ST. JOHN’S, Antigua, CMC – Caribbean Community (CARICOM) countries operating a Citizenship by Investment (CBI) program have underscored the initiative’s importance to their socio-economic development. Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis, and St. Lucia all have CBI programs that provide citizenship to foreign nationals in return for their substantial investment in the socio-economic development of these islands.
In recent years, the initiative has come under intense scrutiny from the United States and the European Union, which regard it as a tax haven and an avenue for criminals to move freely across the globe. The organizers said that the summit, held under the theme “Integrity. Stability. Sustainability. Anchored in the Caribbean,” brought together regional governments, international due diligence providers, global investment migration firms, and multilateral organizations to define a new era of the CBI.
They said at its core, “CIS25 is not just a gathering — it’s a statement. It asserts that sustainable development and investor confidence in Small Island Developing States must be built on strong governance, strategic innovation, and ethical investment” and that this year’s summit is powered by leading institutions whose operational excellence has redefined standards within the global CBI industry. Caribbean leaders defended the program and its impact on their economies at both formal addresses and their participation in panel discussions on the CBI.
Host Prime Minister Gaston Browne told delegates that the CBI had been a ‘lifesaver’ for the country, noting that it had been on the brink of collapse for over a decade. “It was a dire situation then, and the careful, strategic use of CBI proceeds helped us stabilize the country’s economy. We have utilized those funds in healthcare, education, road infrastructure, and entrepreneurship. Even in terms of our social programs, the CBI helped us fund several initiatives, including our HAPI program in which we provide free homes to the poor and indigent. Additionally, in beautification, CBI funds have extensively helped in the area of garbage collection,” Browne said.
He recalled that in 2014, salaries, wages, pension emoluments, and debt repayment accounted for up to 90 percent of the national budget, making it difficult for the government to do anything else with the remaining resources. “We had less than 10 percent of the budget available for discretionary spending, and the CBI programs provided the fiscal space to the extent that we could pursue other initiatives. The point I am making is that it has been a lifesaver for the government and people of Antigua and Barbuda. Our international partners may see these programs as insignificant or corrupt; perhaps, in your eyes, but for us, they are a lifeline for our people,” Prime Minister Browne added.
Browne warned, however, that peddling disinformation and misinformation will only harm the program and, by extension, the country. “One of the most significant endogenous threats is the peddling of misinformation and disinformation about our programs by political operatives who are seeking to undermine our programs for political gain. I wish to caution our political opponents who have sought to mire our respective programs in unjustifiable propaganda in their ill-advised attempt to destroy our programs to create hardships for our people.
“The misinformation and disinformation peddled about our programs have created certain anxieties among our regional and international partners, subjecting our programs to unjustifiable ridicule. This behavior is destructive and served no useful purpose,” he added. Dominica’s Prime Minister, Roosevelt Skerritt, said it is imperative that the five CARICOM countries with the CBI program be vigorous in their defense, particularly in light of external and other threats.
Skerritt, one of four prime ministers who participated in a panel discussion on the topic “Creating and Implementing the Vision,” spoke of the immense importance that the CBI program has been for Dominica’s development, particularly as it has emerged from several natural disasters in recent years. He said the CBI has helped reduce the country’s debt to gross domestic product (GDP), establish an emergency fund, and build homes for nationals.
However, he told the audience that “it should not be left to the governments alone to extol the virtues of the CBI programs. We do not hear the agents or the developers; we do not hear the private sectors that are benefitting directly from the CBI programs,” he said, adding that “our silence gives people the impression that there is something untoward with these programs.”
“That’s why, with our presence here today, we are hoping that your conscience will be moved and that we will have a paradigm shift in the way that we conduct ourselves on this because our silence is not helping the cause of our CBI programs,” he said, reiterating that the CBI programs are beneficial, helpful, life-changing, and essential, particularly in light of an ever-changing global environment.
Grenada’s Prime Minister Dickon Mitchell said in a statement, “As leaders of Caribbean nations with established Citizenship by Investment Programmes, we engaged in a forward-thinking discussion on how to safeguard the credibility of our programs through strengthened regional collaboration on due diligence and vetting, balancing integrity with competitiveness (and) adapting to global regulatory shifts.”
“The integrity of our programs must be actively preserved through vigilance, collaboration, and a collective commitment to upholding the highest standards. By doing so, we ensure that the benefits of these programs reach our people, strengthen our economies, and safeguard our reputation as trusted partners on the global stage,” Mitchell added.
The chief executive officer of the Citizenship By Investment Unit here, Charmaine Donovan, said small island developing countries were continuing to create history by “operating in a global marketplace, delivering competitive value and transforming our economies. And we continue to do it so well that we speak with authority and engage at the highest levels to strengthen our programs and safeguard shared border interests,” she said.
“Our focused objectives should be crafting future-ready, innovative investment immigration programs, poised to respond to emerging market adjustments and targeted for national transformation,” she added. Prime Minister Browne said that agents and other stakeholders have a role “in assisting with the public information and awareness advocacy to keep our CBI programs above this destructive partisan fray.”
“We believe that good governance is good business, and we will continue to uphold the values of integrity, stability, and sustainability, not only in our CBI program but in every aspect of national development,” he told the audience. Meanwhile, the St. Kits-based Eastern Caribbean Central Bank (ECCB) says it has made significant progress in its initiative to simplify the process of opening bank accounts for entrepreneurs and small business owners across the sub-regional Eastern Caribbean Currency Union (ECCU), with the basic bank account program now fully implemented.
In her address to the conference, ECCB Deputy Governor Dr Valda Henry said that the streamlined process had already delivered results since taking effect on April 1. “Including the easing of opening bank accounts and just yesterday … in the discussion, someone was talking about how difficult it is to open a bank account in our ECCU yet so easy in the US and other parts of the developed world,” she said.
The basic bank account initiative, officially launched on December 1, 2024, required all licensed financial institutions in the region to offer free accounts, not attract charges for deposits or withdrawals, accrue interest, and have no minimum balance requirements. Basic bank accounts can hold up to EC$36,000 (One EC dollar = US$0.37 cents) annually and have simplified documentation requirements.
To open an account, individuals need only one form of valid photo identification—a national ID card, driver’s license, or passport. Henry said that the simplified process is part of a broader strategy to boost economic resilience and growth. The ECCB projects regional growth of three percent for 2025, primarily driven by tourism and CBI-related construction.
The ECCB is also establishing the Office of Financial Conduct and Inclusion (OFCI) and the Eastern Caribbean Financial Standards Body (ECFSB) to strengthen the region’s financial sector further and address concerns over bank fees. “The OFCI will help to address some of that for market conduct supervision and carries a mandate for financial inclusion and literacy,” Dr Henry said.
These reforms come at a critical time for the region, which faces economic challenges from recent U.S. policy decisions, including increased tariffs that could impact inflation rates and the cost of living in the ECCU.
Conclusion
In conclusion, the Citizenship by Investment (CBI) program has been a vital source of revenue for several Caribbean countries, including Antigua and Barbuda, Dominica, Grenada, St. Kitts-Nevis, and St. Lucia. Despite facing intense scrutiny from the United States and the European Union,
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