Caribbean Nation leaders at CIS 25 conference
In a noteworthy advancement for the Eastern Caribbean economies, Citizenship for Investment Programmes (CIP) and Citizenship by Investment (CBI) initiatives have become vital revenue streams for the five nations within the Organisation of Eastern Caribbean States (OECS), particularly Antigua and Barbuda.
According to Timothy Antoine, Governor of the Eastern Caribbean Central Bank, these programs now contribute a staggering 75 cents of every non-tax dollar earned in the region.
During the formal handover ceremony for the chairmanship of the Eastern Caribbean Currency Union at the AUA conference center near Jabberwock Beach, Governor Antoine highlighted the classification of CIP/CBI revenues as non-tax revenue, underscoring their importance in the financial landscape.
In response to this growing dependency, the Central Bank has been actively working to create a robust legislative framework aimed at safeguarding these programs and ensuring their ongoing viability.
Antoine noted, “We have led efforts to establish a regional regulator, tasked with enhancing the credibility, integrity, and sustainability of these initiatives.”
The proposed legal framework has recently been made public for comment following extensive consultations with heads of government involved in the programs. The Governor expressed gratitude for the constructive feedback received so far, stating, “We have had very good feedback.”
Prime Minister Gaston Browne also addressed the importance of these programs, revealing that the draft legislation has been shared with key international stakeholders, including the US government, the United Kingdom, and the European Union. He emphasized the vital role that CIP/CBI programs play in bolstering the economies of ECCU member states and urged continued support for these initiatives.
As the region seeks to solidify its economic strategies, the future of CIP/CBI programs remains a topic of significant interest among stakeholders both locally and internationally.
How can it ever be right that a country makes more money from selling its passport and nationality than any other income stream? This cannot be right. It shows a lack of imagination for generating income and jobs in the countries.
This has its positives and negatives but the positives outweigh the negatives so I’m somewhat in support of this program. We just need to do all that we can to ensure that we protect the program and our country name and reputation
This is good news but we must ensure the money is invested wisely in education, healthcare, and infrastructure.
International partners need to respect that this is an important tool for small island economies.
What is know is that we need our CIPs. And I see the US and Europe are trying to strip us of our revenue. The thing about these big countries is that they want to always be the ones with money. The ones to always have to loan out. They try to stiffle every source of our revenue. But we shall rise
If CIP revenues are such a dominant part of our income, then there needs to be absolute transparency on how these funds are managed and where they are being allocated. Are they truly being invested in long-term development, climate resilience, and debt reduction as intended? We also need clear provisions for their use in the budget to mitigate fiscal risks, as the IMF suggests. Accountability is key.