The long-standing Citizenship by Investment (CBI) Programme in St. Kitts and Nevis, grounded in sustainability, good governance and pragmatism, will undergo a much-needed legislative and administrative evolution aimed at benefiting the citizens of the Federation, as well as regional and international investors of the highest calibre, according to Michael Martin, the new Head of the Citizenship by Investment Unit (CIU) during an address on Tuesday, December 27, 2022.
The CIU’s Head said that “St Kitts and Nevis’ Citizenship by Investment Programme will be underpinned by three fundamental principles: sustainability, good governance, and pragmatism… A situational analysis is immediately being conducted to assess the status of the Unit as we will determine the best way forward to maximize efficiency and effectiveness. We will also engage independent external professionals to assess our programme holistically as we chart a path towards ensuring that our citizenship by investment programme is sustainable as the platinum brand for which it has become renowned, for many more years.”
The much-needed legislative strengthening of the CBI Programme, by way of new Regulations, was gazetted on December 23, 2022, and will take effect on January 1, 2023.
The impending appointment of a Professional CBI Board of Governors and CBI Technical Committee to begin working on January 1, 2023, lead the fundamental legislative strengthening which seeks to make the CBI Programme legislatively durable and administratively sustainable. Persons interested in investing in St Kitts and Nevis, and thereby applying for citizenship, will have four investment options: a donation to the Sustainable Growth Fund, purchase of real estate in an Approved Development, purchase of an Approved Private Home and investment in an Approved Public Good Investment project or industry.
“The Sustainable Growth Fund (SGF) is preserved and continues in effect for the purposes of uplifting the nation and its people. The Fund will be used for school construction and education-related initiatives; to mitigate the effects of climate change; support the economic growth of the nation including improving its competitiveness, support various industries along with small and medium-sized businesses; build infrastructure that supports all ports of entry, repay loans for ports of entry, to enhance the port facilities of the airports and seaports; develop and enhance medical facilities; support local tourism development; promote, preserve, protect and develop our nation’s culture and heritage; and support other sustainable growth initiatives in St Kitts and Nevis,” said Mr. Martin.
Mr. Martin noted that since assuming office in August 2022, it was important for the Government of St. Kitts and Nevis to hit the ground running to enhance the programme.
“Since August, the government has interrogated the legal aspects of our Citizenship by Investment programme as it currently stands and has taken concrete steps to update and enhance certain aspects of the governing legislation to ensure that it continues to meet the needs of an intelligent investment-minded person looking for an enriching base for their families and businesses,” he said. “The Government has made swift, bold and innovative decisions needed to strengthen the legislative structures of the programme and to ensure that real estate projects funded by the programme are completed.”
Further details can be accessed via the following links: https://youtu.be/z0UuuCSf9Ys and http://www.sknis.gov.kn/wp-content/uploads/2022/12/CBI.pdf.