NEW CITIZENSHIP BY INVESTMENT REGULATIONS ENVISAGE A PROFESSIONAL BOARD OF GOVERNORS TO BE APPOINTED EFFECTIVE JANUARY 1, 2023
Basseterre, St. Kitts, December 27, 2022 (SKNIS): Effective January 1, 2023, St. Kitts and Nevis will move to appoint a Professional Citizenship by Investment (CBI) Board of Governors.
During an official address by Michael Martin, Head of the Citizenship by Investment Unit (CIU), it was revealed that the CBI Board of Governors will be “responsible for high-level supervisory matters such as providing general oversight of the operations of the Unit.”
“The Board will advise Prime Minister and Minister of National Security, Citizenship and Immigration, The Honourable Dr Terrance M. Drew on matters related to the development and implementation of policies and procedures for the Unit; review all investment proposals; assess the compatibility of potential CBI projects with national laws and local, regional and international standards, and assess the financial viability of potential CBI projects,” said Mr. Martin.
Mr. Martin added that “the Board will investigate complaints; ensure application processing is completed as swiftly as possible within the time frames advertised without compromising the integrity of the programme; and constantly monitor the global investor immigration industry to ensure that our CBI regulations align with, and adjust to, international market forces.”
Equally important, a CBI Technical Committee will also be appointed.
“Further, in the Government’s and the Unit’s analogous good governance agenda, a CBI Technical Committee will be appointed by the Minister and will be charged with ensuring that all due diligence background checks are comprehensive and completed throughout the application process; reviewing all CBI applications thoroughly; conducting spot checks of CBI applications: and providing information sufficient to justify any recommendations to the Minister to approve or deny applications for Citizenship by Investment,” Mr. Martin stated.
According to Mr. Martin, the Committee will be led by the Head of the CIU Unit and will consist of two other members, a senior officer from the Unit and a civil servant assigned by the Minister to act as Secretary.
The CBI Programme has “been structured to allow for greater transparency and accountability, the hallmarks of a good governance framework that solidifies the foundation of any successful citizenship by investment programme,” Mr. Martin added.
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.
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