Premiere Mark Brantley says St. Kitts and Nevis must urgently rethink its economic model as global pressure mounts on the Citizenship by Investment (CBI) programme and tourism remains vulnerable to external shocks. In a wide-ranging statement posted on social media today, the Nevis premier outlined what he described as a bold national prescription for economic diversification, warning that the country stands at a crossroads and must move decisively toward a more sustainable future.
FULL STATEMENT BELOW:
CBI is Dead. Long Live CBI. BY Premier Mark Brantley/ Nevis
I have argued for some years and I believe it must now be clear to many that St. Kitts and Nevis desperately needs to expand and diversify its economy. Many have offered criticism but very few have offered ideas. Here is my prescription:
1. Accelerate the development of the renewable energy sector with geothermal energy as the underpinning. We can transform our economy to an energy based economy over the near term and become the Norway of the Caribbean. New jobs, new revenue streams, huge savings from a move away from oil, insulation from external shocks particularly from oil producing regions, new industries like AI centers which require large amounts of cheap energy and above all significant cost relief for our residents and local businesses.
2. Invest in greater food security including agriculture and agriculture value added products. We should develop a broiler industry and become completely self sufficient in eggs, poultry and certain crop types. Again this insulates us from external shocks and can potentially help us to better control the cost of some food items. Food security is national security.
3. Accelerate the development of the Cannabis industry. Be bold and legalize cannabis completely for all uses research, medicinal and recreational BUT couple this with ongoing and extensive education for our people about cannabis use and abuse.
4. Get the growing cruise industry to contribute more to enjoy our shores. St. Kitts has one of the strongest cruise sectors in the OECS but charges very little to the cruise companies. The OECS should harmonize their head tax which currently hovers around US$7. The Bahamas for example is more than 3 times that.
5. Accelerate investment in the creative economy. Nevis is leading with film and St. Kitts has an undeniable regional leadership role for MusicFest and SugarMas. How do we leverage those and the creative arts into major economic contributors?
6. Accelerate the development of special economic zones for identified sectors which the country wishes to develop. Tech, AI, Hospitality, Agriculture, Education, Health, Residential all offer possibilities.
7. Re-orient the CBI programme to look to meaningful investment from existing economic citizens rather than constantly seeking new citizens. If we can get even 10% of existing economic citizens to invest in St. Kitts and Nevis in more substantial ways, our long term economic prospects would be significantly enhanced. I have proposed a bespoke unit within CIU dedicated to contacting and networking with economic citizens of St Kitts Nevis globally to provide them with investment opportunities in St Kitts and Nevis.
8. Develop a comprehensive strategy to incentivize locals and SKN nationals in the diaspora to invest in St Kitts and Nevis. Small business development has to become an urgent priority. Nevis published a new policy in January 2025. It can become a national model.
9. Invite the technocrats at the Ministries of Finance in St. Kitts and Nevis to assess whether comprehensive tax reform could help to jumpstart the local economy in a meaningful way. During the budget I suggested that VAT be lowered incrementally to spur local consumption but such approach would have to be carefully studied.
10. Incentivize the offshore education sector to encourage larger numbers of international students to our shores. Students and their families contribute significantly to the local economy
11. Grow the population. We must develop strategies to grow our population. Local birth rates are low so we must have targeted migration and appeal to our diaspora to return home. We cannot seriously develop a Nation with a working population of less than 30,000 people.
St. Kitts and Nevis finds itself at a crossroads with CBI dying and tourism ever fickle. We need all to lend their minds to developing a new national paradigm to maintain our march to a sustainable island State.
