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Key Takeaways:

• The Saint Kitts and Nevis Golden Passport Program draws attention as EU and US investigate passport sales in Caribbean islands with citizenship-by-investment schemes.
• Despite scrutiny, Prime Minister Terrance Drew underscores the importance of the Citizenship by Investment Programme (CBI).
• Saint Kitts and Nevis Golden Passport Program offers international citizenship for $100,000, providing tax benefits and visa-free access to Europe.

In recent times, the Saint Kitts and Nevis Golden Passport Program, renowned for attracting a substantial number of affluent international applicants, has come under the radar of investigation by both the European Union (EU) and the United States. The increased demand for passport sales through citizenship-by-investment schemes in five Caribbean islands has raised concerns about potential irregularities and security issues.

According to SchengenVisaInfo.com, individuals have the opportunity to acquire citizenship in certain Caribbean countries for a mere $100,000, gaining access to tax advantages and visa-free entry into Europe.

A Bloomberg report indicates that the Saint Kitts golden passport initiative was projected to generate around $192 million, constituting 51% of the country’s revenue last year. However, such programs often face scrutiny due to security apprehensions and potential misuse.

In December of the preceding year, Prime Minister Terrance Drew of St. Kitts and Nevis emphasized the significance of the Citizenship by Investment Programme (CBI) for the twin-island Federation. Despite external scrutiny, he reiterated that the program remains a pivotal avenue for high-net-worth individuals and families seeking legal citizenship in the region.

Drew acknowledged the program’s history of undergoing rigorous reforms aimed at fortifying its integrity and reliability. The Citizenship by Investment Program, prevalent in several European countries, permits affluent foreigners to obtain citizenship by making a substantial financial investment and meeting specific conditions.

The Prime Minister affirmed the government’s commitment to continuous improvement, emphasizing the priority placed on the program’s integrity. He highlighted essential updates, including mandatory interviews and comprehensive controls, aligning with both local regulations and globally accepted best practices.

“We require mandatory interviews and have multilayered due diligence checks at every stage of the process. Each stage has sub-stages, showing the depth of our commitment to due diligence. We are thereby enforcing strict compliance with the rules both within our country and within the internationally accepted best practice,” Drew stated.

In addition, Drew underscored the country’s role as an inspiration to the global community in terms of their citizenship program. Notably, Saudi Arabia recently granted St. Kitts and Nevis e-visa access, making it the only Caribbean country with such privileges.

Despite the significant economic contributions from citizenship and residency by investment schemes, these programs often face allegations of involvement in irregularities, including money laundering and tax evasion. A joint project between the Financial Action Task Force and the Organisation for Economic Co-operation and Development revealed that such programs are exploited by criminals and corrupt entities for illicit activities. As investigations unfold, the future of these citizenship-by-investment schemes hangs in the balance, balancing economic prosperity with the imperative for security and compliance.