WASHINGTON, May 30, CMC -The Citizenship by Investment Programmes (CBI) have long been recognized in their importance to fiscal revenue in the Eastern Caribbean Currency Union (ECCU) but there is less clarity over their broader economic contributions, according to a paper released by the International Monetary Fund (IMF) on Friday.
The ECCU groups the islands of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts-Nevis, St. Lucia, and St. Vincent and the Grenadines. However, Anguilla, Montserrat and St. Vincent and the Grenadines do not operate CBI programmes through which foreign investors are granted citizenship of the country in return for making a substantial investment in its socio-economic development.
The document notes that over the past decade, the CBI programmes have become an important source of government revenue in the ECCU. It said although globally a niche market, the scale of the investment flows can be substantial to small island state governments.
(Details in Business section)
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