Prime Minister Dr. Terrance Drew has called for an in-depth national discussion on the future of the Citizenship by Investment (CBI) Programme, particularly given the increasing number of CBI passport holders in relation to the indigenous population of St. Kitts and Nevis. According to Dr. Drew there is urgent need to address concerns surrounding national sovereignty, economic diversification, and population dynamics.
The population of St. Kitts and Nevis is 51,320 based on the finings of the 2022 census. While the exact number of passports issued under the CBI Programme since its inception in 1984 remains undisclosed, Dr. Drew suggested that the figure is in the tens of thousands. Addressing the Parliament in March 2024, he disclosed that 25,000 citizenships had been approved for the controversial prison project alone, highlighting the scale of the programme’s reach.
Prime Minister Drew emphasised the need to balance the programme’s significant revenue contributions with its implications for national sovereignty. He expressed concern that the number of CBI citizens could surpass that of the indigenous population, posing long-term challenges for the nation’s identity and governance.
“I want our country to start a serious discussion on how many citizens we should allow into this programme. We are approaching a point where the number of people in the CBI programme could outnumber our indigenous population. We have to ask ourselves a serious question, and that’s why I said from the beginning this would be one of the most difficult issues I would have to deal with. We need to balance our sovereignty with the revenue that most of our income comes from this programme,” Dr. Drew said.
The prime minister also criticised the previous administration’s dependence on CBI revenue without sufficiently diversifying the economy. He likened their strategy to that of nations that rely heavily on resources like oil and gas. He reiterated his administration’s commitment to economic diversification to build resilience against fluctuations in any single sector.
Dr. Drew underscored the transparency his government has brought to the CBI Programme, including the release of data that was previously classified as an “industry secret” under the Dr. Timothy Harris administration. He stressed the importance of public awareness and dialogue to shape the future of the programme and its long-term implications for the nation.
While the Dr. Drew called for thoughtful and nationwide discussions to responsibly navigate the challenges of the CBI programme, he also amplified his advocacy for urgent economic diversification. He acknowledged that the shift towards a diversified economy may present short-term challenges but asserted that it would ensure the nation’s long-term stability.
Since taking office in 2022, the St. Kitts and Nevis Labour Party administration has implemented sweeping reforms within the CBI Unit to address irregularities.
In September 2024, St. Kitts and Nevis was ranked the top country in the 2024 Citizenship by Investment (CBI) Index, leading a group of 12 countries evaluated for their investment migration programmes.
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