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In a stunning national address on Thursday, Prime Minister Dr. Terrance Drew of St. Kitts and Nevis revealed that his administration’s rushed and ill-advised reforms to the Citizenship by Investment (CBI) Program have led to a catastrophic 60% decline in applications and revenue. This steep drop has occurred over just one year, marking a sharp contrast to the flourishing era of the Team Unity government.

The numbers paint a grim picture: from EC$669 million in 2022 and EC$620 million in 2023, the CBI earnings have plummeted to a meager EC$218 million by September 2024. This dramatic collapse comes at a time when CBI funds accounted for 60-70% of the country’s federal revenue.

Prime Minister Drew candidly admitted that the hasty reforms his administration introduced in 2024 were a significant misstep, leading to the sharp downturn. Industry experts and stakeholders echoed this sentiment. Industry insiders have indicated that “sudden changes” were rushed through without proper consultation or foresight, resulting in disastrous consequences for the once-thriving St.Kitts and Nevis program.

While St. Kitts and Nevis grapples with the fallout, its neighboring Caribbean nation, Antigua and Barbuda, is experiencing a record surge in CBI applications. Antigua’s Citizenship by Investment Program has seen a staggering 205% increase in application volumes in the first half of 2024, capitalizing on global investors’ demand for security, mobility, and new opportunities. This surge starkly contrasts the collapse in St. Kitts and Nevis, with investors fleeing the uncertainty brought about by the rushed policy changes.

As Antigua and Barbuda enjoys an all-time high in applications, many are left wondering if St. Kitts and Nevis can reverse the damage done by these hasty reforms, or if their once-dominant CBI program will continue to falter in the face of fierce regional competition.