Prime Minister Dr. Terrance Drew has reaffirmed his government’s proactive leadership in reinforcing its Citizenship by Investment (CBI) programme, responding to recent U.S. pressure and ongoing regional regulatory reforms. Interviewed on ZIZ Radio on 20th June, he emphasised that his administration anticipated the current scrutiny it is facing and is taking meaningful steps to solidify governance and diversify the economy.
“I said from the very beginning that we have to transition away from CBI… dependency on CBI for 60–70% of our recurrent budget was irresponsible,” Dr. Drew stated, criticising the previous Dr. Timothy Harris government’s reliance on CBI funds for daily expenditures. However, he acknowledged the programme’s positive contributions, noting, “CBI has helped transform us; it has given us resources that helped to really advance our country.”
Under his leadership, St Kitts and Nevis has launched significant diversification efforts beyond CBI. These include the Safe Harbour deal to expand the yachting industry, a 100-acre pepper farming project, investments in tourism and education, water infrastructure in partnership with Taiwan, and modernising energy production.
Parallel to these projects, the government is overhauling CBI through enhanced transparency and regulation. In May, Attorney-General Garth Wilkin attended OECS legal consultations in Anguilla to review enabling legislation for a regional CBI regulatory body. A draft bill is expected to be enacted within weeks across OECS-member states.
Since early this year, in-country consultations have been underway in St. Kitts and Nevis and neighbouring nations to gather public and stakeholder input on the regulatory framework. The Interim Regulatory Commission, chaired by ECCB Governor Timothy Antoine, explained that political will is essential as the region advances toward a formal regional regulator.
OECS leaders of nations with CBI programmes, including St Kitts and Nevis, signed a March 2024 Memorandum of Agreement raising investment thresholds to over USD 250,000 and standardising due diligence and transparency measures—moves aimed at aligning with EU and U.S. expectations.
Responding to a U.S. memo that reportedly warned CBI nations—including St Kitts and Nevis—of potential visa restrictions by August 2025, Dr. Drew defended the reforms. “Strengthening the CBI programme was our priority from day one,” he affirmed, noting recent discussions with UK, EU, and U.S. authorities to showcase ongoing improvements.
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