BASSETERRE, St. Kitts – After months of planning, the government's highly anticipated investment summit has opened, aiming to showcase the Federation as one of the most attractive locations for investment and leisure.
Over the next four days, the Citizenship By Investment (CBI) programme will take center stage in discussions, serving as a platform to attract investors to the Federation.
During Thursday's opening ceremony, both the Prime Minister and the CEO of the Citizenship By Investment Unit emphasized the recent enhancements made to the programme, underscoring their commitment to strengthening its integrity.
Like other programmes across the region, the local initiative has faced scrutiny from international partners, with concerns over potential withdrawal of visa-free access to European destinations looming.
Addressing delegates and stakeholders, Michael Martin, CEO of the Citizenship By Investment Unit, expressed confidence in the programme, stating, "We are certain that this summit will demonstrate why we are among the most sought-after destinations."
While the local programme has been hailed as "the gold standard" of CBI worldwide, recent years have brought increased scrutiny. Martin highlighted efforts since assuming office in December 2022 to uphold the programme's reputation and adapt to investor needs through innovation and rigorous due diligence.
Despite challenges, Martin reaffirmed his focus on enhancing the programme's integrity and supporting the Federation's development.
"The CBI landscape has evolved," Martin noted, "and our unit is dedicated to redefining the industry, adhering to international standards while strengthening our programme."
Recent months have seen the implementation of several mandatory policies, including increased investment thresholds, mandatory interviews, and enhanced due diligence processes.
“We continuously look for ways to innovate and strengthen our already watertight programme," Martin emphasized "because we take seriously our position as a spearhead of the citizenship by investment industry. The protection, adaptability, and resilience of our program is paramount, and so we continue to evolve it."
Meanwhile, Prime Minister Dr. Terrance Drew highlighted the programme's success in fostering the development of St. Kitts and Nevis. To safeguard these gains amidst external challenges, Drew mentioned a recent agreement among CBI territories to establish a Continuing Intelligence Due Diligence Unit in Europe.
“This unit will conduct ongoing due diligence on economic citizens worldwide," Dr Drew added, "ensuring they abide by international laws and alerting our Ministry to any investigations or charges against them. In March 2024, as Chairman of the Organization of Eastern Caribbean States, I negotiated a Memorandum of Agreement with St. Vincent, Commonwealth of Dominica, Antigua and Barbuda, and Grenada, and also Saint Lucia."
