St. Kitts and Nevis is ending its citizenship by investment (CBI) programme, a scheme that allows foreigners to acquire passports in exchange for financial contributions.
Prime Minister Terrance Drew announced on Friday that the
country had officially confirmed its position to the European Union (EU)
following discussions with the bloc and other international partners.
Drew said the decision was intended to protect the
federation’s international reputation, visa-free travel arrangements and access
to the global financial system.
He said the final timeline for winding down the programme is
still being negotiated with the EU.
“Nothing changes tonight for any person who lawfully holds
our citizenship,” Drew said, adding that citizens would continue to enjoy their
existing travel arrangements.
The prime minister said the government would not permit
discounts or a rush to process applications before the programme closes.
“There will be no rush, no discounts, and no fire sale. Our
citizenship will never again be sold cheaply on the basis of buyer meets
seller,” Drew said.
ST.KITTS CBI PROGRAMME
St. Kitts CBI programme was established in 1984 and requires
applicants to make an economic contribution to the country. In exchange, they
and their families are granted full citizenship.
The minimum investment starts at $250,000 with an average
processing time of approximately three and a half months, according to Henley
and Partners, a residence and citizenship planning firm.
The scheme has become an important source of revenue for the
Caribbean island nation.
According to the prime minister, the programme has generated
approximately $6.5 billion between 2008 and 2025, accounting for about 50
percent of government revenue.
He said the revenue helped finance government operations,
support the country’s recovery from the COVID-19 pandemic, construct roads,
schools and affordable housing, and facilitate major developments.
EU CONCERNS
A St. Kitts passport grants citizens visa-free travel to
over 150 countries, including the Schengen zone.
Last December, the EU approved changes in its policy
allowing the bloc to consider the operation of citizenship by investment
programmes as grounds for withdrawing visa-free access.
Drew said the European Commission wrote to St. Kitts in
June, inviting the country to wind down its programme over a transitional
period to preserve visa-free travel to the Schengen area.
The prime minister added that continued concerns about CBI
programmes could expose St. Kitts to increased scrutiny from international
financial institutions and potentially affect banking relationships.
“No responsible leader would gamble with that. I will not
gamble with that. You are too important,” he said.
In 2023, the United Kingdom announced a suspension of the
visa-waiver agreement for all Dominican nationals, including to visit, citing
an abuse of the passport acquisition process.
Later that year, the EU said it would review its visa
mechanism in countries that offered CIB schemes to nations with a high
corruption perception and poor human rights records.
The EU raised concerns about the nationalities of the
highest applicants, saying they came from China, Russia, Syria, Iran, Iraq,
Yemen, Nigeria, and Libya.
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