In a bold and long-awaited move, the Government of Saint Kitts and Nevis has officially launched the Citizenship by Investment Unit (CIU) as a statutory corporation, marking a crucial step toward rebuilding investor confidence and repairing the damaged reputation of the nation’s once-thriving Citizenship by Investment (CBI) Programme. This transformation comes after two years of controversy, poor decisions, and reputational decline following the doubling of investment prices and a RICO lawsuit implicating convicted fraudster Phillipe Martinez, the programme’s sole public benefactor.
The launch, held on October 1, 2024, comes as a beacon of hope for Saint Kitts and Nevis, which has seen its CBI Programme struggle in recent years due to ill-advised policy changes and significant reputational damage. Acting Prime Minister, The Honourable Dr. Geoffrey Hanley, addressed the nation at the event, describing this moment as a “pivotal milestone” in the country’s economic strategy.
“Today, we celebrate a vital turning point for the Citizenship by Investment Unit,” said Dr. Hanley. “The transition to a statutory corporation is designed to improve efficiency, transparency, and accountability in our CBI operations. We are positioning ourselves to not only restore the programme’s credibility but to make it once again a leader in the global investment arena.”
This strategic shift comes in response to increasing competition in the global citizenship market and the need for Saint Kitts and Nevis to regain its competitive edge. Dr. Hanley highlighted the greater autonomy and decision-making power granted to the newly restructured CIU, which is expected to deliver faster and more reliable service to applicants and stakeholders, ensuring the country’s CBI Programme remains viable and attractive to high-net-worth individuals.
Tarnished Past: Rebuilding from Scandal
The programme has been fighting an uphill battle after being linked to convicted fraudster Phillipe Martinez, whose involvement in a RICO lawsuit tarnished the CBI’s global image. These past two years also saw a controversial price hike, which doubled investment costs and deterred potential investors. Many viewed these changes as reckless, leading to a collapse in interest and participation.
Dr. Hanley also acknowledged the efforts of outgoing CIU Head, Mr. Michael Martin, whose leadership helped guide the Unit through the turbulent past two years. “We thank Mr. Martin for his service during these challenging times,” he said, before addressing the new Board of Governors. “You must act with utmost integrity, transparency, and accountability. The success of the CIU is now in your hands.”
Looking Ahead: A New Chapter
The new statutory structure of the CIU aims to revitalize the country’s CBI Programme by embracing the core principles of good governance, transparency, and accountability. The changes are designed to streamline processes, improve service delivery, and make the programme more attractive to global investors while maintaining a focus on national interest.
“This transformation is not just about restoring the programme,” said Dr. Hanley. “It’s about ensuring that the benefits of the CBI are felt by every citizen of Saint Kitts and Nevis, and that we rebuild trust and credibility on the global stage.”
As the government looks to reestablish its CBI Programme as a major economic driver, this new chapter for the CIU is expected to generate renewed investor interest, boost the nation’s economy, and solidify Saint Kitts and Nevis’ place as a leader in the global CBI market.
For more information on the Citizenship by Investment Unit, visit ciu.gov.kn.