The opposition New Democratic Party (NDP) has declared victory following yesterday’s election in Saint Vincent & the Grenadines. Its leader, Godwin Friday, has repeatedly vowed to open a citizenship by investment (CBI) program in the country should his party come to power.
While official election results have yet to be released, an NDP win would end 24 years of government by Prime Minister Ralph Gonsalves of the Unity Labor Party, who prevailed in the past five consecutive elections.
An NDP win presumably means the Caribbean will see a 6th CBI program: At least since 2018, the NDP has reiterated at regular intervals that it intends to launch a program in the country. In October last year, NDP’s Friday introduced specific plans for a CBI program, indicating they could come to fruition relatively soon upon his taking office.
Some six months ago, a survey found 62% of Vincentians would support a CBI program, while current Prime Minister Gonsalves alleged that companies involved in citizenship sales had been financing the NDP and their election campaigns since 1998, “but more particularly, since 2001.”
Should a new government take office and keep one of its core election promises of opening a program, much market apprehension will be tied to the form a Vincentian CIP would take: Specifically, whether it would stick to the established Caribbean minimum contribution of US$200,000 and adhere to the encumbrances outlined in the 6 Caribbean CBI Principles agreement with the United States.
