A Revenue Means to an Economic End- Part II

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Rawlston Pompey

Tuesday, 24 April 2012 02:30

By Rawlston Pompey

ST. KITTS/NEVIS PROGRAMME- The St. Kitts/Nevis Economic Citizenship programme, legally sanctioned offers, et al (1) “…Citizenship for life for applicants and eligible family members;

(2) …Dual citizenship without requirement to notify home country;
(3) …Issuance of passports;
(4) …Visa-free travel through most European countries, most of the British Commonwealth countries;
(5) …Full residency status with right to work;
(6) …Tax-free status on foreign income, capital gains, wealth and inheritance tax.” The financial cost includes;
(a) …Single applicant US$35,000;
(b) …Each Dependent US$15,000;
(c) …Background check US$2,000;
(d) …Legal fees US$15,000;
(e) …CAPITAL INVESTMENT-minimum US$250,000 in “…GOVERNMENT  DESIGNATED REAL ESTATE.”

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COMMONWEALTH OF DOMINICA
Online research revealed that the other regional State that had embarked upon such programme in 1991 was the Commonwealth of Dominica. Like St. Kitts/Nevis, the Commonwealth of Dominica offers similar opportunities for national status to be conferred, with some variations and stringencies. There is higher financial cost to applicants. For instance, applicants are required to pay

(1) “…non-refundable fee of US$75,000 or US$ 100,000 for family of four (spouses and two children);

(2) …Dependents between 18 to 25 years are required to pay US$25,000;

(3) …Processing US$1,250;

(4) …Agent fee- US$1,000;

(5)…Registration between US$1,000 and US$15, 000;

(6) …Due diligence to ascertain eligibility and/or suitability- US$500. Applicants are also required to submit themselves for “…PERSONAL INTERVIEWS” either in potential country or to agents in that of domicile. If the latter, a fee of US3000 is payable.

These fees are depositable into “…AN ESCROW ACCOUNT” (kept until formalities are completed) and are redeemable if applications were refused conferment of national status.

CRITICAL FACTORS/CONCERNS
There was no doubt that the several countries that had established similar “…economic programmes” encountered difficulties of one kind or another.

Research show that most had met with “…stiff resistance and opposition” from mostly industrialized nations. The reasons advanced were primarily the “…preservation of projected revenues” and restrictions on wealthy citizens against repatriating taxable wealth, inheritance and earnings.

NATIONAL SECURITY CONCERNS
Looked at from a national security perspective, there were other reasons of particular interest. Some of the critical factors considered and international concerns, appeared to have been those of “…Tax avoidance; …Tax evasion; …Engagement in trans-national crimes such as Drug, Gun and Human Trafficking; …Criminal Havens; …International Racketeering; …Money Laundering; …Benefitting from the Proceeds of Crime; …Terrorism financing and …Threat of Terrorism. While “…Nothing may be ruled in or ruled out,” it may be of critical importance that these concerns, real or imaginary be sufficiently addressed.

INTERNATIONAL OBLIGATIONS
Such has always been part of a nation’s international obligations and such may have been among the reason/s that Vincentian Prime Minister DR. RALPH GONSALVES was quick to state his nation’s position of non-recognition of passports associated with “…ECONOMIC CITIZENSHIP.” While such may not necessarily be the position of others within the OECS “…ECONOMIC UNION,” Foreign Ministries and Missions abroad may have much talking in winning international acknowledgement, recognition, citizen protection, support and cooperation.



ALLAYING PUBLIC FEARS
The citizen’s and international partners fears and concerns may be allayed, but only to the extent that there were conspicuity or openness; …public sensitization; …participative and frank discussions and/or education. They must know et al, “…purposes and necessity; …derivative benefits; …assurances of equitable sharing of commonwealth and of equal and critical importance, “…IMPLICATIONS-” those likely to affect quality of life; …legality; …safeguards against marginalization; …restrictiveness of possible gated-communities and generally, impact on society; …national and economic security. Since democratic nations do not operate in isolation, the possible impact on foreign relations.

LESSONS MAY BE LEARNED
Save and except for the residential and national status, the economic initiative may be likened to the “…OFFSHORE FINANCIAL SECTORS” and the sale of “…NATIONAL FLAGS” to facilitate registration of foreign vessels within the various nations. This may also necessitate stringent measures for monitoring and operational control and most importantly, the protection of sovereignty, national image, security and “…economic interest.” If there were lessons to be learnt, without reckless abandon, then cognizance may be given of the regrettable experiences of US snipers “…JOHN ALLEN MUHAMMED, LEE BOYD MALVEAU and international fraudster R. ALLEN STANFORD.”

INCENTIVIZING INVESTORS
In nations lacking adequate natural resources, heavy reliance upon “…Foreign Direct Investments” (FDI), REALTY, in given economic conditions, utilization of national assets (particularly realty) was said to be the single most important resources readily available for “…INCENTIVIZING” foreign investors for capital investments. Dependent upon the nature of the investments, assets may be set aside for structural development or making available existing structures. Examples of these may be seen at the Powell’s Industrial Park in earlier times of manufacturing.

FACILITATIVE INCENTIVES
Further evidence may be seen from the beautiful edifices left behind by former investor R. ALLEN STANFORD. Such, most economists and financial experts have argued was an integral part of a nation’s incentivized package, necessary for attracting and accommodating wealthy investors. This was said to   have been a critical factor in inducing capital investments necessary in helping to propel economic growth; …creating employment opportunities and amassing economic wealth. Today’s economic situation, had forced many governments into devising unconventional ways for economic stimulation and growth. Such has been all part of the economic dynamism and human experiences.

ORGANIZATIONAL GOALS/OBJECTIVES
Notwithstanding, philosophical thinking and/or beliefs, it was well known that there is “…AN ID” that had often been influenced by “…AN EGO.”

Frequently, it had presented misgivings and a destabilizing effect on the cohesiveness of groups. It had thwarted organizational efforts, affect good human relations and had led the ambitious down a slippery slope to destruction. In a grouping, it is about core values, vision strategies and principles. Thus, expressions are usually aimed at harmonizing contentious views and are intended for achieving organizational “…GOALS AND OBJECTIVES.” These are attainable only through mutual respect, understanding, cooperation and consensus. Just like marriage, it is not about individualism, it is about a union and amicable relations.

INFORMED DECISION-MAKING
There may be instances when a declaration of intent may be “…discouraged,” but only to the extent that the “…disadvantages” were likely to outweigh the “…advantages.” However, when it appeared not to have the potential for militating against the economic and security interests of a nation and people, with enthusiasm and overwhelming support, it might be “…encouraged.” Thus, one of the critical factors for favourable consideration shall be evidence of the potentiality for an initiative working for the common and national good. However, this may not be achieved in a closed-shop like setting or in a vacuum. Such approach had often resulted in the inevitable- public consternation, outrage and rejection.

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SUPPORT FOR THE INITIATIVE
Thus, initiatives affecting or likely to affect the national economic and security interest and the quality of life, necessary require pertinent explanations. Consequent upon which, the inclusion of civil society for receptiveness, support and cooperation appeared to be a necessary component for charting the course forward. Such explanations may, therefore, include “…NECESSITY, PURPOSE, DERIVATIVE BENEFITS, IMPACT AND IMPLICATIONS.” Thus, each stakeholder might be able to provide et al for “…in depth and conscientious thinking; …careful planning in facilitating a unified and patriotic approach that may ultimately lead to “…INFORMED DECISION-MAKING.” It is to be understood with clarity that while there may hardly be a medicine without “…side effects.” That which may be considered, however, may be the curative results.

RECKONING AND BECKONING
Now, that formal introduction of the economic initiative appeared imminent, it may be the imminence of time for “…RECKONING and BECKONING.” For Prime Minister Honourable BALDWIN SPENCER, his counterpart Finance Minister Honourable HAROLD LOVELL and his Cabinet, it may be about “…BECKONING.” For opponent, but supportive Member of the House of Representatives Honourable GASTON BROWNE, passionately advocating “…Economic Citizenship,” given his organization’s position, it might be a case of “…RECKONING.” Like the Health Minister Honourable WILMOTH DANIEL, the freedom of expression and the right to demand “…ACCOUNTABILITY” is an exercisable fundamental and Constitutional, individual, human and natural right.

WHAT IT IS ALL ABOUT
In human affairs, differing views, disagreements and frictions are inevitable. These were said to be all part of the human psyche and experiences. Notwithstanding, commonsense often prevail. This may be looked from the principles contained in the following scenario. For instance, “…In treachery it is about forsaking friend or joining foe; …In love it is about peace and happiness; …In unity it is about strength; …In weaving it is about wool or web; …In conflict it is about resolution; …In war, it is about victory or defeat; …In worship it is about Divinity or Satanic; …After death, it is either heaven or hell; …On the train to Heaven there is no room for backsliders.

IN PUBLIC OFFICE
It had been widely acknowledged that “…In public office, it is about serving the interest of the people; …In governance it is about Collective Responsibility; …In stewardship, it is about Transparency and Accountability; …In patriotism it is about the national interest. In life there are no hiding places for those who may have found themselves precariously and inescapably trapped between a “…rock and a hard place.” That said, while it might be time for adventurism, cynicism or skepticism, to those who may have been worrying and tarrying, it might just be time for a “…REALITY CHECK” and work toward the common good and national interest.

See related stories:

A Revenue Means to an Economic End- Part I

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