By Makeida Antonio (Antigua Observer) The future of Citizenship by Investment Programmes (CIP) in the Caribbean is under threat with the European Union set to issue what some may consider an untimely ultimatum.
Last Wednesday, a vote was taken by the European parliament to ask the European Commission, which can be likened to the Cabinet of Europe, to formulate a strategy asking countries that offer CIP to phase them out or face visa restrictions.
President of wealth management firm Apex Capital Partners Corp, Nuri Katz, told Observer that while the decision is not yet official and may take a while, Caribbean countries must take it seriously.
Apex Capital Partners works with clients who are seeking citizenship in the Caribbean through its offices in St Kitts and Nevis, Antigua and Barbuda, and Dominica as well as European countries.
Katz, however, believes that it will take several years for any decision by the EU to revoke visa-free access from CIP countries to be implemented.