BASSETERRE, St. Kitts, CMC—The St. Kitts-Nevis government has launched the Citizenship by Investment Unit (CIU) as a statutory corporation, saying that the move marks a significant step in strengthening the country’s Citizenship by Investment (CBI) Programme and enhancing its global reputation.
“…we gather to celebrate a pivotal moment in the history of the Citizenship by Investment Unit as it transitions to a statutory corporation. This transformation is a strategic move to enhance our CBI operations’ efficiency, transparency, and accountability,” said Acting Prime Minister Dr. Geoffrey Hanley.
“The decision to restructure the CBI Unit was driven by the need to adapt to the evolving global landscape of citizenship by investment programs. This change will allow us to serve better the interests of the people of St. Kitts and Nevis, ensuring that our program remains competitive while safeguarding our national interests,” he added.
Last month, Prime Minister Dr. Terrance Drew said he fully supports the Office of the Director of Public Prosecution (DPPO) ‘s decision to launch an investigation into alleged irregularities within the CBI.
Under the CBI, foreign nationals are granted citizenship of the Twin Island Federation in return for making a substantial investment in the country’s socio-economic development.
Currently, the program requires a minimum donation of US$250,000 or a minimum investment of US$400,000.
However, in recent years, concerns have been raised about the program’s administration before the recent reforms, including issues of underselling citizenships, transparency, and financial accountability.
The DPPO said that it plans to appoint a special prosecutor from a foreign jurisdiction to lead the inquiry, with the assistance of a team of outside investigators. It said at least one local investigator, in whom the DPPO has complete confidence, will also be part of the investigative team to ensure collaboration and regional oversight.
The DPPO said it had launched the probe “before the current government implemented “significant reforms.
It said it wanted to emphasize the importance of ensuring “a fair and independent inquiry, particularly in light of the potential political implications of the investigation” and that it has “received assurances from the Federal Administration that they will fully support an independent and impartial process, allowing the investigation to proceed.”
Hanley praised the outgoing head of the CIU, Michael Martin, noting that leadership over the past two years guided the Unit through transformative change. He called on the newly formed Board of Governors to act with “utmost integrity, transparency, and accountability” as they oversee the Unit’s future.
“The success of the CBI Unit depends on your commitment to these principles,” Hanley added.
As a statutory corporation, the CIU’s new structure is expected to streamline operations, making the CBI program more responsive to global trends and appealing to high-net-worth investors.
“The transition of the CBI Unit to a statutory corporation marks a significant step forward for our nation. It is a testament to our commitment to good governance, transparency, and accountability,” Hanley added.
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