PM Drew unveils groundbreaking reforms to St Kitts and Nevis CBI during IGS 2024

St. Kitts and Nevis: Prime Minister Dr. Terrance Drew delivered a bold statement during his address on the 2nd day of the Investment Gateway Summit 2024. He talked about the thriving Citizenship by Investment Programme of St Kitts and Nevis and emphasized its importance for the Federation.

The first ever Investment Gateway Summit kicked off at St. Kitts Marriott Resort a few moments ago and will continue till July 14, 2024, featuring global leaders engaging in informative panel discussions, seminars and much more.

During his address, PM Drew noted that the CBI Programme has contributed significantly to the development of the island nation and because of this St. Kitts and Nevis has the highest human development index in the CARICOM.

"Our Human Development Index is higher than most of the countries that might be more known, such as Jamaica, Barbados, Guyana, and so forth," he added and said that the CBI industry has contributed significantly to that.

While noting that the industry has contributed significantly to the national development, he noted that the country has one the highest literacy rates in the world, the best housing sector in the region and the thriving tourism industry.

"And therefore, I want to place it where it should be placed in high esteem, respected, and also not to be taken for granted, but to also demonstrate to you who may not have known when you make your investment what is it that it may go into," added Dr. Drew.

He added that the individual's investment goes beyond what they think, which is why the Prime Minister expresses his sincere thanks and gratitude for the years of collaboration and for the better years of collaboration that are to come.

Talking about the historic event, he said that this summit's theme, connect, collaborate, and celebrate, is more than just a gathering; it is a testament to the collective vision of his government of forging a prosperous future through innovation, partnership, and shared success.

As he stood before the global leaders who were there to attend the summit, he said he is filled with immense pride for the nation's rich heritage, dynamic culture, and the boundless opportunities that lie ahead.

In addition to this, PM Drew also noted that since taking office on August 6, 2022, his administration has been committed to transforming St. Kitts and Nevis into a beacon of sustainability, good governance and economic resilience. 

He continued to say that one of the cornerstones of this transformation was the comprehensive reform of citizenship through the Investment programme. 

Dr. Drew added that the CBI Programme, established 40 years ago, has been a vital part of the economy, attracting global investors and fostering development; however, upon taking office, it became evident that the program required significant restructuring to enhance its integrity and effectiveness.

This is why his administration embarked on a journey of rigorous reforms to ensure that the CBI programme is synonymous with trust, transparency and excellence, outlined the Prime Minister. 

He further mentioned that in August 2022, his team began an extensive legislative review of the Citizenship by Investment Program regulations and this was a critical step in laying the groundwork for the reforms that followed. 

"By December 2022, during my first official visit to Dubai, UAE, we announced the Evolved Citizenship by Investment program grounded in sustainability and good governance principles. This visit also provided an opportunity to engage directly with citizens, CBI agents, and stakeholders, ensuring that the insights and concerns were considered in our reform process," stated Prime Minister Dr. Terrance Drew. 

Furthermore, he remarked that on December 23, 2022, his government enacted new regulations for the programme and these regulations introduce a Board of Governors to oversee the operations of the CIB unit, review developer applications and prepare submissions to the cabinet.

The government also established a technical committee to review files and advise the Minister and criminalised the practice of underselling, ensuring a level playing field for all participants in the esteemed programme.

The Kittitian Leader said that the journey did not stop there and in January 2023, he further amended the CBI regulations to strengthen procedural application requirements, imposed advertisement restrictions, and introduce new due diligence requirements for international marketing agents.

The Prime Minister specifically highlighted, "We also mapped out a historic milestone as we posted the US Caribbean Roundtable on Citizenship by Investment programs in St Kitts and Nevis," and said that during this event, it was agreed by legislation offering CBI that a few principles will be followed including the collective agreement on the treatment of denials.

Other points that were agreed upon included virtual or in-person interviews during the due diligence process, additional financial intelligence unit checks of applicants, annual or biannual independent audits of CBI units, and retrieval of canceled passports.

Then in March 2023, PM Drew added as part of their good governance transformation, they passed the Anti-Corruption Integrity in Public Life and Freedom of Information Acts and these landmark legislations underscore their unwavering commitment to transparency, accountability and integrity in all areas of governance.

The government's engagement with international bodies continued into 2024, and in February 2024, it publicly announced the establishment of the Continuing International Due Diligence Unit to be headquartered in Europe.

According to the Prime Minister, this unit will conduct ongoing due diligence on economic citizens worldwide, ensuring they abide by international laws and alerting the St Kitts and Nevis' ministry to any investigations or charges against them.

Also, in March 2024, as Chairman of the Organization of Eastern Caribbean States, Drew said that he negotiated a memorandum of agreement with St Kitts and Nevis, Dominica, Antigua and Barbuda, Grenada, and Saint Lucia. 

This agreement outlines commitments to increase and harmonize the minimum investment threshold, ending on the lesser selling practices, shared information on citizenship by investment programs and the applicants, implemented enhanced transparency measures and established common standards for regulating and promoting citizenship by investment programmes, he added. 

Prime Minister Drew concluded his address by reiterating his commitment towards maintaining the highest possible integrity of the CBI and noted that all these reforms demonstrate his administration's steadfast commitment to sustainable transformation of the country's citizenship by investment programme.