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St Vincent PM Confirms 2026 CBI Launch Amid Heightened US and EU Pressure · IMI Podcasts

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  SPEAKER_00: St.
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  SPEAKER_00: Vincent and the Grenadines is advancing plans to launch a citizenship by investment program in 2026, said the nation's newly elected Prime Minister, Goodwin Friday.
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  SPEAKER_00: The timing places the initiative against a backdrop of escalating international scrutiny, with the United States recently suspending visa privileges for Antigua and Barbuda and Dominica over their CBI operations, and the EU asking Caribbean programs to work toward discontinuation or face visa suspension.
• 0:28
  SPEAKER_00: The announcement comes weeks after Friday's new Democratic Party secured power in November, ending 24 years of governance under Ralph Gonsalves, whose Unity Labor Party had rejected such CBI programs throughout its tenure, characterizing them as unsustainable.
• 0:45
  SPEAKER_00: Friday described the Citizenship Initiative as a critical economic pillar during Christmas Week announcements, according to local reporting, citing what he said was nearly$1 billion in public debt accumulated during the previous administration's 26-year tenure.
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  SPEAKER_00: As of March 2025, total public debt stood at over$3 billion according to the government's quarter one of 2025 financial report.
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  SPEAKER_00: Quote, we can't borrow much more, end quote, the Prime Minister said, explaining that the program has featured in his party's platform for 10 to 15 years, and that an economic citizenship program previously existed when the NDP held office years ago.
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  SPEAKER_00: Friday says his administration inherits a constrained fiscal position at a moment when regional counterparts with CBI programs have generated sizable revenue that bolstered their fiscal position over the past few years.
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  SPEAKER_00: Deputy Prime Minister Major St.
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  SPEAKER_00: Clair Leacock, who also serves as Minister of National Security and Immigration, recently outlined the CBI framework on local radio, describing the planned program as central to the country's economic transformation while emphasizing implementation would require careful management, grounded in accountability and transparency.
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  SPEAKER_00: Quote, citizenship by investment will be an important contributor to the economic transformation that must and will take place.
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  SPEAKER_00: End quote, Leacock stated, adding that his government plans to structure the program to help create employment opportunities and directly benefit the local economy.
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  SPEAKER_00: He says the government plans multi-institutional oversight, explaining that while his ministry will handle citizenship matters, the Attorney General's office and other institutions will anchor program administration.
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  SPEAKER_00: The Trump administration cited doubts about due diligence capabilities in properly scrutinizing applications from China, Eastern Europe, Russia, Nigeria, and parts of Asia when it suspended visa access for Dominicans and Antiguans.
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  SPEAKER_00: Caribbean officials responded by asserting they collaborate with international security agencies, including Interpol, and comply with Western directives concerning program oversight.
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  SPEAKER_00: The European Union has separately warned that a CBI program in itself could trigger visa suspensions under its new visa waiver mechanism, adding another layer of pressure on Caribbean nations that depend on such programs for fiscal stability.
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  SPEAKER_00: Friday acknowledged these tensions but said he doesn't believe these developments are a death knell for such programs.
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  SPEAKER_00: Further noting that the demand for CBI programs will remain high among high-net worth individuals, whose interests often gain priority in global affairs.
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  SPEAKER_00: This episode first appeared as an article by Mustafa Daily on IMIDaily.com.
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• 3:35
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