by SKNIS
New regulations have been recently implemented for local and international authorized agents associated with the Citizenship by Investment Programme (CBI) of St. Kitts and Nevis. Authorized agents are licensed to market the CBI to attract investors.
The new guidelines were highlighted in this week’s edition of the SKNIS programme InFocus, which featured a discussion with Michael Martin, Head of the Citizenship by Investment Unit (CIU).
Mr. Martin highlighted that accurate and timely information is important to ensure brand consistency.
“We don’t want people out there advertising that we are selling passports, that you can get them for an amount that is not in the regulations. We don’t want people out there spreading false information about the programme, and so we have inserted into our regulation some new measures to deal with those kinds of eventualities,” he stated.
One such measure will allow enhanced actions to be taken to address issues by agents based overseas.
“Going forward, international marketing agents also will have to be registered in St. Kitts and Nevis. That, of course, puts them under our jurisdiction and makes it easier for us to take the necessary legal action should there be a need,” said Mr. Martin.
Due diligence regulations have also been strengthened as the government implements reforms to ensure the safety and integrity of the CBI at all levels.
