Basseterre, St Kitts and Nevis--(Newsfile Corp. - July 9, 2024) - St Kitts and Nevis is at the forefront of the Citizenship by Investment (CBI) industry, which has seen rapid change in the past few years. A regional leader, the country has continually made changes to preserve the Federation's reputation as the premier CBI programme.
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The revised regulations demonstrate the country's clear focus on maintaining the highest standards for the Citizenship by Investment Programme. These updates are made in accordance with the spirit of the Memorandum of Agreement (MoA).
St Kitts and Nevis continues to make changes to the CBI Programme to ensure Programme integrity.
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The Federation's revised regulations are aptly titled 'Citizenship by Substantial Investment,' and accord with the MoA. The MoA was agreed upon by the five Organisation of Eastern Caribbean States (OECS) Heads of Governments who operate Citizenship by Investment (CBI) programmes.
They appoint a Citizenship by Investment Technical Committee charged with the responsibility of reviewing CBI applications submitted to the Unit.
The Committee will ensure that all due diligence background checks are comprehensive and completed throughout the CBI application process.
The Committee will also provide information sufficient to justify any recommendation to the Minister responsible for National Security to approve or deny CBI applications.
This regulatory development corresponds with the recent efforts of the Federation to enshrine the professionalisation and premium CBI offering of St Kitts and Nevis into law. A bastion of good governance, the Federation has continued efforts to improve the premium standards of its CBI programme.
Namely, last month the National Assembly successfully passed the Citizenship by Investment Unit Act, 2024 in a landmark sitting of the National Assembly.
The Citizenship by Investment Unit Act, 2024 further upholds the country's reputation by establishing the Citizenship by Investment Unit as a separate body corporate, as opposed to a Government department.
The landmark MoA also raised the minimum CBI Investment threshold for signatories. St Kitts and Nevis was the first country to increase the minimum CBI investment threshold to US$250,000 back in July 2023, well before the MoA's deadline of 30th June 2024.
Therefore, the minimum investment thresholds for all four investment options remain unchanged. The revised CSI regulations only slightly tweak applicable fees for the SISC and Public Benefit Options to respond to market dynamics.
In July 2023, St Kitts and Nevis enacted new regulations related to the operation of the CBI Programme to maintain its forward-looking approach to industry developments.
The country's proactive approach to the MoA demonstrates St Kitts and Nevis's commitment to its international partners and the rule of law. Prime Minister Honourable Dr Terrance Drew was instrumental in leading the push towards CBI standardisation and integrity throughout the Caribbean region.
Working with regional and international partners, St Kitts and Nevis maintains its commitment to integrity, good governance and due diligence.
As a notable step towards greater harmony between the Caribbean CBI programmes, the MoA fosters inter-regional collaboration while upholding principles of multilateralism and cross-country dialogue.
St Kitts and Nevis is regarded as the premier CBI jurisdiction for its constant focus on delivering the highest standards for citizens and investors, while also maintaining the country's commitment to due diligence.
As a leading member of the Commonwealth of Nations, Organisation of Eastern Caribbean States (OECS), and the Caribbean Community (CARICOM), St Kitts and Nevis is cognisant of the important role the Federation plays in the region and beyond.
Therefore, relationships with international partners are paramount, and the Federation is committed to maintaining ongoing dialogue with international partners with the aim of protecting, evaluating and improving the programme.
In conjunction with the MoA, the ongoing changes to the CBI programme make St Kitts and Nevis's CBI offering watertight.
The CBI Programme has paved the way for St Kitts and Nevis's Sustainable Island State. Namely, the Federation's Sustainable Island State Contribution (SISC) offers prospective citizens the chance to join St Kitts and Nevis's environmental, social and economic journey.
St Kitts and Nevis utilises foreign direct investment received from CBI applicants to benefit citizens and the natural environment, making the Federation a key regional leader in sustainability, investor confidence and good governance.
The SISC helps the Federation carry out its Sustainable Island State vision. Receiving global acclaim, the Sustainable Island State vision has paved the way for the Federation's transition to green energy.
St Kitts and Nevis's focus, by upholding the terms of the MoA, is to preserve the country's stellar reputation as the best option for global citizens. The Federation is proud of the Programme's innovation and improvement, all done in concert with international partners.
St Kitts and Nevis's Sustainable Island State Contribution (SISC) offers prospective citizens the chance to join St Kitts and Nevis's environmental, social and economic journey.
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Contact
Secretary of St. Kitts and Nevis Citizenship by Investment Programme
Government of St. Kitts and Nevis
00 (1-869) 467-1474
communications@skn-ciu.com
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SOURCE: St. Kitts and Nevis Citizenship by Investment Unit
