The Citizenship By Investment Unit Act, 2024, passed in the National Assembly of St. Kitts and Nevis on Friday, June 14, has paved the way for the establishment of the Citizenship by Investment Unit (“CIU”) as a statutory corporation. This transition aligns with recommendations from international organisations like the Financial Action Task Force (FATF) and the Organisation for Economic Co-Operation and Development (OECD) to enhance the oversight and safety of investment migration programs.
The first phase of the CIU’s transition was the appointment of its Board of Governors, who took office on July 23, 2024. At present, the CIU operates as a department within the Ministry of National Security, Immigration and Citizenship. Through the passage of the Citizenship By Investment Unit Act, 2024, the CIU will now operate as a statutory corporation, similar to other well-known corporations such as SCASPA, the National Housing Corporation and the Saint Kitts Tourism Authority.
On August 9, the second phase commenced with the distribution of severance payments and benefits to existing CIU employees, who were offered the opportunity to continue employment within the new corporation. The Board of Governors has created a new organisational structure and prioritized former CIU employees for interviews during the recruitment process.
To ensure a seamless transition, an experienced team has been retained to oversee the CIU’s operations during this period. While the Board of Governors manages the recruitment of new employees and establishes the necessary groundwork, the team will maintain the CIU’s ongoing functions, paving the way for its successful launch as a statutory corporation.
Prime Minister of Saint Kitts and Nevis, The Honourable Dr Terrance Drew stated that his administration is committed to injecting good governance structures throughout the Government and will continue to implement the necessary measures that will prove to its international partners that St. Kitts and Nevis is resolute in its efforts to strengthen its CBI Programme.
“Our well-respected CBI is the longest standing in the world and we are proud of what it has done for our people. The St. Kitts-Nevis Labour Party Administration’s goal is to preserve our CBI Programme and make it sustainable. The FATF and OECD have recommended that CBI jurisdictions should consider designating a specific specialist state corporation that holds the end-to-end responsibility for the safe day-to-day operation of an investment migration programme, and which is subject to effective oversight, and we agreed that this recommendation aligns with our strategic sustainable goals for our CBI Programme,”
– Prime Minister Drew
The new CIU statutory corporation is scheduled to become fully operational on October 1, 2024.
