The Prime Minister Hon. Dr. Terrance Drew in his state of the Citizenship by Investment Programme Speech, has said that Saint Kitts and Nevis was at the brink of losing visa free access, if bold, immediate action was not taken by the administration.
“The evidence was overwhelming. This was confirmed, both publicly and privately, by our international partners.”, he said.
“When we took office on August 05, 2022, we faced a stark choice: either to continue down the path of reckless exploitation of CBI, or make tough decisions to secure our long-term future. We chose the latter, because we were determined to preserve the good name of Saint Kitts and Nevis.”
“CBI has never been a guaranteed industry. We were overly dependent on CBI”
– PM Drew
Two years ago, when we took office, the Citizenship by Investment (CBI) programme directly contributed between 60-70 percent of our Federal revenue. We were overly dependent on CBI—our proverbial economic eggs were all in one basket. Unlike nations that rely on natural resources like oil and gas, which have stable and consistent demand, CBI has never been a guaranteed industry.
Instead, CBI will now fuel real, tangible, sustainable projects that will create permanent jobs and opportunities for the people of Saint Kitts and Nevis.
The Saint Kitts and Nevis CBI programme has been saved.
“Our efforts have borne fruit. The Saint Kitts and Nevis CBI programme has been saved”, said PM Drew. Not only have we re-established it as a leading CBI programme in the world, but we have also set a new standard of regional cooperation with our OECS colleagues.
He stated in 2024, up to September, CBI has generated EC$218 million—less revenue to date, compared to previous years.
