Caribbean Islands Need to Find Ways to Tap Into the Knowledge and Resources of Global Investors
May 24, 2018 - News St Kitts and Nevis
Key stakeholders of the Caribbean Citizenship by Investment industry including heads of state - the Hon. Dr. Timothy Harris, PM of St Kitts and Nevis, and Hon. Gaston Browne, PM of Antigua and Barbuda; heads of Government Citizenship Investment Programs, due diligence providers, banking and taxation professionals, international marketing agents, real estate developers and investors gathered in the capital of St Kitts and Nevis last week to discuss key issues associated with building the long-term resilience of the Citizenship by Investment industry.
During the summit, which took place from May 16-19 in Basseterre, a topic that received significant attention was the opportunity to tap into the rich potential for investment from global entrepreneurs and businessmen who now possess a Caribbean passport. Several stakeholders discussed the need to develop programs and products that would attract citizens to spend more time in the islands themselves and contribute their international expertise and consumer dollar to the local market.
Opportunities for attracting knowledge-based resources as well as capital extended to industries as diverse as real estate, infrastructure development, health and the medical industry, agriculture and fisheries, sustainable energy, tourism and hospitality and education, where foreign investors could play a key role in building local capacities and assets as well as growing the market for high-quality services through visiting and spending time in the islands after acquiring citizenship.
Suggested ways in which this could be achieved included considering the creation of an attractive tax residency program as a natural complement to the CIP program, and appointing global agents to educate investors on available projects and opportunities in a simple and clear format, packaged to promote ease of investment.
Under the theme “Unity in the Age of Division” the conference also discussed ways in which the industry could strengthen itself against the various challenges it has faced in recent years. Key topics included toughening and standardization of due diligence requirements to ensure that the programs are not exposed to security or reputational threats as well as avoiding negative scrutiny from larger global players such as the US and the OECD.
Other sessions addressed the climate resilience of small island states, the crucial contribution of CIPs to island economies – which in certain cases constitutes as much as 25% of GDP; the need for increased transparency in information gathering while balancing the confidentiality of investors; and the adoption of new technologies such as blockchain and cryptocurrencies to possibly mitigate the impact of derisking.
Attracting long-term commitment and investment, however, underpinned the discussions, with all stakeholders recognizing that building the integrity and reputation of the programs was the key to ensuring that CIPs continue to contribute positively to the island economies of the Caribbean and the thousands of lives of investors based across the Middle East, China, Russia, the Indian SubContinent, South America and Africa who embrace the many life-changing aspects of CIP.
PassPro was a Silver Sponsor of the Caribbean Investment Summit 2018 – the only major annual international industry conference of its kind to take place in the Caribbean region.
This year’s summit took place in St Kitts and Nevis, the country that pioneered the Citizenship by Investment Industry more than three decades ago in 1984. Today the region is home to the majority of the world’s most popular CIPs such as Dominica, Antigua and Barbuda, Grenada and the newest entrant St Lucia.
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As a Government Authorized agent for the CIPs of Antigua and Barbuda, St Kitts and Nevis, Grenada, St Lucia and Dominica, our portal MyPassPro allows you access to all the services and support you need after you join the global community of investors in legal second citizenship. Call us today on +97145541449, email [email protected] or fill in the below form and we will be happy to assist in any way we can.
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