St. Vincent and the Grenadines remains the only OECS country without a CBI programme.
The Opposition Leader Godwin Friday has made yet another case for the re-introduction of a citizenship by investment (CBI) programme in St. Vincent and the Grenadines.
“Mr Speaker, you think the Caribbean benefits from CBI? We are small fry compared to the big players. We get millions of dollars, they earn billions. And you think they are going to cut their own throat on that?” he said during the budget debate last week.
“The benefits of the CBI programme are real. And many countries, not only in the Caribbean, all over the world, many are enjoying those benefits.” he added
Friday made his case as he spoke about the financing of the geothermal energy project, telling lawmakers that funds generated by CBI can be used to fund serious infrastructural projects in St. Vincent and the Grenadines.
Friday said there must be “serious due diligence” in these programmes to ensure that the applicants are persons that a country wants as citizens.
He added during the speech
- Antigua started a programme in 2012, Dominica in 1993, Grenada in 2013, and St. Kitts and Nevis in 1984.
- St. Kitts has used the funds generated by CBI to have hotel projects and diversify the economy. Between 1984 and 2015, approximately 10,777 applications from 120 countries came through Basseterre’s programme. St. Kitts government last December gave public servants double salary as bonus.
- in 2017, Dominica’s Prime Minister Roosevelt Skerrit said that $507 million was collected under the CBI programme, of which $324 million was used to help with budget financing.
- Grenada, in 2017, earned $140 million and in recent times, figures have increased.
- Antigua and Barbuda estimates that, in 2018, the programme would yield $64 million in direct investment to the central government and a capital injection of $198.7 million into hotels, residential developments, and other businesses.
- Forbes has released a list of the 10 most anticipated Caribbean hotels for 2019, on which three in Dominica, funded by CBI.
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