New St Kitts and Nevis Citizenship by Investment Unit Bill

Share:

Tuesday, March 26, 2024 saw the first reading of the St Kitts and Nevis Citizenship Unit Bill. This is “A BILL to provide for the establishment of a Citizenship by Investment Unit for Saint Christopher and Nevis as a body corporate and for related matters.” 

Saint Christopher and Nevis is the formal name of this two-island state. This article will share all the pertinent details of this nascent act.

Establishment of a New Saint Christopher and Nevis Citizenship by Investment Unit

A new Citizenship by Investment Unit will replace the existing one. This body corporate will have perpetual succession and a common seal. It will be able to sue and also be sued.

There will be a CEO and Chief Financial Officer. As well, there’ll be a Chief Due Diligence and Anti-Money Laundering Compliance Officer. In addition, the Unit will employ a Chief Marketing Officer and further staff.

The new St Kitts and Nevis Citizenship by Investment Unit will keep up to date with the global Citizenship by Investment industry. It will keep proper records. Another legal stipulation is that an annual independent external audit of the Unit’s operations takes place.

The Official View

The Prime Minister of St. Kitts and Nevis, the Honourable Dr. Terrance Drew, introduced the bill. He made reference to the wishes of the Financial Action Task Force (FATF). Along with the Organisation for Economic Co-Operation and Development (OECD).

Dr. Drew said: “CBI jurisdictions should consider designating a specific specialist government agency, state corporation or specialist operational unit that holds the end-to-end responsibility of the safe day-to-day operation of an investment migration programme and which is subject to effective oversight.”

Acknowledging the status of St Kitts and Nevis Citizenship by Investment as the world’s oldest programme, Dr. Drew continued: “This is a natural professionalisation evolution of a 40-year-old programme, Madam Speaker.”

RIF Trust’s Perspective

Our Man in the Caribbean, Chris Willis, believes this soon to be enacted act is a logical progression of recent events. “It’s not long ago that Dr. Drew signed a Memorandum of Agreement,” Willis points out. “This MOA saw St Kitts and Nevis unite with Eastern Caribbean neighbours Antigua and Barbuda, Dominica, and Grenada.”

“The founding four are taking on board the concerns of the EU and the US over the validity of their Citizenship by Investment Programmes. By addressing these issues, these countries are being responsible.”

“Where cynics have sounded the death knell for Caribbean Citizenship by Investment, St Kitts and Nevis and co are proactively ensuring its longevity.”

How to Secure St Kitts and Nevis Citizenship by Investment

Who knows if this Citizenship by Investment is for you? RIF Trust do and we can advise if we think another investment migration programme is more suitable. So, don’t delay and contact us today.