According to the St.Kitts Governments Audited Report, The Citizenship by Investment Unit continues to be the largest contributor to the Government’s overall recurrent revenue collections. As seen in the graph above, this department collected 57% of the government’s recurrent revenue in 2021. This collection amounted to EC$543 million in 2021. Actual Government fees totaled $278 million. Fees collected for the Hurricane Relief Fund and the Sustainable Growth Fund totaled $333 thousand and $123 million respectively. Application fees collected amounted to $27 million and fees collected from background checks were $114 million. The total revenue collected represented an increase of $272 million over the previous financial year. The collection of revenue by the Citizenship by Investment Unit was $293 million more than its 2021 revenue projection.
Budget Speech 2023
Citizenship By Investment Programme
Madam Speaker, for nearly 40 years, St. Kitts and Nevis has been the pioneer of the global
investor immigration industry. The revenues from our Citizenship by Investment
programme have allowed our nation to thrive. It has given us the opportunity to advance
our people without overreliance on international financial aid. After four decades of
erudition and development, now is the time to ensure that the programme transcends to the
modern age and the security infrastructure is enhanced and strengthened. In the same vein,
we are seeking to ensure that our CBI Programme is mutually beneficial for all stakeholders,
the people of St. Kitts and Nevis, investors, developers, local service providers, and
international marketing agents.
Madam Speaker, we have forecasted that the revenues from our CBI Programme will be
significant over the next few months. If such financial projections are realized, it is our
Government’s goal to create a Sovereign Wealth Fund which will be responsibly managed
by high level professionals. This Fund will be used to safely invest in the international
markets and industries over the long term. We will ensure, by legislation, that the Fund can
only be tapped into for rainy days such as natural disaster response and not for addressing
recurrent expenses.
Madam Speaker, we also intend to use CBI revenues to fuel our plans to implement a
diversified economy. We can no longer put all our eggs in one basket, as we have over the
past few years with our CBI inflows. This St. Kitts-Nevis Labour Party Administration will
use our CBI profits to empower our people through entrepreneurship, sustainable work
opportunities and homeownership. No longer will CBI be used merely as a prop to boast
about surpluses by deceptive accountants with no vision. Our prudent Government will use
CBI revenues to improve our healthcare, social services, energy infrastructure and water
security. In 2023 and beyond, our CBI programme’s profits will work for all Kittitians and
Nevisians, not for one family and their close friends.
Madam Speaker, the payment of the CBI dividend this week is the first proof of this new
day and better way with respect to our Citizenship by Investment programme. The truly
diversified economy of St. Kitts and Nevis will emerge from the seeds planted today by our
CBI inflows. Let it be known, Madam Speaker, that our citizenship is precious, therefore the
evolved CBI Programme will invite bold and creative top-notch investors to our shores who
will develop innovative industries in St. Kitts and Nevis, the construction of real estate
developments pursuant to our Government’s priority infrastructure list, and in all things,
bring substantial benefit to the People of Saint Christopher and Nevis.
