Barbuda MP Trevor Walker has cautioned the government against overreliance on the Citizenship by Investment Programme (CIP), warning that mounting international pressure could jeopardize the financial stability it provides to Antigua and Barbuda.
Speaking during Thursday’s parliamentary sitting, Walker noted that powerful nations view such programs as a threat for both immigration and other geopolitical reasons.
“These programs, Mr. Speaker, viewed by the bigger countries — the first world countries — are programs that they feel threatened by,” he said. “There will be a concerted effort made by the international community to continue to establish pressure on all these islands that have these programs.”
While expressing support for the treaty under debate, Walker urged the government to adopt a long-term strategy aimed at economic diversification.
“My advice is that we must continue to have a mindset of a diverse economy,” he said. “You take $100 million that we get from this program from our national budget — it’s a huge hole. We are now so reliant on the citizenship by investment program that it’s almost impossible to survive without it.”
The Barbuda MP said he admires the government’s efforts to safeguard the program but emphasized the importance of contingency planning.
“Yes, admiration is there to make sure that we try and do what we can to protect it. But my advice is that we try to ensure that we reduce our reliance on this program,” Walker stated. “Let us not necessarily put all our eggs in one basket, but look and see how we can create contingencies.”
Walker also pointed out the irony that larger countries have similar investment schemes yet criticize Caribbean nations for theirs.
“Notwithstanding that this program exists in other countries, including the United States,” he remarked. “We’ve received all sorts of threats in various forms, all sorts of regulations and barriers to make our programs less attractive.”
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