St. Kitts and Nevis Government Committed to Safeguarding Citizenship by Investment Program

Basseterre, St. Kitts – The government of St. Kitts and Nevis is dedicated to protecting the integrity and sustainability of the Citizenship by Investment (CBI) Program, a cornerstone of the nation’s economic framework.

Prime Minister’s Commitment

Prime Minister Hon. Dr. Terrance Drew expressed this commitment during his Roundtable discussion on November 20, 2024. He emphasized the rigorous measures introduced by his administration to protect the CBI and ensure its long-term viability.

Rigorous Reforms

Prime Minister Drew highlighted the importance of robust governance within the CBI framework, introducing unprecedented reforms designed to enhance accountability and transparency. “Our standards dictate that we ensure robust due diligence and that no questionable actors exploit our program,” he said.

One of the key measures introduced is the concept of continuous due diligence, a groundbreaking policy requiring ongoing and repeated assessments of both applicants and projects. This ensures that any anomalies or concerns are promptly identified and addressed, bolstering the credibility of the program.

Zero-Tolerance Approach

Dr. Drew also stressed his administration’s zero-tolerance approach to fraudulent practices within the CBI. Underselling, a practice that undermines the integrity of the program, has been criminalized under new regulations. This pioneering move makes St. Kitts and Nevis the first country in the region to enforce such a measure.

“We are the only government in the region to make underselling a criminal offense, empowering the Director of Public Prosecutions (DPP) to investigate and prosecute those who seek to defraud the system,” the Prime Minister stated. This reform ensures that all transactions meet the highest ethical and legal standards, protecting the nation’s reputation and ensuring maximum benefit to its citizens.

Addressing Past Shortcomings

The Prime Minister also addressed allegations surrounding past shortcomings in due diligence processes. He reiterated his government’s proactive stance in rectifying inherited issues, implementing stringent checks to prevent recurrence.

“When we uncovered discrepancies from the past administration, we took swift action to distance our government from questionable projects and individuals,” he noted. “This government remains unwavering in its commitment to transparency, holding those who attempt to undermine the program accountable through legal avenues.”

Program’s Role in National Development

Acknowledging the program’s critical role in national development, Dr. Drew outlined how CBI revenue has been responsibly utilized to fund infrastructure projects, improve social programs, and provide direct financial benefits to citizens. The government’s reforms have not only ensured the integrity of the program but have also enhanced its value proposition, positioning it as a sustainable economic driver for generations to come.

Conclusion

Prime Minister Drew emphasized that the reforms align with the government’s broader vision of building a resilient and sustainable economy under the Sustainable Island State Agenda. “It is this government that has reformed the CBI to make it more resilient and sustainable, preserving its benefits for future generations,” he concluded.

FAQs

Q: What measures has the government taken to safeguard the CBI program?
A: The government has introduced rigorous reforms, including continuous due diligence and a zero-tolerance approach to fraudulent practices.

Q: How has the government addressed past shortcomings in due diligence processes?
A: The government has taken swift action to rectify inherited issues, implementing stringent checks to prevent recurrence.

Q: How has the CBI revenue been utilized?
A: CBI revenue has been responsibly utilized to fund infrastructure projects, improve social programs, and provide direct financial benefits to citizens.

Q: What is the government’s vision for the CBI program’s future?
A: The government’s vision is to make the CBI program a sustainable economic driver for generations to come, positioning it as a cornerstone of the nation’s economic framework.