Thursday 2 April, 2020

ECCB Governor advocates for regional approach to CBI programme

[iStock.com/Wildroze]

[iStock.com/Wildroze]

Governor of the Eastern Caribbean Central Bank, Timothy Antoine thinks a regional approach to Citizenship by Investment should be considered.

During a seminar hosted by the Dominica Association of Industry and Commerce (DAIC) on Wednesday, he said: “We are strongly encouraging a regional approach to our Citizenship by Investment Programme. We understand the value of these programmes for the economies. If you think of it from a Dominican concept, where would Dominica be without CBI?”

The ECCB head said CBI has played an enormous role in Dominica’s post hurricane recovery.

The programme, he believes, makes an invaluable contribution to development in the Caribbean and must be protected at all costs.

He said the region should adopt a unite-to-rule approach and the policies guiding the CBI programme in each island should complement each other.

Governor Antoine said if an applicant’s request to access the CBI programme in one island is denied, they should not be given access to any of the other islands.

He explained: “It is a single space and we have to protect all of us. We believe that we ought to come together and have a common approach to due diligence.”

The ECCB Governor believes pricing is another key factor to consider when trying to secure the sustainability of the programme.

He said “If we come together we can probably raise the price and get more from the programme. If we don’t then we are competing.”

Governor Antoine said it is imperative that regional governments work together to preserve the CBI programme.

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