PM Terrance Drew unveils measures taken by government to safeguard St Kitts and Nevis CBI

St Kitts and Nevis: Prime Minister Dr Terrance Drew outlined the steps implemented by his government since 2022 to safeguard and protect St Kitts and Nevis CBI during his recent press conference. He also shed light on the future plans that will be taken out by them for fulfilling their “Sustainable Island State Agenda.”

Talking about the Citizenship by Investment Programme of St Kitts and Nevis, PM Drew added that since taking office in 2022, his government has taken proactive and comprehensive steps to prevent exploitation of the programme. 

He presented the entire timeline of how they protected the programme and prevented the visa-free access to UK and EU as St Kitts and Nevis was on the brink of losing it due to the ill-conceived Prison Project of the previous administration. 

Timeline of taking steps to protect St Kitts and Nevis CBI

2022: He outlined that the prison project exploited the CBI and risked the reputation of St Kitts and Nevis for short-term financial gain by underselling the application. After assuming office on August 5, 2022, the government started the full investigation into the programme and outlined a report in October 2022, highlighting the loopholes in the functioning of the CBI. 

In order to mitigate those loopholes, PM Drew announced that he visited Dubai on December 1, 2022, to outline the reformation plans for the CBI Programme that were purely based on the principles of Sustainability and Good Governance. 

A new CBI regulations act had come into force on December 23, 2022, through which a Board of Governors was appointed to oversee the operation of the Citizenship by Investment Programme. Under the law, the technical committee was also implemented for reviving files, further initiating procedures to criminalize the practices of underselling. 

2023: The government has moved further to enhance the integrity of the CBI Programme which has a legacy of 40 years. In February 2023, St Kitts and Nevis hosted the historic and first-ever US-Caribbean Roundtable on CBIs at the Park Hyatt, featuring five Caribbean Prime Ministers  and officials from the US Treasury and the governor of the Eastern Caribbean Central Bank. 

The roundtable established a new set of principles to improve the CBI Programme which included the standardised treatment of denials, virtual or in-person interviews during the due diligence process, additional checks through Financial Intelligence Units, Independent audits of the CBI units, retrieval of cancelled passports and the suspension of Russian and Belarussian applicants. 

While implementing these principles, the government of St Kitts and Nevis came up with a plan to increase the minimum qualifying investment to US$250,000 in July 2023. 

2024: After that, St Kitts and Nevis became the first nation to sign the historic Memorandum of Agreement with other CBI nations to enhance the ethical and sustainable motives. The agreement was part of the six principles and aimed at increasing the minimum investment threshold to mitigate the practices of underselling across the Caribbean CBI. 

Further, PM Terrance Drew added that the revenue from the CBI Programme has declined in 2024, but the country has never compromised its integrity and reputation. According to the statistics, the programme generated EC$218 million in 2024, which was less revenue to date, while in 2023 it was EC$620M, in 2022, it was EC$669M, in 2021, the revenue was EC$543M, and in 2020, it was EC$271M. 

Future plans for fulfilling Sustainable Island State Agenda

Prime Minister Dr Terrance Drew outlined that the Citizenship by Investment Programme will serve as one of the pillars to fulfill the sustainable goals over the next two to three years. He added that the government anticipated a significant economic boom in construction, tourism, agriculture and sustainability projects. 

The transformative projects will include: 

JNF Climate-Smart General Hospital: The work has been progressing rapidly on the hospital as Prime Minister Dr Drew stressed that the facility will serve as one of the initiatives for the hurricane-resistant, modern and sustainable agenda. It will invite healthcare professionals at home and transform it into one of the leading hospitals in the Caribbean.

New Basseterre High School: Another project will be allocated to reform the education sector as the construction of the high school will take place on Victoria Road. It will be funded by the CBI Programme, featuring world-class educational. The construction is expected to be commenced by the second quarter of 2025. 

Smart Homes Initiatives: The steps will be funded by CIBC Caribbean, providing homes to the people in St Kitts and Nevis. Construction on the homes has been started, employing hundreds of local workforces at the site. Around 100 homes that are climate smart will be constructed by the end of 2024. 

2 million gallon per day Basseterre Desalination Plant: The final pre-construction stage of the project will also provide fresh and consistent water to the people by the third quarter of 2025. It will create numerous construction jobs and permanent positions as it is expected to be opened next year. 

The Needmust Power Plant Expansion: The plan which is funded by the Saudi Fund will feature the modern and fuel-efficient techniques to generate electricity. It will be helpful in reducing carbon footprints and provide stable energy supply to the homes and local businesses. 

Agriculture Sector: The government has collaborated with Tobasco to strengthen farmers with techniques to cultivate high-quality peppers for export. It is aimed at enhancing the export and reducing the reliance on the foreign products, supporting 25 by 25% agenda of the Caribbean countries. 

Geothermal Energy: In collaboration with Nevis Island Administration, the geothermal energy power plant will be constructed in St Kits and Nevis to reduce the impact of the climate change on the small island nations. 

The Reinvigoration of Kittitian Hill: The Kittian Hill will be improved to enhance the tourism offerings of St Kitts and Nevis. 

Redevelopment of Christophe Harbour: The discussions are underway to invest in the Christophe Harbour, aiming to enhance the high-end tourism and placing St Kitts and Nevis as an ideal tourism destination in the Caribbean. 

The Prime Creative Arts Centre: Aiming to support the traditional and rich culture of St Kitts and Nevis, the centre will serve as the platform for the artistes to explore new fields in the field and promote the cultural pride. 

Prime Minister Dr Terrance Drew emphasized that the projects are aimed at achieving sustainable goals so that the small island nation could become self-reliant and self-sustaining. He also invited foreign nations to bring their skills and experience to their homeland and enhance the opportunities for their fellow countrymen in sectors such as construction, tourism, agriculture and sustainability. 

Disclaimer: The update on Prime Minister Dr Terrance Drew’s steps to safeguard the CBI Programme is purely written by Associates Times. Readers can explore more such topics through the website and get the latest news on the daily happenings in the Caribbean region.