PM Drew announces unified OECS CBI Regulatory Body to boost regional transparency

St Kitts and Nevis: Prime Minister Dr Terrance Drew unveiled a large step forward in regional cooperation and transparency with the establishment of a regional regulatory body for Citizenship by Investment (CBI) programmes within the Organization of Eastern Caribbean States (OECS). This initiative will be made formal in the coming months and will have OECS member states passing the required legislation to support the development of a unified CBI oversight body, aimed at improving due diligence and enhancing international reputation.

The initiative is being presented by St Kitts and Nevis, marking a turning point in economic governance for the sub-region. “We are putting the regulatory body together. We intend to have that regulatory body in place within the next month. All of us are going to pass legislation to set up a regional regulatory body for the CBI programme,” said PM Drew while speaking on national radio.

Furthermore, the Prime Minister of St Kitts and Nevis highlighted that this new initiative will play a very important role in the setting of uniform due diligence standards, which will help establish shared compliance standards and improve international credibility for the  CBI industry.. Also as a main player in the economies of small island developing states, the CBI programme has been put in the international spotlight in recent years.

In addition, PM Drew reported that the initiative is a reflection of successful models used in the establishment of regional institutions like the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Supreme Court (ECSC), which are models of successful cooperation in the past. 

“We have also sought to do this in close collaboration with international stakeholders, the EU, the UK, the United States of America, all involved, so that they can see the tremendous progress that we have made,” explained PM Drew.

While responding to recent global attention and scrutiny on the working of CBI programme, PM Drew stated that he and his government is completely prepared. “This has not caught me off guard at all. I was preparing the country for this… I said from the beginning that CBI would be the most challenging thing of my Prime Ministership,” reported the Prime Minister.

Moreover, he reasserted the government’s promise to help preserve the CBI programme as a credible and secure player to the world for investment. "We want to make sure that when we say we want the sector to be properly regulated, we mean it. And this regional body is our proof of that commitment,” said PM Drew.