KINGSTOWN, St. Vincent, Apr 28, CMC – A senior official of the International Monetary Fund (IMF) Tuesday warned that a Citizenship by Investment (CBI) programme being planned by the St. Vincent and the Grenadines government could, while modestly increase fiscal revenue “carries risks and needs to be designed carefully”.
Prime Minister Dr. Godwin Friday, who led his New Democratic Party (NDP) to victory in last November’s general election, has indicated that his administration would be implementing a CBI programme, through which foreign investors are granted citizenship in return for making a substantial investment in the socio economic development of the country.
The former administration of Dr. Ralph Gonsalves, had vigorously opposed the initiative insisting that the country’s passports were not for sale.
Earlier this month, Prime Minister Friday told a radio programme here that St. Vincent and the Grenadinesa forfeited at least one billion US dollars in CBI revenue over the past decade, citing conversations with Caribbean counterparts whose countries operate CBI programmes.
Antigua and Barbuda, Dominica, Grenada, St. Lucia and St. Kitts and Nevis are the other independent member states within the Organisation of Eastern Caribbean States (OECS) with a functioning CBI programme.
The head of an IMF delegation that ended a weeklong mission to St. Vincent and the Grenadines, Sergei Antoshin, told a news conference that a CBI programme “would likely result in limited fiscal revenue amid competition, but would carry reputational, legal, financial, and fiscal risks.
“Adherence to regional standards and best practices in due diligence, integrity, and transparency would help reduce, but not eliminate these risks,” Antoshin said, adding that “the goal of the programme would be to maximise fiscal revenue.
“The optimal design of the programme is a single donation (fund) option, while an investment or real estate route is strongly discouraged. CBI revenue should be used solely for debt reduction. The budget, medium-term fiscal framework, and fiscal rule need to be formulated net of CBI revenue,’ he added.
CMC/fj/ir/2026