The European Union and the United Kingdom are moving to tighten regulations on Citizenship by Investment (CIP) programs, with a former Junior Minister of Finance highlighting that these programs were never intended to be permanent.
Lennox Weston, in a recent interview, revealed that since its establishment in 2014, the CIP was seen as a 10 to 15-year revenue source, given concerns over selling citizenship.
However, practical financial needs eventually led to its continuation, including IMF loan repayments.
The UK and EU are both expressing concerns about due diligence and transparency.
Proposed changes include curbing advertising visa-free access, increasing investment thresholds, and involving reputable firms for due diligence.
St Kitts and Nevis has already raised its minimum investment requirements.
The potential end of CIP could have significant economic repercussions for the island, given its reliance on the program for revenue.
In 2023, CIP contributed approximately $88.8 million, nearly 60% of non-tax revenue, which was crucial for public sector worker salaries and government expenses.
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… and this coming from an ABLP member – although junior -, at least he’s NOT AFRAID to speak out, unlike the Gastonite lickspittlers.
And what did he said that was not said before. It’s is fact this revenue stream was not meant to be indefinite. Although St. Kitts has it for decades.
Do what is your beef Brixtonian
It will one day has to come to an end
And then we will have to look at other non tax revenue measures. Cause we cannot tax ourselves out of existence
No beef at all boss.
Antiguans deserves a more honest and better person to lead the country that I love, and then and only then will we witness REAL prospects and prosperity.
SIMPLE REALLY @ SIDEY …
The fact that you say no beef, but then state in your next sentence that Antigua needs a more honest and better person to lead the country, says it all. That is your beef. But guess what? We live in a democracy and the majority has for the third time voted for this Gaston Browne government. So obviously the majority does not include you.
It is very tough to live in a democracy when your party lost the election. You better come to terms with it. Five more years, and who knows another five thereafter.
Yes, that’s right, the COUNTRY’S beef – what is it that you don’t understand Sidey?
Everyone knows that supporters like you would thoroughly enjoy a one party state or even Gaston Browne as some sort of dictator … oh wait!!!
“…Five more years, and another who knows another five thereafter”.
That would add up to 50 years of Birdism and Browneism with no improvement at all.
YOU FUNNY SIDEY, WHY NOT TRY A CAREER AS A COMEDIAN?
Since when selling passports have become an investment? Just give the Passports to the Hucksters dung a de Bridge foo sell.
Of course the EU is concerned! You just bloody well brought in a 1000 Africans who just simply vanished, and this is not the only bad move this Administration has made, so yes the EU is now trying to protect themselves since this Administration seems to be hell bent on continuing to let these unvetted and unscrupulous characters hide in Antigua behind their ill-gotten gains.
This dishonest Administration cannot be trusted, not by their track record in their bad dealings, hell no!
@Brixtonian
August 9, 2023 At 8:49 am
Don’t tell me that your memory is so short
We did it before
From 1976 thru 2004 is 28 years we put you guys in the wilderness
Who know this time may be much longer indeed. You want fifty years? You can get it.
All the developments in Antigua and Barbuda are ALL done by the Labour Party safe from the new airport.
Putting the opposition in the “wilderness” shouldn’t be the main aim of the government you idiot.
Surely, putting the country on the right economical footing is the REAL goal. So I was right all along, you do want Antigua to become a one party state!
YOU ARE ABSOLUTELY BONKERS!!!
GO SIT DUNG AND RES’ UP YOURSELF …
Brixtonian, mind your pressure. When you cannot debate any longer like all the others you result to cussing and calling names.
That is not good.
Ok let’s stick with the issue as you call it. Putting the country on the right economical footing is the real goal.
Since the ABLP took office what is the growth rate of the economy, bar Covid 19?
Even the IMF has lauded Antigua and Barbuda as the fasted growing economy in the Caribbean. And the Governor from the Central Bank just recently visited Antigua and declared we were the largest economy in the currency union. And that we may have gained back all that we lost during the Covid years. Our economy is now close to $5bln. And savings in the bank have climbed to $2bln. Either you are blind and do not want to hear or know the truth as it relates to the economic numbers. But you cannot dismiss the facts from all these agencies that predict we may grow about 9% this year. Do you remember the rate of growth year after year under Lovell. Mostly negative growth. And debt to GDP was about 120 %. And this Gaston Browne administration brought it down to 70%. Were it not for covid. But we are again growing the economy which in fact lowers our Debt to GDP.
Brixtonian, this is my area, I dream, sleep and eat finance and economics every day. And to tell you the truth once again, that is my main reason for supporting Gaston Browne. He is just a Wizkid when it comes to thinking outside the box in financial terms.
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