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PM Drew Admits St Kitts Risked Losing EU Access Before Reforms Decimated CBI Revenues · IMI Podcasts

• 0:00
  SPEAKER_00: During a national address on Thursday, St.
• 0:02
  SPEAKER_00: Kitts and Nevis Prime Minister Dr.
• 0:04
  SPEAKER_00: Terrence Drew revealed a stark 60% decline in the nation's citizenship by investment program revenue.
• 0:11
  SPEAKER_00: The PM admitted that his administration's policy reforms triggered a 60% plummet in CBI application volumes and revenues compared to figures during the Team Unity administration era.
• 0:23
  SPEAKER_00: NTL Trust CEO Nick Stevens agrees with the PM's assessment, pointing to sudden changes that rushed through without sufficient forethought or consultation as the root cause of the decline, adding that while the intention might have been good, the implementation was disastrous.
• 0:41
  SPEAKER_00: The Caribbean nations CBI program, which historically contributed between 60 to 70% of federal revenue, saw a precipitous decline in 2024.
• 0:52
  SPEAKER_00: PM Drew revealed CBI revenue figures for the past few years to give more context.
• 0:57
  SPEAKER_00: From 669 million East Caribbean dollars in 2022 and$620 million in 2023, 2023, earnings dropped to just$218 million through September 2024.
• 1:11
  SPEAKER_00: The PM indicated that upon taking office in August 2022, the Federation faced significant international pressure over its CBI practices.
• 1:22
  SPEAKER_00: He said that, quote, St.
• 1:24
  SPEAKER_00: Kitts and Nevis was on the brink of losing that precious visa-free access to the European Union and the UK, end quote, and that if his administration did not take bold, immediate action, we would have lost that privilege.
• 1:38
  SPEAKER_00: He said that, quote, the evidence was overwhelming.
• 1:41
  SPEAKER_00: This was confirmed, both publicly and privately, by our international partners, end quote.
• 1:47
  SPEAKER_00: He divulged that the UK and European Union specifically scrutinized the program, putting the nation's valued visa-free travel privileges in grave jeopardy.
• 1:57
  SPEAKER_00: He asserted that the crisis stemmed from the ill-conceived Team Unity Prison Project, which authorized tens of thousands of citizenships from a single venture.
• 2:07
  SPEAKER_00: MSR Media has since filed a RICO lawsuit against former St.
• 2:11
  SPEAKER_00: Kitts and Nevis officials and Caribbean Galaxy, the developer of the Prison Project.
• 2:16
  SPEAKER_00: Drew's administration launched a comprehensive investigation into the CBI program in October 2022.
• 2:23
  SPEAKER_00: By December, the government implemented sweeping reforms, including making the Citizenship by Investment Unit a statutory corporation, the creation of a board of governors to oversee CIU operations, the formation of a technical committee for file reviews, making underselling practices criminal offenses, establishing a continuing due diligence unit, doubling the CBI program's minimum investment amounts.
• 2:49
  SPEAKER_00: The reforms sought to preserve St.
• 2:51
  SPEAKER_00: Kitts and Nevis's reputation.
• 2:53
  SPEAKER_00: The resulting revenue decline, however, forced the administration to reassess its CBI program investment thresholds.
• 3:01
  SPEAKER_00: In July 2024, St.
• 3:03
  SPEAKER_00: Kitts and Nevis adjusted its program to align with the Pan-Caribbean CBI price range, attempting to maintain market competitiveness.
• 3:11
  SPEAKER_00: Despite the massive drop in CBI volume, Stevens anticipates a big comeback in 2025, citing the relaunched public benefit option and new provisions that let investors purchase private homes in the open market as potential catalysts.
• 3:26
  SPEAKER_00: He also stressed the importance of, quote, rewarding investors who decide to put down roots in their new home country, end quote, as it could help CBI programs become more sustainable and politically acceptable in the future.
• 3:42
  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
• 3:48
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• 3:55
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