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The tenure of Prime Minister Dr. Terrance Drew has been marred by a series of fiscal missteps that have crippled St. Kitts and Nevis’ once-thriving Citizenship by Investment (CBI) program, plunging the nation into a deep revenue crisis. As evidence continues to mount, it is clear that Drew’s lack of strategic business acumen and poor decision-making have led to the program’s catastrophic decline.

In 2023, Dr. Drew’s administration made the bold yet disastrous decision to raise the CBI investment threshold from $175,000 to $250,000. This move, allegedly designed to appease European Union concerns regarding visa-free travel, overlooked key market realities. Global investors, deterred by the steep price hike, quickly shifted to more affordable alternatives, most notably in neighboring Antigua and Barbuda. Antigua reaped the rewards, experiencing a staggering 205% increase in CBI applications, while St. Kitts and Nevis suffered a crippling exodus of potential investors.

The Drew administration’s inability to foresee the consequences of this price hike exposed a glaring lack of business foresight. Within a year, CBI revenues plummeted from EC$620 million in 2023 to a shocking EC$218 million by September 2024. This devastating drop left the federal budget—which relied on CBI funds for as much as 70% of its revenue—in disarray. The government, unable to sustain its commitments, was forced to cancel the much-anticipated $500 dividend payments promised to citizens, sparking public outrage and dissatisfaction.

In a rare public acknowledgment, Dr. Drew admitted that the CBI program had “taken a hit,” but notably, he stopped short of taking full accountability for the financial disaster. His vague explanations left many wondering whether his administration truly grasped the full scale of the crisis. The government’s failure to communicate transparently and take responsibility only deepened public distrust.

Rather than steadying the course, Drew’s administration backtracked, quickly reversing the CBI price hike in an attempt to stem the bleeding. This reversal, however, did little to repair the damage. Investors, spooked by the sudden and unpredictable changes, lost confidence in the stability of St. Kitts and Nevis as an investment destination. The back-and-forth policies, along with Drew’s erratic fiscal management, painted a picture of a country struggling to offer a reliable and attractive CBI program.

Meanwhile, neighboring nations like Grenada and Antigua capitalized on Drew’s failures. Their CBI programs, seen as stable and well-managed, became the new go-to for investors, further highlighting the deep mismanagement of the Drew administration. Antigua’s success served as a stark reminder that the CBI model was not inherently flawed but had been disastrously mismanaged under Drew’s watch.

The facts are indisputable: Dr. Terrance Drew’s tenure has been marked by financial blunders that have crippled one of St. Kitts and Nevis’ most valuable revenue streams. His hasty decisions, lack of long-term planning, and inability to maintain investor confidence have cost the country billions in lost revenue. As the country faces a mounting fiscal crisis, citizens are left to bear the brunt of Dr. Drew’s costly mistakes. Without a significant change in leadership and vision, the future of the CBI program—and the nation’s financial stability—remains bleak.