Gonsalves on Protecting St. Vincent’s Patrimony
Former Prime Minister Ralph Gonsalves has strongly cautioned against potential attempts to compromise the nation’s citizenship by foreign interests, expressing vigilant protection of the country’s national patrimony.
Speaking on Star Radio, Gonsalves voiced concerns about what he described as “foreign vultures” seeking to acquire St. Vincent’s passport at a discounted rate.
His comments come amid ongoing discussions about the potential introduction of a Citizenship by Investment (CBI) program under the new government led by Prime Minister Dr. Godwin Friday.
Recently Philippe May, CEO of EC Holdings, an international residence and CIP advisory firm based in Singapore, said, not having a CBI programme would be “almost criminal” for the Caribbean nation.
Gonsalves continued, “You know, they want to sell our passport and citizenship,” Gonsalves stated emphatically. “And already you see some of the vultures hovering. That is a matter which is going to be met with much resistance by the general public, and we have to protect our patrimony.”
May, who was appointed as Honorary Consul to Singapore by the St Vincent government in 2011, argues that the country’s late entry into the CBI market could actually provide strategic advantages. “Being late to the market allows them to learn from the mistakes made by other Caribbean countries,” he explained.
May highlighted St. Vincent’s existing international financial infrastructure, including a maritime registry and history of international business company incorporations, as potential strengths for developing a robust citizenship program.
The expert predicts that St. Vincent could potentially create a CBI program that sets new industry standards, addressing previous challenges faced by other Caribbean nations.
“There is no question whether the NDP will introduce a CBI programme; the question is only what the terms and conditions will be,” May stated.
As the debate continues, Gonsalves remains steadfast in his commitment to protecting the nation’s interests, warning potential opportunists that any attempts to compromise St. Vincent’s sovereignty will be met with significant resistance.
