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PM Drew Admits St Kitts Risked Losing EU Access Before Reforms Decimated CBI Revenues

PM Drew: "Ill-conceived Prison Project issued tens of thousands of citizenships," which put EU and UK visa-free access in "grave jeopardy."

During a national address on Thursday, Saint Kitts & Nevis Prime Minister Dr. Terrance Drew revealed a stark 60% decline in the nation’s Citizenship by Investment (CBI) program revenue.

The PM admitted that his administration’s policy reforms triggered a 60% plummet in CBI application volumes and revenues compared to figures during the Team Unity administration era.

NTL Trust CEO Nick Stevens agrees with the PM’s assessment, pointing to “sudden changes” that “rushed through without sufficient forethought or consultation” as the root cause of the decline, adding that while “the intention might have been good, the implementation was disastrous.”

The Caribbean nation’s CBI Program, which historically contributed between 60-70% of federal revenue, saw a precipitous decline in 2024.

PM Drew revealed CBI revenue figures for the past few years to give more context: From EC$669 million in 2022 and EC$620 million in 2023, earnings dropped to just EC$218 million through September 2024.

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The PM indicated that upon taking office in August 2022, the federation faced significant international pressure over its CBI practices.

He said that "Saint Kitts and Nevis was on the brink of losing that precious visa-free access [to the EU and the UK]" and that if his administration did not take "bold, immediate action, we would have lost that privilege."

He said that "the evidence was overwhelming. This was confirmed, both publicly and privately, by our international partners."

He divulged that the UK and European Union specifically scrutinized the program, putting the nation's valued visa-free travel privileges in "grave jeopardy."

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He asserted that the crisis stemmed from the "ill-conceived Team Unity Prison Project," which authorized "tens of thousands of citizenships" from a single venture.

MSR Media has since filed a RICO lawsuit against former Saint Kitts & Nevis officials and Caribbean Galaxy, the developer of the prison project.

Drew's administration launched a comprehensive investigation into the CBI Program in October 2022. By December, the government implemented sweeping reforms, including:

The reforms sought to preserve Saint Kitts and Nevis' reputation. The resulting revenue decline, however, forced the administration to reassess its CBI program investment thresholds.

In July 2024, Saint Kitts & Nevis adjusted its program to align with the pan-Caribbean CBI price range, attempting to maintain market competitiveness.

Despite the massive drop in CBI volume, Stevens anticipates "a big comeback in 2025," citing the relaunched Public Benefit Option and new provisions that let investors purchase private homes in the open market as potential catalysts.

He also stressed the importance of "rewarding investors who decide to put down roots in their new home country" as it could help CBI programs become "more sustainable and politically acceptable in the future.

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