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.”