CDB boss urges caution with CBI despite success

Dr. Smith said there is nothing wrong with the CBI program

President of Caribbean Development Bank (CDB) Dr. William Warren Smith has urged Caribbean countries to exercise caution and the right due diligence in the Citizenship By Investment (CBI) Program despite its success in some countries.

Addressing a press briefing at the Financial Centre on Thursday care must be taken that the program doesn’t have a negative feedback.

“We are happy for the countries that are having some success in the Citizenship By Investment Program but we just urge caution, make sure that you exercise the right due diligence so that it doesn’t have the negative blowback that we have seen in some instances,” he urged.

He stated that are risks with the program, especially for small countries.

“What I have indicated in the past is that for small countries, there are more risks involved because the world we live in today is one with criminal elements operating through the financial systems that we have, so that the due diligence that is required in protecting yourself is for me where the challenge is,” he noted.

According to Dr. Smith, the CBI Program is a legitimate form of raising revenue for countries.

“Some of the most respectable countries in the world, the United States, Canada, the United Kingdom, have Citizenship By Investment Programs in one shape or form,” he said. “There is nothing wrong with it.”

He added, “I think if you look at St Kitts and Nevis, if you look at Antigua, right here in Dominica you will see that the Citizenship By Investment Program can generate a lot of cash.”

 

 

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4 Comments

  1. viewsexpressed
    September 15, 2017

    It appears that some of these lazy governments including ours here in Dominica lack foresight and run for quick fix called fast food that will rotten teeth, get this islands obese in corruption whole pockets are heavy with foreign cash and they travel the world over with no accountability and respect to we the people in Parliament. Our people continue to live in growing poverty and are now beggars to corrupt PM`s who distribute money willingly and disgustingly. Theses PM`s are empty are know nothing of development.
    I am happy that the CDB President is able to articulate this and he is diplomatic in his words and thoughts, in other words some of these governments appear to be dirty and corrupt and I wonder what Is Dominica thinking of this. Guess that Dominica is stained again and appears corrupt.
    Damn it Skerrit must Go
    Skerrit Must Go

  2. Francisco Etienne-Dods Telemaque
    September 15, 2017

    Smith, you would have served a better purpose if only you had inform Roosevelt Skerrit that Dominica in particular does not have a “citizenship by investment program.”

    Our government is involved in the sale of our national passports to criminals, vagabonds, rouges, and all kinds of thieves, even petty thieves!

    How can you have a so called citizenship by investment, program, when none of the people who bought Dominica citizenship, has not invested a single dime in the country providing employment for not even a single dog in Dominica?

    We cannot count on one hand anybody who bought Dominica passports who are residing in Dominica.

    That is a scam which some people in Dominica use to get rich!

  3. zandoli
    September 15, 2017

    Sorry guy, this CBI is like a drug and all these governments are addicted. Try telling a druggie to be careful with the quantity and quality of heroine he puts into his body.

    • Real truth
      September 15, 2017

      AMEN!! The only alternative I see to the CBI program is for Dominica to really invest in twenty first century Agricultural initiatives….Fresh food and clean water is the last frontier……….the wise will understand……

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