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Prime Minister of Saint Kitts and Nevis
BASSETERRE, March 25, 2024 (GLOBE NEWSWIRE) — One of the countries in the Caribbean that has a Citizenship by Investment Program (CBIP) and part of the Organization of Eastern Caribbean States (OECS). This is a historic move for Saint Kitts and Nevis. ), national leaders have worked tirelessly with partner OECS jurisdictions to strengthen the integrity of CBIP in the region. The twin island federation alongside Antigua and Barbuda, the Commonwealth of Dominica and Grenada have agreed to mutual legislation through the signing of a Memorandum of Agreement (MOA) aimed at regional efforts to strengthen the CBIP and address the challenges of international partners. . Concerns surrounding CBIP.
The Caribbean CBIP aims to obtain foreign direct investment (FDI) to support socio-economic development in exchange for citizenship through a thorough and rigorous due diligence process.
Saint Kitts and Nevis is one of the CBI Member States where CBIP has implemented initiatives, including fixed minimum investment amounts, to maintain its integrity and increase trust with international partners.
The current Charmaine of the OECS, the Prime Minister of Saint Kitts and Nevis, the Honorable Dr. Terence Drew, spearheaded this effort to strengthen cooperation between the five CBI countries in the Caribbean. This Memorandum of Agreement makes clear that Saint Kitts and Nevis, among the other three Caribbean countries, is ready to make the necessary adjustments that will benefit the CBIP, Caribbean nationals and international stakeholders. is shown.
The Honorable Dr. Drew said: “The four Small Island Developing States that have signed this Memorandum of Understanding agree to increase and harmonize the minimum investment threshold for the CBIP to an investment amount of at least US$200,000 by 30 June 2024 at the latest. and, more importantly, to put an end to the scourge that has recently befallen the CBI industry: underselling. Accordingly, we believe that our CBIP minimum investment threshold represents the actual amount of funds that will be applied to an applicant’s eligibility under each of our CBIPs, and not the total amount of funds paid by the applicant. It was agreed that the deduction shall represent the amount of the deduction, including the payment of funds paid by the applicant. There will be a commission. ”
The Memorandum of Agreement, dated March 20, 2024, outlines increasing the minimum investment threshold to USD 200,000 and starting by June 30. The agreement also addresses other aspects, such as sharing information about CBIP applicants. Strengthen transparency measures and establish regional competent authorities. Set common standards for communication and promotion. regulator; facilitation of joint training programs;
Saint Kitts and Nevis is a pioneer in CBIP, continually welcoming proposals and spearheading reforms in the broader immigration industry since its establishment in 1984. In this example, St. Kitts and Nevis and the Caribbean CBIP countries jointly adopted a CBI Act that maintains the integrity and security of the Caribbean CBIP. Albeit ahead of its time, St. Kitts and Nevis introduced new legislation last year that addresses many of these areas currently reflected in the Memorandum of Agreement, including increasing investment thresholds.
Michael Martin, head of the Saint Kitts and Nevis Investment Unit (CIU), said the measures are in place, including efforts to prioritize strengthening due diligence processes to maintain CBIP’s integrity and competitiveness in the industry. We have been enthusiastically supporting the government to implement this policy. .
Standardizing minimum investment requirements will protect the importance of Caribbean CBIPs, improve security measures and reduce the risk that CBIP countries will not receive the FDI they need to develop their economies.
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CONTACT: Secretary of St Kitts and Nevis Citizenship by Investment Programme Government of St. Kitts and Nevis 00 (1-869) 467-1474 communications@skn-ciu.com
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