Tweet

The St Kitts and Nevis government is facing criticism for its handling of the Citizenship by Investment (CBI) program, now led by convicted fraudster and sole PUBLIC BENEFACTOR Phillip Martinez, amid a market backlash against the new public benefit option and a RICO lawsuit involving prominent figures such as Minister of Foreign Affairs and Investment Dr. Denzil Douglas.

Sales of St Kitts and Nevis CBI products have plummeted, forcing the government to lower prices set less than 12 months ago, signaling that neither the revised CBI program nor Martinez’s public benefit option has gained traction in the marketplace. Despite these significant changes, the Prime Minister Dr. Hon. Terrance Drew government has not issued any official statements explaining the price reduction, highlighting a troubling lack of transparency.

Since taking office on August 6, 2022, Dr. Drew has failed to disclose the number of CBI certificates he has signed off. Recent media reports suggest that PM Drew has signed off on over 21,000 Certififcate of Registration related to the CBI’s Prison Project alone. Moreover, the Drew Administration has not published the membership of the Board of Directors responsible for overseeing the program. This lack of accountability extends to the CBI prison project, with Dr. Drew yet to account for the hundreds of millions of dollars it has purportedly generated.

The decision to reverse CBI prices comes as a response to declining sales and growing skepticism about the program’s integrity under Martinez’s appointment as the sole PUBLIC BENEFACTOR and the face of the Public Benefit Option thus his leadership of the new programme offer. The government’s inability to maintain the originally set prices reflects poorly on its credibility and raises questions about the program’s future viability.

Critics argue that the government’s divided stance and failure to address these issues publicly are indicative of broader governance challenges. The ongoing RICO lawsuit and the involvement of key government officials only add to the mounting concerns about the CBI program’s integrity and the overall transparency of the Drew administration.

As the situation unfolds, stakeholders and potential investors are watching closely, seeking clarity and reassurance about the direction and management of the CBI program. For now, the St Kitts and Nevis government must confront the fallout from these controversies and work towards restoring confidence in one of its key economic initiatives.