The Government of St.Kitts and Nevis (GOSKN) has introduced a BILL for establishment an authority to be known as the Citizenship by Investment Unit, which shall “replace” the Citizenship by Investment Unit established by regulation 5 of Saint Christopher and Nevis Citizenship by Substantial Investment Regulations.
The Citizenship by Investment Unit Bill 2024 requires appointment of Chief Due Diligence and Anti-Money Laundering Compliance Officer to the Unit, to strengthen the functions of CIU with DD/AML framework.
During the first year of establishment of unit, the monies will be appropriated by the National assembly. The monies related to an application for Citizenship by Investment shall be paid directly into the Consolidated Fund.
Loans
The Bill also makes provisions for the Unit may, with the approval in writing of the Minister responsible for finance, to borrow money from the Government or any other source by way of loan, overdraft or otherwise.
Annual and Audit Reports
The CIU Unit shall submit annual report as soon as possible after the end of each financial year and, in any event, not later than the 31st day of October of any year. An audit report will be submitted within two months after each financial year from accounts audited annually by an independent auditor appointed by the Unit complying with international standards. The audited statement of accounts of the Unit shall be published in the Official Gazette.
Function of Citizenship by Investment Board of Governors.
The Bill also defines appointment of board of governors and their duties.
For the purpose of carrying out the functions, management and control of the affairs of the Unit, the Minister shall appoint a Board of Governors. Notwithstanding the generality of subsection 1, the Board of Governors shall be charged with the following responsibilities—
- general oversight of the operations and finances of the Unit;
- development of policies and procedures for the Unit;
- monitoring the International Citizenship by Investment Industry; (d) matters related to the Citizenship by Investment Industry, generally;
- matters related to the activities of the Unit;
- the review of all investment proposals submitted to the Unit directly or by the St Kitts Investment Promotion Agency;
- ensuring any proposed Citizenship by Investment project is in accordance with the laws of Saint Christopher and Nevis and any appropriate international, regional or local standards;
- ensuring any proposed Citizenship by Investment project is financially sound and beneficial to Saint Christopher and Nevis;
- making submissions to the Federal Cabinet for the approval of Citizenship by Investment projects; and
- investigating complaints about the activities of the Unit;
- ensuring the keeping of proper records; and
- ensuring that an independent external audit of the operations of the Unit is conducted annually, in accordance with the provisions of section 25.
The Board of Governors may, in connection with the carrying out of its functions—
- consult and seek the advice of such persons or bodies whether inside or outside of Saint Christopher and Nevis as it considers appropriate;
- publish, in such manner as it considers appropriate, such information relating to its functions as it thinks fit; and
- make recommendations arising out of any information received and advise the minister.
