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HomeNewsLocal NewsSKN Citizenship By Investment Unit to become a statutory body

SKN Citizenship By Investment Unit to become a statutory body

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by Kevon Browne

St. Kitts and Nevis (WINN): The National Assembly of St. Kitts and Nevis passed the Citizenship by Investment Unit Bill, 2024, on Friday, June 14, establishing the Citizenship by Investment Unit (CIU) as a statutory corporation. This legislation marks a significant change in the administration and oversight of the Federation’s Citizenship by Investment (CBI) Programme.

Prime Minister and Minister responsible for Citizenship and Immigration, Hon. Dr Terrance Drew, introduced the bill. He addressed past management issues under the previous administration and outlined his government’s steps to address these concerns.

Previously, the CIU operated as a department within the Ministry of National Security, Immigration and Citizenship with financial oversight by the Prime Minister’s Office. As a statutory corporation, the CIU will now have perpetual succession, a common seal, and the ability to sue and be sued in its corporate name.

This change aligns with recommendations from the Financial Action Task Force (FATF) and the Organisation for Economic Co-Operation and Development (OECD) outlined in a 2023 joint report on investment migration. Establishing the CIU as a statutory corporation is intended to enhance the governance and transparency of the CBI Programme.

Prime Minister Dr Drew reiterated the administration’s unwavering commitment to fortifying the CBI Programme, ensuring its continued benefits for the people of St. Kitts and Nevis, and upholding international standards.

“Our well-respected CBI is the longest-standing in the world, and we are proud of what it has done for our people. This administration aims to preserve our CBI Programme and make it sustainable. We inherited it in an unsustainable state, and that is why we have taken numerous actions over the last 21 months to bolster its integrity,” stated Prime Minister Drew.

The passage of the Citizenship by Investment Unit Bill, 2024, reflects the government’s efforts to improve the CBI Programme’s governance and sustainability in line with international best practices.

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