St Kitts and Nevis to beef up CBI industry
PRIME MINISTER DR TERRANCE DREW PLANS BEEFING UP THE CITIZENSHIP BY INVESTMENT (CBI) programme which until two years ago contributed as much as 40 per cent of the country’s revenue.
“The vision to use citizenship by investment to attract international investment was both bold and creative, but we must admit that over the years, the programme has not been mutually beneficial for all stakeholders – especially our people, who should always be at the forefront of the benefits from programmes,” PM Drew admitted.
He said the new Labour government which swept the coalition Team Unity from power three months ago “has been committed to working tirelessly to strengthen and improve our CBI programme for enhanced sustainability within a framework of integrity.”
The ‘St Kitts Observer’ in June this year carried an investigative report pounded the CBI programme which the writers said “seems shrouded in a troubling combination of secrecy, and a lack of transparency and financial accountability.”
Two years ago, then Attorney General, Vincent Byron Jr, and Les Khan, chief executive officer (CEO) of the Citizenship by Investment Unit (CIU), “insist strict reporting guidelines exist.
“They were unable to furnish facts and figures essential to understanding where funds are coming from and how they are being spent. Both said those were best handled by prime minister, who is also the minister of finance, Dr Timothy Harris. Up to the time of this report (June 2022), the Prime Minister’s Office declined or ignored repeated requests for an interview to clarify outstanding questions about the St Kitts and Nevis Citizenship By Investment Programme,” the St Kitts Observer said. (Report: Secrecy and SKN’s Money Making CBI Programme)
Disagreement over the absence of accountability and/or transparency by the coalition ‘Team Unity’ government blew up publicly when head of the Concerned Citizens Movement (CCM) Premier Mark Bentley complained Nevis was being short changed.
He then masterminded a covert operation to unearth the true figures made by selling passports under the CBI initiative.
The ‘Observer’ said the controversy eventually lead to the collapse of the Harris administration, dissolution of parliament and fresh polls where Drew’s St Kitts and Nevis Labour Party (SKNLP) triumphed on August 5th.
Drew was careful to eschew lack of transparency which apparently dogged the Harris regime.
“There will be much stronger oversight and leadership in the CBI Unit. Your government is implementing strengthened legislative and administrative structures to ensure that real estate projects funded by the CBI programme are completed,” he promised.
“To this end, we are seeking trusted investors who see the potential of our nation to put capital behind creative and strong projects that will enhance our offering,” PM Drew explained.
He further elaborated: “Under new leadership, the CBI programme will be administered in such a way that all stakeholders can have an equal opportunity to benefit, and priority needs will be addressed. For example, we need housing for our people here in St. Kitts and Nevis. We were therefore purposeful in our engagements and the newly evolved programme must prosper each and every one of us here in St. Kitts and Nevis.”
Continuing he said, “The changes we intend to make will ensure that we maintain a progressive and sustainable programme whilst cementing St Kitts and Nevis’ place as a leader in the CBI industry.”
Basseterre’s CBI programme has been the pioneer of the global investor immigration industry for nearly 40 years, and that has “allowed this nation to thrive beyond what could not have been possible without it. It has, at times, given us the opportunity to advance our people without relying too much on international financial aid,” PM Drew stated.
