AG supports citizenship by investment

Attorney General Adriel Brathwaite says he sees no reason why Barbados could not have a citizenship by investment programme.

However, speaking in Parliament today during debate on the Companies (Amendment) Bill, 2016, the St Philip South MP warned that policymakers should not seek to lure wealthy people to our shores only to have them frustrated by bureaucrats.

Brathwaite did not go into detail on his proposal or address any the controversial aspects of the move, which would see Barbados going the route of Caribbean neighbours such as Antigua and Barbuda, Dominica and St Kitts and Nevis in offering persons the opportunity to legally aquire Barbadian citizenship and become legal holders of the Barbadian passport in return for major financial contributions to society, culture, the economy and other interests of the state.

However, he contended that any business venture that earns foreign currency for the country should be seen as international business, while also suggesting the island should enter the field of aircraft and ship registry.

Brathwaite also told Parliament that contrary to popular belief, Barbados’ International Business and the Financial Services Sector was “very much alive”.

However, he complained about a “double standard” within the Organisation for Economic Cooperation and Development, saying members of the developed nations grouping saw nothing wrong with asking others to declare ownership of companies within their jurisdiction, while no one could peruse theirs.

“You cannot go to London and do a property search and find out who the beneficial owner of a company is. Here it is, these people are saying we want to come to your country and do a search of any company and find out who is the beneficial owner. Such is the double standards that we face and this is the challenge we had to face for the last 18 months,” Brathwaite said.

He lamented that just as many hours were spent by policymakers building out Barbados’ international business sector, as had been spent “looking over our shoulders”.

The Attorney General told parliament that small developing countries experienced problems in establishing a correspondent banking relationship, a challenge which if not overcome could prevent them from holding foreign currencies.

“So if you do not have a bank that can hold your US dollars and your pounds sterling that becomes a challenge. So it is not by accident that there has been a slowing down in new banks established in Barbados,” he said, adding that it was not a case that “we have been sitting and doing nothing.

“We have had major challenges on how we should defend our sovereignty. Everytime we turn one corner another challenge arises. Today you are blacklisted, tomorrow it is withdrawn.” Brathwaite explained.

14 Responses to AG supports citizenship by investment

  1. Verona Michael
    Verona Michael February 3, 2016 at 5:06 am

    Don’t do it!!!!!

    Reply
  2. Veroniva Boyce
    Veroniva Boyce February 3, 2016 at 5:15 am

    NO!

    Reply
  3. Tony Webster February 3, 2016 at 6:55 am

    Are things THIS bad? Lord Havus Mercy!
    Has it crossed anyone’s mind, that if we sell our souls …errr….or passports…to all the low-life forms and psuedo-humans all over Gods Green Earth…that those nice folks who have already invested 15-20 million building their dream home here to retire…these nice will look to find another place WITHOUT such creeps at the golf course / beach/ snacking next to them at Champers?

    If t’ings are really so brown, then there is an alternative: It would be better in our national interests …for you Honourable Guys to forego such madness…and instead just rent-out your wives and drop the proceeds in the Consolidated Fund.

    Reply
    • Fiona Waldron February 3, 2016 at 8:10 am

      Rofl! Such proposals are a sign of utter desperation…… indicator of dearth of ideas…….. manifestation of a lack of talent to manage SS Barbados

      Reply
  4. Francis February 3, 2016 at 6:59 am

    Citizenship by Investment! ! He would have to be damn crazy.
    NO WAY !!!

    Reply
  5. John Moore February 3, 2016 at 9:48 am

    A clear declaration of intent from the Attorney General that he is in favor of our government making Barbados a haven for wealthy people from parts unknown. Prostituting citizenship for money is not something I thought I would hear from a D.L.P Minister. This is not development. This is the road that will turn Barbados into a plaything for wealthy foreigners.

    Reply
  6. Mac . Donald February 3, 2016 at 12:42 pm

    Seems to me that there are ” kickbacks , under the table money ” involved here . . Corruption ?

    Selling Citizenship ? read between the lines folks.

    Reply
  7. jrsmith February 3, 2016 at 1:22 pm

    Bajans , please be reminded , you must not take our Attorney General serious, this is not his idea, its because others in the region is trying the same.. One day he will find an idea of his own….

    Reply
  8. Eric February 3, 2016 at 2:35 pm

    Citizenship for the highest bidder. … will this also secure citizenship for for the wealthy criminals running from the law of other countries…
    What a great idea for spawing corruption. ….

    Reply
  9. Tony Webster February 3, 2016 at 4:01 pm

    @mac.donald. This would make scratch-grain kickbacks…look like kids-play. I still cannot believe what I have read. Maybe…de eagle has already landed?

    Reply
  10. SAM CLARKE February 3, 2016 at 4:23 pm

    WHILE YOU ARE AT IT MR. MINISTER, SELL SOME CITIZENSHIP INVESTMENT TO ISIS AND THE OTHERS. YOU PEOPLE HAVE SUNK O THE LOWEST OF THE LOW TO GET FORIGN EXCHANGE.
    BUT THERE IS A SOCIAL DYNAMIC TO THIS POLICY THAT YOU ARE IN SUPPORT OF. IT IS CALL THE RIGHT TO VOTE AS A CITIZEN OF THE COUNTRY AS SOON AS YOU COLLECT THIS FOREIGN CURRENCY.

    THEN WHEN THE CHICKENS COMES HOME TO ROOST, BY YOUR STUPID IDEA OF SELLING THE CITIZENSHIP, BAJAN GINE HAVE HELL TO PAY.
    IF YOU THINK THAT THE CHINESE DOLLARS AND THEY CHINESE WORKERS THAT THEY INSIST MUST ACCOMPANY THEIR INVESTMENT IS A CONCERN, JUST WAIT UNTIL YOU AND THIS INEPT GOVERNMENT START TO SEE BAJAN CITIZENSHIP FOR THE EASY FOREIGN EXCHANGE.

    BAJANS, YOU DON’T HAVE TO WAIT FOR IT TO HAPPEN. DON’T LET THEM COLLECT THE FOREIGN ECXHANGE. WHAT THIS MINISTER IS SAYING TO YOU, IS TO GET ON BOARD AND START DOING IT YOURSELVES. READ BETWEEN THE LINES. YOU TOO CAN GET MILLIONS TO SELL BAJAN CITIZENSHIPS, IF THE GOVERNMENT IS GOING INTO THAT BUSINESS .

    Reply
  11. Sue Donym February 3, 2016 at 9:00 pm

    One would not think that our AG had the benefit of seeing this in action in other places. The practice is wide open to abuse and encourages corruption. When you start with the idea that your most valued treasure can be bought, the perception is that anything has a price.

    Imagine a time that a Barbados citizenship is the celebrity flavour of the month

    The notion that citizenship should be for sale does not speak of a nation that has told the world that they are taking independence seriously.

    What message is sent to people who have applied, worked and paid taxes for years, demonstrated civic mindedness and stayed within the law, only to be possibly bypassed by money launderers, traffickers and fraudsters. (Better start updating those extradition treaties)

    Citizenship by scratch card would have been less paper work and just as credible.

    Reply
  12. Colin Daniel February 3, 2016 at 11:18 pm

    The USA and Canada have citizenship by investment program. In the USA it is an E5 visa. The other way is to invest in paying us university school fees and then the student stays.

    Reply
    • Sue Donym February 4, 2016 at 12:20 am

      Visa for Immigrant investor as compared to citizenship – hope my memory is right on this. Was this to suggest that okay for the USA/Canada is also okay for Barbados? Terms, processes and oversight would all be important.

      Reply

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