address, heralding a transformative moment for global financing frameworks. Declaring that the world stood “at a turning point,” he underscored the urgency of tackling the interlinked challenges of debt, climate vulnerability, and sustainable development—challenges acutely felt by SIDS.

“The inclusion of the DSSS in the Compromiso de Sevilla, the final outcome document of FfD4, reflects the growing recognition that these converging crises demand innovative and inclusive solutions,” he said.

Highlighting the disproportionate burdens borne by SIDS, he stated, “We did not create this crisis. But we are stepping forward to offer solutions.” He described the DSSS as a country-led, SIDS-driven initiative—originating from the Antigua and Barbuda Agenda for SIDS (ABAS)—designed to place the voices and needs of the most vulnerable at the center of reform.

Later in the day, Prime Minister Browne was the sole Head of Government invited to deliver a Special Address at Multi-Stakeholder Round Table 5: Realizing a Development-Oriented Sovereign Debt Architecture. The high-level session, co-chaired by H.E. Pedro Sánchez, President of the Government of Spain, and H.E. Bassirou Diomaye Faye, President of Senegal, also featured Nobel Laureate Professor Joseph Stiglitz and other global financial leaders.

Addressing the gathering, Prime Minister Browne noted:

“For too long, our small island states have battled existential threats—climate shocks, pandemic aftershocks, and deep economic vulnerabilities—now compounded by unsustainable debt burdens. Our development and survival hang in the balance.”

He reiterated the centrality of ABAS as a strategic and action-oriented framework:

“ABAS is bold, comprehensive, and indispensable. It is more than a roadmap—it is a lifeline.”

Among the distinguished participants were Finance Ministers from Cameroon, Tunisia, and Ethiopia, along with senior representatives from the World Bank Group—underscoring growing consensus on the need to overhaul the global financial architecture.

As the conference progresses, Prime Minister Browne’s leadership remains a source of inspiration and resolve. He left the international community with a powerful charge:

“Financing for development must be measured not by pledges, but by progress. Now is the time to build a just and inclusive system—one that allows every nation, no matter its size or circumstance, to thrive. Antigua and Barbuda will persist until that vision is fully realized.”

Dominica’s Citizenship by Investment Program Under Fire Amid Allegations of Financial Misconduct and Regulatory Failure

EU Reportedly Weighing Suspension of Visa-Free Access as the UK Has Already Taken Action

Dominica — New allegations of illegal financing, excessive agent commissions, and a lack of regulatory enforcement have once again placed Dominica’s Citizenship by Investment (CBI) program under international scrutiny. The controversy is drawing concern from investment migration experts and appears to have caught the attention of European policymakers.

At the center of the storm is Globe Visa, a major Chinese immigration agency previously blacklisted by the Dominican government for undercutting official pricing standards. Despite its prior expulsion, the firm has mysteriously resumed operations—this time offering rebates of up to $70,000 in China and as much as $100,000 in other regions on CBI-related donations. Industry insiders say such figures raise serious red flags about the legality and sustainability of these incentives.

Observers fear the rebates far exceed any plausible legal margin, prompting speculation about the possible use of illicit financial channels, the misuse of public funds, or fraudulent declarations. The absence of any meaningful government response has only deepened these concerns.

*The English text in the picture is translated by AI

“These practices simply don’t add up unless someone is bending the rules—or being allowed to bend them,” said one CBI industry expert who requested anonymity.

Equally alarming is the Dominican government’s apparent unwillingness to act. Despite Globe Visa’s prior violations, the company was quietly removed from the blacklist and has resumed aggressive marketing tactics without consequence. This pattern of regulatory leniency—if not outright complicity—has led some observers to accuse the government of neglecting its duty to uphold the integrity of the program.

International backlash is mounting. In Brussels, EU officials are reportedly monitoring the situation closely. Dominica is now being discussed as a potential candidate for suspension of its Schengen visa-waiver privileges if credible evidence of systemic abuse surfaces. This development comes amid broader EU efforts to clamp down on CBI programs that pose risks to European security and governance standards.

The controversy follows the United Kingdom’s 2023 decision to revoke visa-free access for Dominican citizens, citing concerns over identity verification gaps, weak due diligence, and the potential misuse of CBI passports. That move severely impacted the value proposition of Dominican citizenship and may signal further action by Western nations.

This is not the first time Dominica’s CBI program has faced international criticism. Both the EU and the OECD have previously called for greater transparency and oversight across such programs, warning of vulnerabilities to money laundering, tax evasion, and corruption. While several Caribbean nations have made strides toward reform, Dominica appears to be backsliding—making it a likely first target in the next wave of international enforcement.

“This isn’t just a challenge for the industry—it’s a governance crisis,” said a regional analyst. “Dominica could soon find itself paying a steep diplomatic price.”

As pressure mounts, the Dominican government has yet to issue a formal response regarding Globe Visa or the broader concerns about program oversight. For now, the silence is not only deafening—it could prove dangerously costly for the nation’s international standing.

A Senior Counsel has described a recent appeal in the Alfa Nero matter as having “no chance of success,” after a US federal judge previously quashed subpoenas targeting the Antiguan leader, his relatives, and senior government officials.

Yulia Gyryeva-Motlokhov, linked to Russian interests in the superyacht Alfa Nero, filed the appeal after the US court rejected efforts to compel testimony from the Antiguan side.

Senior Counsel Anthony Astaphan confirmed the appeal had been received and would be reviewed by the team shortly.

“I immediately asked Mr. Paul Riker, the US attorney handling the matter, for his professional opinion on the appeal’s prospects,” Astaphan said. “His response was clear: they don’t have a chance of winning that matter at all. The judge’s ruling on the subpoenas was crystal clear.”

Astaphan characterized the ongoing legal actions as part of a politically motivated campaign aimed at discrediting Prime Minister Browne and the Antiguan government. “This is just another part of the campaign to seek to discredit the government and the prime minister in relation to the Alfa Nero,” he added.