St. Kitts and Nevis Issues Deadline for CBI Compliance, Setting a Regional Precedent

In a bold move, St. Kitts and Nevis has intensified its efforts to maintain the integrity of its Citizenship by Investment (CBI) programme by taking action against individuals who contributed less than the official threshold to obtain citizenship. 

CBI Units in the region are signaling their intent to address persons who entered into contracts with developers that circumvent official regulations, signaling a potential region-wide push for greater accountability in economic citizenship programmes.

Reportedly, the action has been initiated after the Ministry of National Security sent a formal letter to a handful of individuals who obtained citizenship under the “Alternative Investment Option.” 

The landmark move indicates St. Kitts and Nevis Government’s seriousness to follow due process after it took over the burden of improving the CBI industry and putting an end to the longstanding issue of undercutting by certain developers. 

The Ministry has given an opportunity to these citizens to satisfy the Government by providing documentary evidence of the full paid investment sum of citizenship application before December 31, 2024, “including, but not limited to, copies of bank statements, cheques, wire transfers, or other documents evidencing payment.”

The Government has also provided the recipient an opportunity to pay the remainder of any unpaid investment before the given date.

Stricter Action On Cost- Cutting

The recent action is driven from the historic MOU spearheaded by the St Kitts and Nevis Government.  It was signed by the other CBI jurisdictions within the region earlier in March. As part of the MOU, the islands agreed to set a minimum investment threshold to place best practices and to eliminate any security or compliance risks. 

While many applicants follow the rules, those who secure citizenship through discounting undermine the system. Developers known for offering these unauthorized deals are also under scrutiny, with authorities reiterating that such actions not only damage the programmes’s reputation but also violate its core principles of fairness and transparency. 

Prime Minister Warned of Statutory Steps

Earlier this year, Prime Minister Dr Terrance Drew had already made it clear that his government is prepared to take any statutory action on individuals who obtained citizenship of underpaying individuals. He had indicated stringent actions such as revocation of citizenship.  

Setting An Example

As the pioneer of Citizenship by Investment Industry globally, St. Kitts and Nevis continue to spearhead the industry with landmark moves. This includes establishing the Citizenship by Investment Unit as a “body corporate” managed by a astute Chairman and a Board of Governors. 

Last year St Kitts and Nevis was the first moved to increase their minimum investment threshold. The Programme has always positioned itself as the premium option and this recent action further solidifies this position. As its motto states, “`the First, the Finest”.