ST. JOHN’S, Antigua, Aug 28, CMC – The Antigua and Barbuda Parliament has appointed a select committee to conduct an in-depth study of the new legislation that is intended to form part of regional efforts to harmonise their respective legislations on the Citizenship by Investment (CBI) programme.
The legislation – the Eastern Caribbean Citizenship by Investment Regulatory Authority (Agreement) Bill, 2025 – had its first and second readings in the House earlier this week.
Under the CBI, foreign investors are granted citizenship of the island in return for making a substantial investment in the socio-economic development of the island.
Prime Minister Gaston Browne in tabling the legislation, noted that based on recommendations from the United States, Canada, the UK and the European Union and following extensive consultations across the sub-region to get input from interested parties as well as from members of the public, the legislation was drafted and it is being presented before the parliaments in the respective countries for approval.
He noted however that these recommendations were previously proposed by Antigua and Barbuda as much as ten years ago, but the other CIP countries in the region were not willing to go along.
However, he said international pressure has brought them all together to agree on the need for a unified approach to the operation of these programmes.
“We have gone the extra mile by establishing a regulatory authority which will be backed by the legislation and to which all of the CIP Units will be accountable. “There are some fundamental changes such as the collection of biometrics to assist in traceability as well as provisions for funding of the authority and agencies such as IMPACS which assist with the due diligence procedures. There will also be a residency requirement that is enshrined in the bill. Currently, only Antigua and Barbuda has that provision,” he said.
The legislation is to be adopted by all five CIP-granting territories in the OECS; Antigua and Barbuda, St. Lucia, Grenada, Dominica and St. Kitts-Nevis.
It is anticipated that the legislation will be adopted by all five parliaments no later than October this year.
The Select Parliamentary Committee will be chaired by Browne and includes Attorney General, Sir Steadroy Benjamin and opposition Leader, Jamale Pringle.
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