Tweet

IMF Report Slams St. Kitts and Nevis CBI Programme for Lacking Integrity and Transparency Under Drew Administration

Once hailed as the “platinum brand” of Citizenship by Investment (CBI) programmes, St. Kitts and Nevis now faces scathing criticism from the International Monetary Fund (IMF). In its 2024 Country Report, the IMF expressed concerns over the lack of transparency and integrity within the CBI framework, calling for urgent reforms.

The report states, “The CBI has scope to improve the integrity of the program.” It also emphasizes the need for increased transparency and accountability, recommending the release of an annual financial report on the CBI Unit’s operations, along with key data on applications—a standard already adhered to by neighboring Caribbean nations like Grenada, Antigua, and St. Lucia.

Under the leadership of Prime Minister Dr. Terrance Drew, however, St. Kitts and Nevis has yet to issue such a report. Despite the IMF’s clear recommendations, the Drew administration continues to withhold critical data, including the number of applications processed or passports issued under the CBI programme. Since taking office in August 2022, Dr. Drew has kept silent on these figures, raising concerns about the program’s transparency.

The IMF report’s findings cast a shadow over the once-revered programme, which has been a cornerstone of the country’s economy for years. The report also raises questions about whether the newly appointed Chairman and Board of Governors will enforce the IMF’s recommendations and ensure that annual financial reports are finally issued.

As pressure mounts, critics are calling for the Drew administration to take immediate action to restore the integrity and transparency that once defined the St. Kitts and Nevis CBI programme. Without these reforms, the programme risks losing its competitive edge in the increasingly crowded CBI market.