Friday estimates St. Vincent and the Grenadines’ losses from ending CBI: the country may have missed at least $1 billion over 10 years

Over the past decade, St. Vincent and the Grenadines may have missed at least $1 billion in revenue from Citizenship by Investment (CBI) programs. Prime Minister Godwin Friday said this during a radio interview on April 10, commenting on the situation amid ongoing regional debate and criticism of the previous policy.

Speaking on Hot 97 FM, Friday pointed to conversations with leaders across the Caribbean who continue to operate through CBI. In his view, ending such programs in SVG created significant “missed opportunities.”

How much CBI could have brought: Friday’s estimate and comparison with neighbors

One of the prime ministers, who asked not to be named, provided an estimate of potential revenue for SVG, suggesting a benchmark of EC$200 million per year. Using the Eastern Caribbean Central Bank’s fixed exchange rate of EC$2.70 per $1, that translates to roughly $74 million annually.

Friday’s claim of $1 billion over 10 years implies an even higher upside if average yearly volumes had been sustained, though he did not disclose the specific calculation method.

To provide context, he cited figures from the region:

Dominica, for one period, generated about $232 million in a single year (IMF data).
Grenada collected EC$298 million in the first three quarters of 2025.

Friday also described CBI as a way to raise funds without a “debt burden.” He said it amounted to “a loan with no debt and no taxes” to replenish the budget—unlike borrowing.

As an example, he referenced the construction of a hospital in Arnos Vale: a $78 million project that, according to the prime minister, under the previous government required a $100 million loan from Taiwan.

He also highlighted Dominica, which relies heavily on CBI funds to build its first international airport. He estimated the project at $370 million—the largest contract construction undertaking in the history of the Eastern Caribbean.

“People look at us as if we missed a chance,” Friday said, recounting the response from regional partners. “That was the price of walking away from CBI due to a risky decision.”

Gonsalves keeps opposing CBI from the opposition benches

Former prime minister Ralph Gonsalves, who stepped down in November after 24 years in office, continues to oppose CBI from the opposition. During February budget debates, he compared revenue from CBI to “cocaine” and urged regional countries to acknowledge that “the end of these programs is near.”

When asked why SVG residents accepted the anti-CBI stance for so long, Friday responded sharply: “There are people who shout from the hilltops, and part of society believes them—so in the end we lost.”

At the same time, sources say even Gonsalves’ ideological allies appear to have cooled toward his position. As reported, a senior representative of the St. Lucia Labour Party (a sister party to the ULP) told a local radio host that SVG had “embarrassed itself at the regional level” under the previous government. In the host’s retelling, the criticism boiled down to the idea that loud statements did not match real outcomes “on the ground.”

Previously, Gonsalves claimed that the United States directly advised the New Democratic Party (NDP) administration not to develop CBI. He also accused international migration investment companies of funding the NDP campaign—claims the party denies.

CBI as part of a broader economic package

Friday presented CBI not as the only tool, but as part of a broader economic recovery strategy. He said new investment in the hotel sector is expected this year.

The government also plans to restart the Ottley Hall Marina and Shipyard project—an anchor initiative of the previous NDP administration (1984–2001) that deteriorated under the ULP.

To ease pressure on the cost of living, social assistance payments, according to St Vincent Times, have nearly doubled—from EC$280 to EC$500.

In addition, a working group meeting involving government representatives, the private sector, and trade unions is scheduled for April 24. The goal is to develop measures to reduce the impact of rising fuel prices.

Some of the campaign promises, Friday acknowledged, had to be postponed due to external conditions in the world. “It would be irresponsible to ignore what is happening in the world and do everything the way we want,” he said. At the same time, the prime minister stressed that delays do not erase the strategic objective—managing the country’s finances and expanding opportunities for people.

CBI program: preparing to launch in mid-2026

The planned SVG CBI program—reported earlier—will include mandatory residency requirements and an investment fund with legislative “protection”, meaning the funds will be restricted to their intended purpose.

All proceeds are expected to be routed through the Saint Vincent and the Grenadines Investment Fund (SVGIF), with no use for day-to-day spending or political decisions.

Friday describes the initiative as a “strategy to mobilize sovereign capital”, not only as a way to increase revenue. The 2026 budget includes $10 million in expected CBI inflows for the current fiscal period, reflecting the partial-year format at launch in mid-2026.

St. Vincent and the Grenadines remains the only independent member of the OECS that so far does not have its own CBI program. Whether the country will sign the regional Memorandum of Understanding, and whether it will meet the established minimum of $200,000, remains an open question.

If you’re considering investment residence/citizenship via CBI programs, it’s crucial to model the risks, timelines, and current eligibility requirements in advance—especially in countries where policy changes can affect program availability. At Digital Nomad, we help you navigate the legal and financial details of investment pathways and choose a strategy aligned with your goals: relocation, business, or a backup citizenship. Learn more at https://digital-nomad.gr/en/goldenvisa.

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