St Kitts and Nevis CBI: 15 Investors Settle Outstanding as December 31 Deadline Nears, 80 in Process

15 economic citizens who contributed less than the minimum investment threshold under the CBI programme have paid the outstanding amount following the receipt of an official letters from the Ministry of National Security in St Kitts and Nevis, an official source confirmed. 

Official also confirmed that over 80 economic citizens are in communication with the government to process the pending payments or have reported in to provide proof of full payment. 

The action came after St Kitts and Nevis tightened its grip by enforcing stricter regulations against those who contributed less than the minimum investment threshold to acquire citizenship. 

As the deadline approaches, of the several individuals (approximately 196) who were recently issued official letters from the Ministry of National Security, 15 have already paid the outstanding amount as the deadline 31 December 2024 is approaching.

The formal letter issued earlier this month indicated the government’s seriousness to follow robust due diligence processes and putting an end to the longstanding issue of underselling by some developers. 

Reportedly, the Ministry gave these individuals with an opportunity to safeguard their citizenship. This was either by providing documentary evidence of the full paid investment amount of the citizenship application or pay the remainder of any unpaid investment before December 31, 2024. 

The government has also warned that failure to comply against these rules may result in the revocation of their citizenship. 

With these efforts, the CBI units in the Caribbean region are signalling their intention to address persons who entered into contracts with developers that does not follow official regulations. This further signals a potential region-wide push for greater accountability and transparency in economic citizenship programmes.  

St Kitts and Nevis aims to curb CBI underselling 

The recent action was driven through the historic Memorandum of Agreement (MoA) led by the St Kitts and Nevis government with other regional countries offering CBI programme following a roundtable meeting with the US. 

It was signed earlier in March by five CBI offering countries in the Caribbean region including Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis and Saint Lucia. 

The MoA set directives which these governments needed to follow and as part of it, the islands had also agreed to set a minimum investment threshold to eliminate any security or compliance risks.  

While most of the applicants follow such rules, but some who secure citizenship through discounting undermine the law.  

By issuing the official letters, St Kitts and Nevis has once again set an example and has made it clear that it will not tolerate the practices of underselling rather it will choose to revoke citizenships of such people who undermine the integrity of the CBI programme.  

Developers under scrutiny 

Not only this, but the authorities are also cracking down on developers who carried out such unauthorised deals in the name of ‘discounts’.  

The government of St Kitts and Nevis is stressing that such practices not only harm the overall reputation of the government but also compromises the principles such as transparency. 

St Kitts and Nevis leads the way 

As the pioneer of the Citizenship by Investment Programme, St Kitts and Nevis is once again leading the way and setting an example for others to follow. 

Last year also, the Federation became the first to raise its minimum investment threshold and paved the way for sister islands to follow the same path.  

With these actions, the government seeks to reaffirm the programme’s position as the premium option in the investment migration industry. However, following the action other regional countries are also aiming to curb the underselling with a dedicated plan, according to government sources.