Senate Approves Landmark Bills to Strengthen Regional CBI Oversight and Financial Compliance

The Senate has given the green light to three key pieces of legislation designed to enhance financial accountability and harmonize regional standards for Citizenship by Investment (CBI) programmes across the Eastern Caribbean.

The Eastern Caribbean Citizenship by Investment Regulatory Authority Agreement Bill 2025, the Tax Administration and Procedure (Amendment) Bill 2025, and the Automatic Exchange of Financial Account Information (Amendment No. 2) Bill 2025 were all passed on Tuesday without any amendments.

Leader of Government Business in the Senate, Senator Shenella Govia, who piloted the legislation, described the moment as a significant stride toward strengthening transparency and regional cooperation within the CBI framework.

Meanwhile Opposition Senator David Massiah supported the measure, noting that it was a much-needed step given the international scrutiny that Antigua and Barbuda’s programme has faced in recent years.

He also commended the Eastern Caribbean Central Bank (ECCB) for its role in helping develop the regulatory framework.

In addition to the CBI legislation, senators also approved the Tax Administration and Procedure (Amendment) Bill 2025, which modernizes the process for recovering unpaid taxes.

The Bill ensures that taxpayers are notified in writing and given 30 days to settle arrears before enforcement actions can proceed. It also establishes clear rules for public auctions and sealed tenders, requiring all property sales to be publicly advertised in the Gazette and at least two local newspapers.

The final Bill passed, the Automatic Exchange of Financial Account Information (Amendment No. 2) Bill 2025, updates Antigua and Barbuda’s legislative framework in line with recommendations from the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The amendment aims to reinforce the country’s compliance with global financial transparency and reporting obligations.