Basseterre, St. Kitts – Prime Minister Dr. Terrance Drew has reiterated the significance of the Citizenship by Investment (CBI) programme to the economy of St. Kitts and Nevis (SKN). Drew took this position as he addressed concerns regarding the country’s reliance on the CBI programme and highlighted the need for economic diversification.
Dr. Drew criticised the previous Dr. Timothy Harris-led administration for its overdependence on the CBI programme. He emphasised the importance of not relying too heavily on any single sector for economic stability and growth and advocated for diversification into sectors including tourism and energy.
“We cannot afford to stand on one leg. When you stand on one leg you easily fall down, and so the idea is to create multiple legs to keep the economic system standing” stated Dr. Drew.
Under Dr. Drew’s leadership, significant changes have been made to the CBI programme to address areas of weakness which were identified. One such change involved tightening due diligence procedures to enhance the programme’s security.
“I had to let our international partners know that this is a serious country and that we are serious about international security, so we made the necessary changes in terms of strengthening due diligence ,” explained Dr. Drew.
The prime minister also highlighted the proactive measures taken by his government to forestall potential threats from the European Union (EU) to St. Kitts and Nevis’ access visa free travel. He emphasised the importance of decisive action in response to external challenges.
“I had no choice, to some extent, but to make sure that the changes would protect our area to areas where St. Kitts and Nevis enjoys visa free [travel],” he said.
Despite criticism of the changes to the CBI programme, Dr. Drew noted a renewed interest in the country’s CBI programme. This, he continued investors’ confidence in the government’s efforts to strengthen the programme while ensuring its continued accountability and transparency.
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