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Less than two years after being named CEO of the St. Kitts and Nevis Citizenship by Investment Unit (CIU), Michael Martin has abruptly announced his resignation during a high-level meeting with stakeholders earlier today. This unexpected decision follows Martin’s controversial overhaul of the Citizenship by Investment (CBI) programme, a move that saw the prices for CBI applications skyrocket in early 2023, leading to a dramatic plunge in application volumes.

Under Martin’s leadership, the once-thriving CBI programme—once considered the crown jewel of Caribbean citizenship programmes—has seen a rapid decline in international interest. This fallout has been compounded by the highly publicised RICO lawsuit filed in November 2023 by Philippe Martinez, a Public Benefactor appointed by Prime Minister Dr. Terrance Drew’s administration, further tarnishing the programme’s global reputation.

The decline in CBI applications has allowed neighbouring countries like Grenada and St. Lucia to benefit from the vacuum left by the St. Kitts and Nevis programme. Once towering over other Caribbean programmes in both application volumes and revenue during 2020 and 2021, under the stewardship of then Prime Minister Dr. Hon. Timothy Harris, the programme’s trajectory has dramatically shifted. Martin’s reforms, intended to tighten regulations and increase revenue, backfired as potential investors sought more competitive and stable options elsewhere.

During the stakeholder meeting, Chairman of the Board of Governors of the CIU, Mr. Calvin St. Juste, revealed that the search for Martin’s successor is already underway. Over 1,000 applications have been received, and the board is in the process of shortlisting candidates for the critical role. The CEO position is expected to be filled quickly as the government seeks to rebuild trust and restore the programme’s former prestige.

Michael Martin, a St. Kitts and Nevis national, brought significant expertise to the role, having held top managerial positions at companies like National Caribbean Insurance Company, Sagicor Life Inc., and National Bank Trust Company. He was also an active figure in regional finance, serving as Director of the Insurance Association of the Caribbean and Honorary Secretary of the Brimstone Hill Fortress National Park Society.

Martin’s resignation marks a turning point for the St. Kitts and Nevis CBI programme. As the CIU scrambles to stabilize the situation, the nation faces critical questions about its future in the competitive global citizenship market.