Smith: Be careful selling citizenship

ANY REGIONAL GOVERNMENT that chooses to sell its citizenship will not face condemnation from the head of at least one major regional institution.

Dr Warren Smith, president of the Caribbean Development Bank (CDB) described the programme dubbed “Citizenship by Investment” as a “legitimate way in which to raise revenue”.

However, the economist had one warning for Caribbean countries already involved and those considering the move. He urged them to make sure they had all the systems in place to fully monitor the programme and undertake due diligence of those to which they offered citizenship from outside the region.

The lucrative Citizenship by Investment programme has been adopted by countries including Antigua and Barbuda, Dominica, Grenada, and St Kitts Nevis – the first regional government to adopt it in 1984. However, the project remains a hotbed by controversy and suspicion. (GE)

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