The pioneer of Citizenship by Investment industry- St Kitts and Nevis has made efforts to strengthen its programme. Since 2022, with a change of administration in the country’s highest body, the Citizenship by Investment Unit has undergone several modifications, including an overall revamp of the programme.

While a majority of CBI jurisdictions decreased their investment costs to lure more investors, St Kitts and Nevis became the first island nation to “increase the financial contributions” as an added layer to protect its programme.

As part of the major overhaul of the programme, St Kitts and Nevis launched Sustainable Island State Contribution (SISC), replacing the previous Sustainable Growth Fund (SGF) on 27 July 2023. The new administration expressed that they will not let any stone unturned to secure their bread and butter (CBI Programme), which contributes highest share in national exchequer. The new investment option came with an increased financial contribution of US $250,000 for a single applicant, which was earlier US $150,000 under the SGF. The launch of SISC aimed to reflect the country’s commitment towards “Sustainable Development” and a “Responsible Citizenship Programme”. Notably, the CIU, while launching SISC, added that they hope to attract investors who can collectively share the country’s vision for a greener and more prosperous future.

More In-Depth & Multi-Layered Vetting

 The Government led by Prime Minister Dr Terrance Drew not only brought changes to the investment options but also launched new layers into the vetting process.

Following US-Caribbean round table discussions on 25 February 2023, St Kitts and Nevis also agreed upon the six principles for increased security, transparency and integrity of the CBI Programmes.

In their major CBI Programme amendments announcements on 27 July 2023, St Kitts and Nevis introduced mandatory interviews of all applicants and their dependents aged 16 and above.St Kitts and Nevis redefining CBI Programme with enhanced vetting, sustainability

As part of another layer, to be eligible for citizenship, individuals must not have been denied citizenship or visa by any country that offers visa-free travel to St Kitts and Nevis passport holders.

Vetting by International Agencies

The Citizenship by Investment Unit of St Kitts and Nevis relies on its internal and external sources to thoroughly vet the CBI applications.

The CIU collaborates with international due diligence firms based in the United States of America and the United Kingdom, Europe to conduct multi-layered checks on individuals who apply for citizenship by investment programme (regardless of the investment option).

If any of the applicants or their dependents are flagged by these agencies, the CIU immediately rejects their application and keeps a record.

As part of new amendments, St Kitts and Nevis also released a list of countries blacklisted as part of the programme. Applicants from Afghanistan, Iran, Iraq, Russia, Belarus and North Korea cannot apply for the CBI Programme.

Now, siblings and grandparents are no longer eligible to be included as dependents, while the minimum age for parents is also increased to 65.  Also, all applicants are now required to collect the Certificate of Registration in person from St Kitts and Nevis or at an Embassy or a consulate.

Removal of the previous CEO of CIU

Following repeated warnings of misconduct, the St Kitts and Nevis government led by Prime Minister Dr Terrance Drew also ordered the removal of Les Khan- Former Head & CEO of Citizenship by Investment Unit.

Reportedly, he had close ties with former Prime Minister Dr Timothy Harris and was allegedly involved in a scandal of cutting down prices of the programme to benefit an agent named “Caribbean Galaxy Real Estate”.

He was replaced by Michael Martin, who is now said to be running the CIU in a more professional and transparent manner that is operating with adherence to international law and recommendations.

Frequent Amendments

St Kitts and Nevis is also taking stringent actions to make the programme even more attractive, not only in the region but beyond. Keeping a keen eye on the details, the CIU launches frequent amendments and changes to improve the conduct and operations of the CBI Programme.

The Government also removed the Accelerated Application Processing, and now all applications will undergo a standard processing time, allowing the CIU to do more extensive checks on applicants.

St Kitts and Nevis is also giving a thorough significance to the guidelines listed by the US, UK and EU for CBI Jurisdictions. Slow and steadily the Federation is trying to match these guidelines to improve the overall CBI programme.

Prime Minister Dr Terrance Drew, at different major events, maintained that St Kitts and Nevis is committed to international and national security. He’s been very vocal towards structuring the CBI into more professional and suitable per the global standards laid out by countries such as US, UK and the European Union.