Dominica has joined its OECS partners in signing an agreement to establish the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), a move designed to safeguard the integrity, transparency and sustainability of Citizenship by Investment (CBI) Programmes in the region.
The newly formed Authority will function as an independent regulatory body tasked with developing and enforcing uniform standards and procedures for all participating states. It will oversee the activities of agents, developers, promoters and due diligence providers, ensuring strict compliance with both regional regulations and international best practices.
Prime Minister Roosevelt Skerrit said the establishment of ECCIRA represents a commitment to maintaining the highest standards in the management of CBI Programmes.
“For Dominica, this step is entirely consistent with our long-standing commitment to uphold the highest standards of integrity in the management of our Programme,” he said, noting that the success of CBI depends on credibility and alignment with global benchmarks.
One of ECCIRA’s key functions will be the enforcement of minimum due diligence standards and their rigorous application. The agreement also makes provision for a centralised regional database, to be managed by IMPACS, consolidating information on applicants and their dependants. The system is intended to strengthen regional and international security, enhance intelligence-sharing, and ensure full compliance with the recommendations of bodies such as the Financial Action Task Force (FATF) and the OECD.
Prime Minister Skerrit stressed that Dominica is proud of the CBI Programme’s contribution to the country’s development but emphasized that safeguarding its integrity is paramount. He welcomed the regional approach as an “important safeguard” and pledged Dominica’s full support for the work of the new Authority.
“With this agreement in place,” the Prime Minister said, “our citizens, investors and global partners can be confident that the Citizenship by Investment Programmes of OECS states are well-regulated, transparent and sustainable.”
