Keynote Address by Prime Minister of St. Kitts and Nevis, Hon Dr Terrance Drew, at the Official Launch of Investment Gateway Summit

Ladies and Gentlemen, distinguished guests, and esteemed investors,

It is a pleasure to welcome you to the beautiful twin-island Federation of Saint Kitts and Nevis and to this significant, first-of-its-kind event, the Investment Gateway Summit 2024. This summit, themed “Connect, Collaborate, Celebrate,” is more than just a gathering; it is a testament to our collective vision of forging a prosperous future through innovation, partnership, and shared success. As I stand before you, I am filled with immense pride for our nation’s rich heritage, dynamic culture, and the boundless opportunities that lie ahead.

Since taking office on August 6, 2022, the St. Kitts-Nevis Labour Party Administration, which I am privileged to lead, has been committed to transforming Saint Kitts and Nevis into a beacon of sustainability, good governance, and economic resilience. One of the cornerstones of this transformation has been the comprehensive reform of our Citizenship by Investment Programme.

Our Citizenship by Investment Programme, established 40 years ago, has been a vital part of our economy, attracting global investors and fostering development. However, upon taking office, it became evident that the programme required significant restructuring to enhance its integrity and effectiveness. Thus, we embarked on a journey of rigorous reforms to ensure that our Citizenship by Investment Programme is synonymous with trust, transparency, and excellence.

In August 2022, just days after my inauguration, we began an extensive legislative review of the Citizenship by Investment Programme regulations. This was a critical first step in laying the groundwork for the reforms that followed. By December 2022, during my first official visit to Dubai, UAE, we announced the evolved Citizenship by Investment Programme, grounded in sustainability and good governance principles. This visit also provided an opportunity to engage directly with Citizenship by Investment agents and stakeholders, ensuring that their insights and concerns were considered in our reform process.

On December 23, 2022, we enacted new CBIP regulations. These regulations introduced a Board of Governors to oversee the operations of the CBI Unit, review developer applications, and prepare submissions to the Cabinet. We also established a Technical Committee to review files and advise the Minister, and we specifically criminalized the practice of underselling, ensuring a level playing field for all participants.

The journey did not stop there. In February 2023, we further amended the CBIP regulations to strengthen procedural application requirements, impose advertisement restrictions, and introduce new due diligence requirements for international marketing agents. 

February 2023 also marked a historic milestone as we hosted the US-Caribbean Roundtable on Citizenship by Investment Programmes in Saint Kitts and Nevis. During this event, we agreed on six principles with other Citizenship by Investment Programme states, including collective agreement on the treatment of denials, virtual or in-person interviews during the due diligence process, additional Financial Intelligence Unit (FIU) checks of applicants, annual or biannual independent audits of CBI units, and retrieval of cancelled passports.

In March 2023, as part of our Good Governance Transformation, we passed the Anti-Corruption, Integrity in Public Life, and Freedom of Information Acts. These landmark legislations underscore our unwavering commitment to transparency, accountability, and integrity in all areas of governance.

Our engagement with international bodies continued into 2024 and in February 2024, we publicly announced the establishment of the Continuing International Due Diligence Unit, to be headquartered in Europe. This unit will conduct ongoing due diligence on economic citizens worldwide, ensuring they abide by international laws and alerting our Ministry to any investigations or charges against them.

In March 2024, as Chairman of the Organization of Eastern Caribbean States (OECS), I negotiated a Memorandum of Agreement with Saint Kitts and Nevis, Commonwealth of Dominica, Antigua & Barbuda, and Grenada. This agreement outlines commitments to increase and harmonize the minimum investment threshold, end underselling practices, share information on Citizenship by Investment Programme applicants, implement enhanced transparency measures, and establish common standards for regulating and promoting Citizenship by Investment Programmes. Our efforts were further supported by Saint Lucia, which announced in June 2024 that it would sign the Memorandum of Agreement.

Ladies and Gentlemen, these reforms demonstrate our steadfast commitment to good governance and the sustainable transformation of our Citizenship by Investment Programme. We are resolutely dedicated to preserving the integrity of our programme and upholding our esteemed reputation in the international community. Our focus remains on sustainability, good governance, and economic growth, ensuring that Saint Kitts and Nevis remains a premier destination for investment.

The way forward for Saint Kitts and Nevis is clear. We are committed to transforming our nation into a Sustainable Island State, with a diversified economy less dependent on Citizenship by Investment revenues. This transformation is based on seven key pillars: food security, green energy transition, economic diversification, sustainable industries, the creative economy, COVID-19 recovery, and social protection.

To achieve this, we are drafting further amendments to legislate the regional commitments contained in the Citizenship by Investment Programme Caribbean States’ Memorandum of Agreement. The Continuing International Due Diligence Unit will be operational by July 31, 2024, and the corporatization of the CBI Unit will be completed by August 31, 2024.

The Investment Gateway Summit is a manifestation of our vision. Over the next five days, you will have the opportunity to connect with like-minded individuals, collaborate on innovative projects, and celebrate the achievements of our nation. This summit is not just about business; it is about forging lasting relationships and creating a shared legacy of prosperity.

As we move forward, I invite you, our esteemed investors, to join us on this journey. Saint Kitts and Nevis offers a unique blend of natural beauty, cultural richness, and investment opportunities. Our islands are not just a place to invest but a place to call home, where you can immerse yourself in our vibrant culture, enjoy our warm hospitality, and contribute to our sustainable future.

I extend my deepest gratitude to all of you for your presence here today. Your interest and commitment to Saint Kitts and Nevis are invaluable. 

Saint Kitts and Nevis is not just a destination; it is a place where history meets modernity, where the lush landscapes of our islands tell stories of resilience, strength, and a resolute spirit. As you “Venture Deeper” into our lands, you will discover a tapestry woven with vibrant traditions, warm hospitality, and a profound sense of community. I invite you to immerse yourselves in our culture, savour our cuisine, and enjoy the hospitality of our people. Explore the breathtaking landscapes, indulge in our culinary delights, and experience the warmth and friendliness that define our nation. Experience the essence of “Nevis…Naturally” and let the charm of our islands captivate you. 

Saint Kitts and Nevis is not just a place to invest; it is a place to belong, to thrive, and to create lasting memories.

Thank you once again for being here, for your interest in our beautiful nation, and for your trust in our vision. Together, we will build a brighter, more prosperous future for Saint Kitts and Nevis.

Welcome to Saint Kitts and Nevis. Welcome to a world of endless possibilities.

Thank you.