East Caribbean Central Bank wants countries with CBI programs to unite

A proposal to combine Citizenship by Investment programs in the Caribbean was put forward by Timothy Antoine, Governor of the East Caribbean Central Bank (ECCB). Antigua and Barbuda, Dominica, Saint Kitts and Nevis, Saint Lucia offer Citizenship by Investment programs. However, there are differences between countries, such as minimal investment.

According to the ECCB, the region is seen as one and if something unfavorable happens on one island, then the other islands are also affected.

“So, our view is that we have to come together. We believe that coming together will help all of our CBI programs. Set the same standards, ensure that if you get denied in country A, you cannot get accepted in country B, because it’s a single space. Set the price reasonable, but not too low. We don’t want to sell ourselves short.”

Learn more about Citizenship by Investment programs

Anthony noted that Citizenship by Investment programs are important for countries and the region and is the main source of foreign direct investment. The Bank is very interested in the industry from the side of financial stability, fiscal and debt sustainability, as well as growth. But ECCB Governor lamented as the price is becoming lower and lower as a result of competition.

“We believe that what we have to offer in this region is valuable, is precious, and should be more highly valued. But the only way you can raise the price, and sustain the price for the benefit of all, is if they come together,” said Antoine. When asked to suggest a price, Antoine said he was " not prepared to go that far." Nevertheless, he advised that the price reflects the exclusivity of the region, but not be very high.

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