Last Updated on March 28, 2024, 7:07 AM AST by Anthony Morris
The Prime Minister of St Kitts and Nevis, Dr Terrance Drew addressed a sitting of the National Assembly which was convened on Tuesday. During the session, PM Drew focused primarily on the country’s Citizenship by Investment Programme.
During his address, the Prime Minister highlighted the various efforts made by his government to preserve and uphold the integrity of St Kitts and Nevis CBI
He talked about the findings of the internal review of the Citizenship by Investment Programme. He also highlighted that the programme has remained the pioneer of the investment migration industry for 40 years.
Notably, Prime Minister Terrance Drew shared a deep and comprehensive report of the Citizenship by Investment Programme. He shared the details of the revenue that the Citizenship by Investment Programme has generated for the country.
Further, he also spoke of the steps that the government wants to take to make the programme sustainable. Prime Minister Dr Terrance Drew believes that saving the Citizenship by Investment programme is important for the diversification of the country’s economy.
With the support of the Citizenship by Investment Programme, the country can work on diversifying their economy and transitioning into a sustainable island state. Accordingly, the Labour led administration of the country has taken concrete steps to maintain the integrity of the programme.
According to the Prime Minister of St Kitts and Nevis, his government is working hard to uphold the integrity of the programme. They are resolute to strengthen and improve the CBI Programme for enhanced sustainability “within the framework of integrity.”
Prime Minister Dr Terrance Drew recollected that the government has worked hard to ensure that the people of the country can still travel to UK, and EU member states without a visa. The swift and timely actions of the Labour led administration made sure that the integrity of the programme is protected.
He recollected that after his administration assumed office in 2022, Canada has reinstated some Visa waiver agreements for the people of St Kitts and Nevis. The efforts of the administration has resulted in allocation of higher quarter of visas from USA.
The Prime Minister of St Kitts and Nevis also discussed the evolutions of the Citizenship by Investment Programme under the labour administration led by Denzil Douglas. He recollected that the Douglas administration used the funds of the Citizenship by Investment Programme for infrastructure development.
According to Dr Terrance Drew, the funds were utilized in the construction of affordable homes for people. The funds also helped the government in advancing education by hiring more teachers.
Further, the Douglas led administration also took the initiative of improving school campuses for the benefit of people. Further, the administration also constructed new hotels like Park Hyatt and Kittitian Hill.
Through the revenues of the CBI, the administration started economic programmes such as the people empowerment program and the Reach program. The Citizenship by Investment Programme has helped the people of the country get empowered and employed.
Further, the administration of the country has been dedicatedly working to protect the integrity of the Citizenship by Investment Programme. They have taken steps to terminate the unscrupulous advertising practices.
PM Terrance Drew added that they are committed to uphold the security of the programme and also the investors of the country. According to him, they have been advocating for the people of St Kitts and Nevis since 2022.
Further, the administration has introduced new regulations aimed at strengthening the programme. Another update was introduced subsequently in 2023 January, which was further revised in July of the same year.
The Prime Minister Terrance Drew recollected that less than an year into their administration, his government doubled the Minimum Investment option of the programme to US $250,000. This was also done in an effort to preserve the integrity of the programme.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
