July 2024 was pivotal for citizenship by investment (CBI) in St Kitts and Nevis citizenship, with applicants now able to include up to three family members in the $250,000 donation option. Wrapping up positive developments for the month was the announcement of the formation of a Board of Governors to oversee the Citizenship by Investment Unit (CIU).
Following the enactment of the Citizenship by Investment Unit Act on 28 June 2024, the Board of Governors, chaired by Mr Calvin St Juste, was established to modernize the CIU based on guidelines issued by the Financial Action Task Force (FATF), raising professionalism and compliance to the highest standard.
The board members are:
- Mr St Juste
- Dr Louisa Lawrence
- Mr Carlton Pogson
- Mr Damille James
- Ms Kishma Maclean
- Ms Marsha Harris
All are experienced professionals with backgrounds in international finance, business, cybersecurity, compliance, and governance, bringing a wealth of knowledge to the table.
First on the board’s agenda is commissioning an independent CIU review. This annual governance review will be officially legislated to provide transparency, identify areas for improvement, and strengthen the unit’s credibility and accountability.
Along with keeping track of CBI trends, board members will design CIU policies and procedures in collaboration with the Caribbean CBI regulator to verify Citizenship by Investment projects are viable and beneficial to St Kitts and Nevis.
Take a look at our St Kitts and Nevis Citizenship by Investment Ultimate Guide
What this Means for Investors
Efficiency: By regulating CIU policies and procedures, investors benefit from an efficient and hassle-free citizenship application process.
Creditability: Despite Caribbean CBI facing scrutiny from international and governmental bodies, the board’s commitment to compliance will preserve the credibility and integrity of St Kitts and Nevis’ CBI program among global governments.
Economic stability: The board’s focus on promoting financially viable, beneficial, and sustainable investments will create a more stable economic environment for St Kitts and Nevis, benefiting both the country and its successful CBI applicants.
