Last Updated on June 17, 2024, 11:17 AM AST by Anthony Morris
Basseterre, St. Kitts: The National Assembly of St. Kitts and Nevis, held on Friday, June 14, 2024, passed the Citizenship by Investment Unit Bill, 2024.
The passing of the CBI Unit Bill 2024 has paved the way for the establishment of the Citizenship by Investment Unit as a corporate body.
This initiative embodies the government’s commitment to continuously employ new measures to strengthen the Federation’s Citizenship by Investment (CBI) Programme in line with best international policies.
Prime Minister Terrance Drew advocated this crucial move. In doing so, Dr. Drew highlighted the significant mismanagement of the program under the previous Team Unity administration, which raised international concerns. He also underscored the various measures implemented by his government to rectify these issues.
The CIU currently operates as a department within the Ministry of National Security, Immigration, and Citizenship, with financial oversight by the PM’s office. However, with the passage of this bill, the Citizenship by Investment Unit will now stand as a statutory corporation.
Establishing the CBI Unit as a statutory body aligns with a recommendation by the Financial Action Task (FATF) and the Organisation for Economic Co-operation and Development (OECD) in their joint 2023 report on investment migration.
Prime Minister Drew emphasized the Citizenship by Investment (CBI) program’s long-standing reputation and noted its significant contributions to the nation.
He highlighted the administration’s commitment to ensuring the sustainability of the CBI Programme. He reflected on how it was unsustainable when he first got into office, and he expressed gratification at having implemented far-reaching measures over 21 months to enhance the program’s integrity.
PM Terrance Drew also stated that his administration will continue implementing the necessary measures to prove to its international partners that St. Kitts and Nevis is determined to strengthen its CBI Programme while ensuring the benefit of people.
Members of Parliament, including Minister of Foreign Affairs Denzil Douglas and Attorney General Garth Wilkin, also supported the Citizenship by Investment Bill 2024 before it was unanimously passed into the law.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
