St Vincent Opposition Promises Citizenship by Investment Program (Again)

The New Democratic Party (NDP) of Saint Vincent & The Grenadines (SVG) has promised to introduce a citizenship by investment (CBI) program if it wins the November 2025 general election.

This proposal contrasts sharply with the current administration’s rejection of CBI programs.

NDP leader Dr. Godwin Friday unveiled the plan at the party’s recent convention in Petit Bordel, dismissing criticisms about “selling passports” and emphasizing that the program’s benefits would go directly to the people, not into his pocket.

The NDP’s CBI program would allow foreign nationals to acquire citizenship in exchange for contributions to the country’s socio-economic development.

Friday assured they would properly monitor the program and that it would “meet the highest levels of scrutiny,” emphasizing its transparency. He stressed that the funds would benefit public servants and those on public assistance, not political figures.

The NDP, however, has not provided specific details regarding the program’s structure, pricing, or eligibility criteria.

Currently, SVG’s passport ranks 23rd globally, providing visa-free access to 157 destinations worldwide, including the European Union and the United Kingdom.

Prime Minister Dr. Ralph Gonsalves has consistently opposed CBI programs.

Gonsalves argues CBI programs represent unsustainable economic strategies. In a July 2023 interview, he suggested that those who based their economic strategy on CBI programs were now facing the consequences of that decision.

The Prime Minister’s concerns stem partly from the UK’s recent decision to revoke visa-free access for Dominica and Vanuatu passport holders, ostensibly due to security worries. Gonsalves maintains that such programs lack sustainability and cannot form the basis for economic development or budget financing.

Friday counters these arguments by pointing to successful CBI programs in neighboring countries, noting that Saint Kitts & Nevis and Dominica can implement certain policies because their CBI programs cover the associated costs.

Recent polling suggests a tight race for the November 2025 election, with the ULP holding a slim lead over the NDP (33.7% vs 30.1%), while Friday enjoys approval ratings nearly on par with PM Gonsalves.

“A shelf life” of five years

Nisha McIntyre of My Grenada Solutions emphasizes that if SVG decides to create a CBI program, it should align with the standards set by other countries in the region.

She stresses the importance of SVG joining the Memorandum of Agreement (MoA) that the five Caribbean countries currently offering CIPs (Dominica, Saint Kitts & Nevis, Grenada, Saint Lucia, and Antigua & Barbuda) have signed. This agreement standardizes investments, security, and collaboration among these nations.

McIntyre argues that signing the MoA would benefit SVG as “it seeks to elevate the standard of programs in the Caribbean.” She warns that choosing not to participate in the MoA “could be to their detriment because it suggests they’re not willing to implement best practices in their program.”

She cautions that such a decision might lead to “additional scrutiny from the same entities that are scrutinizing us [Caribbean CBI countries].”

Richard Hallam, CBI Director at Ora Caribbean, provides context for the political dynamics surrounding the CBI proposal.

He notes that “it’s very clear that the current government is vehemently against a CBI program, so it would only make sense that an opposition party would lobby for the exact opposite in order to garner votes.”

Hallam also raises concerns about the potential instability of a CBI program in SVG, given the stark differences in party policies. He points out that “the issue with such a large rift in party policies is the longevity of such a program if it only has a shelf life of a five-year political term.”

Kevin Hosam, Founder and Chairman of EC-Holdings, offers a more optimistic view of the NDP’s proposal. While acknowledging that the NDP’s support for a CBI program is not new information, Hosam believes that SVG has the potential to capitalize on current market conditions.

He suggests that “if properly managed, SVG can take a share of the market from other islands where we see great delays in processing and investors often get frustrated.”

Sustainability and Economic Impact

The debate over the sustainability of CBI programs remains central to the discussion in SVG.

Hosam envisions potential economic benefits from a well-implemented CBI program, stating that “Dr Friday will make the country more prosperous.”

While he acknowledges the current administration’s good management of the economy without a CBI program, he suggests that under the “business friendly” NDP leadership, a CBI program could lead to reduced taxes and improved infrastructure, potentially attracting more companies to SVG.

McIntyre addresses Gonsalves’ concerns, agreeing that relying too heavily on CBI revenue can create problems. She notes that “if you allow a CBI program to be the cornerstone of your country’s GDP, then you have a problem.”

She does, however, see potential value in CBI programs when governments use them strategically. She argues that these programs can benefit countries “if they’re being used to support the development of other key industries to get them to a point of readiness where they can stand independently and support a country.”

She emphasizes the importance of using CBI funds to develop sustainable economic sectors, explaining that “it has to be funneled into real, tangible projects and additional industries” and then used to generate income in those industries and “build them to a point where they can generate income independently.”

Hallam echoes this sentiment, recognizing CBI as a “bona fide source of revenue for SIDS [Small Island Developing States], allowing them the financial freedom to make decisions on spending without massive oversight.”

He cautions, however, that countries should view these revenues “definitely as a short-term stream as opposed to a static budget line, and for a country to become dependant on CBI would be a mistake.”