The five countries in the OECS, including Antigua and Barbuda, have seen steady increases in these revenues in recent years from their Citizenship for Investment Programmes and now they account for 75 cents of every non-tax dollar for these territories.
That’s the word from Governor of the Eastern Caribbean Central Bank, Timothy Antoine speaking at the formal handing over ceremony for the Eastern Caribbean Currency Union chairmanship at AUA conference centre near Jabberwock Beach.
“When we look at revenue, CIP/CBI revenue are classified as non-tax,” he explained.
The Governor outlined that the bank has been spearheading efforts to develop the legislative framework that will serve to protect these programmes and to ensure their continuity.
“Over the past few months, at the invitation of the heads of government with these programmes, the central bank has led work to establish a regional regulator with the objective of enhancing credibility, integrity and sustainability of these programmes. Following extensive consultation, a legal framework has now been prepared and it is now in the public domain for comment,” he reported.
According to the governor the draft has been widely circulated and he is thanking the public for the feedback that has been received so far. “We have had very good feedback so far,” he stated.
Prime Minister Gaston Browne acknowledged that the draft has been shared with the US government, the United Kingdom and the European Union among others and the feedback has been received from both within the Caribbean and outside.
He also urged support for the CIP/CBI programmes recognizing their importance to the economies of all member states within the ECCU.
