Buying a golden passport just got way harder thanks to intense new security hurdles. Prime Minister Terrance Drew told reporters that his administration is enforcing mandatory residency requirements alongside global biometric data collection for every applicant. This marks a massive shift for the local CBI Programme.
The government is desperate to fix the battered reputation attached to this cash cow. Critics previously slammed the scheme for selling passports too cheaply and ignoring red flags. Drew insisted these changes prove they remain serious about keeping standards high while attracting legitimate investors rather than shady characters.
This crackdown follows earlier attempts to clean up the industry since 2022. Leaders hiked minimum investment prices and tightened background checks to stop bad actors from purchasing access. Making the management unit a statutory body also helped create better oversight regarding where that money actually goes.
Officials also spearheaded a unified regulatory framework across the Eastern Caribbean. This system sets up a shared watchdog authority among participating islands, similar to the regional central bank structure. The goal involves modernizing the sector to ensure safety without killing economic growth.
The government is desperate to fix the battered reputation attached to this cash cow. Critics previously slammed the scheme for selling passports too cheaply and ignoring red flags. Drew insisted these changes prove they remain serious about keeping standards high while attracting legitimate investors rather than shady characters.
This crackdown follows earlier attempts to clean up the industry since 2022. Leaders hiked minimum investment prices and tightened background checks to stop bad actors from purchasing access. Making the management unit a statutory body also helped create better oversight regarding where that money actually goes.
Officials also spearheaded a unified regulatory framework across the Eastern Caribbean. This system sets up a shared watchdog authority among participating islands, similar to the regional central bank structure. The goal involves modernizing the sector to ensure safety without killing economic growth.
