Citizen by Investment (CBI), is a programme where individuals can acquire citizenship in a country by making significant financial contributions, mainly through investment. The New Democratic Party (NDP) has indicated its intention to implement the CBI programme, a policy that will have a positive impact on economic development in St. Vincent and the Grenadines.
Our well-structured CBI programme will attract much-needed foreign direct investment, generate substantial government revenue and stimulate growth in key sectors. This influx of capital has the potential to fund critical infrastructure projects, improve social services, and create employment opportunities for Vincentians. However, the success and positive impact of such a programme would heavily depend on robust governance, transparent processes, and effective management to mitigate potential risks and ensure the benefits are widely distributed across the population.
Several islands in the region have implemented the CBI programme. These include: Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia. These programmes were implemented at different times, with St. Kitts and Nevis leading the way by launching their CBI programme in 1984. Dominica followed in 1993, while Antigua and Barbuda’s programme was established in 2012. Grenada’s programme began in 2013, and St. Lucia’s in 2015.
For instance, the CBI programme has proven to be a significant economic engine for St. Kitts and Nevis. The programme’s contributions have had a positive impact on the nation’s economy and its citizens. Notably, St. Kitts and Nevis has seen a remarkable reduction in its debt-to-GDP ratio, reaching a healthy 64.3% in 2024. This fiscal strength has allowed the government to implement beneficial policies, such as the consistent practice of providing public sector workers with a double salary in December for several years.
In 2024, Grenada’s CBI programme proved to be a significant economic driver, generating a remarkable $413 million US. This substantial revenue stream underscores the program’s continued popularity among international investors and its vital contribution to the nation’s financial stability.
In Dominica, CBI funds have been instrumental in supporting a wide range of development projects. These investments span key sectors such as infrastructure, education, and tourism. Notable initiatives funded by CBI include the construction of a new international airport, improvements to transportation networks, and the development of eco-friendly resorts. And, significant funding for Dominica’s geothermal energy project is a direct result of CBI contributions.
Gonsalves’ Hypocrisy
While the other Organization of Eastern Caribbean States (OECS) have embraced the CBI programme for economic development, Prime Minister Gonsalves’ stance against the CBI programme for St. Vincent and the Grenadines lacks logical justification. The success of the CBI programme across the region raises questions about the specific concerns or rationale behind his opposition, particularly given the economic benefits that these islands have achieved.
Moreover, Prime Minister Gonsalves’ hypocrisy regarding the CBI programme is indeed perplexing. While he consistently criticizes the NDP on this issue, his silence concerning his OECS colleagues’ involvement in the CBI programme is deafening. But he continues to make silly statements such as “Me nar sell passport”. Further, the case of convicted felon, Dave Ames, who held a Vincentian passport, prompts further investigation into the process by which such individuals obtain citizenship.
The ULP’s failure to implement the CBI programme has created severe hardship for Vincentians over years. The country faces significant economic challenges which the ULP government cannot manage. We have a staggering debt-to-GDP ratio of 93% and a national debt nearing $3 billion. These figures highlight a precarious fiscal situation. Also, the alarming youth unemployment rate of 40%, the underperformance of productive sectors, and the highest recorded levels of poverty underscore a lack of true economic development. And, cost-of-living is spiraling out of control.
What is the proposed solution from Gonsalves and the ULP government to address the economic challenges which face St. Vincent and the Grenadines? Their approach centres on borrowing, a strategy that will inevitably increase the national debt, coupled with increased taxation on Vincentians, who are already struggling. These measures will undoubtedly worsen the hardship and create further economic strain for Vincentians.
Benefits to Vincentians
The impact of this programme in St. Vincent and the Grenadines will be transformative. We anticipate a significant surge in foreign direct investment, which will directly contribute to increased government revenue. This, in turn, will facilitate a reduction in the tax burden on Vincentians, which will foster greater economic development and leading to the creation of new jobs.
The programme will be strategically designed to foster long-term growth and resilience across key sectors. Funds will be allocated to construct robust and sustainable infrastructure, ensuring lasting benefits for communities. A significant focus will be placed on developing climate-resilient projects to mitigate the impacts of environmental change. Investments will be made to enhance the quality of sporting facilities and promote the vital tourism sector. The programme also prioritizes the sustainability and improvement of agriculture and fisheries. It will also support youth entrepreneurship. Funding will be directed towards establishing the Constituency Development Fund and support critical projects in housing.
Our commitment to the well-being of all Vincentians is paramount. To provide essential support to Vincentians, we will purposefully allocate funds from the CBI programme to our National Development Bank, which will fuel crucial local projects and initiatives. We will introduce special bonuses and double salaries in December for public servants, thereby ensuring our citizens can celebrate the festive season with greater financial security, similar to what is happening in St. Kitts and Nevis. We will significantly increase public assistance and National Insurance Services (NIS) pensions for our elderly, the poor, and vulnerable, recognizing their invaluable contributions to the nation and ensuring they live with dignity and comfort.
Gonsalves’ attempts of scaremongering of the CBI programme will not deter us. It will not work this time. We remain resolute in our commitment to campaign on the CBI programme and implement it, when we are elected to office as one of our policies to generate economic development