National Assembly Passes Citizenship by Investment Unit Act, 2024 to Strengthen CBI Programme
The National Assembly successfully passed the Citizenship by Investment Unit Act, 2024 in a landmark sitting of the National Assembly on Friday, 14 June.
Corporatisation for Enhanced Efficiency
Currently operating as a Government Department, this Act corporatises the Citizenship by Investment Unit (CIU). In effect, this makes the CIU work similarly to the St. Christopher Air & Sea Ports Authority (SCASPA), Tourism Authority and Solid Waste Management Corporation (SWMC).
Therefore, the CIU now functions as a statutory corporation which reports to the Prime Minister and the National Assembly.
Championing Integrity and Professionalism
This landmark piece of legislation was championed by Prime Minister and Minister responsible for Citizenship and Immigration, the Honourable Dr. Terrance Drew.
The legislation is the natural next step in the ongoing consolidation, improvement and professionalisation of the forty-year-strong Citizenship by Investment (CBI) Programme. Corporatisation and professionalisation were key recommendations from the Financial Action Task Force (FATF) and the Organisation for Economic Co-Operation and Development (OECD).
Commitment to Excellence and Transparency
The corporatisation of the CIU is a result of the Unit’s importance to the Federation’s economy; therefore, it is necessary for the CIU to uphold the highest standards of professionalism in operations, management, and staff performance. Staff will receive incentives including bonuses, to ensure appropriate compensation based on revenue generation.
“We are serious and we want to ensure that we engender confidence in our international partners that we are serious about their security as well,’ Prime Minister Drew said in Friday’s Assembly session.
The CIU statutory corporation, according to expectations, will be run with net due diligence fees and International Marketing Agents (IMA) and Authorised Agent (AA) fees. The revenue of Citizenship by Investment (CBI), including the Sustainable Island State Contribution and CBI application fees, will still be paid into the Federal Consolidated Fund.
Current CIU staff will be given fair options consistent with the Federation’s employment laws.
Embracing Collaboration and Innovation
Mr. Michael Martin, Head of the St. Kitts and Nevis CIU, said that ‘The changes put forward in the Citizenship by Investment Unit Act, 2024 indicate our Federation’s constant commitment to preserving the integrity of our Programme. Our Act showcases our collaborative approach, integrating feedback from our international partners along with further developing our premium Programme offering.’
