Basseterre, St Kitts and Nevis: Keeping up with its commitment to uphold the platinum standards, the Government of St Kitts and Nevis has been working on the refinement of the Citizenship by Investment Programme.
Considering the rising demand for the programme among global investors, the authorities are now vested in bestowing citizenship only to quality investors rather than quantifying the incoming investors, which is a major shift in the approach of the Government.
With this vision, the Government of St Kitts and Nevis has reinstated national development as its priority since only the investors that positively contribute to the development of the country will be provided citizenship, despite receiving a large number of applications from prospective investors.
As the authorities envisage, this approach will help them to uphold the integrity of the programme as each and every application undergoes stringent scrutiny and background checks. This ensures that only the most credible and worthy investors get recognized as the citizens of St Kitts of Nevis.
One of the major implications of this shift in approach lies on citizenship granted under the Real Estate or Alternative Investment Option will be accorded with the actual value of the project.
Notably, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has ensured that the country doesn’t walk in the footsteps of the former PM Timothy Harris, whose scandalous administration had granted excessive citizenships, which surpassed the actual cost of the development project.
The scandal turned an eye-opener for the Government as it highlighted the need to impose strict regulations and balances within the Citizenship by Investment Programme.
However, PM Drew’s governance has exhibited its efficiency with the recent moves it has made by refining the Citizenship by Investment Programme to strengthen its position internationally and gaining the confidence of the global investors.
With the enhanced transparency and due diligence measures, the programme has already made investors turn towards the nation for its alternative citizenship.
It is noteworthy that the new regulations will ensure that the projects will be developed under stringent escrow arrangements, which will be a significant safety measure for investors and the nation. Under this arrangement, the funds will be held by a trusted third party till the agreed project gets completed.