PM Terrance Drew highlights transformative impact of CBI Programme on St Kitts and Nevis

St Kitts and Nevis: In a recent address delivered during the National Assembly Sitting, Prime Minister Dr Terrance Drew highlighted the findings of an internal review of the Citizenship by Investment Programme of St Kitts and Nevis. Launched in 1984, the Programme has turned 40 this year. During his speech, PM Drew said, "For 40 years, our CBI program has been the pioneer of the global investor migration industry."

He highlighted the transformative impact which the CBI Programme had on St Kitts and Nevis. The Prime Minister noted that the programme has allowed this nation to thrive beyond what could have been possible without it.

Dr Drew added that initially, the programme was primarily used by individuals purchasing second homes in St Kitts and Nevis but with keen interest and applying it for significant investments otherwise, the programme was expanded to attract major investments.

He said that at the time, when it was expanded, St Kitts and Nevis was already a global innovator in the CBI industry, due to which the country witnessed an increased international interest in investments.

"it was decided that especially after 2008 with the economic downturn and the closing of the sugar industry this can be used in an appropriate way to continue the development of our beautiful St Kitts and Nevis," outlined PM Drew.

Prime Minister Drew highlighted the current administration's dedication and commitment to improving the CBI Programme and said that since they took office over 19 months ago, the Labour Party had been working tirelessly to build this country to become competitive globally.

"It was this administration and this team that gave teeth to integrity in public life legislation," PM Drew reminded all citizens. Dr Drew also remembered the time when Minister Dr Denzil Douglas served as the Prime Minister of the country.

He said that between 2008 and 2015, the Labour Party Administration under Dr Douglas used CBI revenues to develop infrastructure, build affordable homes, enhance education, enhance infrastructure with hotels like Park Hyatt and launch beneficial programs such as the People Empowerment Program and the Reach Program.

The Prime Minister went on to say that the administration has been focused on diversifying the economy, which is why economic diversification is one of the seven pillars of the sustainable island state agenda.

"The economy that we envision we'll see major inflows from tourism, construction, water and energy infrastructure, creative economy, agriculture, offshore education, manufacturing without relying on any single leg," he added.

PM Drew also noted that because of the reckless actions of the previous government, international organisations such as the Financial Task Force FATF and the Organization for Economic Corporation and Development issued a joint report in November 2023 titled 'Misuse of Citizenship and Residency by Investment Programmes'.

Despite such challenges, the Prime Minister said that his administration took strong measures to protect international partners and maintain the reputation of St Kitts and Nevis.

In addition to this, he also highlighted the huge number of incomplete projects under the previous administration including the unfinished Sixth Senses Hotel project in La Valley, which was moved to Grenada.

"I went because I'm happy to see that the investors stayed in the Caribbean so that our people can benefit indirectly as this is part of the region and the region's financial infrastructure but that should have been here madam speaker that is the type of investment that the CBI program should have been used to develop," he added.

While talking about the swift actions which were taken by his administration, PM Drew said, "It is because of the comprehensive actions of the Labour Party administration that we can still travel to the UK and EU member states without a visa."

He added that the actions of the St Kitts Nevis Labour Party have led to country been allocated a larger quarter of visas per year from the USA. The Prime Minister also noted that Canada has also reestablished certain visa free options for petitions and divisions after his administration assumed office.