Excerpt from jamaicaobserver.com

St Kitts-Nevis Prime Minister Dr Terrance Drew says the country was “on the brink” of losing its visa-free visa-free access to the United Kingdom and the European Union, as he announced plans to reform the Citizenship by Investment (CBI) programme as part of an overall new initiative to spur economic growth and development.

Under the programme, foreign investors are provided with citizenship of the twin island federation in return for making a significant contribution to the socio-economic development of the country.

In a nationwide radio and television broadcast, Prime Minister Drew said that two years ago, when he assumed office, the CBI programme directly contributed between 60-70 per cent of the country’s revenue.

“We were overly dependent on CBI, our proverbial economic eggs were all in one basket. Unlike nations that rely on natural resources like oil and gas, which have stable and consistent demand, CBI has never been a guaranteed industry.”

Prime Minister Drew sad that no nation can truly say that citizenships will always be in demand, adding “the reality is simple: the CBI is vulnerable to international politics and scrutiny”.