Dr. Vince Henderson, the Minister for Foreign Affairs of Dominica, expressed his criticism towards Prime Minister Ralph Gonsalves of St. Vincent. Dr. Henderson stated that Prime Minister Gonsalves had voiced skepticism regarding the feasibility of utilizing the Citizenship by Investment (CBI) programme as a means to generate finances for development.
Henderson’s critique was voiced during the recent budget deliberations of the island for the fiscal year 2023-2024. This critique was prompted by the remarks made by the Opposition leader, Jesma Paul, who cited Gonsalves’ stance on the matter of Citizenship by Investment (CBI).
In an interview conducted by the API in July 2023, Gonsalves expressed that individuals who failed to see a particular event and sought to construct an economic strategy based on such limited perception, such as the opposition in St. Vincent and the Grenadines, are now seeing the consequences of such actions. The aforementioned has a lack of sustainability, rendering it unsuitable as a foundation for economic advancement. It is not feasible to sustain one’s budget with such kinds of resources, he said.
Henderson’s response made reference to Dominica’s achievement in the field of geothermal energy, which he attributed, to a significant extent, the funding it received from the Citizenship by Investment (CBI) programme.
“It is not easy to develop geothermal energy.” And if you want to know how difficult it is, ask St. Vincent and the Grenadines’ Prime Minister. “Ask him why his efforts have so far failed.”
“Unfortunately, unlike St. Vincent and the Grenadines, we had the benefit of CBI funds because, after our efforts with the World Bank failed to attract a proper tender process or bidders, it was this Prime Minister Roosevelt Skerrit who said to me, We will provide $15 million from CBI funds to move this process forward.”
“St. Vincent and the Grenadines were not so fortunate. They attempted, much to my dismay, but we had something they didn’t, and that was the influx from the CBI.”
Henderson added that Dominica’s loss of visa-free status was largely due to the popularity of its CBI and geopolitics, since the UK is concerned that persons from hostile countries may gain access to their territory.
Henderson stated that the administration “will not roll over and play dead” and will use diplomatic connections to resolve the issue.
On July 24, Gonsalves stated that the loss of CBI financing would be devastating for some of the islands.
“Severe implications, and some of them substantial, because the money for the CBI program is used as revenue, which goes to their recurrent expenditure”.
“It may have some knock-on effects also for the whole currency union, but that is a matter that we will have to deal with as we go along”, he said.
The St. Vincent opposition party (NDP) declared on Wednesday, July 27, that if elected, it would carry out its agenda in relation to the CBI program. Godwin Friday, the opposition leader, asserted that they will explore the greatest examples for developing the programme.
In a correspondence addressed to British Members of Parliament, Home Secretary Suella Braverman conveyed that the nations of Dominica and Vanuatu, both members of the Commonwealth, have implemented a citizenship by investment programme that exhibits unmistakable instances of misuse.
It is anticipated that the United Kingdom will revoke its visa-free access for St. Kitts, St. Lucia, and Grenada by the end of 2023.
St. Vincent is not on UK list of nations to lose Visa-Free Access.
