Prime Minister Roosevelt Skerrit says he is keeping an open mind as leaders of the countries of the Organisation of Eastern Caribbean States (OECS) operating a Citizenship by Investment (CBI) programme get ready to hold talks with European Union (EU) officials.
The European Commission has given the Eastern Caribbean countries operating CBI programmes until June 1, 2028 to phase out the programmes. ‘And so, we look forward to having those conversations with the European Union to see what is it that they’re offering and how they believe they would be able to assist us in a practical and direct manner.
‘Our view is that let us wait for those discussions, and then a firm opposition will be taken on one way or the other. But that discussion is going to be very important, because no sensible government and no sensible citizen of our country, all of whom know of the importance of the CBI programme, would say, I will end it, and end it indiscriminately, or end it with no consideration to, at least in the medium term, what you’re going to replace it with,’ Skerrit said. Listen to audio
He said that the governments within the OECS who currently have CBI programmes, have all been written to by the European Union, raising concerns about the visa-free regime to the Schengen states vis-à-vis the CBI programme.
‘We have taken note of the concerns raised by the European Union. We believe that those concerns have been raised and continue to be addressed, both at a national level and also at a regional level, with the establishment of regional regulatory authority that will help govern the CBI programme jointly.’
In a three-page statement, the leaders of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines and St. Kitts and Nevis said they would undertake the diplomatic mission ‘at the earliest appropriate opportunity’ to engage directly with the President of the European Commission, the President of the European Council, the High Representative of the Union for Foreign Affairs and Security Policy.
Under the CBI programme, foreign investors are granted citizenship of the island in return for making a substantial investment in the socio-economic development of the country.
Skerrit, speaking on the state-owned DBS Radio, said that the CBI programme is an evolving one and that ‘there are evolving issues in the world.
‘So, every time you address an issue, something else may come up, and therefore, there is a continuous review of the country’s engagement.We should also take note in fairness to the European Union that they themselves have said they recognise and appreciate the importance of the CBI programme to our economies.
‘It is a major source of development financing. In Dominica’s case, we have used it for geothermal. We have used it for roads. We’ve used it for housing, tourism, small business support, agriculture, a number of social safety nets, schools, health centres, hospitals,’ Skerrit said, adding that ”every sphere of our society has been impacted directly, not only indirectly, but directly by the CBI’.
Skerrit said that the meeting in Brussels will be important as the CBI operating countries need to put their case forward.
‘The European Union has indicated that it is prepared to sit with us, to discuss with us how they can help, because it is one thing to ask us to end or to lose the visa-free regime, but it’s another thing to talk about what’s going to replace it, especially in the medium term.
‘…we in Dominica, and if you go to see the records of my statements in Parliament, my statements out to the media, my statements out to the citizens of Dominica, there’s nothing that lasts forever, and we’ve said so.
‘And this is why we have decided, we have always decided as a government, to use the CBI funds to help with economic growth areas. So, we spend a lot of money on tourism, and we criticise, saying, why are we building so many hotel rooms? We have used the money for night landing at the airport.
‘We have used that money for expansion of the runway. We’ve used money for the development of the international airport, public infrastructure, roads, bridges, agriculture. We’ve invested heavily in agriculture, in geothermal, renewable energy, so that we can reduce our reliance on importation of fuel, and seek to make electricity costs cheaper to our citizens. ‘
Skerrit said that CBI funds have also been used to invest in small business development.