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Concerns are being raised regarding the  delay in fulfilling a promise made by the New PM Drew led St.Kitts and Nevis government . Upon taking office  the new PM Dr. Terrance Drew led administration assured citizens that they would announce the names of the individuals appointed to the newly formed CBI Professional Board of Governors. However, to date, there has been no official communication regarding this matter. This delay has sparked concerns and raised questions about the transparency and accountability of the country’s CBI program.

The Citizenship by Investment program has been a crucial economic driver for St. Kitts and Nevis since its inception in 1984. This initiative allows foreign nationals to acquire citizenship by making a significant financial investment in the country, either through a donation to the Sustainable Growth Fund or an investment in approved real estate. The program has attracted numerous investors seeking second citizenship, drawn by the country’s visa-free access to a wide array of countries and its favorable tax regime.

To ensure the integrity and credibility of the CBI program, it is essential to have a well-regulated framework in place. The establishment of the CBI Professional Board of Governors was intended to bolster the program’s oversight and strengthen its governance structure.

The CBI Professional Board of Governors is a vital entity responsible for overseeing the entire Citizenship by Investment program. Its primary purpose is to safeguard the interests of both the government and investors. The board plays a crucial role in ensuring that all applicants meet the necessary requirements and standards before being granted citizenship. This includes conducting due diligence on potential applicants to prevent any potential security risks or fraudulent activities.

Moreover, the board is instrumental in setting the rules and regulations governing the program. It is responsible for reviewing and updating the list of approved real estate projects and investment opportunities, ensuring that they align with the country’s development goals and meet stringent standards.

The failure to announce the names of the individuals appointed to the CBI Professional Board of Governors has raised concerns among citizens and potential investors alike. Transparency and accountability are fundamental pillars of any successful Citizenship by Investment program, and any delay in such matters can erode public trust.

Firstly, the lack of clarity surrounding the appointment of the board members may lead to skepticism and doubts about the government’s commitment to the program’s integrity. Investors seeking second citizenship may become hesitant about committing their financial resources to a program where the governance structure remains uncertain.

Secondly, the delay in announcing the board members may also hinder the effective functioning of the CBI program. Without a fully constituted and functioning board, decision-making processes may slow down, and necessary reforms and updates might be put on hold. This stagnation could impact the country’s ability to compete with other CBI programs in the region, potentially leading to decreased interest from potential investors.

In a world where transparency and accountability are highly valued, it is essential for the government of St. Kitts and Nevis to address the concerns arising from the delay promptly. By providing a clear explanation for the delay and setting a new timeline for the announcement, the government can demonstrate its commitment to the CBI program’s integrity.

Furthermore, open communication with the public and stakeholders is critical during this process. Transparent communication can help allay fears and reaffirm the government’s dedication to upholding the highest standards in its Citizenship by Investment program. It is essential to ensure that the CBI program remains an attractive option for potential investors seeking second citizenship while also benefiting the nation’s overall economic growth.

To maintain the program’s integrity and attract foreign investment, the government must address this issue promptly, provide a clear explanation for the delay, and establish a new timeline for the announcement. By doing so, St. Kitts and Nevis can reinforce its commitment to responsible governance and uphold the reputation of its esteemed CBI program.

In a release issued in early JANAURY2023 it was revealed that Effective January 1, 2023, St. Kitts and Nevis will move to appoint a Professional Citizenship by Investment (CBI) Board of Governors.

During an official address by Michael Martin, Head of the Citizenship by Investment Unit (CIU), it was revealed that the CBI Board of Governors will be “responsible for high-level supervisory matters such as providing general oversight of the operations of the Unit.”

“The Board will advise Prime Minister and Minister of National Security, Citizenship and Immigration, The Honourable Dr Terrance M. Drew on matters related to the development and implementation of policies and procedures for the Unit; review all investment proposals; assess the compatibility of potential CBI projects with national laws and local, regional and international standards, and assess the financial viability of potential CBI projects,” said Mr. Martin.

Mr. Martin added that “the Board will investigate complaints; ensure application processing is completed as swiftly as possible within the time frames advertised without compromising the integrity of the programme; and constantly monitor the global investor immigration industry to ensure that our CBI regulations align with, and adjust to, international market forces.”

Equally important, a CBI Technical Committee will also be appointed.

“Further, in the Government’s and the Unit’s analogous good governance agenda, a CBI Technical Committee will be appointed by the Minister and will be charged with ensuring that all due diligence background checks are comprehensive and completed throughout the application process; reviewing all CBI applications thoroughly; conducting spot checks of CBI applications: and providing information sufficient to justify any recommendations to the Minister to approve or deny applications for Citizenship by Investment,” Mr. Martin stated.

According to Mr. Martin, the Committee will be led by the Head of the CIU Unit and will consist of two other members, a senior officer from the Unit and a civil servant assigned by the Minister to act as Secretary.

To date no official statement or announcement has been issued regarding any of the above as it relates to the membership of the board of governors and the mentioned technical committee.