St Kitts and Nevis’ Prime Minister Dr. Terrance Drew, who is also the chairman of the nine-member Organization of Eastern Caribbean States (OECS) grouping, announced that the European Union (EU) has consented to establish a committee to assess and structure the Citizenship by Investment (CBI) program.

The CBI program offers foreign investors citizenship in exchange for substantial investments in the socio-economic development of the participating island.

It is utilized by several countries in the OECS region and has been instrumental in attracting investors to the sub-region. The decision came after a significant meeting between Prime Minister Drew and EU representatives during the EU-CELAC (European Union-Community of Latin American and Caribbean States) Summit in Brussels last week.

A range of concerns related to the program was discussed in the meeting, including security issues, potential abuse and the process of granting citizenship. Addressing these concerns, PM Drew and the head of the Citizenship by Investment Unit, Michael Martin, jointly submitted a comprehensive document outlining the measures taken to bolster the program’s integrity.

They emphasized the strength of their due diligence procedures and assured that any instances of abuse would be promptly dealt with. But the program has faced criticism from several Western countries, including the United States and Europe.