BASSETERRE, St. Kitts and Nevis (14 September 2016): A new brand, new leadership and institutional reforms were uncovered on Monday as part of an upgraded Citizenship by Investment (CBI) programme, which hopes to redefine global citizenship with a polished platinum standard.
Service providers of the CBI programme, as well as developers of real estate projects that attract investment under the programme, all gathered at the Royal St. Kitts Hotel to be the first to hear about the changes made to the programme and the guiding vision for the coming years. Prime Minister Hon. Dr. Timothy Harris announced his government’s intention to roll out an enhanced CBI programme to build trust, communicate value, and regain confidence in St. Kitts and Nevis as the premium option in the industry.
“My administration left no stone unturned in our efforts to regain the trust and confidence of all… We have focused on ensuring that our brand has value and that the integrity of our programme is kept at the highest level.
“We will not indulge in a race to the bottom. And again, we will not compromise the security of our country nor that of our allies,” Harris added.
The morning-long ceremony saw the official announcement of Les Khan as the new CEO of the Citizenship by Investment Unit (CIU). Khan comes to the post after 20 years of service in global finance, risk management and due diligence in international firms such as HSBC, JP Morgan and most recently in IPSA International, where he became Project Team Leader for St. Kitts and Nevis. Khan has been assisting the CIU as a consultant over the last 18 months, guiding the programme’s restructuring.
Other key changes to the programme include a unique case management system, that allows for faster processing of applications; a reinforced due diligence regime; a new targeted marketing strategy; and enhanced resource capabilities, with a focus on expertise in international marketing, immigration, international banking, anti-money laundering and administration. Also, a technical committee of experienced realtors and developers has been set up to ensure that only projects of a very high standard are approved under the programme, and an experienced engineer and quantity surveyor has been employed to ensure that projects comply with construction plans and regulations.
What remains the same, according to Prime Minister Harris, is the programme’s ethos of setting itself apart as a trusted product for the discerning investor.
“We know that any reduction in our price, either in fees or investment options, will make it difficult for us to market a distinctive product, and will dilute the image of our brand as one of distinct quality,” the Prime Minister noted, making the case for a more forward-thinking approach to global citizenship.
Monday’s event appears to be the beginning of a phased roll-out of this revamped CBI programme, as the Prime Minister noted that a new interactive website is currently being developed, and there are plans to add selected conferences and road shows to the CIU’s marketing agenda. Alternative investment options are currently being considered including options to invest in entrepreneurship, renewable energy and agriculture, whilst ways to incentivise service providers and agents who bring new, successful applicants to the programme are currently being considered by the Federal Cabinet, according to the Prime Minister.
The reforms are expected to reposition the brand of the Federation’s CBI programme as having the highest quality, offering the most efficient service and applying the most robust due diligence in the industry. St. Kitts and Nevis has given to the world a taste of Citizenship 2.0, which is expected to sure up demand in an increasingly competitive market.
