St. Kitts and Nevis Formalizes Citizenship by Investment Unit as Statutory Corporation
Government Takes Significant Step in Modernizing Citizenship by Investment Programme
Basseterre, St Kitts – Following the enactment of the Citizenship by Investment Unit Act on June 28, 2024, the Government of St. Kitts and Nevis has taken a significant step in formalizing the Citizenship by Investment Unit (CIU) as a statutory corporation. A newly appointed Board of Governors, led by Chairperson Mr. Calvin St. Juste, will oversee the CIU’s operations and governance.
Mr. St. Juste, a Special Envoy for Investment, Development, and International Business Relations for St. Kitts and Nevis, brings 25 years of international finance, cybersecurity, and client management experience to the role. The board members, including Dr Louisa Lawrence, Mr Carlton Pogson, Mr Damille James, Ms Kishma Maclean and Ms Marsha Harris, are distinguished professionals with expertise in finance, business, compliance, and governance.
Board of Governors Tasks and Responsibilities
The Board of Governors is tasked with modernizing the CIU and ensuring that St. Kitts and Nevis’ Citizenship by Investment Programme operates with the utmost professionalism. One of their initial responsibilities will be to commission an independent external audit of the CIU’s operations, a practice legislated to become an annual good governance exercise.
In addition to monitoring the international CBI industry, the Board will develop policies and procedures for the CIU. The Board is also responsible for ensuring that proposed Citizenship by Investment projects are financially sound and beneficial to the Federation. The appointment of the Board reflects the Government’s commitment to upholding the highest international standards of compliance, auditing, and due diligence, further solidifying the Programme’s esteemed position in the international migration industry.
Conclusion
The formalization of the Citizenship by Investment Unit as a statutory corporation and the appointment of the Board of Governors mark a significant milestone in the modernization of St. Kitts and Nevis’ Citizenship by Investment Programme. The Programme is committed to upholding the highest international standards of compliance, auditing, and due diligence, ensuring the integrity and credibility of the Programme.
FAQs
Q: What is the purpose of the Citizenship by Investment Unit?
A: The Citizenship by Investment Unit is responsible for overseeing the Citizenship by Investment Programme, which allows foreign individuals to obtain citizenship in exchange for investment in the country.
Q: What are the responsibilities of the Board of Governors?
A: The Board of Governors is responsible for modernizing the CIU, ensuring the Programme operates with professionalism, and developing policies and procedures for the CIU.
Q: What is the significance of the Board of Governors appointment?
A: The appointment of the Board of Governors reflects the Government’s commitment to upholding the highest international standards of compliance, auditing, and due diligence, further solidifying the Programme’s esteemed position in the international migration industry.