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- Prime Minister Godwin Friday frames the CBI program as a crucial economic pillar to generate new revenue streams for future planning.
- Friday says the program is needed because the country has reached borrowing limits and faces a tight financial situation.
- St. Vincent will study other OECS experiences to adopt best practices and avoid past pitfalls of neighboring programs.
- He sees CBI as part of broader policies to accelerate development beyond gains of the past 25 years.
St Vincent and the Grenadines CBI Program Announcement
St. Vincent and the Grenadines will begin their CBI program in 2026. The announcement was made by the island’s Prime Minister, Godwin Friday, on Tuesday morning.
Friday views the Citizenship by Investment (CBI) program as a critical economic pillar for the country’s future, particularly given the current financial constraints.
Friday on Tuesday emphasized that the program is necessary because the country has reached a point where it “can’t borrow much more”. He argues that the country requires the new revenue streams and a CBI program would provide to plan for the future.
He stated that the government intends to have the CBI program up and running by 2026.
Addressing recent reports that neighbouring countries like Antigua and Dominica lost certain visa arrangements with the U.S. due to their CBI programs, Friday expressed some surprise but remained optimistic.
“I don’t believe these developments are a “death knell” for such programs, the demand remains high among “high net worth people” whose interests often gain priority in global affairs”.
Friday noted that because St. Vincent and the Grenadines is one of the last countries in the OECS to implement a CBI program, the administration has the unique opportunity to study what other countries have done and adopt “best practices” from their experiences.
“CBI has been a part of our party’s platform for 10 to 15 years. an economic citizenship program previously existed when the NDP was in government years ago”.
Friday categorized CBI as part of a new set of policies intended to accelerate the pace of development beyond what was achieved in the last 25 years.
The Prime Minister views the implementation of CBI as a calculated move to stabilize the nation’s “tight” financial situation.
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