Industry News
St. Vincent PM refuses to change stance on CIP

Dr. Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, has once again reiterated his stance ideologically opposing CIP.

 

Dr. Gonsalves was speaking to Observer AM, a local radio station when he commented “The highest office in the land is that of citizen, higher than governor general, higher than prime minister, it’s not for sale.” While many politicians from both his own party and the opposition party oppose his stance and are eager to follow the lead of all other Caribbean countries in initiating a CIP, it looks like as long as Dr. Gonsalves remains PM, St. Vincent will not be joining them.

 

Dr. Gonsalves continued “It’s not a commodity for sale, and the passport is the outward sign of the inward grace of citizenship, and that too is not for sale.” It is a stance that Dr. Gonsalves has held for many years and although a well-run, properly orchestrated CIP can bring about numerous benefits to the citizens of a particular country, it is a stance he maintains is non-negotiable.

 

While all neighbouring countries (with full autonomy) offer real estate and Government donation options, St. Vincent is only one OECS country that does not. A relative undeveloped economy, St. Vicent underwent a period of negative economic growth from 2008-2010 and while the country it now registering positive economic growth, one cannot help but think that a well-structured CIP would significantly boost the domestic economy.

 

From an individual perspective it is easy to see the benefits CIPs provide investors such as:

  • Obtain a passport
  • Access to healthcare and education
  • Greater economic opportunities
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However, on first glance it may not be clear what benefits CIPs provide to nation states. A smoothly run and efficiently operated CIP, with necessary due diligence procedures will provide numerous benefits to a country, for example:

  • Inward investment
  • Additional tax revenue
  • More well-qualified citizens
  • Higher quality of life through economic growth
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