Caribbean leads major reforms to evolve and strengthen CBI Programmes 

Caribbean countries offering Citizenship by Investment (CBI) Programmes have established a clear legal and financial framework for the individuals seeking to gain their citizenship.  

These include Antigua and Barbuda, Dominica, St Kitts and Nevis, Saint Lucia and Grenada which have long offered economic opportunities to discerning investors seeking to settle in the Caribbean region while contributing to their economic growth. 

The stringent steps being taken by these countries are in an aim to ensure fairness and transparency of these CBI Programmes.  

St Kitts and Nevis, which is the pioneer in the investment migration industry is leading the evolution with notable steps required to enhance the overall integrity of the programme.  

Earlier in July 2023, it became the first country to increase its minimum investment threshold to US$250,000, pushing other regional partners to follow their suit and sign a historic Memorandum of Agreement (MoA) to regulate and unify the CBI in the region.  

The MoA comprises of six principles which have been jointly agreed upon by the US and the governments of 5 Caribbean countries offering CBI programmes.  

It also aims to enhance the overall integrity and security by their programmes, by curbing the practice of under-selling.  

This marked the first step taken by the Caribbean nations to strengthen their programme, kicking off a series of changes leading to enhancement of transparency, accountability, and regional cooperation. 

Caribbean CBI nations implement mandatory interviews 

Not only this, but in a bid to further fortify the administration of its CBI, St Kitts and Nevis and the Commonwealth of Dominica announced a new requirement of ‘mandatory interview’ for all applicants aged 16 and above, either online or offline. These were the first country to introduce such measure.  

This development was announced as part of the nation’s implementation of the six principles as mentioned in the MoU that was signed during a roundtable meeting in 2023.  

This decision implemented by the two countries further paved the way for regional partners to follow and introduce this component in their CBI programmes to ensure the legitimacy of each applicant. 

Within a few months, Grenada, Saint Lucia and Antigua and Barbuda also announced the requirement of mandatory interviews for each applicant.  

The primary purpose behind introducing this aspect was to increase transparency, security and integrity within their respective CBI’s.  

St Kitts and Nevis issues legal notices, aims to crackdown on underselling 

Once again, the government of St Kitts and Nevis has set another bold example in the CBI industry, this time, by issuing legal notices to individuals who acquired citizenship under the Public Good Infrastructural Project for paying less than the legal investment amount.  

Through a letter dated December 3, 2024, the Ministry of National Security noted that the questioned individual acquired citizenship under the Public Good Infrastructural Project through a well-known developer.  

Reportedly, the government has issued a notice stating that the citizenship will be revoked if the individual fails to meet certain regulations by December 31, 2024.  

The government has asked the individuals to pay the rest of any unpaid investment by the end of this year or his citizenship could be revoked anytime. 

With this action, the government of St Kitts and Nevis is continuing its fight against the underselling of citizenship applications by a few developers or agents.  

It is now being anticipated that once again other regional countries offering CBI will follow the path paved by the Federation and will take similar action.  

Moreover, the experts believe that it is the client’s responsibility to ensure that whatever the amount he is paying it should be according to the law.  

Also, if any developer or agent offers discounted prices which is not in line with the law, it will be considered a crime regardless of the country they are selling citizenship of.  

The investors must note that in future, there are high chances of their applications being re-verified by the government and they might be asked to provide proof that they invested the correct amount. If they won’t be able to provide this proof, they risk losing their citizenship.  

Not only this, but if any investor falls for developers undercutting schemes, then they will have to face consequences in future which includes paying the remaining balance along with fine or getting their citizenship revoked.  

One of the citizenship experts also outlined that, “If any developer of agent is offering you discounts on citizenship, you as an investor must distance yourself from such person who is using wrongful means to sell citizenship. You must also file a complaint against such individual through official government sites.” 

Investors need to be careful while acquiring Citizenship: Experts 

Another notable aspect of acquiring citizenship is that investors need to be very careful while dealing with developers or agents because they are the ones who will have hold of the citizenship for their entire lives.  

In case of changes in government or some policies, old applications could be re-verified, potentially leading to complications for the investors who got trapped by agents who are involved in the practice of underselling.  

It is essential for investors to conduct thorough due diligence and partner with reputable developers and agents to mitigate potential risks and ensure a secure and compliant citizenship acquisition process. 

All these stringent steps being taken by the government of St Kitts and Nevis are significant steps forward in enhancing their integrity and transparency. It also reflects the country’s dedication in addressing international concerns while maintaining a trustworthy environment for global investors seeking alternative citizenship.