From The OBSERVER

ST JOHN’S, Antigua – The head of a trade consultancy group is warning Antigua & Barbuda and other states against a race to the bottom as they seek to cash in on lucrative economic citizenship programmes.

Writing in the Dominica Today, Director of the non-profit Caribbean Council David Jessop urges Caribbean States to work together on their economic citizenship programmes.

Jessop accepts there is nothing wrong with having such programmes and notes the US and Europe cash in on their own such schemes.

Do them wrong though and there’s a real danger Caribbean citizens may soon face blanket visa requirements where none previously existed.

And he warns in a rush for a quick paycheck, Antigua & Barbuda, Dominica and St Kitts & Nevis are risking the long term.

Jessop said as more and more states enter the market, passport prices are being slashed leading to a race to the bottom.

He adds that main markets may soon start to dry up with Russia already introducing a law in August to require its citizens to declare dual citizenship in a bid to prevent capital flight.

Further, China does not legally recognise dual citizenship, holding that Chinese nationality is lost when a foreign nationality is obtained so any move to expose economic citizens could put a big damper on the Chinese market – the world’s biggest right now.

This ties in with another concern of Jessop’s – that programmes have spawned a whole industry of unregulated agents, lawyers and other advisers who benefit the more citizenships they sell.

The Caribbean Council Director adds regional states are putting too much emphasis on cash options, which tied to a move to reduce or eliminate residency requirements, means there is no long term economic benefit for the country.

Further, he says, the passport opens the economic citizen up to benefits in other OECS and CARICOM states which saw no profit from selling the citizenship.

In addition, some programmes allow the descendants of the economic citizen to apply for citizenship through normal cheaper naturalisation routes – cutting off room for future profit.

Jessop said these concerns added to increasing international scrutiny of the programmes, means Caribbean states should start to work together on a unified approach to maximize their gains and ensure they can earn from their programmes for years to come.

IMAGE: David Jessop, Managing Director of the Caribbean Council. (CaribDirect.com)

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