CITIZENSHIP BY INVESTMENT UNIT IN ST. KITTS AND NEVIS TO BE ESTABLISHED AS A STANDALONE CORPORATE BODY
BASSETERRE, St. Kitts, June 15, 2024 (SKNIS) – The Citizenship by Investment Unit Bill, 2024, was successfully passed in the National Assembly of St. Kitts and Nevis on Friday, June 14, effectively paving the way for the establishment of the Citizenship by Investment Unit as a body corporate. This move embodies the government’s commitment to continuously employ new measures to strengthen the Federation’s Citizenship by Investment (CBI) Programme in line with best international practices.
This critical piece of legislation was championed by Prime Minister and Minister responsible for Citizenship and Immigration, the Honourable Dr. Terrance Drew. In doing so, Dr. Drew outlined the glaring instances of mismanagement of the programme by the former Team Unity administration that raised concerns internationally, and the numerous steps taken by his government to address them.
At present, the CIU operates as a department within the Ministry of National Security, Immigration and Citizenship with financial oversight by the Prime Minister’s Office. Through the passage of this bill, the Citizenship by Investment Unit will now stand as a statutory corporation, having perpetual succession and a common seal and may sue and be sued in its corporate name.
Establishing the Citizenship by Investment Unit as a statutory corporation also aligns with one of the recommendations made by the Financial Action Task Force (FATF) and the Organisation for Economic Co-Operation and Development (OECD) outlined in a 2023 joint report on investment migration.
Prime Minister Dr. Drew stated that his administration will continue to implement the necessary measures that will prove to its international partners that St. Kitts and Nevis is resolute in efforts to strengthen its CBI Programme, while at the same time ensuring it remains beneficial for the people of the twin-island Federation.
“Our well-respected CBI is the longest-standing in the world and we are proud of what it has done for our people. This administration’s goal is to preserve our CBI Programme and make it sustainable. We met it in an unsustainable state and that is why we have done so many good things over the last 21 months to buttress the integrity of our CBI Programme,” Prime Minister Drew said.
The Citizenship by Investment Unit Bill, 2024, received support by Members of Parliament including Senior Minister and Minister of Foreign Affairs, the Right Honourable Dr. Denzil Douglas and Attorney-General Honourable Garth Wilkin before it was unanimously passed into law.