(Long read article)
The Citizenship by Investment Unit Bill, 2024 successfully passed through the National Assembly on 14th June, 2024. This is the Dr. Terrance Drew-led government’s latest display of commitment to reforming and restoring confidence in the Citizenship by Investment (CBI) programme, thus confirming its place as one of the world’s most reputable and elite.
The St. Kitts and Nevis CBI was plunged into peril under the former Dr. Timothy Harris-led government. Harris’ over reliance on the programme as a source of revenue of government funded projects, the wanton over subscription of the programme and the alleged illegal lowering of investment requirements threatened to upend the programme as well as St. Kitts and Nevis’ reputation in the global community.
While Prime Minister Drew has confirmed that the St. Kitts and Nevis CBI is back on track as a result of his government’s insightful leadership, he expressed his deep concern that the former Harris-led coalition government would have put the country in this position.
The 2022 census has placed the country’s population at just over 50,000. According to Prime Minister Drew, the Harris administration approved 25,000 citizenships for the incomplete prison project alone. Thousands more were approved over the seven years the former coalition government ruled.
Prime Minister Drew condemned Dr. Harris’ shortsighted administration of the CBI and said he shuddered to think what would happen to the country’s social structures if even one fifth of the people who had received citizenships decided to take up residence in St. Kitts and Nevis. This, said Dr. Drew, would be disastrous.
Despite the quagmire his administration inherited in 2022, Dr. Drew says he is committed to restoring confidence and equilibrium to the CBI programme’s operations. It is therefore moving forward with preparing for the establishment of its Continuing International Due Diligence (CIDD) Unit which will strengthen the CBI and further protect the country’s reputation internationally.
The unit will begin operating by July this year.
To this end, Dr. Drew announced that the CIDD, which will be based in Europe, will be headed by former Commissioner of the Royal St. Christopher and Nevis Police Force and current Ambassador for the Eastern Caribbean States to the Kingdom of Morocco, H. E. Ian Queeley.
The CIDD will also be charged with liaising and reporting to international law enforcement, anti-money laundering and anti-terrorist financing agencies when St. Kitts and Nevis citizens are being investigated for committing or have been arrested and/or charged with financial or other crimes internationally. It will also be responsible for retrieving passports issued by St. Kitts and Nevis which have been cancelled by the Ministry of National Security.
The unit will further be responsible for creating policies to mitigate and address risks associated with individuals who obtained St. Kitts and Nevis citizenship via the CBI.
“We are serious and we want to ensure that we engender confidence in our international partners that we are serious about their security as well. It will ensure that citizens holding passports issued by St. Kitts and Nevis and residing and working internationally, abide by the laws of the countries in which they reside and visit, and that they respect the international laws as well. [It will] alert the Ministry of National Security of St. Kitts and Nevis citizens who are being investigated for committing or have been arrested and/or charged with financial or other crimes internationally,” said the prime minister as he made his contribution to the debate of the Citizenship by Investment Unit Bill, 2024.
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