St. Kitts and Nevis Marks a Milestone in the Evolution of the Citizenship by Investment Programme with the Appointment of the Board of Governors.
Following the enactment of the Citizenship by Investment Unit Act of 2024, the Government of St. Kitts and Nevis officially appoints a Board of Governors on 26 July 2024.
After careful consideration, the Government announces the appointment of the Chairperson and five members of the Board of Governors who will be responsible for overseeing the operations and governance of the newly formed Citizenship by Investment Unit (CIU). The engagement of this esteemed group of individuals aligns with the Government’s vision to ensure that the new statutory corporation will be world-class.
Citizenship by Investment Unit Act, 2024
Passed on 14 June, 2024, the Citizenship by Investment Unit Act established the Citizenship by Investment Unit as a corporate body governed by a Board of Governors. The Unit will be a statutory body, reporting to the Prime Minister and National Assembly. The Act is the next step in the evolution of the 40-year old Programme in ensuring the highest standards of professionalism in the management of the Unit and further enhancing of the Unit’s international cooperation and strict due diligence.
Appointment of Chairperson
The Board will be led by His Excellency Calvin St. Juste, who has been appointed Chairperson of the Board of Governors due to his outstanding international career. As a seasoned Wall Street executive, he brings a wealth of finance, cybersecurity, and client management expertise to this critical role.
His Excellency Calvin St. Juste, has been appointed Chairperson of the Board of Governors.
Serving as the honorary Special Envoy for Investment, Development, and International Business Relations for St. Kitts and Nevis, His Excellency also brings 25 years of experience, including as former Global Chief Operating Officer (COO) and Head of Global Strategy at Morgan Stanley Wealth Management’s Financial Wellness division. H.E Calvin St. Juste has also served as COO for Global Fraud and Cybersecurity. A seasoned manager of teams serving high-net-worth international clients, he has won the Stevie® Awards for exceptional customer service and efficiency. Notably, H.E. St Juste’s distinguished career includes working at the Eastern Caribbean Central Bank (ECCB), providing him with a deep understanding of the region’s financial sector.
H.E. St. Juste is ready to seize the reins, expressing his dedication to the role. The Chairman expressed his vision,
“For more than 40 years, St. Kitts and Nevis has been at the vanguard of the Citizenship by Investment industry, cementing its reputation as one of the leading service providers worldwide. We’re building a world-class corporation, underpinned by transparency, good governance, sustainable growth and global leadership, primed to attract the very best investment as a catalyst for the ongoing growth and development of the nation.”
Board of Governors
H.E. St. Juste will be joined by five members who will support these endeavours. The members of the Board of Governors are distinguished by their accomplishments in finance, business, and governance, and will utilise their respective strengths to streamline the Unit. The Board will meet once a month to provide the requisite oversight of operations and management.
Members of the Board of Governors include Dr. Louisa Lawrence, Mr. Damille James, Ms. Kishma Maclean, Mr. Carlton Pogson and Ms. Marsha Harris.
Dr. Lawrence is a veteran economist, having contributed to the nation’s economic and financial development over the years. Mr. James, experienced in risk management, regulation and AML, has served for over two decades in the banking sector, including at the Eastern Caribbean Central Bank (ECCB). Ms. Maclean contributes her experience in both marketing and finance, with a particular focus on AML, CFT and proliferation financing. Mr. Pogson adds his expertise in project management, organisation development and strategy to the raft of skills. Ms. Harris brings her financial ability to the Board with her 20 years’ experience in the Finance Division at the St. Kitts Nevis Anguilla National Bank.
How the Board of Governors will Operate
The Chairman added,
“It is an honour to lead such a talented, diverse and experienced team of individuals, all of whom are committed to serving with excellence and to demonstrating why St. Kitts and Nevis remains at the forefront of delivering premium Citizenship by Investment services to clients worldwide.”
The Board’s mandate extends beyond modernising the CIU. It is tasked with upholding the highest level of integrity and due diligence within the CIU. This includes commissioning an independent external audit of the Unit’s operations annually, a practice legislated to enhance good governance. The Board will also be responsible for developing the policies and procedures for the Unit for the executive team to execute, as well as monitoring the international CBI industry and providing general oversight of the operations and finances of the Unit.
Beyond working closely with the Unit’s executive team, the Board will be responsible for reviewing investment proposals that are submitted to ascertain that any proposed Citizenship by Investment (CBI) project is financially sound and beneficial to the nation.
The Board of Governors is also responsible for investigating any complaints about the Unit’s activities.
The Board of Governors’ appointment to oversee the Unit reflects a dedication to upholding the highest international standards of compliance, auditing, and due diligence. This restructuring of the Programme’s governance cements its leading position in the industry.
Instilling confidence in investors by enshrining transparency in law, the Citizenship by Investment Unit Act of 2024 has fortified the Board’s role within the Unit.
The statutory body signifies a new chapter in St. Kitts and Nevis’ 40-year CBI journey. The Board of Governors constitutes an exciting change to the evolving Unit, welcomed by international partners and discerning investors alike.
