'Our Citizenship by Investment is platinum standard' – St Kitts-Nevis PM

The government of St Kitts and Nevis works together with a "positive spirit of cooperation" to ensure the country's Citizenship by Investment programme is "the platinum standard of the global industry", the prime minister has said.

St Kitts and Nevis’ passports are now ranked number one in the Organisation of Eastern Caribbean States (OECS), number two in the Caribbean Community (CARICOM), and number 50 in the world out of 199 countries and territories, according to the Nomad Passport Index 2017.

Speaking during a national address, Timothy Harris said his administration's "responsible and engaged approach" is in stark contrast to the previous government.

“On February 16^th, 2015, our people voted for a 'Government of National Unity', and your government took immediate steps to turn around the Citizenship by Investment programme,” said Harris.

“We: (a) met with international partners; (b) hired the international due diligence firm IPSA to do an intensive review and a ‘look back’ at thousands of citizenship applications previously granted – some have been found to be problematic, and corrective action was taken.

"We have comprehensively implemented the reforms suggested by IPSA; (c) hired new, additional due diligence firms of high international repute; (d) increased partnerships with friendly governments such as the United States, United Kingdom, Canada and the European Union; and (e) commanded high praise from the IMF, CDB, ECCB, and other International Partners.

"We believe that we have one of the best programs in the world today, which remains the Rolls-Royce of the global industry."

Recently the citizenship scheme was praised by the International Monetary Funds.

The organisation said: “They [the St. Kitts-Nevis authorities] have strengthened the due-diligence process [of the Citizenship by Investment Program] with dedicated resources and global collaboration, as this is essential to reduce integrity and security risks, preserve the program’s credibility, and avoid a race-to-the-bottom.

“The mission thanks the authorities and technical staff for the warm welcome, constructive discussions, and positive spirit of cooperation," they added.

The St Kitts and Nevis Citizenship by Investment programme is the oldest in the region.

In 2014 US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an advisory warning of “illicit actors” who were “abusing” St Kitts-Nevis’ Citizenship by Investment programme  “facilitate financial crime.” 

Six months later, the Canadian government revoked the visa waiver status of citizens of St Kitts and Nevis, citing “concerns about the issuance of passports and identity management practices within its CIP [Citizenship by Investment programme].” 

Harris said yesterday: “As a responsible member of the international community, St Kitts and Nevis will never become a safe haven for criminals."