CARIBBEAN: Caribbean Countries establish Interim Regulatory Commission for Citizenship by Investment Programmes

The Caribbean countries that offer Citizenship by Investment Programmes (CIP/CBI) have taken a practical step towards the establishment of a regional regulator by appointing an Interim Regulatory Commission (IRC). The establishment of a regional regulator is a key provision in the Memorandum of Agreement (MOA), which was published in March 2024, a release from the Eastern Caribbean Central Bank states. Once formally established through the enactment of enabling legislation in the participating countries, the regional CIP/CBI regulator will set standards for, and regulate the Programmes in accordance with international best practices and will monitor and report on compliance. The signatories of the MOA are: Antigua and Barbuda; the Commonwealth of Dominica; Grenada; Saint Christopher (St Kitts) and Nevis; and Saint Lucia.

The release said appointees to the IRC are professionals not directly involved in the administration or promotion of Citizenship by Investment Programmes and are drawn from diverse fields including law, economics, finance, audit, compliance and law enforcement.

The eight-member IRC comprises the following appointees: Antigua and Barbuda, Lieutenant Colonel Edward Croft (Deputy Chair); the Commonwealth of Dominica, Ambassador 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 (ECCB), Timothy Antoine (Chair).

The IRC will serve as a technical working group charged with fully developing the plans for the regional regulator and for its implementation. It will operate until the first Board of the regional regulator is appointed.

Its immediate tasks are to oversee the preparation of the enabling legislation and to facilitate public consultation ahead of enactment of this legislative framework. The IRC held its first meeting on 24 September, 24, 2024.

The regional regulator will be a separate legal entity and will be housed outside of the ECCB, the release from the Bank also said.

At this stage, it is anticipated that the regional CIP/CBI regulator will be established in the second half of 2025

19 December 2024

TAX EVASION: Crackdown on Offshore Gaming Entities: 642 Under Investigation

The Directorate General of GST Intelligence (DGGI) has identified 642 offshore entities involved in online money gaming for potential tax evasion. These entities have been reported to the Ministry of

Read More
18 October 2024

UK: Tax advisor predicts major changes in Labour’s first budget

A tax advisor has predicted big changes in Labour’s first budget. Tony Medcalf, a tax partner at the accountancy and business advisory firm MHA in Kendal, shared his thoughts on the potential

Read More
14 February 2024

FAMILY OFFICES: Family Offices to Allocate More to Alternatives in 2024

KKR, a leading global investment firm, released “Loud and Clear,” a new Insights piece by Henry McVey, CIO of KKR’s Balance Sheet and Head of Global Macro and Asset Allocation (GMAA). Based on

Read More
28 February 2025

GREECE: Greek Government Intensifies Tax Evasion Crackdown

Minister Hatzidakis reports substantial revenue increases as checks target nightclubs and entertainment venues.The Greek government is stepping up its efforts to tackle tax evasion, particularly within

Read More