The Premier of Nevis, MARK BRANTLEY, in a recent address, made the case for a minimum five-year moratorium on the termination of the five Citizenship by Investment (CBI/CIP) passport sales programs currently operational in the Eastern Caribbean states.
Mr. Brantley argued:
(1) CBI programs account for more than half of government revenue in some jurisdictions. Demanding a swift shutdown would place immense, destabilizing pressure on local economies. Didn't regional leaders know this might come one day?
(2)Brantley argued that at least a five-year period would be reasonable to allow regional economies to transition and find alternative revenue streams. St.Kitts & Nevis has been ignoring development that could create jobs since 1983, when the CBI program opened. It has been addicted to the easy cash flow, and neglected development.
(3)He urged St. Kitts and Nevis, along with neighboring Caribbean nations operating similar programs, to actively initiate the formal bilateral negotiation mechanisms rather than quietly complying with immediate EU pressures. That sounds suspiciously like playing hardball when you don't have the proper glove to take the heat.
Of course, the possible self-destruction of Nevis' offshore industry, as the direct result of the HAMILTON RESERVE BANK/BONI financial scandals might have something to do with the Premier's concerns; if the financial revenue stream received from the offshore sector expires, Nevis might face fiscal insolvency, being unable to pay its government employees or settle obligations.
We know the Members of the EU will never agree to a five-year transition period, especially with their concerns about Russia's possible military moves against them by 2030, and Russian intelligence agents with visa-free access to Europe is facilitated by CBI, so it's not going to happen. Mr. Premier, find another legal source of cash flow for Nevis.
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