Basseterre, St. Kitts(June 15th 2015):- : IPSA, an international consultancy, hosted a regional Citizenship-by-Investment programme meeting yesterday (June 15) at the Ocean Terrace Inn in Basseterre, St. Kitts & Nevis. More than 100 stakeholders including Prime Minister Dr the Honourable Timothy Harris, Prime Minister Gaston Browne and British High Commissioner Victoria Dean, attended the gathering.
The British High Commissioner stated, “the CBI programmes of the Caribbean should be transparent and honest, and this seminar is a good step in that direction. “
St Kitts and Nevis team UNITY government is committed to restoring trust and confidence in its Citizenship-By-Investment (CBI) Programme that was challenged under the Douglas administration.
One of the recommendations from the meeting is an immediate implementation of the IPSA recommendations, including improvements in systems and processes that will promote greater transparency and accountability.
“The long term sustainability of our economy depends on the success of the CBI programme,” said Dr the Honourable Timothy Harris. “We want our friends to know that their security is our security and that actions speak louder than words. The conference is good. Coming together is good. However, what is needed is action.”
According to the International Monetary Fund, fees from CBI in St Kitts & Nevis account for an increasingly large amount of budgetary revenue, from about 1 per cent of total revenue in 2007 to 22 per cent in 2012 and an estimated 37 per cent in 2013. Revenues were further increased by investment proceeds from the SIDF of 1.1 per cent of GDP during 2010-2012.
Prime Minister Harris said that CBI programs can be an important national asset and vehicle for much needed foreign direct investment, employment and major contributor to the sustainable growth of the national economy.