Saint Vincent and the Grenadines will launch a citizenship by investment program by mid-2026 featuring mandatory residency requirements and a legislatively ring-fenced investment fund, according to the St Vincent Times. IMI could not independently verify the claims via official channels.
The report positions the Caribbean nation’s entry into the CBI market around adherence to what government officials characterize as the most stringent regional and international standards.
Prime Minister Goodwin Friday said this initiative is not a “revenue-at-all-costs” scheme, but a “sovereign capital mobilization strategy” designed to finance development and climate resilience without increasing the national debt.
All proceeds will flow through the Saint Vincent and the Grenadines Investment Fund (SVGIF), a legislatively established vehicle designed to prevent funds from entering recurrent spending or political discretion.
“Reputation Over Volume”
The government stipulated it will not “trade reputation for short-term gain.” The program will mandate an investment floor, residency requirements, and what officials termed Continuous Due Diligence extending throughout the life of citizenship. Multi-layered background screening will accompany these measures.
Philippe May, founder and CEO of EC Holdings, said that the SVG government remains aware of ongoing EU discussions about CBI and will adhere to regional best practices. This will “most likely include a residency requirement for new citizens,” May said.
The SVG government “acts in the best interest of the country,” May added. “As a sovereign nation, SVG is entitled to have its own CBI program.”
May emphasized the value of cordial relations between Saint Vincent and the EU. “In my personal opinion, there is no reason for either side to put pressure on the other,” he said.
Ring-Fenced Fund Structure
A legally binding Fiscal Resilience Protocol (FRP) will direct 100% of non-debt capital exclusively toward verifiable long-term productive expenditure. The SVGIF allocation breaks down into three areas:
- Productive Capital Investment: Funding climate-resilient infrastructure and productive sectors to reduce long-term costs and strengthen competitiveness
- Social Infrastructure: Prioritizing healthcare capacity, education, and technical training to build human capital
- Fiscal Resilience and Contingency Buffer: Funds applied directly to national debt reduction and providing immediate liquidity in the event of natural disasters or external shocks
The stated goal of this structure is to finance development and leave a “tangible, transformative legacy” without mortgaging the future through traditional debt.
“Looking for a Mirage”
Former Prime Minister Ralph Gonsalves, who governed for 24 years before losing November’s election, ridiculed the new government’s CBI initiative.
Opposition Leader Gonsalves mocked financial projections outlined in budget estimates, noting the government listed only “$10 [million] as projected revenue” for the program in 2026.
Gonsalves stated the “NDP government wants to sell passports, but he doesn’t know how to do it.” The Opposition leader argued the CBI unit created within the Prime Minister’s office currently has “no staff, no budget.”
The former PM declared that “the end of CBI is nigh” and characterized the government’s pursuit of this revenue stream as “looking for a mirage.” Gonsalves suggested the administration intends to outsource the program because, despite discussing it for 25 years, the NDP lacks the planners required to operate it.
Launching Into Headwinds
Friday’s program launch comes against a backdrop of escalating international pressure. The European Union’s visa suspension mechanism report stated in December that operating citizenship programs “in itself” constitutes grounds for visa suspension, recommending Caribbean nations ensure adequate vetting “pending discontinuation” of their programs.
The United States suspended immigrant visa processing for 75 countries in January, including Saint Vincent, despite its lack of an operational program. Washington blocked permanent residency applications from ten CBI jurisdictions, citing what officials characterized as welfare dependency risks.
Caribbean neighbors responded to US pressure with their own residency requirements. Saint Kitts and Nevis announced in June that it would require residency for all future applicants, while Antigua and Barbuda enacted 30-day physical residency requirements following the Trump administration restrictions.
Friday had noted in December that Saint Vincent and the Grenadines stands as one of the last countries in the Organisation of Eastern Caribbean States to implement a CBI program.
This timing provides the unique opportunity to study what other countries have done and adopt best practices from their experiences, the Prime Minister said.
Deputy Prime Minister Major St. Clair Leacock outlined in earlier statements that the government plans multi-institutional oversight, with his ministry handling citizenship matters while the Attorney General’s office and other institutions anchor program administration.
Leacock described the program as central to the country’s economic transformation while emphasizing that implementation will require careful management grounded in accountability and transparency.
Friday acknowledged international tensions but said he doesn’t believe these developments represent a death knell for such programs.
He says demand for CBI programs will remain high among high-net-worth individuals, “whose interests often gain priority in global affairs,” the Prime Minister stated.
