PM Drew highlights government’s robust plans to strengthen CBI, diversify economy at first Investment Gateway Summit

St. Kitts and Nevis is now hosting hundreds of economic citizens, agents, investors and entrepreneurs for the first ever Investment Gateway Summit under the theme, Connect, Collaborate, Celebrate. 

The five-day event, which began on 10th July at the St. Kitts Marriott Resort, is intended to bring together CBI stakeholders to connect with a community of leaders, investors, entrepreneurs and innovators, explore new business opportunities and forge global business connections.

It also provides a unique opportunity for participants to immerse themselves in the beauty and culture of the country and its people.

Addressing the gathering, minister with oversight of the Citizenship By Investment (CBI) programme, Prime Minister Dr. Terrance Drew, noted that his administration has prioritised the transformation of the St. Kitts and Nevis into a “beacon of sustainability, good governance, and economic resilience” starting with strengthening one of the “cornerstones” of the economy; the CBI.

“Our Citizenship by Investment Programme, established 40 years ago, has been a vital part of our economy, attracting global investors and fostering development. However, upon taking office, it became evident that the programme required significant restructuring to enhance its integrity and effectiveness. Thus, we embarked on a journey of rigorous reforms to ensure that our Citizenship by Investment Programme is synonymous with trust, transparency, and excellence,” Drew explained.

He noted that his government has taken meaningful steps since coming to office in August 2022 to reform the CBI ushering the era of an evolved programme “grounded in sustainability and good governance principles”.

“On December 23, 2022, we enacted new CBIP regulations. These regulations introduced a Board of Governors to oversee the operations of the CBI Unit, review developer applications, and prepare submissions to the Cabinet. We also established a Technical Committee to review files and advise the Minister, and we specifically criminalised the practice of underselling, ensuring a level playing field for all participants,” said the prime minister.

“The journey did not stop there,” he continued. “In February 2023, we further amended the CBIP regulations to strengthen procedural application requirements, impose advertisement restrictions, and introduce new due diligence requirements for international marketing agents.”

Dr. Drew expressed pride in several key pieces of legislation intended to foster increased transparency which would extend to the CBI’s operations including Anti-Corruption, Integrity in Public Life, and Freedom of Information Acts, as well as the announcement of the Continuing International Due Diligence Unit which will open this month in Europe.

He also highlighted as a major achievement the signing of a critical Memorandum of Agreement (MoA) which he negotiated between Saint Kitts and Nevis, the Commonwealth of Dominica, Antigua and Barbuda, St. Lucia and Grenada. The MoA  saw the signatories agree to harmonise the minimum investment threshold, end underselling practices, share information on Citizenship by Investment Programme applicants, implement enhanced transparency measures, and establish common standards for regulating and promoting Citizenship by Investment Programmes.

While he admitted that the CBI will remain an important pillar of the Federation’s economy, Drew stressed the importance of diversifying the economy in order to become less reliant on the programme. 

To this end, he noted that other areas of economic development will continue to remain a priority for his administration as it pursues its Sustainable Island State Agenda.

“We are committed to transforming our nation into a Sustainable Island State, with a diversified economy less dependent on Citizenship by Investment revenues. This transformation is based on seven key pillars: food security, green energy transition, economic diversification, sustainable industries, the creative economy, COVID-19 recovery, and social protection.

“To achieve this, we are drafting further amendments to legislate the regional commitments contained in the Citizenship by Investment Programme Caribbean States’ Memorandum of Agreement. The Continuing International Due Diligence Unit will be operational by July 31, 2024, and the corporatization of the CBI Unit will be completed by August 31, 2024,” said Prime Minister Drew.

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