Saint Vincent and the Grenadines is preparing to launch its Citizenship by Investment (CBI) program, marking a new chapter in the country’s economic development strategy.
Deputy Prime Minister Major St. Clair Leacock recently provided comprehensive insights into the government’s approach, signaling a carefully considered path forward.
Speaking on Boom 106.9, Leacock outlined a framework that positions the CBI program as a critical tool for national economic transformation.
“Citizenship by investment will be an important contributor to the economic transformation that must and will take place,” he emphasized, highlighting the program’s potential to create meaningful employment opportunities and address residents’ fundamental economic needs.
The initiative represents a dramatic departure from the previous administration’s stance. While former Prime Minister Ralph Gonsalves consistently opposed CBI programs during his 24-year tenure, the New Democratic Party (NDP), which secured 57% of the popular vote in November, views the program as a strategic economic lever.
Crucially, Leacock stressed that national security remains a top priority. The government plans to establish multiple institutions to manage the program, drawing inspiration from regional best practices, particularly Grenada’s recent reforms.
He assured the public that applicants will face rigorous screening processes and that the program will adhere to strict accountability and transparency standards.
Prime Minister Dr. Godwin Friday has been equally emphatic, dismissing criticisms about “selling passports” and emphasizing that program benefits would directly support public servants and those receiving public assistance.
The proposed program aligns with regional trends, potentially joining existing CBI frameworks in Dominica, Antigua and Barbuda, Saint Kitts and Nevis, Saint Lucia, and Grenada.
Leacock indicated that the government would leverage a regional Memorandum of Agreement to ensure standardized investment and security protocols.
Source–https://www.stvincenttimes.com/st-vincent-govt-framework-cbi-program/