Ill-Advised Decisions and Policy Changes including Unresolved Russian Refunds by PM Drew’s Administration Continue to Tarnish St. Kitts and Nevis’ Once Platinum CBI Program
St. Kitts and Nevis Faces Scrutiny Over Unresolved CBI Refunds to Russian Applicants
BASSETERRE, ST. KITTS – The Citizenship by Investment (CBI) program of St. Kitts and Nevis, once lauded for its reliability, is currently under intense scrutiny due to unresolved refund issues involving applicants from Russia, Ukraine, and Belarus. Despite prior approvals, these applicants had their citizenship applications retroactively canceled following the imposition of international sanctions. Many are now voicing concerns over the government’s failure to refund their investments, which were made in good faith.
In 2022, the government of St. Kitts and Nevis retroactively canceled previously approved citizenship applications from citizens of Russia, Ukraine, and Belarus. Many applicants had already transferred contributions of $150,000 or more to the St. Kitts and Nevis fund option and received printed certificates of registration. According to the St. Kitts and Nevis Citizenship Act, individuals granted certificates of registration are officially recognized as citizens. However, the government’s subsequent decision to revoke these approvals has left many in a state of limbo.
Prime Minister Terrance Drew confirmed during a press conference that the Citizenship by Investment Unit (CIU) had begun the process of refunding applicants from sanctioned countries whose approvals were later rescinded. Despite this assurance, affected applicants continue to face significant delays and bureaucratic obstacles in receiving their refunds. Reports indicate that Russian applicants, in particular, are encountering additional notarization requests for previously submitted documents and a lack of communication from officials.
The situation has prompted some applicants to initiate petitions and voice their grievances publicly, highlighting the emotional and financial toll of the prolonged uncertainty. The lack of transparency and efficiency in addressing these issues threatens to tarnish the program’s reputation, which has historically been considered a benchmark in the investment migration industry.
As the Drew administration faces mounting criticism over its handling of the CBI program, stakeholders are calling for expedited resolutions to restore confidence in the nation’s commitment to its investors and the integrity of its citizenship initiatives.
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