Submitted by Freedom Crier
Merit Based Immigration & Citizenship by Investment
Institute merit based immigration whether you are poor or rich. A man might be poor but, may have a Skill (Carpentry). But also have Citizenship by Investment say over EG: $3 Million US$. (I have seen Ads from America that investments of US$500,000. will get you a green card that could lead to citizenship). Other Caribbean countries have gone this route Grenada, St Kitts & Nevis, Dominica, Antigua & Barbuda, and St Lucia offer Citizenship by Investment but they have competed at the low end and the investment for citizenship is low, we can take another tack by going higher.
This will spur investments in Barbados by high worth individuals and once they are here they will like what they see (what is there not to love, we see this by returning individuals all the time except they do not bring the big bucks.)
Barbados’ Structural Adjustments might be workable but too painful and I would like to make a Suggestion that Barbadian Citizenship should be granted by Investment of a Deposit not less than 3 million US Dollars (choose a number) in the Local Banking System to be used for Investment, Spending, Starting Businesses and setting up Holding Companies. Just Attracting 100 of these High-Worth Individuals who may desire to have an additional Citizenship of another Country (Barbados) will net the foreign exchange position by 300 Million US Dollars. And that is only for a hundred people. If we can encourage these Wealthy Individuals to seek greater Participation in the Local Economy through the formation of partnerships with local Entrepreneurs bringing with them their skills in Finance, Big Management Know How that will raise the local Companies reach globally. Imagine if you opened up the Citizenship to a 1000 of these Rich Individuals that would give you an in-flow of 3 Billion US Dollars that could more than pay off the Barbados Debt with no IMF in Sight.
Because of Overstock.com investment in Bitt, Bitt’s technology has the Potential of very soon reaching the financial sector regionally & globally. Barbados has a lot of Information Technology Talent, these people just need funding, reach and guidance which is what these high worth individuals can Contribute.
The Rabble Rouser who will say you can’t sell Citizenship want to only give it away for Free as is presently done. For example the Problem with giving so many Guyanese people Citizenship is that money is sent back to Guyana and it can only go as foreign exchange. Just the same way that Bajan Yankees send money to Barbados, Guyanese sends money to Guyana. Which would you prefer, Save Barbados with the In-flow of 3 Billion US Dollars or ship foreign exchange out of the Country? Where there is a Will there is a Way.
We are not talking about investors like the Sandals Group who extracted Duty Free and Tax Concessions from Government and then turned around and import everything down to a Napkin Duty Free. We need them to invest more and bring their expertise and BIG finance, partnering will local entrepreneurs for further growth in the island and globally. Do not mind the people who say you can’t sell citizenship but want you to give it away for free, how foolish, imprudent, irresponsible, unwise, and reckless. It is better to choose who comes here and what they are bringing with them; Character, Money, Talents, Knowhow & avenues of Finance.
The PM should call to meet with some rich influential people in Barbados as they all love Barbados and might be amenable to helping, using a one on one to request their assistance in each one finding 10 persons and invite those 10 people to invest in Barbados gain their citizenship and since most of their wealth and business is outside of Barbados create a new offshore category for these types of individuals with regard to income taxes and other incentives.
See list of persons in the video of the riches people in Barbados.
Joseph Saddler, Rihanna, Kyffin Simpson, Murial Dean, Sir Charles Williams, Michael Barry Tabor, Derrick Smith, Dermont Desmond, JP McManus, Eugene Melnyk. These rich people can be asked for advice the same way you meet with the Social Partners, their ideas would be worth a great deal as in their realm of business dealings is unlike what we may have in the Social Partners.
We may have to consider offering some type of incentive other than citizenship alone such as off shore companies operating in Barbados that only generate US$ and employing Barbadians pay their employees in US$ and they the employees pay a lower rate of income tax (Offshore Companies rate) or no tax on their income (as in the large international accounting firms) also they may deposit their remuneration into their own US$ account. You will still get taxes from them; Vat and all purchases locally that have elements of tax in them EG: electricity. Find out what has driven Kiffen Simpson companies out of Barbados to other localities and fix that and use that as a type of model and add to it to revamp Barbados tax structure of how we do business. Stop the loss of the offshore sector using benefits, Let them pay their top executives in US dollars, they hire high paying employees a boon for all our UWI grads and rent houses from locals and maybe use the Citizenship by investment to drive the conversation to bring an influx of new business and new investments.
We already give anybody temporary “citizenship” when we let them stay on holiday except now let’s expand this to citizenship by investments with benefits. A poor man does not hire people only people with money do. A poor man cannot start a big business only a man of means can. Attracting high worth individuals should be a priority use the citizenship by investments with benefits; task someone who knows how to recruit high worth individuals and as an example have this person talk to Gabriel Abed of BITT he meets people from around the world pushing his company, Billionaires, people of worth like Branson of Virgin Atlantic Fame. This personal and selective push will net the best result.
The worst thing to do would be to bring or invite low skill or no skill people like Haitian whose culture is foreign to Barbados as seen in the looting during the hurricane in Florida and constant riots in their home country as have been done by our PM at the heads of CARICOM meeting I am sure with the encouragement of Commie Sing Song.
Please tell me why this Very Important Decision that would Impact the Lives of Bajan’s I.E Opening our Borders to Haitians who would be fleeing poverty, (over 700,000 in the USA and another 800,000 to the Dominican Republic and other hundreds of thousands to the Americas who have already fled) should not the People of Barbados been Informed first before the announcement was made @ CARICOM by the PM…
We the people have given the PM a full house we do not expect to be the dumping ground for Haiti or for her to do the bidding of Commie Sing Song who was not elected. Commie Sing Song is misguided; the heart cannot rule it has no direction the head must rule. But what is life without the heart. The two must work together but remember the head must rule as you will be without a rudder. This careless decision can only throw Barbados into Turmoil the Likes that have never been seen before…They have put others “First” before their Own Country…Sounds All Too Familiar!!
Imaging what the impact a few hundred Haitians rioting for better living conditions in Barbados will have on our Tourism industry? Barbados is known for its calm and stable country do we want to turn it into the “safety” of Trinidad or Jamaica?
We can all make a difference in making Barbados Great, starting with the importance of Individual Responsibility and using our God Given Talents and Abilities to Improve Our Lot!
Economic Entrepreneurs are a Boon to Society; Political Entrepreneurs are Another Animal Entirely!
I shared the Idea Previously about the SEED BOMBS to Help with the Reforestation of Haiti. What other Ideas do you have to Contribute to Help the Haitians Help Themselves? May Freedom Crier Suggest that BU welcomes other Articles that will Improve and Benefit Barbados under the Banner of “The Building of our Nation”.
The blogmaster invites you to join the discussion.