St Kitts-Nevis and due diligence take centre stage at Caribbean Investment Summit

Citizenship by investment – the idea that a person can earn citizenship of a nation through an economic contribution – was first devised and developed in the Federation of St Kitts and Nevis. It was therefore apt that, 35 years from the birth of citizenship by investment, the island-nation should play host to the most important citizenship by investment conference in the Caribbean: the Caribbean Investment Summit.

The Caribbean Investment Summit brought together specialists to discuss best practices, industry insights, and their collective experiences of what has now become a global industry. Prime Minister Timothy Harris delivered a compelling opening speech, reminding the audience of how, in its first year of independence, St Kitts and Nevis had the vision and drive to create an industry that would grow in scale and significance, ultimately becoming essential to its nation-building effort and that of other countries.

Both historical and forward-looking, the Prime Minister’s speech did not shy from noting the challenges that lay ahead, particularly where the industry is misconstrued. In this regard, Prime Minister Harris thanked Ernst & Young (EY) – arguably the world’s foremost specialist in accountancy and taxation – for its work in finding that Caribbean citizenship by investment programmes are “not avenues for tax evasion.” At the Summit, Wade George, Tax Managing Partner for EY Caribbean, held the role of keynote speaker.

St Kitts and Nevis’ 35 years of experience have allowed it to establish itself prominently as the Platinum Standard of citizenship by investment. Essential too, has been its staunch adherence to heightened due diligence and applicant vetting. Indeed, due diligence was central to the Prime Minister’s speech, and to the conference as a whole.

Among the speakers was Tarique Ghaffur (CBE, QPM) formerly a high-ranking British police officer in London's Metropolitan Police Service, and currently a consultant for FACT. FACT is an esteemed due diligence and verification provider, composed of experts with a wide investigative background – including in financial crime – and with experience in the Federal Bureau of Investigation (FBI), Interpol, and Scotland Yard. Mr Ghaffur spoke with authority on global security, the risks posed by money laundering and other forms of financial crime, and the vital need for robust due diligence. He noted that FACT had been engaged by some citizenship by investment jurisdictions to evaluate prospective citizens, and was glad to report on the multi-layered, exhaustive review performed on all applicants and their families. “We will never condone wrong or become a haven to illicit actors,” said the Prime Minister in his speech, and Mr Ghaffur echoed those words with the confidence that only years of know-how and practice can provide.