EU agrees to form committee for reviewing Citizenship by Investment Program in OECS countries

St Kitts and Nevis Prime Minister Dr. Terrance Drew, who is also the chairman of the nine-member Organisation of Eastern Caribbean States (OECS) grouping, announced that the European Union (EU) has consented to establish a committee to assess and structure the Citizenship by Investment (CBI) program.

The CBI program, utilized by several countries in the OECS region, has been instrumental in attracting investors to the sub-region.

Prime Minister Drew addresses concerns at EU-CELAC Summit

The decision came after a significant meeting between Prime Minister Drew and EU representatives during the EU-CELAC (European Union-Community of Latin American and Caribbean States) Summit in Brussels last week.

In the meeting, a range of concerns related to the program was discussed, including security issues, potential abuse, and the process of granting citizenship.

Strengthening the CBI program

Addressing these concerns, Prime Minister Drew and the head of the Citizenship by Investment Unit, Michael Martin, jointly submitted a comprehensive document outlining the measures taken to bolster the program’s integrity.

They emphasized the strength of their due diligence procedures and assured that any instances of abuse would be promptly dealt with.

The Citizenship by Investment (CBI) program offers foreign investors citizenship in exchange for substantial investments in the socio-economic development of the participating islands.

However, the program has faced criticism from several Western countries, including the United States and Europe. Recently, the United Kingdom took a significant step by announcing that Dominicans would now require a visa for entry into the country, a decision that was implemented immediately.

Reacting to the UK’s move, Dominica’s Prime Minister, Roosevelt Skerrit, expressed his disappointment, labeling it as “unfortunate.”

He asserted that every nation possesses the right to continuously review its immigration policies to address contemporary challenges and opportunities, a principle that Dominica has also adhered to.