by Linda Straker
- Reconstituted CBI board published in 22 July issue of Government Gazette
- All Government boards are being reconstituted
- Over 1,700 expressions of interest received
Former banker Richard Duncan is the chairman of the reconstituted Grenada Citizenship by Investment (CBI) committee. The Cabinet of Ministers agreed to the change during its 18 July 2022 meeting, and it was published in the 22 July issue of the Government Gazette.
The former CBI chairman was the Permanent Secretary in the Ministry of Finance Mike Sylvester.
In Grenada’s General Election on 23 June 2022, a new government was elected to administrate the affairs of the country for the next 5 years. The reorganising of government boards is among some of the first tasks for the Cabinet of Ministers.
Under the previous administration, Duncan served as the first chairman of the Fiscal Responsibility Oversight Committee (FROC), which is responsible for monitoring compliance with the fiscal rules and targets as stipulated in the Fiscal Responsibility Act.
Prime Minister Dickon Mitchell is the minister with responsibility for citizenship. The Chairman of the CBI Committee shall keep the Minister fully informed of the business of the Committee and shall furnish the Minister with such information as the Minister may request with respect to any particular matter relating to the business and activities of the committee.
The other members of the re-organised CBI board are Deon Moses who will serve as Deputy Chairman; Daisy Joseph-Andall, Ronald Theodore; Dr Wayne Sandiford, and Dr Stephen Fletcher. They “shall hold office for a period of 3 years unless sooner determined,” said the official government publication.
According to the 2013 Citizenship by Investment legislation, the Minister shall establish a Citizenship by Investment Committee which shall be responsible for processing any application for any licence under the Act, and any application for Citizenship by Investment or Permanent Residence by Investment.
The committee shall be comprised of persons of integrity who are qualified and have the necessary experience and capacity in matters relating to law, finance, trade, and other relevant areas. Since the law came into effect in August 2014 more than 6,000 people have gained citizenship through the programme.
During the post-cabinet briefing on 19 July 2022, Prime Minister Dickon Mitchell announced that all government boards are being reconstituted. The ruling National Democratic Congress (NDC) administration put out a notice asking members of the public to submit their expressions of interest via a government portal.
The Prime Minister said that over 1,700 applications representing people locally, regionally, and internationally were submitted. He said that all individuals who submit applications will not be appointed to be on a board, but some may be identified to serve on Committees.
Everyone has his say, the program has its benefits, the problem is the negatives out-ways the positive.
The CBI program is intended to provide additional cash flow or revenue for national use. On the positive side, St. Kitts and Nevis garnered over EC$1billion in revenue from their own scheme. On the negative side, these programs 1) create a group of First Class citizens whose benefits and financial privilidges exceed that of indigenous people, 2) put the local rental market at risk because CBI programs result in an increase in empty “condos” then make local real estate investment riskier 3) disadvantage local businesses because of the exclusive duty-free concessions granted to CBI projects and 4) exemt CBI investors from paying local taxes – although they have equal citizenship status as nationals who must pay all the applied taxes on income and real estate transactions. Overall, we are selling citizenship to foreigners because we are too lazy to come up with a productive investment framework for the citizens of our country. And the foreign beneficiaries either couldn’t care less about making any civic contributions or are not encouraged to. So, I ask, what are the sustainable benefits of this?
This is the first corrupt scheme that I really thought the ND C new govt would REVIEW AND HOPEFULLY DISCONTINUE..
VERY VERY DISSAPPOINTED
Good comments. And these CBI people don’t pay income tax either. Many of them don’t even have to set foot here to get their passports. Buy we who remain, scraping a 3,500 is taxed and those “citizens” with heavy dollars who can afford to pay over 250k for a passport males no contribution to us. So, those who are citizens by birth suffer with low standards of living and those who become “citizens” through their big $ contine to live it large…. seems rather upside-down to me.
Citizenship by investment – call it what you like, the simple fact remains that we are selling passports for money. The selling of citizenship is a dangerous practice. The argument is that if citizenship becomes a commodity, the perception of citizenship itself as a bond of allegiance with a country is greatly diminished.
Placing a price on citizenship, no matter the amount written has a damaging effect on one’s natural identity, it alters the view of what it means to belong to a country. The act of exchanging citizenship for money not only destroys the value of being a born citizen but also corrodes the trust in those who so loudly promise to lead our people to the land of ” easy money and happiness”. In a country where an administration scrounges for money, the scheme carries a high risk of economic crime, bribery, and corruption.
This scheme is a way for those with money to use our corrupt and greedy leaders and to pursue the continuation of an unfinished practice, the one in which our forefathers were taken. Today, because of their love for power and money that practice continues only for a few dollars more. How can you lead a people by selling their identity?
When will it end?
CBI should be disbanded. This is madness as it create social in justice. While Grenadians are corralled in low income housing and treated as beggars, rich foreigners enjoy the beauty of Grenada.
The condos and penthouses purchase through CBI does not create the type of jobs resorts can. 4 star 100 room hotel employs 1.5 to 2.5 employees per guest.
To add, the guest comes and leaves, then become repeat guests without owning lands in Grenada. Grenada is for real Grenadians and not those who can buy their way in.