Updated: Apr 6, 2022
Antigua and Barbuda has stepped up its efforts to stave off the European Union's efforts to derail the controversial Citizenship by Investment Program (CBI), with Prime Minister Gaston Browne indicating that he has sent a letter to the EU on the issue.
Last week Browne called on member countries of the Organization of Eastern Caribbean States (OECS) to provide a united front on the issue.
“I have taken the opportunity to write to them to let them know the impact they are about to inflict on our CBI programs and our economies,” said Browne.
He said the letter would prove that Antigua and Barbuda probably have the most robust due diligence process before citizenship can be granted.
“Citizens from these countries who are trying to access citizenship under the program would have to get clearance from Interpol, a review of their financial background, and a police report from their country of residence,” Browne added.
Under the CBI, foreign investors are afforded citizenship of a country in return for making a significant investment in the socio-economic development of the particular country. Several Caribbean countries have instituted CBI programs.
The United States has moved to decline visas to holders of passports obtained by the CBI, and the European Union has passed a law giving countries three years to phase out the program or face visa requirements for all its passport holders.
The EU Parliament has called for an EU “levy of a meaningful percentage on the investments made – until ‘golden passports’ are phased out, and indefinitely for ‘golden visas’” within the block.
According to its website, “It also asks the Commission to put pressure on countries that benefit from visa-free travel to the EU to follow suit,”
The resolution passed by the parliament with 595 votes to 12, and 74 abstentions, says golden passports should be phased out fully.
Foreign Affairs Minister E.P Chet Greene has promised that St. John’s will be robust in its defence of the CBI, telling reporters that while a final decision has not been made as yet by Europe, scraping the CBI will not be an option.
“We won’t preempt losing this fight; we will fight it to the end. We understand the importance of this program to us; we are operating an above and beyond reproach program. Our books can be pulled anytime, and our reports are tabled in Parliament,” Greene said.
“We won’t be quick to disband these programs, but rather we will continue to show the virtue, value, and management of these programs and hope that common sense will prevail,” he added.
Prime Minister Browne said the CBI does not represent any risks to Europe, adding, “as far as we are concerned, we are now collateral damage.”
Browne said about 10 per cent of the country’s revenue comes from the CBI, while in other countries, their economies are almost absolutely reliant on their own CBI.
“If they successfully undermine our CBI, it will create problems for the OECS currency union countries. You can imagine the impact on these countries,” Browne added.
More Great Dubai Route Stories
Thrilling Rides and Oodles of Fun Await the Whole Family at MOTIONGATE™ Dubai this Spring Break
Jones the Grocer Magazine Celebrates Spring Ingredients and Feel-Good Food
Bulgaria Scraps Controversial ‘Golden Passports’ Scheme
UAE’s Investopia Summit Hosted in the Metaverse
AD Ports Group Releases Audited Financial Results for Full-Year 2021
dnata and Sun Resorts Partner as GCC Traveller Demand Increases for Mauritius
Stay Ahead of the Curve
Unlock the GCC's Leading Source of Business and Analysis
Dubairoute.com provides innovative marketing and advertising solutions to support an advertiser's specific campaign objectives. Customised programs leverage the best of Dubairoute.com. Contact our sales team today and see what our team can do for your custom advertising solutions. Please include a contact number if you are willing to speak to our sales team. You can also get in touch in the following ways:
Global Business, Financial News, Market Data, and Analysis published here are delayed 24 hours. All the published information, analyses, and conclusions are based (unless sourced otherwise) on external information and Dubai Route Group's experts' judgment. They are intended as guides only and should not be construed as definitive forecasts or guarantees of future performance or results. No responsibility or liability is accepted by any person, including Dubai Route Group or its affiliates and their respective officers, employees, or agents, for any errors or omissions.